OFX vs TorFX

OFX and TorFX are reputable money transfer providers that cater to those making large transfers overseas. Below we compare their transfer fees, exchange rate markups and transfer speeds.

Quick verdict

Lower fees:
TorFX

Exchange rates:
TorFX

Fast transfers:
Tie

Which has lower fees?

Name	Product		Filter Values	Fastest Transfer Speed	Fees (Pay by Bank Transfer)
OFX				24 hours	$0	OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.	Go to site View details	loading Fetching your data...
TorFX				24 hours	$0	TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.	Go to site View details	loading Fetching your data...

OFX

OFX charges a $15 flat fee on all transfers under $10,000 but transfers over $10,000 don't attract any fees. OFX also doesn't charge any account fees.

TorFX

TorFX charges no fees but isn't competitive on transfers under $2,000.

Winner: TorFX

While both providers don't charge any fees on amounts greater than $10,000, TorFX doesn't charge any fees at all. However, this doesn't necessarily mean that it's the better option. Exchange rates also play a big factor, which we break down below.

	OFX	TorFX
Transfer fee	$15	$0
Exchange rate	$1 AUD = £0.5452	$1 AUD = £0.5409
Transfer speed	1–2 days	1–2 days
Total pounds received	£545.20	£540.90
Receiver gets	£4.30 more	£4.30 less

OFX

TorFX

Transfer fee

$15

Exchange rate

$1 AUD = £0.5452

$1 AUD = £0.5409

Transfer speed

1–2 days

Total pounds received

£545.20

£540.90

Receiver gets

£4.30 more

£4.30 less

	OFX	TorFX
Transfer fee	$0	$0
Exchange rate	$1 AUD = £0.5452	$1 AUD = £0.5467
Transfer speed	1–2 days	1–2 days
Total pounds received	£5,452.00	£5,467
Receiver gets	£15 less	£15 more

OFX

TorFX

Transfer fee

Exchange rate

$1 AUD = £0.5452

$1 AUD = £0.5467

Transfer speed

1–2 days

Total pounds received

£5,452.00

£5,467

Receiver gets

£15 less

£15 more

Which offers better exchange rates?

OFX

OFX offers competitive exchange rates that are better than most Australian banks, but it does make money off an exchange rate mark-up. A typical exchange rate at OFX is about 1% to 5% above the mid-market rate.

TorFX

TorFX also offers competitive exchange rates and its exchange rates are similar to OFX's. As TorFX doesn't charge any fees, it makes all its money off its mark-up. The only difference is that TorFX offers a price-match guarantee, so it will match rates with another service.

The mid-market rate, also known as the interbank rate, is the midpoint between the "buy" and "sell" prices of two currencies. It's what your money's actually worth on the global market compared to another currency, and it's the rate banks and transfer services use when they trade among themselves.
You should use the mid-market rate as a baseline to find the best rate. Compare the rates provided by your bank or transfer service to the mid-market rate. You'll be able to find it on Google or Reuters, so you can check how much the mark-up is.

Winner: TorFX

Although they both offer similar exchange rates, TorFX has a price-match guarantee where it will match any quote you get from another service you're signed up for. This means you'll be able to bargain for a better exchange rate than what's on offer.

Which is faster?

OFX

Transfers from Australia to the US are the fastest that OFX offers, often only taking one business day. Most other currencies, such as New Zealand dollars, will take a bit longer, averaging one to two business days.

TorFX

The funds should be in your account on the same day or within no more than two business days for less-popular currencies.

Winner: Tie

While some TorFX transactions can take up to two business days, major currencies often arrive within the same day. OFX transfer time also takes one to two business days for common currencies. For smaller currencies both providers take two to five business days. Keep in transfer time varies depending on the destination and receiving bank.

General features

	Payment methods	Receiving Options	Max and Min	Transfer speeds	Currencies
OFX	BPAY Bank transfer	Bank account	Minimum: $250 Maximum: Unlimited	24 hours	54 currencies
TorFX	Bank transfer Debit card	Bank account	Minimum: $200 Maximum: Unlimited	24 hours	38 currencies

OFX

Once you've set up your free account, provide the details of how much you're transferring, which currency and where you would like the money to go.

Then send your funds to OFX via a bank transfer and your recipient will get it within one to two business days. You can track your transfers online or with the mobile app.

TorFX

TorFX is similar. You register for a free account online or over the phone, secure your rate online or with your account manager, set up the transfer and then send your funds to TorFX via bank transfer.

Read review: OFX
Read review: TorFX

Bottom line

Both services are highly rated in Australia but TorFX is the better option when exchanging major currencies. TorFX charges no transfer fees and offers slightly better exchange rates based on our analysis.

In comparison, OFX is better suited to those making smaller transfers in less popular currencies such as Indonesian rupiah. TorFX offers around 40 currencies, while OFX offers more than 50. There's not much that separates them as they both provide dedicated account managers and options to hedge your currency risk.

Looking for more options?

If you're not happy with OFX or TorFX, there are other services that have more options.