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OFX vs TorFX

We compare OFX and TorFX on rates, speed and cost.

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.

The fees and rates used in this comparison are accurate as of 13 March 2023.

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.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
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Which has lower fees?

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.

Trophy icon
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.

Let's crunch the numbers: Sending $1,000 and $10,000 to the UK

We compare two different transactions to see which provider is the better option and if the transfer amount makes a difference. Keep in mind that foreign exchange rates regularly rise and fall, and they will often vary depending on the size of the transaction.

Sending $1,000 to the UK
OFXTorFX
Transfer fee$15$0
Exchange rate$1 AUD = £0.5452$1 AUD = £0.5409
Transfer speed1–2 days1–2 days
Total pounds received£545.20£540.90
Receiver gets£4.30 more£4.30 less
Sending $10,000 to the UK
OFXTorFX
Transfer fee$0$0
Exchange rate$1 AUD = £0.5452$1 AUD = £0.5467
Transfer speed1–2 days1–2 days
Total pounds received£5,452.00£5,467
Receiver gets£15 less£15 more

OFX saves you £4.30 when sending $1,000 while TorFX saves you a cool £15 on a $10,000 transfer to the UK. It's worth noting that both OFX and TorFX offer better rates the more you send. Based on our estimates, TorFX is better suited for large transfers but it is very close.

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.

Trophy icon
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.

Trophy icon
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 methodsReceiving OptionsMax and MinTransfer speedsCurrencies
OFX
  • BPAY
  • Bank transfer
  • Bank account
Minimum: $250

Maximum: Unlimited

24 hours54 currencies
TorFX
  • Bank transfer
  • Debit card
  • Bank account
Minimum: $200

Maximum: Unlimited

24 hours38 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.

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.

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
1 - 23 of 23
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Xe Large Transfers
24 hours
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Revolut
Within minutes
$0
Sign up and get a AUD$15 top-up. For new customers only. T&Cs apply.
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
Rocket Remit
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
SingX
Within minutes
From 0.5%
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
Send Payments
24 hours
$0
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
MasterRemit
Within minutes
From $0
Get your 1st and 2nd money transfer for free with promo codes FIRSTFREE and MASTERFINDER!.
Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
Western Union
Within minutes
From $0
Western Union sends money online to friends and family in 200+ countries around the world.
Qantas Business Money
Within minutes
$0
Earn up to 100,000 bonus Qantas Points on your first currency conversion by 31 July 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
TorFX Business Transfers
24 hours
$0
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldFirst
24 hours
From $0
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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Written by

Rosie Russell

Rosie Russell is a money transfers producer at Finder. She is on a mission to make personal finance easier to understand. Rosie has a Bachelor of Communication (Journalism) and Bachelor of Arts in International Studies from the University of Technology Sydney. See full profile

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