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OFX vs TorFX

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

We compare two popular international money transfer services, OFX (formerly known as OzForex) and TorFX to help you find the best option.

The fees and rates used in this comparison are accurate as of 15 April 2019.

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 250 1 - 2 days AUD 0.00 0.69 USD
6,900
$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
Go to site Show details
AUD 200 1 day AUD 0.00 0.69 USD
6,900
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.
Go to site Show details

Compare up to 4 providers

The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.

Which has lower fees?

OFX

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

TorFX

TorFX charges no fees.

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
OFX TorFX
Transfer fee $15 $0
Exchange rate 1 AUD = 0.5365 GBP 1 AUD = 0.53 GBP
Transfer speed 1-2 days 1 day
Total pounds received GBP£528 GBP£530
Receiver gets GBP£2 less GBP£2 more
Sending $10,000 to the UK
OFX TorFX
Transfer fee $0 $0
Exchange rate 1 AUD = 0.5401 GBP 1 AUD = 0.54 GBP
Transfer speed 1-2 days 1 day
Total pounds received GBP£5,401 GBP£5,400
Receiver gets GBP£1 more GBP£1 less

TorFX wins just slightly on sending $1,000 while OFX wins slightly on sending $10,000. It's very close.

It's worth noting that both OFX and TorFX offer better rates the more you send.

Which offers better exchange rates?

OFX

OFX offers competitive exchange rates that are better than most large financial institutions, 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, often only taking one business day. Most other currencies 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: TorFX

While some TorFX transactions can take up to two business days, common currencies often arrive within the same day. OFX promises one to two business days, but never the same day.

Keep in mind that the amount of time a transfer takes often depends on the currency, destination and receiving bank.

General features

Payment methods Receiving Options Max and Min Transfer speeds Currencies
OFX Bank transfer Bank account Minimum: $250

Maximum: No limit

1 - 2 days 50+ currencies
TorFX Bank transfer Bank account Minimum: 200

Maximum: No limit

1 day 40+ 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 you 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

When it comes to comparing TorFX and OFX, TorFX is the clear winner. Offering no fees, similar exchange rates and faster transfers, particularly if you're transferring smaller amounts, TorFX is the better choice.

The only time TorFX might not be your best bet is if you want to exchange into a less-popular currency, such as Indonesian rupiah. TorFX offers around 40 currencies, while OFX offers over 50.

Looking for more options?

If you're not happy with OFX or TorFX, there are other services that have more options. Use our comparison calculator below to compare the fees, exchange rates and key features of several other money transfer services.

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 200 1 day AUD 0.00 0.69 USD
6,900
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.69 USD
6,900
Limited offer: $50 Myer gift card for first time users transferring over $5,000 in May 2019. T&Cs apply.
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.
Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.69 USD
6,900
$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
Go to site Show details
AUD 1 1 - 2 days AUD 45.00 0.693 USD
6,897
Make online transfers at the mid-market rate with transparent fees in 45+ currencies. Go to site Show details
AUD 200 1 day AUD 0.00 0.69 USD
6,899
Low minimum transfer amount of just AU$200, with no set-up fees or transfer fees. Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.689 USD
6,893
Special offer: Pay zero fees on your first 5 transfers
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
AUD 1 Within an hour AUD 3.99 0.689 USD
6,891
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available. Go to site Show details
AUD 3,000 1 day AUD 0.00 0.69 USD
6,899
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
Go to site Show details
AUD 1 1 day AUD 0.00 0.689 USD
6,893
With global payments provider XE, enjoy fast and secure transfers and a range of foreign currency tools and calculators while benefiting from $0 transfer fees. Go to site Show details
AUD 200 1 - 2 days AUD 50.00 0.693 USD
6,890
Exclusive: Finder customers receive $15 off their first transaction. T&Cs apply.
Quick and simple international money transfers with zero-margin exchange rates. There's a flat 0.5% transfer fee for most transfers. Earn loyalty points on sign up, referral and every transaction.
Go to site Show details

Compare up to 4 providers


The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.

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Important Information*
Logo for TorFX International Money Transfers
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.

Logo for WorldFirst International Money Transfers
WorldFirst International Money Transfers

Limited offer: $50 Myer gift card for first time users transferring over $5,000 in May 2019. T&Cs apply.
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.

Logo for OFX (Ozforex) International Money Transfers
OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.

Logo for TransferWise International Money Transfers
TransferWise International Money Transfers

Make online transfers at the mid-market rate with transparent fees in 45+ currencies.

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