OFX vs TorFX

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

Last updated:

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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 250 1 - 2 days AUD 0.00 0.678 USD
6,778
$0 transfer fees for Finder customers.
No-maximum limit transfers with competitive exchange rates for 100+ currencies. No transfer fee over AUD$10,000.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.678 USD
6,778
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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 1 2 days AUD 9.00 0.661 USD
6,604
Transfer to over 99 countries via online banking, phone banking or through an ANZ bank branch. Go to site Show details
AUD 2,000 1 day AUD 0.00 0.678 USD
6,778
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 3,000 1 day GBP 20.00 0.678 USD
6,769
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 2,000 1 day AUD 0.00 0.678 USD
6,778
Sign up for a new account and receive a $50 Myer gift card when you transfer $10,000 or more.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.678 USD
6,778
SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.678 USD
6,778
$0 transfer fees for Finder customers.
No-maximum limit transfers with competitive exchange rates for 100+ currencies. No transfer fee over AUD$10,000.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.678 USD
6,778
BFX can help you send fee-free transfers to 30+ currencies. Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.674 USD
6,736
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 0.672 USD
6,721
Use promo code 3FREE to send your first 3 transfers with no fee.
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available.
Go to site Show details
AUD 1 1 - 2 days AUD 45.00 0.681 USD
6,775
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 0.675 USD
6,751
Low minimum transfer amount of just AU$200, with no set-up fees or transfer fees. 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 ANZ International Money Transfer
ANZ International Money Transfer

Transfer to over 99 countries via online banking, phone banking or through an ANZ bank branch.

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 Global Reach (formerly FC Exchange) International Money Transfers
Global Reach (formerly FC Exchange) International Money Transfers

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.

Logo for WorldFirst International Money Transfers
WorldFirst International Money Transfers

Sign up for a new account and receive a $50 Myer gift card when you transfer $10,000 or more.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.

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