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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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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.
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 = £0.5452
$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
Sending $10,000 to the UK
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 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.
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.
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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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.
Are you due to receive a large sum of money from another country? Familiarise yourself with Australian laws and tax regulations regarding money transfers.
Minimum and maximum transaction limits can restrict your international money transfer options, so compare overseas transfer limits in this handy guide.
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