OFX vs TorFX
About Author: Hi, I’m Quinn Askeland. In 2014, I started Transumo after experiencing expensive, slow, and frustrating international money transfers and payments through banks. Once I discovered how to manage my own international currencies much better, I became driven to help others improve their transfers and payments. Fortunately, today, there are many excellent options. See My Full Bio.
OFX or TorFX – both are trustworthy for large transfers above USD 7000 / GBP 4000 /EU 4500 /CAD 9500 / AUD 10,000
So which should you choose?
Here’s the summary:
- OFX supports more currencies and receiving countries than TorFX
- Both have been in the business for 15+ years and have earned a good reputation.
- Both services comply with the regulations of their operating countries.
- OFX has wider coverage than TorFX
- Both services offer faster transfer speeds for popular currencies
- Both services have excellent customer service. OFX has 24/7 customer service you can count on, and TorFX assigns you a personal account manager during business hours.
1. Quick Comparison
OFX and TorFX are both reliable companies with high Trustpilot ratings. OFX has 4.3/5 with 86% positive reviews, while TorFX has 4.9/5 with 96% positive reviews. Both services offer fair international money transfers but OFX has a better fee structure.
 |  | |
|---|---|---|
| Trust 🔒 | – Regulated in the US, UK, Canada, Australia, Europe, Singapore, and Hong Kong – Publicly listed company – Has fraud prevention technology – SSL certification. | – Regulated in countries in the UK, Australia, Singapore, Europe – High rating by Dun and Bradstreet – Audited by PWC – Customer funds held separately |
| User rating ⭐ | 4.3/5 on Trustpilot with 6400+ reviews (December 2023) | 4.9/5 on Trustpilot with 7000+ reviews (December 2023) |
| Currencies supported 💵 | 50+ currencies | 40+ currencies |
| Exchange rate 💱 | Mark up on the exchange rate | Mark up on the exchange rate |
| Fees 💰 | Fixed $15 USD fee for transfers below $10,000. The margin on the exchange rate decreases as the amount increases. | No fixed fees – only margin on the exchange rate (goes down with amount increase) |
| Speed 🚀 | 2-5 business days | 1-4 days |
| Full review 🗨️ | OFX review | TorFX review |
| Official website 🌐 | OFX.com | TorFX.com.au / TorFX.com (Europe) |
Winner: Tie
Both services are safe and offer a cost-saving fee structure. But what about the user satisfaction level?
Even though the differences are minor – TorFX has more satisfied users than OFX and seems to process transfers faster.
But is one better than the other?
Ultimately, it all comes down to your specific needs.
Keep reading to find out if this makes a significant difference when you’re sending large transfers abroad.
2. Pros and Cons
OFX
OFX Pros
- Available in Australia, Canada, Europe, Hong Kong, New Zealand, Singapore, United Kingdom, United States
- Many receiving countries – approx 190
- Ease of transferring online
- 24×7 phone support
- Personal and business transfers
OFX Cons
- Slower bank transfers
- No cash transfers
TorFX
TorFX Pros
- Available in Australia, the UK, Singapore, and Europe
- No fixed fees
- Excellent customer support – get your own Personal Account Manager
- Faster bank transfers
- Personal and business transfers
- No hidden fees
TorFX Cons
- Not available in the US
- No cash transfers
Winner: OFX
OFX and TorFX offer cost-effective large bank transfers for both personal and business use.
But OFX offers more currencies, and receiving countries, and transfers are made easy on their app and website.
So how do you choose which is right for you?
Location is a major factor if you’re trying to decide between TorFX and OFX. While there is some overlap, each service has its own defined sectors of operation. While OFX tends to cover a larger number of countries, TorFX does own Currencies Direct in the USA which also cover Canada.
Another key difference is the level of support each service offers.
OFX offers 24×7 phone support if you hit a roadblock with your transfers. Meanwhile TorFX appoints a Personal Account Manager after you sign up and while you may have to wait for office hours in your country the service model attracts 4.9/5 stars on Trustpilot.
Your TorFX Account Manager guides you through every aspect of your transfer – including when to transfer, negotiating rates, following up for you in case of delays, and more.
3. What Others Say – Third Party Reviews
OFX
OFX is rated 4.3/5 on Trustpilot with 6400+ reviews (December 2023)
Positives
- Very competitive rates
- Great customer support
- Consistently good service
- Fast transfers
“We have used the services of OzForex , now OFX for many years. The customer service is second to none, and rates are exceptional. Highly recommend to anyone needing to transfer funds from or to Australia.”
– RJ on Trustpilot
“Great exchange rate, rapid processing (after money received from my bank). Money in recipient’s account within hrs of notification of transfer.“
– Stephen on Trustpilot
“Nothing is complicated about the transfers and the rates are of course excellent. The most important thing i have found over the decade that i have been dealing with OFX is that i TRUST them. You can also talk to a real person at OFX if you really have an urgent problem and believe you me that is just priceless.”
– Ivan on Trustpilot
Negatives
- Many verification requests
- Transfer delays
TorFX
TorFX is rated 4.9/5 on Trustpilot with 7000+ reviews (December 2023)
Positives
- Proactive and personalized support
- Safe and secure transfers
- Good exchange rates
“I used Torfx to exchange a large amount of sterling for a house purchase. My personal account manager was Adam who I cannot thank enough. I have never completed this kind of transaction before and was therefore wary and nervous. Adam talked me through the whole process and stayed in contact at every point. Exchange rate offered was good and the transfer incredibly fast – overall a very positive experience”
– Anna J on Trustpilot
“TorFX were very professional, great security protocol in place, good rate of exchange but most importantly felt safe that my money was in very good and safe hands. I would definitely recommend them to use to exchange your currency whenever you need to”
– Sharon Leach on Trustpilot
Negatives
- Transfer delays
- Rates quoted change (sometimes)
Winner: TorFX
If you go by user satisfaction ratings, TorFX is the clear winner.
But that doesn’t mean OFX is lacking – they also offer great rates and fast transfers and a better online offering.
The major difference is the level of support TorFX’s Personal Account Managers provide.
If you need personalized guidance and advice for your large transfers, TorFX is the perfect choice – this is what drives the user satisfaction ratings on Trustpilot.
However, if you fee comfortable transacting online you can rest easy knowing OFX is available on the phone to troubleshoot if you hit a snag.
4. Transfer Fees
OFX
- Fixed $15 fees for transfers below $10,000
- Margin on the exchange rate (decreases with amount increased)
- Potentially sending and receiving fee removed with local bank accounts in 115 countries
TorFX
- No fixed fees
- Margin on the exchange rate
- Sending and receiving bank fees
Winner: Tie
With no fixed fees – is TorFX cheaper than OFX?
It can be difficult to say.
TorFX may have no fixed fees, but the transfer cost doesn’t decrease because of the fees charged by sending and receiving banks.
OFX may have a $15 fee for transfers below $10,000 USD however we organized to have this fee removed (opens a new tab) so you can avoid these fees altogether – if applicable.
The total fees can be lowered because OFX has local bank accounts in 115 countries – which minimizes hidden or unexpected sending and receiving fees charged by intermediary banks.
Depending on the currency and market movements, there may be slight differences in the fees offered by either service – but it’s pretty close most of the time.
What role do intermediary banks play in international transfers – and how does it affect the transfer fees?
In international money transfers, intermediary banks are like middlemen. They help to move your money from your bank in your country to your recipient’s bank in the destination country.
However, these banks often charge a fee for their role in the transfer. So, when your money passes through one or more intermediary banks, each one might take a small cut.
This means the total amount that reaches the final destination could be less than what you sent, due to these extra fees.
5. Transfer Speeds
| |
|---|---|
| 1-2 days for popular currencies | 1-2 days transfers for some popular currencies |
| 2-5 days for less popular currencies | 2-4 days for less popular currencies |
Winner: TorFX
OFX transfers generally take between 2-5 business days, with some major currencies being transferred in 1-2 business days after the funds are received by OFX.
In some cases, OFX can offer same-day deliveries for bank transfers between the US and Europe.
TorFX, on the other hand, often completes transfers on the same day, or within two working days for more exotic destinations.
TorFX may be a more suitable option for you if you need faster international money transfers for large amounts, particularly for urgent or time-sensitive transactions.
OFX, while slightly slower, still provides a reliable service with a reasonable turnaround time for most major currencies.
6. Verdict
With 2 wins for TorFx, 1 for OFX, and 2 ties – it’s difficult to pick a clear winner.
Based on our personal experience, neither service is consistently cheaper or faster than the other – it all depends on the currency pair and amount.
So it ultimately comes down to two things:
- Your location
- The level of support you need for your transfer
TorFX is primarily phone-based – you can call your Personal Account Manager any time to lock in rates, set up a transfer, or get an update. What we like about TorFX is you can get a free quote anytime and it can give you deals depending on how much you send.
OFX offers a bit less hand-holding (but you get 24×7 customer service via phone and email) – it’s a great option for those who prefer to do things on their own online. We also love the OFX fee structure, where your fees can be lowered when the amount you send increases. (See the transfer fee (above) on how you can avail discount on OFX transfer fees.)
But you should know that OFX and TorFX may not work well in some cases. For instance, if you want to send less than USD 7000 / GBP 4000 /EU 4500 /CAD 9500 / AUD 10,000, we think Wise is better because of its transparency, speed, and affordability. You can read our Wise review to learn more about it.
Ultimately, the best way to send money abroad depends on your special situation and preferences. Don’t forget to look at their pros and cons, reviews, costs, and speed before choosing.
Happy transfers!
Is TorFX better than banks?
TorFX can be better than banks if you are looking for competitive exchange rates and faster speed on your large money transfers. Additionally, there are other factors where TorFX excels better than banks.
What is the difference between TorFX and OFX?
TorFX is primarily phone-based while OFX offers a bit less hand-holding but both offer great customer service. OFX supports more currencies and receiving countries than TorFX. It is better to compare their pros and cons before deciding which service to choose.