7 Must Knows

OFX and TorFX are international currency transfer services that seem pretty similar.

It is true, they are both great at transfers inexpensively and safely.

But after years of using them personally and helping others to make the best choices, it is clear in many ways they are very different.

Here’s the deal: They both are excellent when it comes to large transfers (over $7000 USD) but we uncover some important differences that will affect which is better for you.

In the next 5 minutes, you’ll discover everything you need to know about the services (including other services that we think are better in some situations, like transfers below $7000 USD).

Here is the good, the bad and even the ugly, so that you can decide.

Disclosure: This post contains affiliate links and savings on transfers if you use some of the links! For more information, see my disclosures here.

Quick Comparison: The Lowdown on Differences

OFX (review) was founded in 1998 in Australia and TorFX (review) was founded in 2004 in the UK. Both now operate in the UK, Australia, Singapore, NZ and the rest of Asia with OFX also strong in Canada and the USA. TorFX owns Currencies Direct (review) if you are in the USA or Canada.

Right from the outset they were designed with different strengths and to this day it is these strengths which sets them apart.

OFX puts you in control of your transfers by mixing easy online transactions with great 24/7 customer service. OFX may charge a fixed fee of $15, however if you click here (opens a new tab) you can avoid these fees all together.


TorFX focuses on making it easy and stress free to transfer while saving money through their Personal Account Managers.

You can get a quote online or by phone:

Both are great at transfers above $7000 USD and are registered and licensed money transfer services and thus safe and reliable.

FYI: For amounts belowabove $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD we recommend Wise who make it easy to sign up and keep costs ridiculously low and transparent. Here is our Wise review.


OFX Likes:

  • A great mix of online and phone support for large transfers (24/7)
  • Low fees that go lower automatically as the amount increases
  • Reduces potentially hidden fees
  • Our top choice for transfers over $7000 USD if you prefer to do things online

OFX Dislikes:

  • Has a flat $15 USD fee in some countries for transfers below $10,000 – However you can get this fee removed by using the links on this page.


TorFX Likes:

  • Excellent reviews as a result of top-ranked phone support for large transfers
  • Dedicated Account Managers who can negotiate better rates for you and work with your specific needs.
  • Guarantee on lowest fees
  • Out top choice for large transfers over $7000 USD if you prefer hands-on phone support from knowledgeable humans

TorFX Dislikes:

  • Only for residents of Australia, Asia, and New Zealand (if in USA, UK, Europe, Canada, India, South Africa, Spain, and Portugal use Currencies Direct)

1. Real Fees & Hidden Costs


  • No fixed fee ever (if you use the links on this page)
  • Very low margin on the exchange rate (0.5% – 2% of the amount, compared to 3-7% when you transact using a bank in total fees)
  • The margin on the exchange rate decreases as the amount goes up (making large transfers over $7000 USD very affordable)
  • Fee structure: once signed up you can see the exchange rate you will get for a certain amount.
  • Eliminates sending and receiving bank fees with local bank accounts in areas they service


  • No fixed fee
  • Very low margin on the exchange rate (0.5% – 2% of the amount, compared to 3-7% when you transact using a bank in total fees)
  • The margin on the exchange rate decreases as the amount goes up (making large transfers over $7000 USD very affordable)
  • TorFX offers an exchange rate guarantee.

2. Which is Safer? – Both are Equally Safe


  • They have offices in the USA, UK, Australia, Canada, and New Zealand.
  • They’re publicly listed on the Australian stock exchange (ASX), and have been debt-free and profitable in all the territories they operate in (especially the USA)
  • They use industry-leading security technology on their website and mobile app to keep your money and personal data safe.


  • TorFX is regulated by the FCA in the UK, ASIC in Australia, and by MAS in Singapore.
  • They have offices in the UK, Australia, and mainland Europe
  • TorFX keeps customer funds separate from their operating funds and they’re regularly audited by Price Waterhouse Coopers (PWC)
  • They have a Level 1 credit rating at Dun and Bradstreet
  • They use industry-leading encryption on their website and mobile app to make sure all transactions are indeed initiated by you.

3. Ease of Use – Quite Different


Though OFX provides 24×7 phone support so you can troubleshoot, you don’t need to get on the phone with them to get a rate and initiate your transfer.

They also have a mobile app (available on both Android and iOS) for those who need to transfer on the go.

This works well for people who are comfortable with transfers online.


TorFX sets you up with a Personal Account manager when your account is verified.

This is particularly helpful for those are new to large transfers or want to learn how to minimize fees for multiple transfers or future transfers.

Having a good relationship with your Personal Account manager ensures a smooth and affordable transfer experience.

4. Reviews (inc. Negative Ones) — What Others Are Saying


OFX is rated 4.2/5 on Trustpilot with over 4,700 reviews, which is considered “Good.”


  • Easy to use website
  • Affordable rates
  • Efficient and fast transfers
  • Good customer service
  • Safe and secure transfers

“OFX has been a fantastic, efficient and inexpensive way to transfer funds internationally. Website is easy to use and quick. Awesome company!”

– Michael Nott on Trustpilot

“This is a quick, reliable and efficient way to transfer funds. Exchange rates are competitive, in the case of euros about one cent below the market rate for every pound and there are no charges. It beats bank rates hands down. Good customer service as you are notified at every stage of the transaction. Hard to beat or find fault.”

– Ian Sammut-Smith on Trustpilot

“I moved some money from NZ to Australia, and as I had never used this type of service before I was very nervous. But I was extremely impressed with OFX’s people, service, professionalism, security and documentation. I would recommend OFX to anyone, and will use them again.”

– Tony Fox on Trustpilot


Extensive document verification

Some users expressed dissatisfaction with OFX’s extensive document verification service while setting up the account or processing transfers.

As a regulated service provider, just like TorFX, OFX sometimes requires supporting documents to process some transfers to keep regulators happy as well as to protect their users money.


TorFX is rated 4.9/5 on Trustpilot with over 4,000 reviews — which is considered “Excellent” (and also rare in the industry)


  • Top-notch personalized customer support with dedicated Account Managers
  • Fast and efficient service
  • Safe and secure transfers

“Excellent service over many years. The app is easy to use and the personalised telephone service is very reassuring, with immediate answers to all my queries and confirming that my funds are in safe hands. Five star recommendation.”

– Rosemary Robinson on Trustpilot

“Excellent service. New customer. From initial enquiry to completed transfer all done in under half a day.”

– Gill on Trustpilot


Frozen accounts
Some users complained that their accounts were unexpectedly frozen.

Though rare, this can be extremely distressing.

The good news is TorFX is always available to troubleshoot on the phone and help you understand the root cause.

Usually, this is remain in compliance with the sending and receiving country laws as well as TorFX’s own service limitations.

Losses due to market changes

Some users were dissatisfied that they lost money as a result of market movements.

Just like OFX, TorFX needs to lock in your conversion at some point and this can work in your favour.

5. Transfer Speeds – Both are Equally Fast


Your large transfers can be processed anywhere between 2-5 days with OFX.

Usually, popular currencies are transferred in 2-4 days, while more exotic currencies can take 5-7 days.

When you set up your transfer also determines the transfer speed – weekdays and banking hours are preferred if you want your money to go through fast.


TorFX takes between 2-4 days to process your large transfers.

Your transfer speed on TorFX is determined by

  • The currency pair (popular pairs are processed quicker)
  • When you fund your transfer (avoid transacting over weekends and holidays)
  • How you fund your transfer (card transfers are faster but more expensive)

6. Customer Service and Support — Both Are Excellent but in Different Ways


OFX has an extensive FAQs section that goes into a lot of detail about how they operate and what they might need from you to transfer your money successfully.

They also offer 24×7 phone support should you have any questions about your transfer.


TorFX is known for its award-winning customer service that is focused on providing personalized recommendations based on your needs.

They also let you transfer money on the phone during office hours for your country.


As we’ve shown in each category, both OFX and TorFX have the services and support systems to transfer your money reliably, inexpensively and a stress free as possible way.

Even though it seems like we are being weak with OFX and TorFX tied in all six categories, it can be quite easy to choose which is better for you for large transfers (above $7000 USD).

When friends ask me who to use I suggest one or the other. If I knew you you were pretty internet savvy and liked to have control over your money I would say, “check out my review on OFX or just use this link to make sure you don’t get charged the $15 fee”.

Alternately, if you were the type of friend who prefers to call me instead of sending text messages and avoids doing things online (other than Facebook and searching Google), I would say, “I would recommend TorFX because you can get a quote to transfer your money online or by phone.”

In USA, Canada, India or South Africa? Currencies Direct (review) is owned by TorFX with a similar service and reputation.

Ohh and if you want more info on TorFX, check our my review here

Over the years I have referred these two services personally.

While there are some major differences which you choose comes down to your personal choice.

We hope you’ve now found the right one for your specific needs and preferences.

Happy transfers!

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