7 Must Knows (don’t miss #6)

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 £4000/ $10,000 AUD) but we uncover some important differences that will affect which is better for you.

In the next 5 minutes, in this comparison of OFX Vs TorFX 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 £4000/ $10,000 AUD).

Here is the good, the bad and even the ugly, so that you can decide one way or another OFX Vs TorFX.

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 (comprehensive review) was founded in 1998 in Australia and TorFX (comprehensive review) was founded in 2004 in the UK. Both are significant services in the UK, Australia, Singapore, NZ and the rest of Asia with

OFX is also strong in Canada and the USA. TorFX owns Currencies Direct (comprehensive 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. And it is the personal account managers that sets them apart from the whole industry not just OFX.

Starting with the ability to 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 below above $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.

Winner: Tie

Although this is a tie, we’d like to expand on some differences that can help you decide which one is right for you.

OFX and TorFX are designed to handle transfers above $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD effortlessly because their fees decrease (in percentage terms) when the amount goes up.

If you’re the type of person who wants to lock in a rate online (as exchange rates fluctuate), OFX will give you more control over that.

But if you prefer to speak to someone or need a bit more support to untangle your specific needs and then lock in a great rate, TorFX’s Personal Account Managers can help you with that.

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.

Winner: Tie

OFX and TorFX are both built from the ground up to process large international transfers reliably and safely.

They’re debt-free, adhere to many regulators needs in many countries, have a physical presence in many countries, and use secure technology to keep their customers’ money and personal information safe.

Another thing that’ll put your mind at rest: OFX and TorFX can both be reached on the phone should you have any questions about your transfers.

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.

Winner: Tie

OFX provides the best of both worlds: seamless online transfers on their website and app, with phone support to back it up.

TorFX provides hands-on services from sign ups to rate negotiations and troubleshooting, which can reassuring to those who are new to the world of large international transfers or have complex needs.

There are merits to both modes of operation (especially since both services offer excellent phone support), and which is best for you will ultimately depend on your personal preferences and needs.

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


OFX is rated 4.2/5 on Trustpilot with over 5,800 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. Interestingly this does not seem to be an issue for TorFX, perhaps because they work more closely with new customers.


TorFX is rated 4.9/5 on Trustpilot with over 6,400 reviews — which is considered “Excellent” (and also very 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 or not. (to be fair, there are very few negative reviews)

Winner: Tie

Both are safe and reliable services built from the ground up to process large transfers smoothly.

Based on the reviews (and our experience), OFX turns out to be a more well-rounded service that bundles efficiency, affordability, and good customer support.

TorFX on the other hand is the highest-rated service in the industry as a result of their exceptional customer-focused support and personalized advice for large transfers (great for those who prefer to work with human to make things easy).

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)

Winner: Tie

Both OFX and TorFX have set up their service infrastructure to make sure your large transfers above $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD are processed swiftly and safely.

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 personalised recommendations based on your needs.

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

Winner: Tie

Both services are excellent in terms of customer support which can be very important for large transfers – but there are some pretty big differences.

If you’re the kind of person who feels comfortable doing things online, OFX is the right service for you to go ahead and set up your transfer. You can always call them up if you need to troubleshoot (like dealing with bank limits for funding transactions).

On the other hand, if you have complex needs or are simply not computer savvy, TorFX can be a blessing. They set you up with a personal account manager who is knowledgeable about the market, is happy to answer all your questions, and can help you get great rates.

7. Verdict

If you need to transfer money reliably and at a low cost, both OFX and TorFX are excellent choices. In fact, they’re both so great that we can’t even declare a clear winner across all categories we reviewed!

But here’s the thing, deciding which one is better is still pretty easy:

If you’re happy doing things online and want to stay in control of your money, you should check out our review of OFX or use this link to avoid the $15 fee. On the other hand, if you prefer a more personal touch and want to speak to someone over the phone, TorFX might be a better fit for you. They offer online and phone quotes for transfers in Australia, New Zealand, Asia, Europe, and the UK.

If you want to learn more about TorFX, we’ve got a full review available for you to check out.

And if you’re in the USA, Canada, India, or South Africa, you might also want to consider Currencies Direct, which is owned by TorFX and offers a similar service.

Personally, I’ve referred many people to both OFX and TorFX over the years, and they’ve all been satisfied with the service. Ultimately, the choice between the two comes down to your personal preference.

We hope this helps you find the right option for your needs and preferences.

Happy transfers!

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