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OFX vs TorFX

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

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 22 July 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 150 1 day CAD 0.00 0.759 USD
7,588
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Go to site Show details
CAD 2,000 1 day CAD 0.00 0.759 USD
7,588
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies.
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.

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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 $12,000 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 CAD = 0.5969 GBP 1 CAD = 0.5994 GBP
Transfer speed 1-2 days 1 day
Total pounds received GBP£581.90 GBP£599.40
Receiver gets GBP£17.50 less GBP£17.50 more
Sending $12,000 to the UK
OFX TorFX
Transfer fee $0 $0
Exchange rate 1 CAD = 0.5969 GBP 1 CAD = 0.6031 GBP
Transfer speed 1-2 days 1 day
Total pounds received GBP£5,969 GBP£7,236
Receiver gets GBP£1,267 less GBP£1,267 more

TorFX wins just slightly on sending $1,000, but pulls significantly ahead when sending $12,000. This is due mostly to TorFx’s better exchange rates, but its zero fee price structure for both small and large transfers also affects these results.

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.

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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 Canada to the US are the fastest, often only taking 1 business day. Most other currencies will take a bit longer, averaging 1-2 business days.

TorFX

The funds should be in your account on the same day or within no more than 2 business days for less-popular currencies.

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Winner: TorFX

While some TorFX transactions can take up to 2 business days, common currencies often arrive within the same day. OFX promises 1-2 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: $2,000

Maximum: No limit

1 day 50+ currencies
TorFX Bank transfer Bank account Minimum: $150

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
CAD 0 Within an hour CAD 3.99 0.758 USD
7,580
Use code FINDERCA and pay zero fees on your first transfer. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details
CAD 0 1 day CAD 0.00 0.759 USD
7,588
Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details
USD 150 1 day CAD 0.00 0.759 USD
7,588
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Go to site Show details
GBP 5,000 1 - 2 days CAD 0.00 0.759 USD
7,585
Aimed at larger transfers, CurrencyTransfer is an online marketplace that lets you shop around for the best exchange rate. Go to site Show details
CAD 2,000 1 day CAD 0.00 0.759 USD
7,588
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies.
Go to site Show details
CAD 7,000 1 day CAD 0.00 0.759 USD
7,588
Venstar Exchange offers competitive exchange rates and zero fees on large transfers over US$10,000. 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.

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