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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 15 April 2019.
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Which has lower fees?
OFX
OFX charges a $15 flat fee on all transfers under $10,000. Transfers over $10,000 don’t attract any fees. OFX also doesn’t charge any account fees.
TorFX
TorFX charges no fees.
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 | NZD$1 = GBP£0.5365 | NZD$1 = GBP£0.53 |
| Transfer speed | 1–2 days | 1 day |
| Total pounds received | GBP£528 | GBP£530 |
| Receiver gets | GBP£2 less | GBP£2 more |
Sending $10,000 to the UK
| OFX | TorFX | |
|---|---|---|
| Transfer fee | $0 | $0 |
| Exchange rate | NZD$1 = GBP£0.5401 | NZD$1 = GBP£0.54 |
| Transfer speed | 1–2 days | 1 day |
| Total pounds received | GBP£5,401 | GBP£5,400 |
| Receiver gets | GBP£1 more | GBP£1 less |
TorFX wins just slightly on sending $1,000 while OFX wins slightly on sending $10,000. It’s very close.
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.
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: TorFX
While some TorFX transactions can take up to two business days, common currencies often arrive within the same day. OFX promises one to two 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: $250 Maximum: No limit | 24 hours | 50+ currencies |
| TorFX | Bank transfer | Bank account | Minimum: $250 Maximum: No limit | 24 hours | 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 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 more than 50.
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.
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