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OFX vs TorFX

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

Isabel Sandercock-Brown

Updated Feb 12, 2020

Fact checked

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.

Quick verdict

Lower fees:
TorFX

Exchange rates:
TorFX

Fast transfers:
TorFX

I want to send

	Min. Transfer Amount	Transfer Speed	Online Transfer Fee	Rate	Amount Received	Description	CTA	Details
	AUD 250	1 - 2 days	NZD 15.00	0.711	USD 7,101	OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 250.00 Transfer methods Online, Phone, Agent Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone Available currencies AED, ARS, AUD, AZN, BGN, BHD, BND, BRL, CAD, CHF, CLP, CNY, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HUF, IDR, ILS, INR, JPY, KRW, KWD, LKR, MAD, MGA, MXN, MYR, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, RUB, SAR, SBD, SCR, SEK, SGD, THB, TOP, TRY, TWD, TZS, USD, VEF, VND, VUV, WST, XOF, XPF, ZAR Go to site Read the full review
	NZD 250	1 day	NZD 0.00	0.711	USD 7,112	TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply. TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.	Go to site	Compare	Show details	Details Minimum transfer amount NZD 250.00 Transfer methods Online, Phone, Agent Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, NOK, NZD, PLN, SEK, SGD, THB, TRY, USD, ZAR Go to site Read the full review

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. Transfers over $10,000 don’t attract any fees. OFX also doesn’t charge any account fees.

TorFX

TorFX charges no fees.

Trophy icon
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.

The mid-market rate, also known as the interbank rate, is the midpoint between the “buy” and “sell” prices of two currencies. It’s what your money’s actually worth on the global market compared to another currency, and it’s the rate banks and transfer services use when they trade among themselves.
You should use the mid-market rate as a baseline to find the best rate. Compare the rates provided by your bank or transfer service to the mid-market rate. You’ll be able to find it on Google or Reuters, so you can check how much the mark-up is.

Trophy icon
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.

Trophy icon
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	1 - 2 days	50+ currencies
TorFX	Bank transfer	Bank account	Minimum: $250 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 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.

Read review: OFX
Read review: TorFX

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. Use our comparison calculator below to compare the fees, exchange rates and key features of several other money transfer services.

I want to send

Min. Transfer Amount	Transfer Speed	Online Transfer Fee	Rate	Amount Received	Description	CTA	Details
USD 60	1 day	-	-		Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees.	Go to site	Compare	Show details	Details Minimum transfer amount USD 60.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments Customer service Phone, Email Available currencies AUD, BDT, EUR, GBP, IDR, INR, KES, LKR, MXN, MYR, NPR, NZD, PHP, PKR, PLN, THB, USD, VND Go to site Read the full review
GBP 2,500	Same day	NZD 0.00	0.711	USD 7,112	CentralFX's dedicated private client team will guide you through the money transfer process from first call to final payment.	Go to site	Compare	Show details	Details Minimum transfer amount GBP 2,500.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Chat, Email, Branch Available currencies AED, AUD, BBD, BGN, BHD, BRL, BWP, CAD, CHF, CNY, CZK, DKK, EUR, GBP, GHS, GMD, HKD, HRK, HUF, IDR, ILS, JOD, JPY, KES, KWD, KYD, LSL, MAD, MUR, MXN, NOK, NZD, OMR, PAB, QAR, RON, RSD, RUB, SAR, SEK, SGD, SZL, THB, TND, TRY, UGX, USD, ZAR, ZMW Go to site Read the full review
NZD 250	1 day	NZD 0.00	0.711	USD 7,112	SendFX guarantees to match any competitor's exchange rate. T&Cs apply. SendFX has fee-free transfers in 30+ currencies to over 200 countries.	Go to site	Compare	Show details	Details Minimum transfer amount NZD 250.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments, Forward contracts Customer service Phone, Email Available currencies AED, AUD, BGN, BHD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, INR, JPY, KES, KWD, MXN, NOK, NZD, OMR, PHP, PLN, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, ZAR Go to site Read the full review
NZD 0	Same day	NZD 0.00	0.71	USD 7,105	XE has fast transfers with no fees and a range of foreign currency tools.	Go to site	Compare	Show details	Details Minimum transfer amount NZD 0.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, AMD, AUD, AWG, BAM, BBD, BDT, BGN, BHD, BND, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, EUR, FJD, GBP, GEL, GTQ, HKD, HNL, HRK, HUF, IDR, ILS, JMD, JOD, JPY, KES, KRW, KWD, KZT, LKR, LSL, MAD, MKD, MUR, MWK, MXN, MYR, NAD, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SZL, THB, TND, TOP, TRY, TTD, TWD, TZS, UGX, USD, VUV, WST, XCD, XPF, ZAR Go to site Read the full review
NZD 2,000	2 days	NZD 0.00	0.711	USD 7,112	Exclusive offer: $0 transfer fee and discounted exchange rates for all Finder customers. WorldFirst sends 60+ currencies at competitive rates with no fees. If you find a better eligible quote, WorldFirst will beat it.	Go to site	Compare	Show details	Details Minimum transfer amount NZD 2,000.00 Transfer methods Online, Phone, Agent Transfer options One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, ALL, AMD, ANG, AOA, ARS, AUD, AZN, BAM, BBD, BGN, BHD, BIF, BMD, BND, BOB, BRL, BSD, BWP, BZD, CAD, CDF, CHF, CLP, CNY, COP, CRC, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, GBP, GEL, GHS, GMD, GNF, GTQ, GYD, HKD, HNL, HRK, HTG, HUF, IDR, ILS, INR, IQD, ISK, JMD, JOD, JPY, KES, KHR, KRW, KWD, KYD, KZT, LAK, LBP, LKR, LRD, LSL, MAD, MGA, MKD, MNT, MRO, MUR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SLL, SRD, STD, SZL, THB, TND, TOP, TRY, TTD, TWD, TZS, UGX, USD, UYU, VEF, VND, VUV, WST, XCD, XOF, XPF, ZAR, ZMW Go to site Read the full review
NZD 250	1 day	NZD 0.00	0.711	USD 7,112	TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply. TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.	Go to site	Compare	Show details	Details Minimum transfer amount NZD 250.00 Transfer methods Online, Phone, Agent Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, NOK, NZD, PLN, SEK, SGD, THB, TRY, USD, ZAR Go to site Read the full review
NZD 1	Within an hour	NZD 3.99	0.71	USD 7,098	Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply. WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.	Go to site	Compare	Show details	Details Minimum transfer amount NZD 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Email Available currencies AED, ALL, AMD, AOA, ARS, AUD, BAM, BBD, BDT, BGN, BHD, BIF, BOB, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CUP, CVE, CZK, DKK, DOP, EGP, ETB, EUR, FJD, GBP, GEL, GHS, GMD, GNF, GTQ, HKD, HNL, HRK, HUF, IDR, ILS, INR, ISK, JMD, JOD, KES, KGS, KHR, KMF, KRW, KWD, KZT, LAK, LBP, LKR, LRD, MAD, MDL, MGA, MRO, MVR, MXN, MYR, MZN, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RUB, RWF, SCR, SEK, SGD, SLL, THB, TJS, TND, TOP, TZS, UAH, UGX, USD, UYU, VND, WST, XAF, XCD, XOF, ZAR, ZMW, BYN Go to site Read the full review
AUD 250	1 - 2 days	NZD 15.00	0.711	USD 7,101	OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 250.00 Transfer methods Online, Phone, Agent Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone Available currencies AED, ARS, AUD, AZN, BGN, BHD, BND, BRL, CAD, CHF, CLP, CNY, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HUF, IDR, ILS, INR, JPY, KRW, KWD, LKR, MAD, MGA, MXN, MYR, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, RUB, SAR, SBD, SCR, SEK, SGD, THB, TOP, TRY, TWD, TZS, USD, VEF, VND, VUV, WST, XOF, XPF, ZAR Go to site Read the full review
NZD 1	1 - 2 days	NZD 80.00	0.714	USD 7,083	TransferWise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.	Go to site	Compare	Show details	Details Minimum transfer amount NZD 1.00 Transfer methods Online Transfer options One off payments Customer service Phone, Email Available currencies AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, COP, CRC, CZK, DKK, EGP, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW Go to site Read the full review
NZD 5	1 - 2 days	EUR 3.00	0.708	USD 7,085	Special offer: Zero fees on your first 10 transfers. CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.	Go to site	Compare	Show details	Details Minimum transfer amount NZD 5.00 Transfer methods Online Transfer options One off payments Customer service Phone, Email Available currencies AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, NOK, NZD, PHP, PLN, SEK, SGD, THB, USD, ZAR Go to site Read the full review
NZD 10,000	1 - 2 days	NZD 0.00	0.708	USD 7,083	CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.	Go to site	Compare	Show details	Details Minimum transfer amount NZD 10,000.00 Transfer methods Online, Phone, Bank Account to Bank Account, International Money Order Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, ARS, AUD, BGN, BHD, BRL, CAD, CHF, CNY, CZK, DKK, EUR, GBP, GHS, HKD, HRK, HUF, ILS, INR, JMD, JOD, JPY, KES, KWD, MAD, MUR, MXN, NGN, NOK, NZD, OMR, PHP, PKR, PLN, QAR, RON, RUB, SAR, SEK, SGD, THB, TND, TRY, TTD, UGX, USD, ZAR Go to site Read the full review

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.

Thank you for your feedback!

Isabel Sandercock-Brown

Isabel Sandercock-Brown is an international money transfers writer at Finder. She's written for a number of organisations, from the Salvos to Bumble. She has a Bachelor of Arts in Communications from the University of Technology, Sydney.

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