OFX vs TorFX Which is Really Cheaper? [2024 Updated]

Need to make an international payment to or from the US but you aren’t quite sure whether you should choose OFX or go for TorFX? We’ve got you covered with our OFX Vs TorFX guide.

Read on to find out which company will suit your needs so that you can make the best decision for your money transfer.

Quick summary:

  • OFX is widely recognised for 24/7 customer assistance and global reach.
  • TorFX stands out for its dedicated account manager approach and personalized assistance.
  • OFX sends payments to 170+ countries and 50+ currencies and TorFX sends payments to 120 countries and 40+ countries.
  • OFX is registered under the US Treasury’s Financial Crimes Enforcement Network.
  • TorFX is regulated by the UK’s Financial Conduct Authority and Australia’s ASIC.

Go to OFXGo to TorFX

OFX Vs TorFX: Side by side

Send payments to170+ countries, 50+ currencies120 countries, 40+ currencies
Payments to bank accountsYY
Payments for cash collection or home deliveryNN
Payments to mobile money accountsNN
Airtime top-upsNN
Multi-currency accountY – Create 7 local currency accounts in the following currencies: USD, EUR, GBP, CAD, AUD, SGD, and HKD.N
Debit card availableNN
Fully licensed and regulatedYY

To summarize:

Both providers allow payments to bank accounts and support a broad range of countries and currencies. However, OFX takes the lead, supporting 170+ countries and 50+ currencies compared to TorFX’s 120 countries and 40+ currencies.

OFX also stands out thanks to its multi-currency feature, which TorFX doesn’t offer, allowing users to manage up to seven different currency accounts. It’s important to note that both providers are fully licensed and regulated, ensuring peace of mind when it comes to safety and compliance.

Depending on your requirements both OFX and TorFX are good options, although for those managing multiple currencies, OFX has the slight edge.

Go to OFXGo to TorFX

OFX vs TorFX:The important bits

SafetyBased in Australia, fully licensed and publicly listedBased in the UK, fully licensed and privately owned
RatesVary based on amount and currencyDepends on the currency and amount you are sending
FeesFee free for all transfersFee free for all transfers
Speed1-2 business days for most transfers1-3 business days for most transfers
ServiceRated an ‘excellent’ 4.3 stars out of 6273 reviews on TrustpilotRated an ‘excellent’ 4.9 stars out of 6853 reviews on Trustpilot
  • Safety: OFX is based in Australia, where it is fully licensed and publicly listed. TorFX is based in the UK, where it is also fully licensed and privately owned.
  • Rates: Both OFX and TorFX rates vary depending on the amount and specific currency.
  • Fees: All transfers are fee-free for both.
  • Speed: Both OFX and TorFX typically take 1-3 business days for most transfers.
  • Service: OFX offers excellent customer service with a 4.3 star rating on Trustpilot. TorFX also offers excellent customer service with a 4.9 star rating on Trustpilot.

Go to OFXGo to TorFX

Pros and cons

✅ Wide global reach supporting 170+ countries.

✅ Offers a multi-currency account feature.

✅  No limit on the amount of money you can transfer.

✅Fee-free for all transfers.

✅  Exceptional phone-based customer service.

✅  Provides a dedicated account manager

❌ Lacks cash collection or home delivery options.

❌Only bank-to-bank transfers.

❌ Minimum transfer amount.

❌ Limited global reach compared to OFX.

❌  Doesn’t offer a multi-currency account.

❌  It’s not possible to make credit card payments with TorFX.

The verdict

The choice between the two platforms really comes down to the currency and amount. Why?

Both OFX and TorFX will offer different exchange rates for different amounts, currencies and even customers. So, the only way to find the cheapest is to compare the total cost of each based on your currency and amount.

Go to OFXGo to TorFX

About OFX and TorFX

Founded in 2001 with a vision for a fairer way to move money worldwide, OFX has solidified its footprint over two decades. Serving over a million clients, they’ve facilitated transfers in 50+ currencies across 170+ countries, culminating in an impressive £113bn. Their blend of a digital platform and 24/7 phone support ensures a seamless transfer experience, and their global presence – from London to Sydney – reflects their commitment. Read our OFX review to learn more.

TorFX, championed by CEO Nigel Fox, focuses on fair exchange rates and a user-centric approach. Since its inception, the TorFX group has managed over 10 billion pounds in transactions annually. Their global reach is marked by offices from Europe to South Africa and a team of 550+ experts. Recognized consistently for service quality, they’ve clinched awards like the International Money Transfer Provider of the Year multiple times. Their impressive clientele, exceeding 425,000, alongside stellar Trustpilot reviews, showcases their dedication to customer satisfaction. Read our TorFX review to learn more.

How do they work?

Starting with OFX, the transfer process is streamlined and user-centric. Initiating a transfer begins with a three-step procedure:

  • Register on the OFX platform. After registration, a quick verification process ensures account safety.
  • Once logged in, you input your recipient’s banking information, add the amount to be transferred, and then lock in your transfer.
  • The next step is to simply send your funds to OFX. Their global network of bank accounts takes care of the conversion and ensures the money reaches your recipient both quickly and securely.

Go to OFX
In contrast, TorFX offers a slightly more detailed approach to facilitate international transfers. To get started:

  • Set up an account. This involves registering online and providing personal details such as your name, date of birth, address, occupation, and contact details.
  • After registration, a TorFX account manager will guide you through the rest of the setup. Occasionally, you might be asked for additional verification, like proof of address or passport copies.
  • Add your recipient’s information – their name, contact and banking details.
  • The final step is payment. Typically, recipients can expect the funds to reach their accounts within 3 business days.

Go to TorFX

OFX vs TorFX fees

This one is easy. TorFX doesn’t charge any fees. Their fee is built into the exchange rate they offer you (which will differ from what you see on Google). On the other hand, OFX charges an exchange rate margin and $15 for transfers under $10,000 (not in the US or UK).

Transfer fees$15 for transfers under $10,000 plus an exchange rate marginFee is built into the exchange rate
Account feesNo account feesNo account fees
Card feesNo debit card availableNo debit card available

Go to OFXGo to TorFX

OFX vs TorFX: which is cheaper?

Choosing an experienced provider service is usually much cheaper compared to a bank when you need to send money abroad. However, fees and rates can vary and depend on various factors, meaning it’s always better to do some research first before transferring your money blind. So, which is cheaper? OFX or TorFX?

Amount & CurrencyOFXTorFXWhich is cheaper?
USD (our source country currency) >1000 GBP793.28796.58OFX
USD>5000 GBP3982.233982.94OFX
USD>1000 EUR933.51933.70OFX
USD> 5000 EUR4667.334668.54OFX

While the table shows that OFX comes out cheaper for GBP and Euros in each example, both services offer advantages, and the more affordable option will depend on various factors, including the amount you’re sending and the currency involved.

Go to OFXGo to TorFX

Exchange rates

Exchange rates are constantly fluctuating, rising and falling by the second. A comparison of the exchange rates as this article is being written will likely be inaccurate by the moment you’re reading this.

That’s why we’ll leave the comparison up to you. Here are three ways you can compare current exchange rates:

  1. View live rates on OFX and TorFX websites
  2. Call OFX at 1 888 288 7354 and TorFX at +44 (0) 1736 335250
  3. Compare exchange rates in under a minute with our comparison engine

You can check their today’s exchange rates here: OFX Exchange rates.

OFX Vs TorFX: Which is faster?

When using an online transfer provider, your transfer is made to the company account to be processed before it is cleared and transferred to the recipient.

OFX and TorFX generally take 1-3 business days. How long it takes usually comes down to:

  1. How long it takes you to pay them for the transfer
  2. Which country you are sending the money to. Some countries take longer than others
  3. How long the bank on the other end takes to credit the bank account

Go to OFXGo to TorFX

 OFX vs TorFX: International transfer limits

OFX limitsTorFX limits
OFX has a transfer minimum of USD $1000 but has no maximum limit or a limit on how often you can make transfers.TorFX has no transfer caps. However, a USD $30,000 limit applies to online transfers and a minimum transfer amount of USD $200 is required.

OFX vs TorFX: Payment methods

When it comes to payment methods in today’s fast-paced, digital world, diversity is essential, especially for those who frequently make global transactions. For OFX and TorFX, bank and wire transfers are the sole available methods. The absence of options like cash, cards and cheques only highlights both platforms’ emphasis on simple and uncomplicated bank transfers for moving money across borders.

While OFX has a broad global reach that supports over 170 countries, its payment options are limited to either bank or wire transfers. Users have two choices when making a transfer: arrange a direct debit from their bank account or opt for a wire transfer, typically processed overnight.

TorFX also strictly adheres to bank transfers. Regardless of the nature of the transaction, both deposit and withdrawal operations are solely restricted to bank accounts. To ensure compliance, it’s mandatory for clients to use bank accounts that are solely registered in their name.

Go to OFXGo to TorFX

OFX vs TorFX: Delivery methods

Both OFX and TorFX offer multiple transfer options, ensuring that customers have choices tailored to their needs, whether it’s a one-time transfer or a recurring payment. Each platform provides mechanisms that cater to various market conditions and customer preferences.

For OFX:

  • Single Transfer: If you have a one-time need to transfer funds, this option allows you to do just that without any hassle.
  • Recurring Transfers: For those with repeated transfer needs, perhaps for overseas mortgages or business transactions, OFX offers automated transfer schedules.
  • Advanced Options: Beyond the basic transfer types, OFX provides Forward Exchange Contracts, Limit Orders, and FX Options. These are ideal for substantial transfers, affording rate security and flexibility to capitalize on market trends.

Go to OFX
With TorFX:

  • Spot Contract: This is a straightforward method where currency is bought or sold at the existing exchange rate for immediate delivery. Ideal for urgent needs, it allows for quick transfers at the prevailing market rate.
  • Forward Contract: This option lets users lock in a rate for future transfers, providing a hedge against unfavorable market shifts. It’s perfect for consistent payments, with the ability to secure favorable rates for up to two years in advance. An initial deposit is made, with the balance settled when the contract expires.
  • Market Orders: TorFX takes it a step further by offering varied market orders.
  • Limit Order: This allows clients to set their preferred exchange rate. When this rate is available in the market, the transaction is automatically processed.
  • Stop Loss Order: To shield against unfavorable market fluctuations, this order sets a floor rate for transactions. If the market hits this rate, the currency is purchased automatically. Some clients combine both Limit and Stop Loss Orders, ensuring that transactions occur within a predetermined range.

In summary, both OFX and TorFX aim to provide seamless international money transfers. Choosing between them boils down to individual needs, frequency of transfer, and preference in handling market volatility, especially if you are a business owner.

Go to TorFX

OFX vs TorFX business

Both OFX and TorFX offer comprehensive solutions tailored to businesses, streamlining the complexities of international financial transactions. Each platform has distinctive features tailored to ensure businesses not only enjoy competitive rates but also have access to innovative tools for risk mitigation and advanced transfer functionalities.

OFX stands out with its tailored currency risk management strategies. This is crucial for businesses dealing with global suppliers, where currency volatility can significantly impact profitability. OFX addresses this concern head-on, ensuring companies can seamlessly manage their international supplier payments. Another helpful feature is their Multipay function, allowing businesses to execute payments to up to 500 recipients at once, making bulk transactions effortless.

TorFX offers a comprehensive business suite with features beyond mere transactions. One of the key differentiators is the personalized touch they bring by assigning a dedicated account manager to every business. This ensures that companies receive tailored advice and strategies to counteract any currency volatility. TorFX also provides an extensive Business Online service, a one-stop solution for 24/7 transfers, rate checks, and recipient management. Additionally, they offer a unique ‘business health check’ where they evaluate a company’s approach to international payments, suggesting improvements and crafting a customized payment plan.

OFX BusinessTorFX Business
Supports SWIFT payments and Multipay for bulk transactions.

Payments in 50+ currencies for overseas staff.

Reduces excess fees on international transactions.

Integration with Xero for easy reconciliation.

Provides a dedicated account manager and custom exchange rates.

Business health check to optimize international payments approach.

Business Online service for 24/7 transfers and recipient management.

Competitive exchange rates with no transfer fees.

Go to OFXGo to TorFX

Ease of use

Creating an account:

  • OFX: Setting up an account with OFX is straightforward and can be done in three simple steps. Just click ‘register’ and fill in your details. Once submitted, OFX will call you to complete the registration.
  • TorFX: Again, the online process is quick and simple. Register and fill in your personal and contact details. Once you’re registered, a TorFX account manager will contact you to finish the process.

Making a transfer:

  • OFX: Transferring money is simplified with OFX. After entering the recipient’s bank details and locking in the transfer, users simply send funds to OFX, which then manages the conversion and delivery.
  • TorFX: Users have multiple options, from spot contracts for immediate transfers to forward contracts and market orders that offer flexibility and protection from market conditions.

Ways to send money:

  • OFX: Payments to OFX can be made through direct debit from a bank account or via wire transfer, but cash, credit card, and cheque options aren’t accepted.
  • TorFX: TorFX exclusively supports bank transfers for both depositing and withdrawing funds.


  • OFX: Supports six languages. These include: English (US and UK), Hong Kong, Australian, Canadian, New Zealand, and Singaporean.
  • TorFX: Their website, mobile app, and customer support are currently only available in English.

Minimum & maximum amounts:

  • OFX: While OFX boasts of flexibility in transfer amounts, catering to both small and large transfers, there are set minimums and variable maximums depending on transaction type and user verification.
  • TorFX: The platform is very flexible and has no transfer caps, although a minimum amount of USD $200 is required and a USD $30,000 limit applies to online transfers.

Go to OFXGo to TorFX

Supported currencies

OFX and TorFX offer a broad range of supported currencies, catering to businesses and individuals with diverse global transaction needs. While OFX facilitates transfers to over 170 countries in 50+ currencies, TorFX, with its extensive network, enables transactions in over 40 currencies worldwide. The choice between the two would depend on specific regional preferences and transaction requirements.

If you’re looking for alternative international transfer providers, you can check out these articles: Alternatives to OFX and Alternatives to TorFX


Both OFX and TorFX prioritize client safety by adhering to international and regional regulations.

OFX: Registered as a Money Service Business under the US Treasury’s Financial Crimes Enforcement Network, OFX is also regulated by individual state banking divisions, ensuring its compliance across the USA.

Read Is OFX safe? to learn more.

TorFX: Primarily overseen by the UK’s Financial Conduct Authority and Australia’s Australian Securities & Investments Commission, TorFX safeguards clients’ funds by holding them in separate accounts from its business operations.

Read Is TorFX safe? to learn more.

Go to OFXGo to TorFX

OFX vs TorFX customer service

Each platform provides distinct advantages catering to the diverse needs of their users.

OFX: The company provides 24-hour phone support, consistently receiving praise on platforms like Trustpilot for its round-the-clock assistance.

Contact Methods for OFX:

  • Phone:

Personal accounts : 1-888-288-7354 – Local, 1-415-449-1379 – International

Business accounts : 1-888-966-6888 – Local, 1-415-449-1375- International

  • Email: customer.service@ofx.com

TorFX: Personalized service is one of TorFX’s priorities, and their dedicated account manager service guides customers throughout the entire transaction process.

Contact Methods for TorFX:

  • Phone: 44 (0) 1736 335250
  • Email: Online form on their Contact Us page on their website

Conclusion: Comparing OFX and TorFX

Both OFX and TorFX are great money transfer platforms, and are strong contenders within the international money transfer arena.

TorFX goes the extra distance and elevates the client experience with their dedicated account managers, who guide customers throughout the entire transfer process. This is particularly useful for business owners or clients who need to make more complicated transfers and payments and are seeking tailored advice. However, OFX is a good fit for customers who value round-the-clock support thanks to their 24-hour customer service. Their ability to provide fast and efficient transfers without the costly fees makes them a top all-rounder – perfect for frequent and time-sensitive transactions.

Ultimately, your choice will depend on your personal needs and preferences. Always weigh the pros and cons against your specific requirements and compare features with other platforms to help you make the choice that’s right for you and for your money.

Go to OFXGo to TorFX

TorFX vs OFX comparison FAQs

What is the difference between OFX and TorFX?

OFX stands out for its 24-hour customer service and a focus on efficient global transactions, while TorFX offers a personalized approach with dedicated account managers for each client, ensuring tailored guidance during transfers.

Which is better, OFX or TorFX?

The preference between OFX and TorFX largely hinges on individual needs. If you prioritize around-the-clock service and swift transactions, OFX might be your choice. However, if you’re after a customized experience with one-on-one guidance, TorFX could be more fitting.

Is OFX or TorFX cheaper?

Both OFX and TorFX offer competitive rates. While TorFX doesn’t charge any fees, OFX comes out as the cheaper option when making USD transfers into GBP and Euro currencies.

Is OFX or TorFX faster?

Both OFX and TorFX generally take 1-3 business days. However, speeds can vary depending on how long it takes you to pay for the transfer, which country you’re sending your payment to and how long the bank in your destination country takes to credit the account.

How many currencies do OFX and TorFX support?

Both OFX and TorFX support a broad range of currencies, catering to global clients. OFX facilitates transfers to over 170 countries in 50+ currencies, while TorFX enables transactions in over 40 currencies worldwide.

Seyma Mektepli
Seyma is an experienced content writer and editor-in-chief at Exiap, delivering informative articles on personal finance, and money transfers.
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Last updated
September 12th, 2023