OFX vs TorFX:
Which is Really Cheaper?

Considering to use OFX or TorFX?

Exiap presents this comparison based on key information commonly asked.

Find out which company will suit your needs and make an informed decision for your money transfer.

OFX vs TorFX

OFX vs TorFX: The Important Bits


Safety: Based in Australia, fully licensed and publicly listed

Rates: Vary based on amount and currency

Fees: $15 for transfers under $10,000. Fee free above $10,000.

Speed: 1-2 business days for most transfers

Service: Above average customer service, particularly over the phone


Safety: Based in the UK, fully licensed and privately owned

Rates: Depends on the currency and amount you are sending

Fees: Fee free for all transfers

Speed: 1-2 business days for most transfers

Service: Exceptional customer service, particularly over the phone

The Verdict

Because OFX charge a $15 fee for any transfer under $10,000 it makes TorFX the cheaper option for most small payments between $2000 and $5000

Above this amount, it really comes down to the currency and amount.


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.

Learn more about OFX

Learn more about TorFX

Fee Free Offer

Exiap has partnered with OFX to offer fee free money transfers. Click on this offer, register your details and avoid paying a fee to transfer money overseas.

  • After 20 years, OFX is one of the oldest money transfer companies and they have the expertise to go with it.
  • Their rates are often better than the banks, especially for larger transfers.
  • 24/7 phone support.
  • They have a minimum transfer amount of $250
  • Receiving or intermediary banks may charge fees on transactions

Learn More About OFX


The Australian Securities and Investments Commission (ASIC) is the government body that ensures and regulates fair and transparent conduct of financial services. Every financial service must be granted an Australian Financial Service (AFS) licence by ASIC to carry out business in Australia.

OFX are regulated by ASIC & AUSTRAC (AFSL 226484)

TorFX are regulated by ASIC & AUSTRAC (AFSL 246838)

Illustration of a safe with coins

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 1300 300 424 and TorFX at 1800 507 480 (both numbers are for calls within Australia)
  3. Compare exchange rates in under a minute with our comparison engine


This one is easy.

TorFX don't charge any fees. Their fee is built into the exchange rate they offer you (which will be different to what you see on google)

OFX charge an exchange rate margin and $15 for transfers under $10,000

Time For Transfer To Reach Recipient

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

How easy are they to use?

Both companies are fairly similar when it comes down to using them.

To transfer money overseas with either of the providers, you must register an account. We review the steps for each provider below:

Accepted Payment Methods and Minimum & Maximum Transfer Amounts

What Currencies Can I Transfer?

For an extensive list of currencies available for transfer with OFX and TorFX, check out our reviews for each company
TorFX Review
OFX Review


Customer Support

OFX provides exceptional 24 hour customer service over the phone. Likewise, with TorFX you can expect service to be personalised as each customer has a dedicated account manager.

Learn more about OFX

Learn more about TorFX

By Justin Rampono Updated October 21st, 2021