Considering to use OFX or TorFX? The Currency Shop 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

What you'll find in this review

  • Safety
  • Exchange Rates
  • Fees
  • How to get started with OFX and TorFX
  • Acceptable payment methods and transfer amounts
  • Business Payments
  • Supported Currencies & Countries
  • Transfer Time With OFX and TorFX
  • Customer Support

 

OFX Logo

OFX is a foreign exchange and money transfer specialist. The company started in Australia and was previously called OzForex. Today, OFX has global offices in Sydney, London, San Francisco, Hong Kong, Toronto and Auckland. They offer great exchange rates, efficient service and fast international money transfers from over 190 countries in more than 55 currencies.

 

TorFX

TorFX is a company that offers money transfer services and travel money exchange. They have offices spanning throughout Australia, the UK, Europe, the USA and South Africa. TorFX aims to provide customers fantastic exchange rates, expert guidance and friendly service.

 

Safety

The Australian Securities and Investments Commission (ASIC) is operated by the government. It enforces laws and guidelines for companies conducting financial services. Every company offering financial services must be granted an Australian Financial Service (AFS) licence by ASIC to carry out business in Australia.

 

OFX TorFX

Regulated by ASIC

Regulated by ASIC and AUSTRAC

Australian Financial Service Licence 226 484

Australian Financial Service Licence 246 838

 

Winner: It's a tie. Both companies are registered with ASIC. You can be rest assured that their services are heavily regulated by the Australian government.

 

Related: Can You Trust Currency Exchange Websites

 

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

 

Winner: Tie. It's difficult to measure which company offers better exchange rates. Generally, you will receive significant savings with TorFX when transferring amounts more than $50,000. On the other hand, OFX offers highly competitive rates across a range of amounts. This comparison tool allows you to compare rates based on your input amount.

 


Compare Australian Banks and Money Transfer Specialists

Compare Now


 

Fees

Money transfer providers make a profit from every transaction, even when no fees are charged. So it's just as important to compare fees as well as exchange rates. Note that a deposit fee may be charged by the recipient's financial instituition.

 

OFX TorFX

AUD 15 for transfers less than AUD 10,000

No direct fees, commissions or charges

No fee for transfers over AUD 10,000

 

 

Winner: TorFX. Our judgement is solely based on fees. Remember, money transfer services make a profit from two factors: exchange rate margin and fees, make sure you compare both.

 

Related: How Much It Really Costs To Transfer Money Overseas

 


Fee Free Offer

OFX is a trusted partner of The Currency Shop. OFX customers using this link through The Currency Shop will not incur a transfer fee for their international money transfers, regardless of the size of the transaction.

Learn More

Minimum transfer $250. Please note that the receiving bank or intermediary bank may charge fees on transactions.


 

How to Get Started With OFX and TorFX

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

 

OFX TorFX

1. Enter personal details online

1. Register your details online or over the phone

2. Fill out details of your money transfer

2. TorFX assigns you a dedicated Account Manager

3. Verify account details though email or phone

3. Receive exchange rate quote online or by phone

4. Receive quote for your transfer

4. Provide details of the transfer

5. Transfer funds to OFX

5. Transfer agreed amount to TorFX

6. OFX receives funds and exchanges

6. TorFX receives funds and exchanges currency

7. OFX transfers to recipient

7. TorFX transfers to recipient's account

 

Winner: OFX. Their process to register an account and receive a quote is quicker than TorFX. OFX provides you with all the necessary information to make a transfer online. Whereas TorFX requires you to register an account online and wait for an account manager to get back to you with a quote.

 

Acceptable Payment Methods And Transfer Amounts

 

  OFX TorFX

Payment Types Accepted

Check Mark BPAY

Check Mark Electronic Funds Transfer

Check Mark Direct Debit

Check Mark Electronic Funds Transfer

Minimum Transfer Amount

AUD 250

AUD 200

Maximum Transfer Amount

No Limit

AUD 25,000 (online)

 

Business Payments

OFX and TorFX supports business transfers. Both companies have tailored their services to provide the additional support for businesses that make regular overseas money transfers.

Below are four services available for business accounts. Note that some of these features may also be available for personal accounts.

 

  1. Forward Exchange Contracts – Lock in exchange rates ahead of time
  2. Order Types – Allows you to purchase currency at a determined rate
  3. Risk Management – Currency analysis tailored to fit your business needs
  4. Free transfers – For amounts over AUD 10,000

 

Winner: TorFX. Both companies are fantastic for businesses, but TorFX assigns an dedicated Account Manager to support and understand your business needs. OFX, on the other hand provides 24 hour service over the phone but you may not be speaking to the same consultant each time.

 

Supported Currencies and Countries

This is an extensive list of currencies available for transfer with OFX and TorFX. Comparatively, OFX offers more exotic currencies.

OFX TORFX

AED – United Arab Emirates Dirham

AUD – Australian Dollar

AZN – Azerbaijani Minat

BGN – Bularian Lev

BHD – Bahraini Dinar

BND – Brunei Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

CNY – Chinese Yuan Renminbi

CZK – Czech Koruna

DKK – Danish Kroner

EGP – Egyptian Pound

EUR – Euro

GBP – Pound Sterling

HKD – Hong Kong Dollar

HUF – Hungarian Forint

IDR – Indonesian Rupiah

ILS – Israeli Shekel

INR – Indian Rupees

JPY – Japanese Yen

KRW – South Korean Won

KWD – Kuwaiti Dinar

LKR – Sri Lankan Rupee

MAD – Moroccan Dirham

MGA – Malagasy Ariary

MYR – Malaysian Ringgit

MXN – Mexican Peso

NZD – New Zealand Dollar

OMR – Omani Rial

PEN – Peruvian Nuevo Sol

PGK – Papua New Guinea Kina

PHP – Philippine Peso

PKR – Pakistan Rupee

PLN – Polish Zloty

RUB – Russian Ruble

SAR – Saudi Riyal

SBD – Solomon Island Dollar

SCR – Seychelles Rupee

SEK – Swedish Kroner

SGD – Singapore Dollar

THB – Thailand Baht

TOP – Tongan Pa anga

TRY – Turkish Lira

TWD – Taiwanese Dollar

TZN – Tanzanian Shilling

USD – US Dollar

VEF – Venezuelan Bolivar Fuerte

VND – Vietnamese Dong

VUV – Vanuatu Vatu

WST – Samoan Talar

XOF – CFA Franc

XPF – CFP Franc

ZAR – South African Rand

AUD – Australian Dollar

BHD – Bahraini Dinar

BWP – Botswanan Pula

CAD – Canadian Dollars

CHF – Swiss Franc

CZK – Czech Koruna

DKK – Danish Krone

EGP – Egyptian Pound

EUR – Euro

FJD -Fijian Dollar

GBP – Great Britain Pound

HKD – Hong Kong Dollar

HRK – Croatian Kuna

HUF – Hungarian Forint

ILS –  Israeli Shekel

INR – Indian Rupee

JPY – Japanese Yen

KES – Kenyan Shilling

KWD – Kuwaiti Dinar

LKR – Sri Lankan Rupee

LTL – Lithuanian Litas

LVL – Latvian Lev

MAD – Moroccan Dirham

MUR – Mauritian Rupee

MXN – Mexican Peso

NOK – Norwegian Krone

NZD – New Zealand Dollar

OMR – Omani Rial

PHP – Philippine Peso

PLN – Polish Zloty

QAR – Qatari Rial

RON – Romanian Leu

RUB – Russian Ruble

SAR – Saudi Riyal

SEK – Swedish Krona

SGD – Singapore Dollar

THB – Thailand Baht

TRY – Turkish Lira

TTB – Trinadad & Tobago Dollar 

UAE – United Arab Emirates Dirham

UGX – Ugandan Shilling

USD – United States Dollar

XCD – East Caribbean Dollar

ZAR – South African Rand

 

Winner: OFX takes the win with a varied range of currencies.

 

Transfer Time With OFX and TorFX

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. Here are the estimate times it takes for the recipient to receive transfers through OFX and TorFX.

 

OFX TorFX

Australia, Hong Kong, New Zealand, Singapore, UK: 1 working day

Canada, Europe, Japan, USA: 1 – 2 working days

For most countries: 1 – 2 working days

For exotic currencies & countries: Up to 3 working days

 

Winner: Tie. OFX and TorFX offer transfers at around the same transfer time.

 

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.

 

Winner: Tie. Both companies really excel in this area. If you ever need to contact either company, you can be sure to get a quick reponse.

 

Final Verdict

OFX and TorFX are comparatively similar in their services. If you are contemplating to use either company, you may want to make your final decsion based on the amount you are transferring, currency, and whether you need to transfer money for personal or business purposes.

The Currency Shop suggests to use TorFX for transfers of AUD 2000 or more. OFX offers great rates for a wide range of amounts – from AUD 250 up to AUD 50,000.

Just remember to compare your options before making a decision as exchange rates are always changing. We have a tool that lets you compare exchange rates from a range of providers in under a minute.

 

Recommended For You

Compare Australian Banks and Money Transfer Specialists

Compare Australian Banks and Money Transfer Specialists

Find your lowest cost option. Compare Australian banks and money transfer specialists in terms of transfer times, exchange rates and fees.


 

Alternative Money Transfer Companies

5 Alternative Money Transfer Companies like OFX

If you are looking for options other than OFX, we've put this guide together to help you make an informed decision.


 

TorFX Review

Is TorFX a good option for making international money transfers?

In this article we’ll explore how safe TorFX are, how they work, and when you should use them.


 

Helping You Save Money on Currency

Buying travel money or transferring money overseas can be expensive and confusing. So how do you make the best choice and get the most out of your money?

An easy way is to use a comparison table for either international money transfers or currency exchange. These tables list and compare the banks with other large foreign exchange companies.

We’ve also put together tons of helpful videosguides and reviews that will help you make the right decision. You can work out a cheaper way of converting currency while still keeping your money safe.