Which scores better when comparing OFX vs TorFX? See how each provider scores and who wins when comparing their services, fees, supported countries and customer service.
OFX
Overall score:
87
87
TorFX
Overall score:
72
72
Personal Features
Business Benefits
Fees & Exchange Rates
Ease of Use
Support & Countries
Trust & Transparency
59
59
OFX offers international money transfer solutions for individuals specialising in international bank transfers.
50
50
TorFX money transfer services are available for personal customers from different countries.
89
89
Where OFX really shines is their business solutions and partnerships. Global businesses small and large can take advantage of their variety of solutions to work with global customers and suppliers. Most importantly they help manage currency risk.
44
44
Global business clients can reduce their currency costs by using TorFX's services. TorFX specializes in fostering business relationships and partnerships.
83
83
Exchange rate margin fee - OFX offered exchange rate includes a fee of 0.5% and 0.7%. This is low and competitive.
By calling an OFX Expert and discussing your money transfer needs, it may be possible to arrange better pricing. In particular for larger sums and large yearly volume trades.
Yes. When sending under CA$10,000 or AUD$10,000, there is an additional fee of $15.
OFX offers customers referred by iCompareFX a low exchange rate margin fee of 0.4%. This is an outstanding offer and is sure to lower all your money transfer costs which means more money being transferred.
42
42
Irrespective of whether you use the TorFX UK or TorFX Australia website, you benefit by carrying out fee-free transfers.
TorFX applies a nominal markup on existing mid-market/interbank exchange rates. It informs you of the exchange rate that will apply on your transfer in advance. The exchange rate margin applied is usually less than 1%. This can be negotiated.
71
71
Sign up process - Fast and intuitive.
ID verification - If requested, ID verification is generally your drivers license ID number and a quick phone call to discuss your money transfer requirements.
Transfer speed - 1 - 2 business days upon payment.
Mobile App - To initiate money transfers. Current and historical exchange rates are also available.
Payment options - There are limited payments available other than local bank transfers.
Minimum transfer amount - The minimum transfer amount is US$1,000, AU$250, CA$250, £100, €250.
75
75
Signing up - Create a new account by using the TorFX app or website. You can also sign up over the phone.
Payment options
Transfer speed - Most transfers process in 1 - 2 working days. Transfers in exotic currencies might take longer.
Phone transfers - You can speak with your account manager over the phone to initiate transfers.
Mobile app - Available for iOS and Android - only personal customers who register through the TorFX UK website.
Transfer limits - You need to transfer a minimum of £100 or its equivalent in another currency. Maximum limits apply for online transfers.
81
81
Supported destination countries - OFX supports over 55 currencies and many more exotic currencies.
Global presence - OFX has seven global offices in Australia, New Zealand, Singapore, Hong Kong, United States, Canada and the UK.
Customer support - Customer support is available locally in the global offices, over the phone and via email.
Languages - Customer service and their website is in English only.
Customer sign up countries - Currently OFX supports customer registration from USA, Canada, UK, Europe, Singapore, Hong Kong, Australia and New Zealand.
63
63
Supported destination countries and currencies - TorFX carries out transfers in over 60 currencies, to more than 120 countries.
Supported registration countries - Sign up as a new customer from Australia, Botswana, Canada, China, Croatia, Czech Republic, Denmark, countries in the European Union, Hong Kong, Hungary, Israel, Japan, Mauritius, New Zealand, Norway, Poland, Romania, Russia, Singapore, South Africa, Sweden, Switzerland, United Arab Emirates, the United Kingdom or the United States.
Multilingual support - As of now, customers can use both TorFX money transfer websites and get customer support only in English.
More local settlement accounts - TorFX currently has local settlement accounts only in the UK and Australia. Customers from outside these countries might incur additional costs when making payments.
69
69
Exchange rate margin fee transparency - OFX’s offered exchange rates include margin fees. While the exchange rate margin fee is low, it would be beneficial for current and future customers to clearly understand the fees. This would improve customer satisfaction of their money transfer service.
94
94
TorFX is an established and trusted money transfer company.
Regulated - TorFX is regulated by relevant government bodies in the UK and Australia.
Safety of funds - Uses segregated bank accounts to hold its clients' funds.
Trustpilot - Both, TorFX UK and TorFX Australia, rate as Excellent.
Transparency in rates - While TorFX exchange rates come with nominal markups, there is no clear indication of the margin it applies. Customers need to do their own research to get this information.
WinnerBoth providers score well across the six categories but OFX comes in first place with an impressive score of 87. What lets down TorFX is their lack of business services and higher fees and exchange rates.
