Personal Features



OFX offers international money transfer solutions for individuals specialising in international bank transfers.

What OFX offers individuals

  • International money transfers
  • Personal account manager
  • Regular transfers
  • OFX mobile app

What OFX does not offer individuals

  • Digital wallets for individuals
  • FX optimised travel cards
  • Cash pick up or international bill payments



TorFX money transfer services are available for personal customers from different countries.

What TorFX does

  • International money transfers.
  • Forward contracts, limit orders and stop loss orders.
  • Regular transfers.
  • Dedicated currency specialists.

What TorFX doesn’t do

  • Digital wallet.
  • Travel card.
  • Bill payments.
  • Cash pick-up.

OFX wins!

OFX scores better in the Personal Features category.

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Business Benefits



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. 

What OFX for business offers

  • Risk management
  • Multi-currency accounts
  • Global payment solutions
  • Business specialists
  • Xero accounting integration

What OFX for business doesn’t do

  • Business debit card optimised for FX



Global business clients can reduce their currency costs by using TorFX's services. TorFX specializes in fostering business relationships and partnerships.

What TorFX business account offers

  • Spot contracts, forward contracts, limit orders and stop loss orders.
  • Multi-currency wallets.
  • Dedicated account managers.

What TorFX business account doesn’t offer

  • Unique multi-currency receiving accounts.
  • FX-optimised travel cards.
  • Accounting integration.
  • Online seller solutions.

OFX wins!

OFX scores better in the Business Benefits category.

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Fees & Exchange Rates



OFX Fees

Exchange rate margin fee - OFX offered exchange rate includes a fee of 0.5% and 0.7%. This is low and competitive.

Are OFX exchange rates negotiable?

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.

Are there additional OFX fees?

Yes. When sending under CA$10,000 or AUD$10,000, there is an additional fee of $15.

OFX & iCompareFX offer

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.



TorFX fees

Irrespective of whether you use the TorFX UK or TorFX Australia website, you benefit by carrying out fee-free transfers.

TorFX exchange rates

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. 

OFX wins!

OFX scores better in the Fees and Exchange Rates category.

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Ease of Use



What OFX does well

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.

Where OFX could improve

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. 



What TorFX does well

Signing up - Create a new account by using the TorFX app or website. You can also sign up over the phone.

Payment options

  • Bank account transfers
  • Debit card payments (only in GBP and EUR)
  • Payments via CHAPS (only from the UK)
  • Payments via BACS (only from the UK)
  • Payments via cheques (only from the UK)

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.

Where TorFX could improve

Transfer limits - You need to transfer a minimum of £100 or its equivalent in another currency. Maximum limits apply for online transfers.

TorFX wins!

TorFX scores better in the Ease of Use category.

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Support & Countries



What OFX does well

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.

Where OFX could improve

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.



What TorFX does well

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.

Where TorFX could improve

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.

OFX wins!

OFX scores better in the Support and Countries category.

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Trust & Transparency



What OFX does well

  • OFX is fully regulated in multiple countries UK, Australia, USA and Canada.
  • OFX is listed on the Australian Stock Exchange and therefore is regularly audited for the compliance and safety of customer funds.
  • OFX has a Trust Pilot score of Excellent. Customer complaints are dealt with on TrustPilot quickly and directly by their customer service team.
  • iCompareFX customers make thousands of transfers through OFX yearly.

Where OFX could improve

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.



TorFX is an established and trusted money transfer company. 

What TorFX does well

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.

Where TorFX could improve

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.

TorFX wins!

TorFX scores better in the Trust and Transparency category.

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The Result

Winner ribbon iconWinner


Both 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.