- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
OFX (formerly known as OzForex) or TorFX – in the highly competitive field of international fund transfers, is there a clear winner between these two companies? Unfortunately, there is no simple answer to this question. However, this article will provide you with the information you need to make the right decision.
The TorFX Vs OFX comparison on Trustpilot shows that customers rate one company slightly better than the other. While OFX averages a favorable 9.0 out of 10, TorFX scores 9.7 out of 10. However, this does not mean you jump on the TorFX bandwagon without addressing other issues.
To help you with the decision-making process, I am dividing this OFX Vs TorFX comparison into different categories:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Fund Transfer Fees
While this section of the TorFX vs. OFX comparison favors one company over the other, do not make your decision on this factor alone. The exchange rate you receive has an important an effect on the money the recipient stands to receive.
- The transfer amount and the currency of payment have an effect on the fees you have to pay.
- Transfers beyond predetermined limits do not attract any fees.
- If you are transferring under USD $5,000, a USD $5 fee applies.
- Transfers less than €5,000 attract €10 in fees.
For transfers below £3,000, you pay a £7 fee.There are no more UKForex or OFX (UK) fees on Sterling transfers.
- If the transfer amount is under AUD $10,000, OFX charges AUD $15.
- For transfers below ¥1,000,000, you pay a ¥1,500 fee.
- TorFX does not charge any fees for transfers.
- The UK-based TorFX website lets you transfer a minimum of £50, or its equivalent in another currency.
- Its website for the Australian market has a minimum transfer amount limit of AUD $100 in place.
Ease of Use
Whether you choose TorFX or OFX, you will experience seamless fund transfers. Registering with both websites requires that you submit simple online applications. Be sure to provide accurate details since both companies verify the information you submit before activating your account.
- The OFX Group operates country-specific websites in the form of USForex, CanadianForex, UKForex, and NZForex.
- These websites are transitioning to the international OFX website, with USForex being the first to make the changeover.
- OFX accepts payments via electronic bank transfers.
- If you are a resident of Australia, you can make payments via BPAY.
- OFX provides apps for devices that run on Android and iOS.
- TorFX operates two websites – one for the UK market and another for Australia.
- This company accepts payments via electronic bank transfers, debit cards, and credit cards.
- There are no TorFX apps for mobile devices yet. However, the company’s websites auto-scale to the screen size of your mobile device.
Access to OFX and TorFX websites is only offered in English. If you are looking for access in a foreign language, you can consider using the services of World First, TransferWise, CurrencyFair, or Currencies Direct.
Regular Overseas Payments
Whether you turn to OFX or TorFX, setting up regular transfers is easy.
- Who is similar to OFX.com?
- Who is OFX.com and would you transfer money with them?
- Learn more about OzForex’s new name, OFX.com, in this OFX Review.
- Read updated OFX Coupon post.
OFX Vs TorFX Updates
- 31st May 2017: Fixed Broken links.