Personal Finance

OFX vs TorFX: what's the right one for you? (2024 guide)

Gabriela Peratello

22.07.24 (updated more than 1 year ago)

Read time 4 minutes

If you need to send a one off or recurring payment overseas - or if you need more complex foreign exchange services like forward contracts or market orders - a specialist provider like OFX®¹ or TorFX®² could help.

Both OFX and TorFX offer services in the US, including online and phone transfers, and currency risk management solutions. But which is best for you? Read on for all you need to know.

Methodology: The team of dedicated content experts at Wise research each provider thoroughly, uncovering the key features, fees, and pros and cons to watch out for. This is then collected into an easily digestible format, to save you time and hassle when looking into a provider.

OFX vs TorFX: overview

	OFX	TorFX
Key features	Send payments in 50+ currencies, to 170+ countries Global Currency Accounts for business customers Currency risk management services	Send payments in 40+ currencies Currency risk management services Highest available credit rating from global credit agencies
Main fees	No transfer fee Exchange rates include a variable margin	No transfer fee Exchange rates include a variable margin
Great for	International payments with low markups, with 24/7 phone support if you need it	Payments globally, with extremely positive customer feedback from previous loyal clients
Trustpilot rating	4.4 stars, Excellent rating, from over 10,000 reviews³	4.9 stars, Excellent rating, from over 7,000 reviews⁴

OFX vs TorFX: key features

OFX and TorFX do offer quite a number of overlapping services - but they’re not exactly the same, and each also has its own unique features which may suit your needs.

OFX

OFX has a broad range of services for both personal and business customers in the US. International transfers are a key part of their offering:

Send money in 50+ currencies to 170+ countries
Minimum payment of 1,000 USD - no maximum payment limit⁵
No transfer fee - instead, a small exchange rate marking applies
Transfers in commonly traded currencies take 1 - 2 days, exotic currencies take 3 - 5 days
You’ll need to speak to a member of staff by phone before you can set up your first transfer
Payments can be funded by direct debit or wire

Aside from international transfers, OFX also offers currency risk management solutions for individuals and businesses, such as forward contracts and market orders. For these you must speak to a member of staff, and fees may apply.

Finally, OFX business customers and online sellers can open a Global Currency Account⁶, to receive, hold and send payments in 7 major global currencies.

You can link your Global Currency Account to marketplaces like Amazon and PSPs like Stripe, to get paid by customers in their preferred currencies.

Hold the funds in your account, withdraw to your bank, or use the money to pay suppliers and contractors abroad.

Learn more about OFX in our full OFX review

TorFX

TorFX is an extremely highly rated foreign exchange provider, which specializes in international transfers and currency risk management solutions. When it comes to international transfers, the services available are flexible and essay to use:

Send money in 40+ currencies online, in-app or by phone Payments of over 25,000 GBP or the equivalent must be arranged by phone⁷ No minimum or maximum payment limit No transfer fee - instead, a small exchange rate marking applies Transfers can arrive on the same day, or up to 2 days for less common currencies Payments can be funded by SWIFT bank transfer

Aside from international payments, TorFX also offers various currency risk management solutions including forward contracts, limit orders and stop loss orders.

You’ll get the support of a personal account manager who can help you decide which of these options will work best for your specific situation.

Learn more about TorFX in our full TorFX review.

OFX vs TorFX fees

Neither OFX nor TorFX charge an international transfer fee for customers in the US. Instead, there’s a small variable margin added to the exchange rate used to convert your dollars to the currency you need for deposit.

Exchange rates change all the time based on movements in the market, so you’ll be told the rate which applies for your specific transfer at the time you arrange it.

You can then compare the rate against the mid-market exchange rate to see the markup or margin which has been applied.

If you’re using either TorFX or OFX for currency risk management solutions, fees may apply. As each forex product is different, fees are only disclosed when you talk your requirements through with a broker.

Make low cost international transfers with Wise

A smart option if you’re sending money overseas: meet Wise.

Register a Wise account online or in the Wise app, and send money to 70+ countries, with the mid-market exchange rate and low, transparent fees*.

Wise always shows you the amount you’re paying and how much your recipient will get — and you can even compare against other providers on the Wise app or desktop site.

If another service is cheaper for your particular payment, you’ll be shown — so you can’t lose.

Get started with Wise

See how Wise compares with international bank transfers in our full guide

OFX vs TorFX pros and cons

Advantages and disadvantages of OFX

Pros	Cons
No transfer fee Send in 50+ currencies Services for individuals and businesses Multi-currency accounts available for business customers	Exchange rates include a markup Transfers could take up to 5 days, depending on the currenc

Advantages and disadvantages of TorFX

Pros	Cons
Payments available in 50+ currencies, with no transfer fee Excellent credit rating Reputation for extremely good customer support services	Exchange rates include a markup No multi-currency account products

Not sure about whether OFX or TorFX is right for you? Check out our OFX vs Wise comparison, to learn about an alternative.

Conclusion: OFX vs TorFX, what's the right one for you?

OFX and TorFX both offer international payment services and currency risk management services for customers in the US. Both have very good reputations and ratings, and are safe to use.

Which is best for you might just come down to personal preference - but it’s also worth comparing the exchange rates you’re quoted for a payment from each provider before you confirm. As the rate you get will include a variable markup, the level of markup used will dictate how good a deal you’re getting.

Look for the provider which offers the exchange rate closest to the mid-market rate, to pay the lowest fee overall. Shopping around - with OFX, TorFX, and other providers like Wise, could mean you get a better deal in the end.

Sources:

Sources checked on 07.05.2024

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

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