TorFX Vs OFX: A Full Comparison [2023]

TorFX Vs OFX: A Full Comparison [2023]

Torn between TorFX or OFX for your next international payment? This TorFX Vs OFX review is here to help. We’ll cover:

  • A full side by side feature comparison
  • Which provider is cheaper?
  • Which is faster?
  • Which is safer?
  • Which gets better customer reviews?

TorFX Vs OFX: side by side

Feature TorFX OFX 
Send payments to 40 global currencies 170 countries, 50+ currencies
Multi-currency accounts N For businesses and online sellers (not available for personal customers)
Personal broker service Y Y
Currency risk management solutions Y Y
Fully licensed and regulated Y Y
Business services available Y Y

So, to summarise:

  • OFX supports a few more currencies than TorFX
  • OFX has a multi-currency account for business customers and online sellers, TorFX does not
  • TorFX and OFX both offer currency risk management services
  • Both providers are fully regulated, and offer both personal and business services

TorFX and OFX have broadly overlapping services – so to decide which is best for you you’ll probably want to get in touch with both to get a quote for your payment. Both OFX and TorFX have currency risk management solutions including forward contracts and market orders, and both offer phone support. TorFX customer service is award winning, and OFX has a 24/7 service line.

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The important bits

Rates Exchange rates include a markup on the mid-market rate Exchange rates include a markup on the mid-market rate
Fees No transfer fee 15 NZD fee for payments under 10,000; no transfer fee above that
Speed Same day for major currency routes, up to 2 working days for exotic currencies Most payments arrive within 24 hours, some exotic currencies may take up to 5 days
Service Online, in app, by email, and by phone Online, in app, by email and by phone
Safety Fully regulated and licensed Fully regulated and licensed
Reviews (TrustPilot) 4.9 star, Excellent, 5,000+ reviews 4 star, Great, 5,000+ reviews

Rates: OFX and TorFX both calculate their rate by adding a margin to the mid-market rate

Fees: OFX has a 15 NZD fee for payments under 10,000 ZND, with no fee for higher value payments. TorFX does not change a transfer fee

Speed: TorFX payments can arrive on the same day for major payment routes, or within 2 working days for exotic currencies. OFX payments often arrive within 24 hours, but can take up to 5 days for some exotic currencies

Service: OFX and TorFX both offer service in English, online, in-app and by phone.

Safety: Both providers are fully licensed and regulated

Reviews: TorFX scores an Excellent rating on TrustPilot, while OFX is rated as Great

Pros and cons

  • Good range of transfer types for individuals and businesses
  • Currency risk management solutions
  • No transfer fees
  • Fast delivery on major payment routes
  • Service by phone, online, by email and in-app
  • Send in 50+ currencies
  • Good range of transfer types for individuals and businesses
  • Currency risk management solutions
  • Multi-currency accounts for businesses and online sellers
  • Most payments arrive in 24 hours
  • Exchange rates include a markup
  • Availability and transfer times depend on destination country
  • No multi-currency account
  • 15 NZD fee for payments under 10,000
  • Exchange rates include a markup
  • Availability and transfer times depend on destination country

TorFX Vs OFX: The verdict

Whether TorFX or OFX is best for you will depend on your personal preferences, and the specific services you need.

Both providers offer international payments for individuals and businesses, as well as currency risk management services. While you can send payments online and in-app 24/7 once your account is set up with either provider, both also have a more personal service, offered by phone. OFX offers a 24 hour phone service which may give it the edge if you frequently transact out of hours – the phone service from TorFX is only available during normal office hours.

The other notable difference is that OFX has a multi-currency account on offer for business customers and online sellers – if that’s what you’re looking for they’re worth considering.

You can’t get a quote for the exchange rate – and any fees applicable to your transfer – without registering an account with the provider. In most cases you’ll need to register with your details and then talk to a team member on the phone to get started.

Go to TorFX
Go to OFX

About TorFX and OFX

TorFX was founded in 2004, and has over 325,000 customers. You can send payments from New Zealand in 40+ currencies with TorFX, and access currency risk management products like market orders and forward contracts.

TorFX business services include currency solutions and a business health check to optimise international payment processes.

OFX was founded over 20 years ago, and has 1 million+ customers. You can send payments in 50+ currencies with OFX. Through your personal broker you can also set up forward exchange contracts and target rate orders to help manage currency risks when transacting or holding high values of foreign currencies.

OFX business accounts are also available to hold and manage foreign currencies and payments.

How do they work?

To use TorFX you’ll first need to create an account and complete any required verification steps. In most cases this will mean registering your personal details and then talking to a team member over the phone. You’ll then be able to arrange payments through a range of channels.

To send a payment online or in the TorFX app you’ll need to:

  1. Log in on the TorFX desktop site, or open the app
  2. Enter the country you want to send to
  3. Enter the transfer amount to generate an exchange rate quote
  4. Confirm the payment and fund it
  5. The payment will be processed once TorFX receive the funds

For larger transfers, or for forward contracts and market orders, you’ll need to talk to a TorFX agent by phone to understand your options.

To use OFX you’ll need to first set up an account. You can do this either by registering online and waiting for an OFX callback, or by calling the OFX team yourself. You’ll then need to provide some ID for verification purposes. Your first international payment must be made on the phone through a specialist broker. After that you can send money online or in the OFX app:

  • Log in to your account or call the OFX support team
  • Get a quote for the exchange rate available
  • Give your recipient’s bank account details
  • Lock in your transfer at the agreed rate
  • Send your money to OFX
  • Once the payment is cleared it will be sent to your recipient automatically

TorFX Vs OFX Fees

TorFX doesn’t charge a transfer fee. Instead, they use an exchange rate markup – which is a fee wrapped up in the exchange rate being offered. That’s pretty standard across banks and transfer providers, but can make it harder to work out the true cost of your payment. TorFX uses a smaller margin than banks normally do, allowing them to cover their costs while still offering a competitive service to customers.

OFX also uses an exchange rate markup, which they state is smaller than the rate markup used by most New Zealand banks. However, OFX does also have a small charge of 15 NZD for payments under the value of 10,000 NZD – with this fee waived for higher value payments.

TorFX Vs OFX: which is cheaper?

Choosing an international payment specialist is almost certainly cheaper than sending money using your bank. However, as TorFX and OFX don’t publish exchange rates publicly, it’s not possible to check their overall costs without first creating and verifying a customer account.

Compare the costs of sending international payments through a range of major providers, using our comparison engine.

TorFX Vs OFX: which is faster?

TorFX payments can arrive on the same day for major currency routes, or within 2 working days for exotic currency transfers.

OFX payments often get to their destination in 24 hours, but for more exotic currencies the process can take 3 – 5 days. However, for both providers, the exact delivery time will depend on where you’re sending money to, and how you want to pay.


Both TorFX and OFX are fully licensed and regulated, and use both smart technology and dedicated service teams to keep customer money safe.

TorFX is a UK based company which is primarily regulated by the Financial Conduct Authority (FCA). It also has an Australian office which is AUSTRAC regulated, and which may be more convenient for customers based in New Zealand to use.

OFX is registered as a financial service provider here in New Zealand, under its old name of NZForex. It is also regulated by 50+ regulatory bodies around the world.

Ease of use

  • Creating an account: Both OFX and TorFX will allow customers to register their details online, but you’ll need to talk to a staff member to complete verification and start transferring
  • Making a transfer: Both providers will confirm the payment methods open to you when you’re setting up your transfer. Bank transfers are the most common way to pay, although direct debits and debit cards may be accepted in some cases.
  • Ways to send money: Send payments to your recipient’s bank account directly with both TorFX and OFX
  • Languages: TorFX and OFX have a website and app which are available primarily in English. OFX has a base in New Zealand, while TorFX offers service to customers in New Zealand via their Australian office
  • Minimum & maximum amounts: OFX has no sending limit, although you’ll pay a fee for transfers under 10,000 NZD in value. TorFX has no upper send limit. You may need to confirm high value payments by phone

Supported currencies

TorFX supports 40+ currencies on major payment routes.

OFX supports 50+ currencies, and lets you send payments to over 170 countries.


TorFX and OFX have an overlapping range of services on offer – which works best for you might depend on the specific payment or service you need.

You can make online and in-app international payments, as well as transfers over the phone, direct to bank accounts with both TorFX and OFX. If you’re looking for an out of hours phone service, OFX might be the one for you as they have a 24/7 phone operation – TorFX only covers office hours by phone, although you can transact online at any time.

TorFX and OFX both offer some currency management solutions like forward contracts and market orders to help individuals and businesses minimise losses, or maximise gains when buying and selling foreign currencies.

OFX also has an international account for online sellers and businesses – this service isn’t available through TorFX. Check out the offers from both – and compare with a few alternative providers – to work out which is best for your specific situation.


Is TorFX or OFX cheaper?

You can’t see the rates on offer from either OFX or TorFX without creating and verifying an account, so it’s not possible to say outright which is cheaper. However, TorFX has no transfer fee, while OFX does charge a small 15 NZD charge for payments under 10,000 NZD in value.

Is TorFX or OFX faster?

On major routes both are likely to be similar – arriving on the same day, or within 24 hours, depending on the time the transaction is set up. For exotic currencies TorFX may be slightly faster than OFX.

How many currencies do TorFX and OFX support?

TorFX supports 40+ currencies and OFX supports 50+ currencies.

Claire Millard
Fintech copy and content writer
Claire Millard is a content and copywriter with a specialty in international finance. Her work has featured in The Times and The Telegraph, as well as industry magazines and leading personal finance blogs.
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Ileana Ionescu
Content manager
With a background in business journalism, Ileana is an experienced content manager, creating content for Exiap that helps its audience make informed decisions about their finances.
Read more
Last updated
December 15th, 2022