OFX vs TorFX
OFX vs TorFX comparison: both under Corpay but serving different markets. Compare rates, minimum transfers, and availability to choose based on your location.
Quick Answer
OFX and TorFX are sister companies under Corpay (NYSE: CPAY) with the same underlying service model — no fixed transfer fees, dedicated account managers, forward contracts, and competitive exchange rates for large transfers. The key difference is market focus: OFX is available in the US, Canada, UK, Australia, EU, Hong Kong, and Singapore. TorFX is available in the UK, Australia, Europe, Canada, New Zealand, and South Africa — but not in the US. Both have a minimum transfer of approximately £100/$1,000. If you are in the US or Canada, choose OFX. If you are in the UK or Australia, compare rates from both — they may offer different rates for the same corridor.
OFX
Platform for large transfers ($1,000+ min) with no fixed fees, competitive rates and 24/7 dealer support.
Pricing
Free
Key Features
- ✓No fixed transfer fees on most transactions — exchange rate margin is the only cost
- ✓Exchange rate margin of 0.4%–1.5% above mid-market, improving with transfer size
- ✓Minimum transfer of $1,000 USD or equivalent — designed for large, regular transfers
- ✓24/7 customer support staffed by human dealers who can negotiate rates for large amounts
- ✓Forward contracts available for businesses managing currency risk
- ✓Rate alerts notify you when your target exchange rate is reached
Pros
- +No fixed transfer fees — significantly cheaper than flat-fee competitors for large transfers
- +Exchange rate improves with transfer size — best rates for $10,000+ transfers
- +24/7 human dealer support — real people who can negotiate rates for large transfers
- +Forward contracts and rate alerts for business currency risk management
- +Strong regulatory standing — part of Corpay (NYSE: CPAY), a publicly traded company
Cons
- −Minimum transfer of $1,000 — not suitable for small, occasional transfers
- −Exchange rate margin is not fully transparent — rate is quoted per transaction, not published
- −No mobile wallet or cash pickup options — bank-to-bank only
- −Slower than digital-first competitors — transfers typically take 1-3 business days
- −Not available in all countries — limited to US, UK, AU, CA, NZ, EU, HK, SG
Platforms
Web, iOS, Android
Learn more →TorFX
No-fee transfers from £100 with competitive exchange rates and dedicated account manager for larger amounts.
Pricing
Free
Key Features
- ✓No fixed transfer fees — exchange rate margin is the only cost, making TorFX cheaper than banks for any transfer size
- ✓Exchange rate margin of 0.4%–1.5% above mid-market, improving significantly with transfer size
- ✓Minimum transfer of £100 or equivalent — accessible for regular personal and business transfers
- ✓Dedicated account manager for personalized service, rate negotiation, and transfer guidance
- ✓Forward contracts available for businesses managing currency risk on future payments
- ✓Rate alerts notify you when your target exchange rate is reached
Pros
- +No fixed transfer fees — significantly cheaper than banks and many competitors for any transfer size
- +Dedicated account manager provides personalized service, especially valuable for regular large transfers of £5,000+
- +Exchange rate improves with transfer size — best rates for larger transfers where the margin narrows
- +Forward contracts and rate alerts help businesses manage currency exposure effectively
- +Award-winning customer service with strong reputation across UK and Australian markets
- +Part of Corpay (NYSE: CPAY), a publicly traded company with established financial backing
Cons
- −Not available in the US — OFX serves as the equivalent brand for American customers
- −Exchange rate margin is not fully transparent online — rate is quoted per transaction rather than published
- −No mobile wallet or cash pickup options — bank-to-bank transfers only
- −Competitive rates primarily benefit transfers above £5,000 — smaller transfers may not see significant savings
- −Limited availability in MENA and other emerging markets compared to digital-first competitors
Platforms
Web, iOS, Android
Learn more →Real-World Scenarios
You live in the United States or Canada
You are based in the US or Canada and need to send large international transfers. You want no fixed fees, competitive rates, and a dedicated account manager.
You live in the UK or Australia
You are based in the UK or Australia and have multiple options for large transfers. You want to compare which of the two sister companies offers better rates for your specific corridor.
You need to send money to or from New Zealand
Your transfer involves New Zealand dollars. You want a specialized provider with local market knowledge and competitive NZD exchange rates.