Both OFX (previously UK Forex) and TorFX are long established foreign currency exchange providers. Each offer fee-free transfers for all foreign exchange transactions carried out from their UK registered accounts. In fact, all transactions with TorFX are fee-free, wherever you hold your account.
OFX has the greater global reach because it can facilitate transfers to over 220 countries, whereas TorFX lists just 39 for foreign exchange currency transfer destinations.
Both currency exchange providers allow you to open a free account and have a minimum transfer value requirement of £100. They deliver similar online and telephone account management services. What sets TorFX apart is their truly personalised account management approach, which has won the hearts and minds of current customers. They have earned a comfortable 5-star rating from Trust Pilot, scoring an average of 9.4 over 2,277 reviews. Conversely, OFX has a 4-star rating, scoring 8.8 over 2,348 reviews.
Both companies are FCA registered for the provision of payment services and manage segregated customer accounts. TorFX has the added benefit of a Level 1 Dun & Bradstreet rating.
If risk management is top of your list, then the TorFX two-year advance forward rate contract allows you to lock in a rate with a 10% deposit. This outperforms OFX’s maximum 12-month forward contract significantly.
OFX Features
TorFX Features
Free to open account
Fee-free transactions
Intuitive website design
Pledge to match or beat competitor rates
Trade online, over telephone or by email
iOS and Android apps available
Not possible to transfer to cash collection locations, only bank accounts
Fee-free transactions only apply to UK transfers
Less focus on personal account management
Dedicated account management
Two customer service awards
Highest Trustpilot rating – 5 stars
Free to open an account
Fee-free transactions anywhere
Educational guides on buying a property abroad
Market insights are often lagging, so too far behind for them to be actionable
Website information is hidden from main menus, leaving it hard to find
Price Comparison
OFX
Any trades carried out through OFX in the UK are totally fee-free. However, fees apply if you conduct transfers elsewhere in the world. Please see their website for details, because they regularly update their policies.
TorFX
Transactions are free of charge regardless of the currency in question. Banks, however, will normally charge a certain amount for their services – which TorFX does not earn money from.
Note that neither OFX nor TorFX earns a small margin from exchange rate transactions, unlike banks which charge fees for the same service. Banks usually charge between £5 to £30 in the UK for every currency transaction, in addition to their already higher exchange rates. This has a substantial impact, especially when it comes to international currency transfers.
International Presence
OFX and TorFX both have offices based in the UK, USA and Australia. However, their services have global reach beyond these locations. For TorFX, it has an established presence in mainland Europe and South Africa. On the other hand, OFX is well represented in New Zealand and Hong Kong. Of course, visiting these offices may not be necessary for those who prefer the convenience of conducting transactions online or over the telephone. These services are available to them on a 24/7 basis.
At the moment, OFX has a wider reach with services available in 222 countries, and they operate with more offerings in 52 currencies. TorFX has a decent number of locations. It can service at least 39 countries and offers up to 44 currencies. Before selecting either of these financial services, be sure to visit their websites first. Here you can see their most up-to-date list of countries where they provide foreign currency exchange services.
Ease of Use
OFX and TorFX both have websites which make registration easy for its users. They are available 24/7 to manage transactions or exchanges. They differ, however, when it comes to user experience. OFX provides more value for customers looking to access guides and read up on blogs. This handy information is coupled with iOS and Android app compatibility.
Disappointingly for Android users, TorFX only has an iOS app. It is also limited to online and telephone account management. OFX, on the other hand, also allows trades via email.
OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.
Average of the top US Banks costs as compiled by our own FXC Intelligence group
FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
