Are you trying to decide whether to use OFX or Torfx for your currency exchange needs? It can be difficult to decide which of these money transfer companies is best unless you take the time to really look at them side by side. If you have been trying to do this and it has been a bit complicated, you are in luck. Here is all of the information you need including pros and cons to determine which one is the best option for you.
Rates and Fees
Since your goal is to have as much money as possible in your pocket, it is probably really important that you consider the fees for these two money transfer services right away. OFX charges a fee for every transaction that is less than $10,000. They also charge people who are not located in the United Kingdom. Alternatively, Torfx does not charge any fees at all in respect of transferred money. This means that those who are sending small amounts and/or are not UK-based should probably use the Torfx website as there is no minimum transfer amount. Otherwise, you will be stuck paying a transaction fee. In respect of larger amounts eg over $10,000 OFX money transfer provider is definately worthy of consideration. Keep in mind that these rates are subject to change at any time, meaning things could be different in the blink of an eye. Before you do any transactions, make sure that you read the fine print so you know what you are getting into. It should also be noted that OFX does the first two transfers free for all customers. After that, all of the regular rates will apply. Regardless of who you use, both will be cheaper than using a credit card and the high foreign transaction fees that apply.
Safety and Security
One thing that should never be compromised when you are completing any type of global money transfers financial transaction is safety. There are governing bodies out there who make sure that all financial services companies are transparent in their dealings and fairly regulated. As far as both of these international money transfer services go, they have both been regulated by the Financial Conduct Authority (FCA) and are authorized to do business with consumers in numerous countries. You can feel perfectly safe when doing business on both of their online platforms. In addition, OFX Group Limited is a publicly listed entity on the Australian Securities Exchange.
Exchange Rates
In case you were unaware, foreign exchange rates can change in the blink of an eye if you are sending money overseas. They can rise or fall so quickly that what you believed was reasonable could be costly in a moment. If someone were to compare the rates of these two services now, it would be accurate at the moment, but by the time a few minutes have passed, it could read like a work of fiction. For this reason, there is no point in quoting exact figures. You will have to take the time to look into the transfer rates of both before making any quick moves. With this in mind, you should know that Torfx strategy in respect of offering competitive rates is to offer a price match guarantee. This means that they are willing to match quotes from any company you are working with, meaning there is a possibility that your rates may be lower than usual if you decide to work with them. At any rate, the exchange rates charged are likely to be cheaper than using your own bank account.
Transfer Time
Another important factor when dealing with foreign currency exchange is the time it will take for your transfers to be processed. If two different companies are available and they are similar in many different aspects, it is a wise idea to use this factor in order to break the tie. While this idea works in general, it does not apply here since both of these companies have transfer times that are the same. When doing business with them, you can expect everything to clear in about 1-3 business days. There are some factors that need to be taken into account since they have a direct bearing on this time:
- 1. How quickly you paid for the transfer in question.
- The country you are sending money to. Every location has its own guidelines.
- The speed in which the recipient’s bank processes the transfer.
- Do they have dedicated account managers
Payment Methods And Transfer Amounts
It will be absolutely necessary for you to know whether the payment methods you have available to you are accepted by the foreign exchange company you are working with. When comparing these two overseas money transfer companies, it is important to note that Torfx only offers customers the chance to work with electronic funds transfer. On the flip side, OFX allows payments to be made with electronic funds transfer as well as direct debit. It should also be noted that there is no limit to the amount of money that you are allowed to transfer when using OFX. This differs from Torfx, which has an online maximum of 25,000 dollars. You are allowed to call by phone if you wish to transfer more, but those who see this as an inconvenience are better off using OFX.
User Reviews
Both of these companies have great reviews across numerous platforms. On those sites where businesses are rated based on the amount that they are rated in the community, their ratings are both fairly high. After much searching, it has been difficult to find anyone that has much bad to say about either company, meaning that they are neck and neck when it comes to user satisfaction.
Ease Of Use
Considering the positive reviews all over the place, it should not be surprising that both of these services are very easy to use when it comes to transferring funds. Even if you are someone who does not have a lot of experience in this arena, it will be fairly simple for you to use this. The registration is very simple and can be completed in just a few minutes. It is essential that you are totally honest when filling out the forms since everything you say will be verified.
Supported Languages
Both of these companies only conduct business in the English language. Since they are both based in English-speaking countries, this should not be surprising. If you are someone who is most comfortable when doing business in another language, you will have to look for another company to transfer money overseas.
Promotions
There are often promotions offered by one or both of these companies at any given time. Keep in mind that OFX typically has coupons available to help you save on fees, but Torfx is a bit different. They have a referral program and they reward people with Amazon gift cards once they have referred someone and they made a deposit. There is no timeframe when OFX promotions available, so you will have to check in periodically to find out what transfer options is being offered.
Who Wins the OFX vs TorFX Money Transfer Comparison?
In many respects, both OFX and TorFX are the same when it comes to their global reach and their mobile app online platforms offering. For this reason, most people would be satisfied using either one and both are going to be cheaper than traditional bank transfers. With that said, if you are outside the UK and you are only looking to do small transactions here and there, then OFX would certainly fit your needs. Here is a brief rundown of some of the information here: When it comes to fees, you can save a bit of money by using OFX. If you are not in the UK, then it would be in your best interest to choose a Torfx account to transfer money overseas. WINNER: Torfx They are both really easy to use and you can learn how to use them rather quickly. They are neck in neck as far as this goes. WINNER: Tie The exchange will vary from day to day, so there is no way to tell which one will be more favorable on any given day. You will have to get in touch with someone to find out what the going rates are for the day. Otherwise, you may be walking around with information that is dated. In short, both of these international money transfer services are fine and customers will be happy when doing business with either one. After doing some research and trying to find a huge problem with either one of these, it was clear that this is not something that is going to happen. Essentially, anyone who is looking for a foreign exchange company to send money with can mostly use this interchangeably. The only time when it actually matters which one you use will be if you decide to exchange money and you are in another country other than the UK or you have a smaller transaction. In that case, you would be much better off signing up with Torfx because you will not be stuck trying to pay any transfer fees.