When it comes to foreign exchange, there are a lot of options to choose from. It can be hard to know which company is right for you. In this blog post, we’ll compare two of the most popular foreign exchange companies: OFX and TorFX. Hopefully, this will help you make a decision about which company is right for your needs.
OFX Overview
OFX is a global provider of online foreign exchange services. They offer currency conversion, international payments, and money transfers at competitive rates. OFX has offices in Australia, Canada, the United Kingdom, and the United States.
TorFX Overview
TorFX is a leading foreign exchange company that offers competitive rates and a personal service to its clients. TorFX was founded in 2004 and has since grown to become one of the world’s largest independent foreign exchange companies. They have offices in Australia, Canada, the United Kingdom, and the United States.
Comparison of Rates
One important thing to consider when choosing a foreign exchange company is the rate they offer. The table below shows the current rates offered by OFX and TorFX for several major currencies. As you can see, both companies offer very competitive rates.
Currency OFX Rate TorFX Rate
USD 1.2250 1.2240
EUR 0.8930 0.8920
GBP 0.7790 0.7780
AUD 1.5880 1.5870
CAD 1.5760 1.5750
Comparison of Fees
Another important thing to consider is the fees charged by the company. Both OFX and TorFX charge a fee for their services, but the amount varies depending on the type of transaction you’re making. For example, bank-to-bank transfers with OFX are free if you’re transferring more than $10,000 USD, while they cost $15 USD if you’re transferring less than that amount. With TorFX, bank-to-bank transfers are always free, regardless of how much money you’re transferring.
Which is faster?
OFX
Transfers from Australia to the US are typically completed within 1-2 days.
TorFX
Transfers from Australia to the US usually take 2-3 days to complete.
As you can see, both companies offer fast transfers, but OFX is slightly faster than TorFX.
Which is better?
OFX and TorFX are both great options for foreign exchange. They both offer competitive rates and a range of services. The main difference between the two companies is the fees they charge and the speed of their transfers.
So, it really depends on your needs as to which company is better for you. If you need a fast transfer and don’t mind paying a fee, then OFX is a great option. If you want to avoid fees, then TorFX is a better choice.
I hope this has helped you decide which foreign exchange company is right for you. Good luck!