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. Alternatively, click here to read both the OFX money transfer review and also the TorFX review.
- Exchange Rates
- Transfer Time
- Payment Methods and Transfer Amounts
- User Reviews
- East of Use
- Supported Languages
- Who Wins Between OFX vs TorFX?
OFX v Torfx Compared: Which Is The Best?
Rates and FeesSince 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 SecurityOne 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 RatesIn 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 TimeAnother 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