OFX vs TD Bank: Fees, Rates & Speed Compared
OFX
4.2OFX is a global money transfer service specializing in large transfers for individuals and businesses, offering competitive rates with no transfer fees.
TD Bank
3.4TD Bank offers international wire transfers for Canadian and US account holders. Widely available but significantly more expensive than specialist money transfer services.
OFX and TD Bank are both popular choices for international money transfers, but they take different approaches. OFX, founded in 1998 and headquartered in Sydney, Australia, is best known for large transfers and business payments. TD Bank, operating since 1855 from Toronto, Canada, focuses on large transfers and business payments. This comparison uses real transfer data collected from both providers across 6 popular corridors to show you exactly which one offers better value for your specific needs.
In this comparison
Live comparison: OFX vs TD Bank across popular corridors
The table below shows how much the recipient receives when sending through OFX vs TD Bank on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | OFX | TD Bank | Winner |
|---|---|---|---|
| USD → INR($1,000) | ₹92,821.25 | — | N/A |
| GBP → EUR(£1,000) | €1,121.83 | — | N/A |
| USD → PHP($500) | ₱28,682.17 | — | N/A |
| USD → MXN($1,000) | MX$16,859.63 | — | N/A |
| GBP → PKR(£500) | ₨180,475.47 | — | N/A |
| USD → NGN($200) | — | — | N/A |
Amounts shown are what the recipient receives. Based on current scraped data, updated every 6 hours.
Key differences between OFX and TD Bank
OFX vs TD Bank: Feature comparison
| Feature | OFX | TD Bank |
|---|---|---|
| Overall rating | 4.2/5 (Good) | 3.4/5 (Fair) |
| Fee structure | No transfer fees | CAD $30-$80 per wire transfer |
| Exchange rate markup | 0.5% - 1.5% above mid-market | 2.5% - 4% above mid-market |
| Transfer speed | 1-3 business days | 2-5 business days |
| Supported countries | 190+ | 200+ |
| Supported currencies | 55+ | 50+ |
| Max transfer | No limit | $100,000 |
| Payment methods | Bank Transfer | Bank Transfer |
| Delivery methods | Bank Deposit | Bank Deposit |
| Regulators | ASIC, FCA, FinCEN | OSFI, FDIC |
| Founded | 1998 | 1855 |
Pros and cons
OFX
Pros
- No transfer fees on any amount
- Competitive rates for large transfers
- 24/7 customer support
- Forward contracts available
- Business solutions
Cons
- Higher minimum transfer ($100+)
- Only bank transfer payments accepted
- Rates less competitive for small amounts
TD Bank
Pros
- Major Canadian bank
- Strong US and Canadian presence
- Easy for existing customers
Cons
- High transfer fees ($30-$80)
- Poor exchange rate markup (2.5%+)
- Slow delivery
When to choose OFX vs TD Bank
Choose OFX if:
- You want the real mid-market exchange rate with no hidden markup
- You need to transfer large sums (OFX has no upper limit)
- You want to lock in an exchange rate with a forward contract
- You need a business account for commercial payments
Choose TD Bank if:
- You want the real mid-market exchange rate with no hidden markup
- TD Bank's strengths (Bank Deposit) match your needs
Verdict: OFX or TD Bank?
Cost: Too close to call
OFX and TD Bank are closely matched on cost. Across our 6 sample corridors, neither provider consistently delivers more to the recipient. The best choice depends on your specific corridor.
Speed: Similar delivery times
Both providers offer similar transfer speeds. OFX typically delivers in 1-3 business days, while TD Bank takes 2-5 business days. The actual speed depends on the corridor and delivery method.
Coverage: Comparable reach
Both providers have comparable coverage. OFX supports 190+ countries and 55+ currencies, while TD Bank covers 200+ countries with 50+ currencies.
Bottom line
Overall, OFX edges ahead for most users thanks to transparent pricing with the real mid-market exchange rate. That said, TD Bank is the better pick if you need large transfers and business payments.
Frequently asked questions
Is OFX or TD Bank cheaper for international transfers?
It depends on the corridor. Our data across 6 routes shows OFX and TD Bank are closely matched on total cost. OFX charges No transfer fees with a 0.5% - 1.5% above mid-market exchange rate markup, while TD Bank charges CAD $30-$80 per wire transfer with a 2.5% - 4% above mid-market markup. We recommend comparing rates for your specific transfer using our calculator.
Which is faster, OFX or TD Bank?
OFX typically completes transfers in 1-3 business days, while TD Bank takes 2-5 business days. Actual speed depends on the corridor, payment method, and delivery option you choose. Bank transfers tend to be slower than card-funded transfers, and bank deposits are generally faster than cash pickups.
Are OFX and TD Bank safe to use?
Yes, both are regulated money transfer services. OFX is regulated by ASIC, FCA, FinCEN and has a 4.2/5 Trustpilot rating. TD Bank is regulated by OSFI, FDIC with a 3.4/5 Trustpilot rating. Both companies are required to safeguard customer funds under their respective regulatory frameworks.
What are the transfer limits for OFX vs TD Bank?
OFX has a maximum transfer of no published upper limit (minimum $100), while TD Bank allows up to $100,000 (minimum $1). Limits may vary by corridor, account verification level, and payment method. New accounts typically start with lower limits that increase over time.
Should I use OFX or TD Bank to send money internationally?
For most users, OFX offers better overall value thanks to transparent pricing with the real mid-market exchange rate. However, TD Bank is the better choice if you need large transfers and business payments. The best provider for you depends on your corridor, transfer size, and whether you need features like Bank Deposit.