Transformers are the most important elements of electric power systems. Many conditions must be met for power transformers to work properly. One of them is a low operating temperature. This condition will be met if the transformer cooling system is properly designed. One of the components of a cooling system is insulating liquid. The heat transfer coefficient α of liquid determines its ability to cool the transformer. The higher its value, the more effectively the liquid transfers heat to the environment. This article describes the influence of the position of the heat source, which is usually in the windings of the transformer, on the coefficient α value of the insulating liquid. The vertical and horizontal positions of the heat source were analyzed. The coefficient α was analyzed at different points of the heat source. The tests were carried out for mineral oil and various esters. Heat transfer coefficient measurements were carried out for various surface heat loads of the heat source. It has been proven that, in the case of a horizontal heat source, the coefficient α has a value several dozen percent higher than in the case of a vertical source. It has been proven that the coefficient α has different values in different places of the heat source. Regardless of the location, the highest value of the coefficient α occurred in the lower part of the heat source.