TorFX is a reputable money transfer provider and has been helping customers save money on their currency transfers since 2004. Despite this, they may not suit your needs if you're making a small transfer or want a wider selection of currencies. Check out some other options below, we've handpicked some of the most popular alternatives that could be worth exploring.
Similar to TorFX, OFX is a foreign exchange provider that caters to large money transfers for personal and business clients. They also both have dedicated accounts managers and forex tools to hedge your currency risk. OFX is a solid alternative to OFX as they support more currencies, offer similar exchange rates and transfer speeds.
OFX is one of two providers approved to pay ATO from overseas
Downsides
Doesn't use the mid-market rate
Only accepts bank transfers as payment
$250 is the minimum transfer limit for Australian users
2. Send Payments
Formerly known as SendFX, Send is an Australian based money transfer company that specialises in cross-border payment solutions for personal and business customers. They offer fee-free transfers, quick transfers and have partnered with established brands such as Travel Money Oz and Pepperstone.
Fee-free transfers to 180 countries in 37 different currencies
Customer support team located in Australia
Downsides
Relatively new to the money transfers space as they launched in May 2019
Not suitable for making small transfers
Their mobile app hasn't be launched yet
3. Wise
Since entering the Australian market in 2018, Wise has become a reliable, low-cost way to send money transfers overseas. Although TorFX charges no transfer fees, Wise uses a variable fee ranging from 0.41% to 1.5% but uses the mid-market exchange rate on all currencies. Also, Wise has a daily transfer limit of $250,000, while TorFX has no maximum limit.
Uses the mid-market exchange rate and is transparent about fees
Pay with a credit card, debit card, bank transfer
Downsides
Not suitable for large transfers due to fee structure
Two-step process, you need to wire your money to Wise who then deposit the money into your recipient's bank account
4. XE Money Transfer
Xe Money Transfer offers competitive rates across a wide range of currencies and countries. They charge a flat fee of $4 for transfers below $500 but waive transfers fees above this amount. If you're working abroad, Xe is ideal for getting cash to your family or making investments overseas. Given how easy it is to transfer money to foreign companies in their currency, it's ideal for business accounts. Xe trades in over 120 currencies, surpassing OFX's 50.
Trade over 130 currencies, allowing for transfers to over 220 countries
No maximum transfer amount on the phone, limited to $500,000 online
Downsides
Exchange rate tool not available until you've registered on the site
XE doesn't offer the mid-market rate
Transfers can take up to 4 business days
5. SingX
Singx offers the mid-market rate on major currency pairs but adds a markup to smaller volatile currencies. Find out how much your transfer will cost and all of the fees involved with their online calculator. Their delivery is quick too, recipients normally receive funds within 24 to 48 hours.
Rosie Russell is a money transfers producer at Finder. She is on a mission to make personal finance easier to understand. Rosie has a Bachelor of Communication (Journalism) and Bachelor of Arts in International Studies from the University of Technology Sydney.
What are the best options for sending or receiving a large amount of money overseas? Read this $50,000 case study with exchange rates and fees comparison.
Send an international money transfer to someone without a bank account. Get it there instantly and they can pick it up in person, in cash. Get quotes now.
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