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TorFX vs Wise (TransferWise)

Compare TorFX against Wise to see who's faster, cheaper and better for you.

TorFX and Wise are among the most trusted brands in Australia and typically they offer better exchange rates than Australian banks. Despite this, they both target different customers. Wise is suitable for small transfers while TorFX specialises in large money transfers.

The fees and rates used in this comparison are accurate as of 7 November 2023.

Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
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Which has lower fees?

TorFX

TorFX doesn't charge any transfer fees and make money through adding a margin onto exchange rates, this is standard practice in the industry. Remember to consider both the fees and exchange rates before deciding who's cheaper.

Wise

Wise charges different fees depending on where you're sending money to. In most cases, these are very low, such as a flat $1 fee plus 0.45% of the amount sent when sending money to Europe. But elsewhere, it's much higher, such as $1.80 plus 2% to Colombia or $1 plus 1% to China.

Trophy icon
Winner: TorFX

TorFX's fees are $0, which is tough to beat.

Let's crunch the numbers: Sending $1,000 and $10,000 to the UK

The tables below show how much a transfer with each service could cost, when sending $1,000 and $10,000 to the United Kingdom, so you can see how the fees and rates change based on the transfer sizes, and how much of a difference it makes.

Sending $1,000 to the UK
TorFXWise
Transfer fee$0$5.31 ($4.77 + 0.48%)
Exchange rate1 AUD = 0.5196 GBP1 AUD = 0.5222 GBP
Transfer speedUp to 2 days1-2 days
Total British pounds received£519.50£519.43
Receiver gets£0.07 more£0.07 less
Sending $10,000 to the UK
TorFXWise
Transfer fee$0$48.31 ($0.54 + 0.48%)
Exchange rate1 AUD = 0.5195 GBP1 AUD = 0.5221 GBP
Transfer speedUp to 2 days1-2 days
Total British pounds received£5,195£5,196.39
Receiver gets£1.39 less£1.39 more

The exchange rates were taken from each providers website on 7 November, 2023. Surprisingly, TorFX is cheaper for smaller transfer and only £1.39 more expensive for a $10,000 transfers. Based on these rates, TorFX is more competitive the more money you send.

Which offers better exchange rates?

TorFX

TorFX's exchange rates vary depending on how much you're transferring and you will get better rates for larger transfers. Generally, the rates will vary from less than 1% for large transfers to 2.5% for smaller transfers. In our example, TorFX offered weaker exchange rates but didn't charge a fee.

Here's an example of AUD to GBP:

  • If the mid-market rate is 1 AUD = 0.556 GBP
  • TorFX's exchange rate might be 1 AUD = 0.542 GBP

This ends up being a margin of 2.5%.

Wise

Wise sends money at mid-market rates, meaning no margin is added to the exchange rates.

Here's an example of AUD to GBP:

  • If the mid-market rate is 1 AUD = 0.556 GBP
  • Wise's exchange rate is also 1 AUD = 0.556 GBP

Trophy icon
Winner: Wise

With zero margins added on top of the exchange rates, Wise is the clear winner here.

Which is faster?

TorFX

TorFX usually takes one to two business days to finish a transfer, with much of the time depending on how long it takes banks on either end to process the transfer.

Wise

Wise also takes one to two business days to process most transactions, although it offers express transfer options for GBP.

Trophy icon
Winner: Wise

Based on my experience, Wise is faster for bank transfers and offers additional payment methods.

General features

Payment methodsReceiving optionsMaximum and minimum transfersTransfer speedsCurrencies
TorFX
  • Bank transfer
  • Debit card
  • Bank account
Minimum: $200

Maximum: Unlimited

24 hours38 currencies
Wise
  • Bank transfer
  • Credit card
  • Debit card
  • PayID
  • Alipay (China only)
  • Bank account
Minimum: $1

Maximum: $1,800,000

Within minutes52 currencies

TorFX

To send money with TorFX, you'll first need to go to the website, create an account and enter the details of your transfer. Only then will you be able to get a quote and see how much it will actually cost. The signup process with TorFX is slower as your account needs to be verified by customer support.

Wise

You'll need to create an account on Wise before you can send funds. Once signing up, you can create a transfer and send it. Because mid-market rates are the same everywhere and the fees are clear, no signup is required to see how much your transfer will cost.

Bottom line

TorFX and Wise are both leading providers but serve different types of customers. Wise is built for small, regular transfers while TorFX is suited for large, one-off transactions and has better customer support. TorFX can't compete with Wise's mid-market rate but they do provide account managers and forex tools such as forward contracts. Despite the lack of customer support or forex tools, Wise does support a wider range of currencies.

Looking for more options?

1 - 23 of 23
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Xe Large Transfers
24 hours
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Revolut
Within minutes
$0
Sign up and get a AUD$15 top-up. For new customers only. T&Cs apply.
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
Rocket Remit
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
SingX
Within minutes
From 0.5%
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
Send Payments
24 hours
$0
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
MasterRemit
Within minutes
From $0
Get your 1st and 2nd money transfer for free with promo codes FIRSTFREE and MASTERFINDER!.
Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
Western Union
Within minutes
From $0
Western Union sends money online to friends and family in 200+ countries around the world.
Qantas Business Money
Within minutes
$0
Earn up to 100,000 bonus Qantas Points on your first currency conversion by 31 July 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
TorFX Business Transfers
24 hours
$0
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldFirst
24 hours
From $0
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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