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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.
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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.
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
| TorFX | Wise | |
|---|---|---|
| Transfer fee | $0 | $5.31 ($4.77 + 0.48%) |
| Exchange rate | 1 AUD = 0.5196 GBP | 1 AUD = 0.5222 GBP |
| Transfer speed | Up to 2 days | 1-2 days |
| Total British pounds received | £519.50 | £519.43 |
| Receiver gets | £0.07 more | £0.07 less |
Sending $10,000 to the UK
| TorFX | Wise | |
|---|---|---|
| Transfer fee | $0 | $48.31 ($0.54 + 0.48%) |
| Exchange rate | 1 AUD = 0.5195 GBP | 1 AUD = 0.5221 GBP |
| Transfer speed | Up to 2 days | 1-2 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
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.
Winner: Wise
Based on my experience, Wise is faster for bank transfers and offers additional payment methods.
General features
| Payment methods | Receiving options | Maximum and minimum transfers | Transfer speeds | Currencies | |
|---|---|---|---|---|---|
| TorFX |
|
| Minimum: $200 Maximum: Unlimited | 24 hours | 38 currencies |
| Wise |
|
| Minimum: $1 Maximum: $1,800,000 | Within minutes | 52 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.
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