TorFX vs Wise (TransferWise)
Compare TorFX against Wise to see who's faster, cheaper and better for you.
Key takeaways
- For transfers over its $200 minimum, TorFX typically charges $0 transfer fees, while Wise charges a fee on every transfer.
- Wise offers mid-market exchange rates and is generally suited for smaller, frequent international transfers.
- Wise provides quicker transfers and supports more payment methods.
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.
Fees and exchange rates change often, so treat the figures in this comparison as a guide and check each provider's live quote before you send.
Compare Torfx and Wise's exchange rates and fees
2 of 2 results
Compare other products
We currently don't have that product, but here are others to consider:
How we picked theseFinder Score for money transfer
We review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.
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 a fee that varies by destination currency and payment method, and it quotes the exact amount upfront before you confirm. Fees are lowest on major currency routes and higher on thinly traded ones, so check the live quote for your own corridor in the table above.
Winner: TorFX
TorFX's fees are $0, which is tough to beat.
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 = 0.53 GBP
- TorFX's exchange rate might be 1 AUD = 0.517 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 = 0.53 GBP
- Wise's exchange rate is also 1 AUD = 0.53 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 lists its fastest transfer speed as within minutes, as shown in the general features table below, though bank-funded transfers and less common currency routes can still take one to two business days.
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 | 43 currencies |
| Wise |
|
| Minimum: $1 Maximum: $1,800,000 | Within minutes | 40+ 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. Wise offsets the lack of dedicated account managers and forex tools with a faster, self-serve sign-up and mid-market exchange rates.
Looking for more options?
{"niche":"AUFMT"}
Compare other products
We currently don't have that product, but here are others to consider:
How we picked theseFinder Score for money transfer
We review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.
Sources
More resources on Finder
Ask a question
More guides on Finder
-
Top 10 strongest currency in the world
Your guide to the 10 most valuable currencies compared to the Australian dollar.
-
Buying a property in the USA
What you need to do to buy a home or investment property in the USA from Australia.
-
iRemit international money transfers review
Make simple and small transfers to the Philippines through the IREMITX app.
-
Western Union vs MoneyGram
To find the best rate for your next money transfer, check out our comparison of the fees, exchange rates and transfer speeds of Western Union and MoneyGram.
-
What is NAB’s SWIFT code?
Search for the SWIFT code you need when sending money to NAB.
-
Revolut vs Wise (TransferWise)
Compare Revolut with Wise on speed and cost to see which is best for your next money transfer.
-
Wise (TransferWise) review
Wise can help you make a fast, secure transfer at the mid-market rate.
-
Can I use Venmo in Australia?
Venmo may make it easy to send money to friends, but is it safe? And is it possible to use it in Australia?
-
Can I send money with Zelle in Australia?
Need to send money at a moment’s notice? The latest P2P, Zelle could be the app for you – if you're in the US, at least.
-
WorldRemit Australia review
If you're looking to send money overseas, check out our review of WorldRemit.