Remitly vs TorFX

Exchange rates, transaction fees and transfer speeds compared – which provider comes out on top?

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We compare two online international money transfer services – Remitly and TorFX – to see which provider offers a better deal overall.

The fees and rates used in this comparison are accurate as of 11 March 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 2,000 1 day AUD 0.00 0.676 USD
6,760
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.
Go to site Show details
AUD 10 Same day AUD 3.99 0.675 USD
6,747
Quick, affordable transfers around the world. Remitly also has an express option that can transfer your money in minutes for a higher fee. The cheaper option takes several days. Show details

Compare up to 4 providers


The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.

Which has lower fees?

Remitly

Remitly's fees change depending on the currency, the amount you're transferring and whether you opt to use the economy or express option.

The express option gets your transfer there faster but has a higher fee. The economy option generally sticks to around $4, depending on the currency.

TorFX

TorFX charges no fees.

Trophy icon
Winner: TorFX

TorFX wins as it charges no fees – but be careful, it may make up for it in its exchange rate margin.

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

We compare two transfers using Remitly and TorFX to see which comes out on top once the fees and exchange rates have been taken into account.

Sending $1,000 to the Philippines
Remitly TorFX
Transfer fee $3.99 $0
Exchange rate 1 AUD = 36.46 PHP 1 AUD = 36.13 PHP
Transfer speed Same day 1-2 days
Total pesos received PHP36,315 PHP36,134
Receiver gets PHP181 more PHP181 less
Sending $10,000 to the Philippines
Remitly TorFX
Transfer fee $3.99 $0
Exchange rate 1 AUD = 36.46 PHP 1 AUD = 36.50 PHP
Total pesos received PHP364,454.52 PHP365,000
Receiver gets PHP545 less PHP545 more

Remitly offers a better exchange rate for the smaller transfer, so even though the fee is higher, you end up with a better deal in the end. With TorFX, however, the exchange rate gets better the more you send.

Which offers better exchange rates?

Remitly

Remitly adds a margin to its exchange rates. However, it varies from currency to currency and some are lower than others.

For example, if you want to send money to South Africa:

  • Mid-market rate: 1 AUD = 10.256 ZAR
  • Remitly's exchange rate: 1 AUD = 10.15 ZAR

Making it a margin of 1%.

TorFX

TorFX doesn't charge any fees, so it makes all its money off the mark-up. However, it offers competitive exchange rates and a price-match guarantee, meaning it will match another provider's rates. As it doesn't charge fees; this can save you money if the other provider does charge a fee.

For example, if you want to send money to South Africa:

  • Mid-market rate: 1 AUD = 10.256 ZAR
  • TorFX's exchange rate: 1 AUD = 10.00 ZAR

Making it a margin of 2.5%.

Trophy icon
Winner: Remitly

Because TorFX doesn't charge any fees, it makes all of its money through the margin on the exchange rate. This means the margin tends to be greater across all of the currencies.

It's worth noting that TorFX offers a price-match guarantee, so if you have a lower quote from another service like Remitly, TorFX will price-match it.

Which is faster?

Remitly

The express option gets funds in someone's account that day, often within minutes. Economy transfers take three to five working days.

TorFX

When you transfer with TorFX, the funds will be in your account as quickly as the same day, or within no more than two business days for less-popular currencies.

Trophy icon
Winner: Remitly

If you use the Remitly express option, it's guaranteed to get your money there quickly no matter the currency. While TorFX transfers often happen within the same day, that isn't always the case. However, you have to pay more to use Remitly's express option.

General features

Payment methods Receiving options Max and min Transfer speeds Currencies
Remitly Bank transfer, debit card, credit card Bank account, cash pick-up Minimum: $10

Maximum: $18,000

Same day 30+ currencies
TorFX Bank transfer Bank account Minimum: $2,000

Maximum: No limit

1 day 40+ currencies

Remitly

Once you have an account, put in all the details for your transfer, including where it's going, the currency and preferred payment method.

Once that's done, Remitly will make the conversion and send the money where it needs to go.

TorFX

To use TorFX, you'll need to register for a free account and secure your rate online or with an account manager.

Next, set up the transfer, send your funds to TorFX via a bank transfer and they'll send the converted money where it needs to go.

Bottom line

Remitly is the winner for faster transfers and better exchange rates, but it's worth considering TorFX for its price-match guarantee.

Looking for more options?

Use our comparison calculator below to weigh up the fees, exchange rates and other details of money transfer providers out there.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 1 2 days AUD 9.00 0.659 USD
6,585
Transfer to over 99 countries via online banking, phone banking or through an ANZ bank branch. Go to site Show details
AUD 2,000 1 day AUD 0.00 0.676 USD
6,760
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.
Go to site Show details
AUD 3,000 1 day GBP 20.00 0.676 USD
6,750
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.676 USD
6,760
Sign up for a new account and receive a $50 Myer gift card when you transfer $10,000 or more.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.676 USD
6,760
SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.676 USD
6,760
$0 transfer fees for Finder customers.
No-maximum limit transfers with competitive exchange rates for 100+ currencies. No transfer fee over AUD$10,000.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.676 USD
6,760
BFX can help you send fee-free transfers to 30+ currencies. Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.672 USD
6,718
Special offer: Pay zero fees on your first 5 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
AUD 1 Within an hour AUD 3.99 0.671 USD
6,703
Use promo code 3FREE to send your first 3 transfers with no fee.
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available.
Go to site Show details
AUD 1 1 - 2 days AUD 45.00 0.679 USD
6,756
Make online transfers at the mid-market rate with transparent fees in 45+ currencies. Go to site Show details
AUD 200 1 day AUD 0.00 0.673 USD
6,733
Low minimum transfer amount of just AU$200, with no set-up fees or transfer fees. Go to site Show details

Compare up to 4 providers

Back to top

The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.

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Important Information*
Logo for ANZ International Money Transfer
ANZ International Money Transfer

Transfer to over 99 countries via online banking, phone banking or through an ANZ bank branch.

Logo for TorFX International Money Transfers
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.

Logo for Global Reach (formerly FC Exchange) International Money Transfers
Global Reach (formerly FC Exchange) International Money Transfers

Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.

Logo for WorldFirst International Money Transfers
WorldFirst International Money Transfers

Sign up for a new account and receive a $50 Myer gift card when you transfer $10,000 or more.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.

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