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TorFX vs MoneyGram

Fast or cheap? See how TorFX and MoneyGram compare on speed and cost.

While TorFX and MoneyGram are both money transfers services, they specialise in different things – TorFX for larger transfers and MoneyGram for smaller transfers. We've compared them on speed, fees and exchange rates so you can see which is best for your next international payment.

The fees and rates used in this comparison are accurate as of 20 March 2019.

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 1 Same day - - Easily transfer cash to more than 350,000 locations around the world. Show details
AUD 200 1 day AUD 0.00 0.713 USD
7,128
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

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?

TorFX

TorFX has no fees on its transfers and makes its money by taking a cut of the exchange rates instead.

MoneyGram

MoneyGram fees will vary widely based on where you're sending the money, how much you're sending and the payment and pick-up method. Fees can range from just a few dollars to over $100 based on these factors.

Trophy icon
Winner: TorFX

With zero fees, TorFX is the clear winner.

Let's crunch the numbers: Sending $500 and $3,000 to France

To really see how these two services compare, let's take a look at sending $500 and $3,000 to France. Keep in mind, rates and timing will vary for other currencies.

Sending $500 to France
TorFX MoneyGram
Transfer fee $0 $42
Exchange rate 1 AUD = 0.607 EUR 1 AUD = 0.589 EUR
Transfer speed 1-2 days Within minutes
Total euros received EUR€303.50 EUR€269.75
Receiver gets EUR€33.75 more EUR€33.75 less
Sending $3,000 to France
TorFX MoneyGram
Transfer fee $0 $115
Exchange rate 1 AUD = 0.607 EUR 1 AUD = 0.589 EUR
Transfer speed 1-2 days Within minutes
Total euros received EUR€1821 EUR€1,699.25
Receiver gets EUR€121.75 more EUR€121.75 less

In both cases, it's significantly more cost-effective to use TorFX instead of MoneyGram. Its fees are much lower and its exchange rates are much better. On a transfer of just $500, you could save over EUR€30. The savings are even bigger on larger transfers.

With MoneyGram, you're paying a lot more for express transfers and being able to pick up cash at the other end.

Which offers better exchange rates?

TorFX

TorFX's exchange rates can get up to 2.5% above the mid-market rates. However, the more you send, the better rates you'll get, with the margin dropping to below 1% and lower.

Here's an example of AUD to GBP:

  • If the mid-market rate is 1 AUD = 0.5332 GBP
  • TorFX's exchange rate might be 1 AUD = 0.5217 GBP

This ends up being a margin of 2.5%.

MoneyGram

MoneyGram's exchange rates will vary widely depending on how much you're sending and where. It will often be 5% or more above mid-market rates.

Here's an example of AUD to GBP:

  • If the mid-market rate is 1 AUD = 0.5332 GBP
  • MoneyGram's exchange rate might be 1 AUD = 0.5007 GBP

This ends up being a margin of 6.1%.

Trophy icon
Winner: TorFX

TorFX's rates will tend to be better than MoneyGram's, even when you aren't sending enough to get the more favourable rates.

Which is faster?

TorFX

TorFX transfers typically take one to two days, although it can take longer for exotic currencies.

MoneyGram

MoneyGram can offer transfers internationally within minutes with cash pick-ups, although these typically cost extra.

You can also choose slower transfers with slightly better rates and lower fees.

Trophy icon
Winner: MoneyGram

With its express options, MoneyGram is much faster than TorFX.

General features

Payment methods Receiving Options Max and Min Transfer speeds Currencies
TorFX Bank transfer Bank transfer Minimum: $200

Maximum: No limit

1 day 40+ currencies
MoneyGram Cash payment, credit card, debit card, bank transfer Cash pick-up, bank transfer Minimum: $1

Maximum: $7,000

Same day 100+ currencies

TorFX

To send money with TorFX you'll first need to sign up for an account. Once you do, you can start to enter the details of your transfer and get a quote to see how much you'll pay on exchange rates.

To make the transfer, send your money to TorFX with a bank transfer.

MoneyGram

You don't need to create a MoneyGram account to send a transfer because you can walk into one of its many agent locations to make a transfer. Similarly, the recipient won't need a bank account to get the money if you opt to send it for a cash pick-up.

But if you want to send money online, you'll need to create a MoneyGram account.

Bottom line

TorFX is significantly cheaper than MoneyGram, with zero fees and much more favourable exchange rates. But it's also much less flexible, with fewer currencies and no express options.

Looking for more options?

If you don't see what you're looking for in either MoneyGram or TorFX, you can compare other options too. Use the calculator below to see how much it may cost to send money with different providers, and how much will arrive.

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 200 1 day AUD 0.00 0.713 USD
7,128
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 2,000 1 day AUD 0.00 0.713 USD
7,128
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider. Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.713 USD
7,128
$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
Go to site Show details
AUD 1 1 - 2 days AUD 45.00 0.716 USD
7,125
Make online transfers at the mid-market rate with transparent fees in 45+ currencies. Go to site Show details
AUD 1 Within an hour AUD 3.99 0.712 USD
7,118
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available. Go to site Show details
AUD 3,000 1 day AUD 0.00 0.713 USD
7,127
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 1 1 day AUD 0.00 0.712 USD
7,121
With global payments provider XE, enjoy fast and secure transfers and a range of foreign currency tools and calculators while benefiting from $0 transfer fees. Go to site Show details
AUD 200 1 - 2 days AUD 50.00 0.715 USD
7,113
Exclusive: Finder customers receive $15 off their first transaction. T&Cs apply.
Quick and simple international money transfers with zero-margin exchange rates. There's a flat 0.5% transfer fee for most transfers. Earn loyalty points on sign up, referral and every transaction.
Go to site 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.

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Important Information*
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.

WorldFirst International Money Transfers

Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.

OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.

TransferWise International Money Transfers

Make online transfers at the mid-market rate with transparent fees in 45+ currencies.

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