PayPalVsTorFX_Supplied_250x250

TorFX vs PayPal

Compare TorFX and PayPal on fees, exchange rates and transfer speed.

TorFX and PayPal are both in the business of moving money, but they do it in very different ways. See which is best for your needs and whether you can save money on your next international money transfer.

The fees and rates used in this comparison are accurate as of 18 March 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 2,000 1 day AUD 0.00 0.674 USD
6,742
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 1 1 day AUD 5.99 0.649 USD
6,490
Send money overseas to more than 20 countries. Rate last updated on 17/08/2018 at 1:30 pm. Find out how we calculate this exchange rate. 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 flat $0 fees on all transfers, opting instead to take an added margin on the exchange rate for profit.

PayPal

PayPal international transfer fees vary depending on the amount sent, ranging from $0.99 to $5.99, with the highest fee threshold being $100. It adds a small fee in the destination currency on top of this.

Trophy icon
Winner: TorFX

TorFX has no fees and that's hard to beat.

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

See how much of a difference your choice of provider makes when sending different amounts of money overseas, in this case to France.

Sending $1,000 to France
TorFX PayPal
Transfer fee $0 $5.99
Exchange rate 1 AUD = 0.612 EUR 1 AUD = 0.612 EUR
Transfer speed Several days Several days
Total euros received €612 €608
Receiver gets €4 more €4 less
Sending $10,000 to France
TorFX PayPal
Transfer fee $0 $5.99
Exchange rate 1 AUD = 0.620 EUR 1 AUD = 0.612 EUR
Transfer speed Several days Several days
Total euros received €6,200 €6,116
Receiver gets €84 more €84 less

On a smaller transfer, the only difference in this example is that PayPal charges fees while TorFX doesn't. The difference, then, is simply the fee amount in euros.

On larger transfers, TorFX starts offering preferential rates while PayPal's remain the same. Now TorFX gets considerably better, bringing €84 more to the recipient at the other end of a $10,000 transfer.

Which offers better exchange rates?

TorFX

TorFX's exchange rates vary by amount sent, with preferential rates available on large transfers. TorFX's exchange rate margins will typically range from 1–2.5%.

Here's an example of AUD to GBP:

  • If the mid-market rate is 1 AUD = 0.535 GBP
  • TorFX's exchange rate might be 1 AUD = 0.5216 GBP

This ends up being a margin of 2.5%.

PayPal

PayPal's exchange rates for personal money transfers are a flat 2.5% above mid-market rates for all currencies except USD and CAD, where it's 3.5%.

The same example of AUD to GBP brings the same results.

  • If the mid-market rate is 1 AUD = 0.535 GBP
  • PayPal's exchange rate might be 1 AUD = 0.5216 GBP

This is also a margin of 2.5%.

Trophy icon
Winner: TorFX

In most cases, PayPal and TorFX will offer very similar rates. But wherever there's a difference, such as when transferring large amounts or when sending money to the US or Canada, TorFX comes out ahead.

Which is faster?

TorFX

With TorFX it will typically take 1–2 business days for your money to arrive, as it passes from your bank to TorFX and then from TorFX to the recipient's bank.

PayPal

PayPal transfers can be almost instant when sending money from your PayPal account to the recipient's PayPal account, but can take up to 10 days when you want to send money from your bank account to the recipient's bank account through PayPal.

Trophy icon
Winner: Tie

At its best, PayPal is much faster than TorFX, but at its worst it's much slower.

General features

Payment methods Receiving options Maximum and minimum transfers Transfer speeds Currencies
TorFX Bank transfer Bank account Minimum: $2,000

Maximum: No limit

1 day 40+ currencies
PayPal Bank transfer, credit card, debit card, PayPal transfer Bank account, PayPal account Minimum: $1

Maximum: $60,000

1 day 20+ currencies

TorFX

You'll need to create a TorFX account before you can send money through the service. This is relatively quick and easy, and once you're done you can enter the recipient's details to send money directly to them.

PayPal

Sending money with PayPal involves creating an account and then funding your PayPal account. From there you can use that account to send money to the recipient or their bank account. If you're sending from one PayPal account to another it can be almost instant, but if you still need to make a bank transfer at either end it's much slower.

Bottom line

If you're just looking for the cheaper of the two, TorFX will typically be the way to go with slightly better rates and no fees. But if you're already with PayPal and want a convenient option for small transfers, you might prefer that.

Looking for more options?

The calculator below lets you find more options for your transfer. The cheapest possible option for each transfer depends on how much you're sending where and when, so it can pay to compare each transfer each time.

Enter the details of your next transfer below for an idea of which provider is best for you.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 3,000 1 day GBP 20.00 0.673 USD
6,720
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 0.674 USD
6,739
Better exchange rates for Finder customers.
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 250 1 day AUD 0.00 0.674 USD
6,738
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 0.674 USD
6,735
$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 0.674 USD
6,742
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 5 1 - 2 days EUR 3.00 0.67 USD
6,700
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 0.669 USD
6,685
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available. Go to site Show details
AUD 200 1 day AUD 0.00 0.672 USD
6,715
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


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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SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.

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