TorFX vs TransferWise

Compare TorFX against TransferWise to see who's faster, cheaper and better for you.

Last updated:

TorFX and TransferWise are both online money transfer services designed to compete with banks and legacy services by offering more cost-effective money transfers. But how do they compete with each other?

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 200 1 day AUD 0.00 0.704 USD
7,038
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 - 2 days AUD 45.00 0.707 USD
7,038
Make online transfers at the mid-market rate with transparent fees in 45+ currencies. 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 for any of its transfers, but instead it makes money through a margin on exchange rates.

Remember to consider both the fees and the exchange rates before deciding who's cheaper for you.

TransferWise

TransferWise 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 plus 3% to Colombia or $10 plus 1% to China.

Trophy icon
Winner: TorFX

TorFX's fees are $0, which is tough to beat.

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

The tables below show how much a transfer with each service could cost, when sending $1,000 and $10,000 to Hong Kong, so you can see how the fees and rates change for each across different transfer sizes, and how much of a difference it makes at the end.

Sending $1,000 to Hong Kong
TorFX TransferWise
Transfer fee $0 $8.50 ($2 + 0.65%)
Exchange rate 1 AUD = 5.444 HKD 1 AUD = 5.584 HKD
Transfer speed Up to 2 days 1-2 days
Total Hong Kong dollars received HKD$5,444 HKD$5,536.55
Receiver gets HKD$92.55 less HKD$92.55 more
Sending $10,000 to Hong Kong
TorFX TransferWise
Transfer fee $0 $67 ($2 + 0.65%)
Exchange rate 1 AUD = 5.500 HKD 1 AUD = 5.584 HKD
Transfer speed Up to 2 days 1-2 days
Total Hong Kong dollars received HKD$55,000 HKD$55,465.85
Receiver gets HKD$465.85 less HKD$465.85 more

In both cases the recipient gets more money with TransferWise than they do with TorFX, even though they're paying higher fees. On a $1,000 transfer, the difference is equivalent to around $16. On a $10,000 transfer, the difference is equivalent to over $80.

This is because TransferWise offers mid-market exchange rates, while TorFX takes a margin on the rates instead.

Which offers better exchange rates?

TorFX

TorFX's exchange rates vary depending on how much you're transferring and will get better for larger transfers.

Generally, the rates will vary from less than 1% for large transfers to 2.5% for smaller transfers.

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 = 0.522 GBP

This ends up being a margin of 2.5%.

TransferWise

TransferWise 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 = 0.535 GBP
  • TransferWise's exchange rate is also 1 AUD = 0.535 GBP

There is no margin.

Trophy icon
Winner: TransferWise

With zero margins added on top of the exchange rates, TransferWise 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.

TransferWise

TransferWise also takes one to two business days to process most transactions, although it also offers express transfer options for GBP.

Trophy icon
Winner: Tie

Both are more or less the same speed.

General features

Payment methods Receiving options Maximum and minimum transfers Transfer speeds Currencies
TorFX Bank transfer Bank transfer Minimum: $200

Maximum: No limit

1 day 40+ currencies
TransferWise Bank transfer Bank transfer Minimum: $1

Maximum: $1,800,000

1 - 2 days 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.

TransferWise

You'll need to create an account on TransferWise 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

TransferWise will generally be significantly cheaper for most transfers, thanks to its mid-market rates. But for some transfers, it will still take a sizable fee as a percentage of the total as TorFX's rates get closer to the mid-market for larger sums. As such, TorFX end up being much more cost-effective than TransferWise for very large transfers, such as if you're buying a house overseas.

Looking for more options?

The calculator below shows how much different services cost for different currencies and transfer sizes.

Just enter the details of your transfer into the table below and it will run the numbers and show you some options.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 200 1 day AUD 0.00 0.704 USD
7,038
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 0.704 USD
7,041
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 0.704 USD
7,042
$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 1 1 - 2 days AUD 45.00 0.707 USD
7,038
Make online transfers at the mid-market rate with transparent fees in 45+ currencies. Go to site Show details
AUD 250 1 day AUD 0.00 0.704 USD
7,040
Sign up through Finder and get a $50 Myer gift card when you send $10,000 or more. T&Cs apply.
SendFX guarantees to match any competitor's exchange rate. Fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
AUD 200 1 day AUD 0.00 0.703 USD
7,033
Low minimum transfer amount of just AU$200, with no set-up fees or transfer fees. Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.701 USD
7,005
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 0.699 USD
6,982
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 0.702 USD
7,021
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 0.7 USD
6,999
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 0.707 USD
7,034
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.

Was this content helpful to you? No  Yes

Related Posts

International Money Transfer Offers

Important Information*
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 WorldFirst International Money Transfers
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.

Logo for OFX (Ozforex) International Money Transfers
OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers.
No-maximum limit transfers with competitive exchange rates for 100+ currencies. No transfer fee over AUD$10,000.

Logo for TransferWise International Money Transfers
TransferWise International Money Transfers

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

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Ask a question
Go to site