TorFX vs Wise (TransferWise) | Which is the best? | Finder

TorFX vs Wise (TransferWise)

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

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TorFX and Wise 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 2,000 1 day AUD 0.00 0.769 USD
7,686
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends 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 0.771 USD
7,675
Wise uses the mid-market rate and transparent fees to help you send money in 50+ 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.

Wise

Wise 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
TorFXWise
Transfer fee$0$8.50 ($2 + 0.65%)
Exchange rate1 AUD = 5.444 HKD1 AUD = 5.584 HKD
Transfer speedUp to 2 days1-2 days
Total Hong Kong dollars receivedHKD$5,444HKD$5,536.55
Receiver getsHKD$92.55 lessHKD$92.55 more
Sending $10,000 to Hong Kong
TorFXWise
Transfer fee$0$67 ($2 + 0.65%)
Exchange rate1 AUD = 5.500 HKD1 AUD = 5.584 HKD
Transfer speedUp to 2 days1-2 days
Total Hong Kong dollars receivedHKD$55,000HKD$55,465.85
Receiver getsHKD$465.85 lessHKD$465.85 more

In both cases the recipient gets more money with Wise 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 Wise 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%.

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

There is no margin.

Trophy icon
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 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 methodsReceiving optionsMaximum and minimum transfersTransfer speedsCurrencies
TorFXBank transferBank transferMinimum: $2,000

Maximum: No limit

1 day40+ currencies
WiseBank transferBank transferMinimum: $1

Maximum: $1,800,000

1 - 2 days40+ 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.

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

Wise 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 Wise 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
GBP 0 1 - 2 days AUD 0.00 0.766 USD
7,656
Special offer: $40 off when you transfer more than $250+ with code AUFIND40, conditions apply.
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.768 USD
7,676
$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.769 USD
7,686
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends 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 0.768 USD
7,677
Send 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 2,000 1 day AUD 0.00 0.768 USD
7,679
Better exchange rates for Finder customers.
WorldFirst sends 60+ currencies at competitive rates. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
AUD 1 1 day AUD 52.00 0.767 USD
7,631
Pay no fees on your first two transfers, up to $3,000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
AUD 10 Within an hour AUD 2.99 0.762 USD
7,622
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
AUD 1 Same day AUD 0.00 0.767 USD
7,671
XE has fast transfers with no fees and a range of foreign currency tools. Go to site Show details
AUD 200 1 - 2 days AUD 50.00 0.770 USD
7,660
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies.
Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.763 USD
7,631
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
AUD 1 Same day AUD 3.99 0.762 USD
7,614
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
AUD 1 1 - 2 days AUD 45.00 0.771 USD
7,675
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

More guides on Finder

International Money Transfer Offers

Important Information*
Logo for Azimo International Money Transfers
Azimo International Money Transfers

Special offer: $40 off when you transfer more than $250+ with code AUFIND40, conditions apply.
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.

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

$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.

Logo for TorFX International Money Transfers
TorFX International Money Transfers

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

Logo for Send International Money Transfers
Send International Money Transfers

Send 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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