TorFX vs WorldFirst

Which company offers the best value for money on your next international transfer?

Last updated:

TorFX and WorldFirst are two popular international transfer services that offer convenient online transfers with bank-beating exchange rates. But which one should you choose to handle your next overseas payment?

To find out, let's compare the fees, exchange rates and transfer speeds offered by TorFX and WorldFirst.

The fees and rates used in this comparison are accurate as of 2 April 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 2,000 1 day AUD 0.00 0.684 USD
6,843
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 0.684 USD
6,838
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

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 doesn't charge any fees on international money transfers.

WorldFirst

WorldFirst also offers fee-free transfers.

Trophy icon
Winner: Tie

Regardless of whether you choose TorFX or WorldFirst, no transaction fees apply. However, this doesn't mean that your transfer will cost the same amount with both providers as you'll also need to consider the exchange rate that applies to your transaction.

Let's crunch the numbers: Sending $2,000 and $10,000 to the UK

How do TorFX and WorldFirst compare in real life? Let's take a look at the example of sending $2,000 and $10,000 from Australia to the UK.

Sending $2,000 to the UK

TorFX WorldFirst
Transfer fee $0 $0
Exchange rate 1 AUD = 0.530407 GBP 1 AUD = 0.537608 GBP
Transfer speed 1 business day 1 business day
Total pounds received GBP£1,060.81 GBP£1,075.22
Receiver gets GBP£14.41 less GBP£14.41 more

WorldFirst offers slightly better value for money in this example, with its slightly higher exchange rate allowing you to send an extra GBP£14.41 to your recipient.

Sending $10,000 to the UK

TorFX WorldFirst
Transfer fee $0 $0
Exchange rate 1 AUD = 0.535847 GBP 1 AUD = 0.537608 GBP
Transfer speed 1 business day 1 business day
Total pounds received GBP£5,358.47 GBP£5,376.08
Receiver gets GBP£17.61 less GBP£17.61 more

WorldFirst also comes out slightly ahead in this example. Even though the difference in exchange rates seems minor, WorldFirst allows you to send an extra GBP£17.61 to the UK.

Which offers better exchange rates?

TorFX

Unfortunately, you can't see TorFX's current rates online without registering for an account and confirming your identity. TorFX makes money by adding a margin on top of the mid-market rate when you use your AUD to buy another currency, but the size of the margin varies depending on the currency and amount you send. The larger your transaction, the better your exchange rate.

For example, this is the exchange rate if you want to transfer $6,000 to the United States:

  • If the mid-market rate is 1 AUD = 0.707123 USD
  • TorFX's rate might be 1 AUD = 0.696516 USD

This is a margin of 1.5%.

WorldFirst

You'll also need to sign up for an account to check WorldFirst's current rates, but you can do so without providing proof of ID. WorldFirst also adds a margin on top of the mid-market rate and the size of the margin varies between currencies. We found the margin to typically be in the 0.5-1% range.

For example, this is the exchange rate if you want to send $2,000 to the United States:

  • If the mid-market rate is 1 AUD = 0.707123 USD
  • WorldFirst's rate might be 1 AUD = 0.703048 USD

Trophy icon
Winner: Tie

The one that has the best rates will depend on the situation. One might be consistently better than the other for certain currencies, or at certain times, so you'll have to compare rates right before sending your transfer.

Which is faster?

TorFX

Transfer times vary depending on the currency you transfer, where you're sending the money and the receiving bank. The funds will typically arrive in your recipient's account on the same day, but transfers to more exotic currencies may take one to two working days.

WorldFirst

WorldFirst transfer speeds vary depending on the following factors:

  • The currency you send
  • The amount you send
  • Your bank

Transfers to USD, GBP and EUR are typically completed the same day. However, if you're sending funds to other currencies, your transaction could take one to four working days.

Trophy icon
Winner: Tie

TorFX and WorldFirst transaction times are fairly similar, so there's no clear winner in this category.

General features

Payment methods Receiving Options Max and Min Transfer speeds Currencies
TorFX Bank transfer Bank account Minimum: $2,000

Maximum: No limit

1 day 20+ currencies
WorldFirst Bank transfer Bank account Minimum: $2,000

Maximum: No limit

1 day 55+ currencies

TorFX

TorFX offers online and phone transfers of $2,000 or more, and you'll need to register for an account before you can send a transfer. You can then specify the details of your transaction, review the exchange rate on offer and pay via bank transfer. There's also a TorFX Android and iOS app if you want to send money on the go.

WorldFirst

WorldFirst offers online bank account transfers of $2,000 or more. To send a transfer, you must first register for an account via either the WorldFirst website or mobile app. After providing the transfer amount and destination, you can pay for your transaction via a bank transfer. The money you send is then deposited into your recipient's bank account.

Bottom line

It's too close to call between TorFX and WorldFirst. One factor that may sway your decision is the minimum transfer limit of each provider – TorFX's minimum is $2,000 while WorldFirst's is $2,000 – but it's worth comparing quotes from each company to see which offers a better deal for your specific transaction.

However, you should ultimately try to compare TorFX and WorldFirst with a wide range of international money transfer services to find the best value for money for your next overseas payment.

Looking for more options?

Enter the details of your transaction into our calculator below to check out the exchange rates, fees and transfer speeds on offer from a range of other transfer providers.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 3,000 1 day GBP 20.00 0.683 USD
6,820
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 0.684 USD
6,838
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 0.684 USD
6,840
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 0.684 USD
6,836
$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 0.684 USD
6,843
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 0.68 USD
6,800
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 0.679 USD
6,785
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 0.682 USD
6,815
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.

Was this content helpful to you? No  Yes

Related Posts

International Money Transfer Offers

Important Information*
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

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.

Logo for SendFX International Money Transfers
SendFX International Money Transfers

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

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.

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