TorFX vs WorldRemit

We compare TorFX and WorldRemit's fees, exchange rates and transfer speeds to find the best value for money.

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If you need to send money overseas, TorFX and WorldRemit are two established names in the world of international money transfers. Both offer convenient online transfers to a long list of destinations and both offer better exchange rates than the banks.

But which of these two companies is the best choice for your next overseas payment? To find out, let's take a closer look at how they compare side by side.

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 0.677 USD
6,769
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 Within an hour AUD 3.99 0.671 USD
6,712
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available. 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.

WorldRemit

All WorldRemit transfers have a fee, but the amount of that fee varies depending on the following factors:

  • The amount you transfer
  • Where you send the money
  • The type of transfer you send

Bank transfers are the cheapest transfer method available, often attracting a fee of around $3.99 per transaction. To work out how much your transaction will cost, use WorldRemit's online calculator.

Trophy icon
Winner: TorFX

With no transfer fees at all, TorFX takes the victory here. However, that doesn't necessarily mean it offers the most affordable transactions, as you'll also need to consider the exchange rate that applies to your transfer.

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

To see how TorFX and WorldRemit compare in real life, let's take a look at an example of sending $1,000 and $10,000 bank transfers from Australia to the UK.

Sending $1,000 to the UK
TorFX WorldRemit
Transfer fee $0 $3.99
Exchange rate 1 AUD = 0.53199 GBP 1 AUD = 0.53786 GBP
Transfer speed 1 business day 1 business day
Total pounds received GBP£531.99 GBP£537.86
Receiver gets GBP£5.87 less GBP£5.87 more

As you can see in the table above, WorldRemit offers slightly better value for money on this particular transaction. While it will cost you an extra $3.99 in transfer fees compared to TorFX, its higher exchange rate allows you to send GBP£5.87 (roughly $10) more to your recipient.

Sending $10,000 to the UK
TorFX WorldRemit
Transfer fee $0 $3.99
Exchange rate 1 AUD = 0.53746 GBP 1 AUD = 0.53786 GBP
Transfer speed 1 business day 1 business day
Total pounds received GBP£5,374.60 GBP£5,378.60
Receiver gets GBP£4 less GBP£4 more

In this example, WorldRemit offers a slightly better deal. While WorldRemit costs $3.99 more in transfer fees compared to TorFX, its higher exchange rate allows you to send an extra GBP£4 (about $7) to your recipient.

Which offers better exchange rates?

TorFX

If you want to check TorFX's current rates, you'll need to register for an account and verify your identity. TorFX adds a margin on top of the mid-market rate, but the size of this margin varies depending on the currency and amount you send. The larger the transfer amount, the better the exchange rate you'll get.

WorldRemit

WorldRemit adds a margin on top of the mid-market exchange rate when it converts your AUD to a foreign currency. The size of this margin varies depending on the currency you're sending, but it generally falls in the 1-3.5% range. For example, if you wanted to send a transfer to the United States:

  • If the mid-market rate is 1 AUD = 0.711020 USD
  • WorldRemit's rate might be 1 AUD = 0.70372 USD

Trophy icon
Winner: Tie

It's hard to split TorFX and WorldRemit in this category, so it's worth getting a quote from both companies to see who offers a better deal for your transaction.

Which is faster?

TorFX

Transfer times vary depending on the currency you send, the transfer destination and the receiving bank. Most transfers will reach your recipient on the same day, but transfers to rarer currencies could take up to two working days.

WorldRemit

Processing times vary depending on where you're sending money and how your beneficiary will receive the funds.

  • Bank transfer: Instant transfers to some banks, but a processing time of 1-3 working days in other cases.
  • Cash pickup: Available to collect instantly.
  • Mobile money: Instant or near-instant.
  • Airtime top-up: Instant or near-instant.
  • Home delivery: 24 hours - 7 days.

Trophy icon
Winner: WorldRemit

With multiple options that allow your recipient to access the money instantly or near-instantly, WorldRemit wins this category.

General features

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

Maximum: No limit

1 day 20+ currencies
WorldRemit Bank transfer, credit card, debit card, Android Pay, Apple Pay Bank account, mobile wallet, cash pick-up, Airtime top-up, door-to-door delivery Minimum: $1

Maximum: $50,000

Within an hour 110+ currencies

TorFX

TorFX customers can submit transfer requests online or over the phone. The first step is to register for an account and get an exchange rate quote for your transaction. You can then provide your recipient's bank account details.

WorldRemit

You'll need to sign up for an account before you can send any funds, and then enter your payment method, transaction details and how your recipient will receive the cash.

Bottom line

The best choice out of TorFX and WorldRemit really depends on your transfer needs. If speed is of the essence, WorldRemit can get money to your recipient quicker. But if you're sending a large transfer, you may be able to get a better exchange rate from TorFX.

You'll need to compare quotes from both companies to see which one offers a better deal. Ultimately, you should also compare TorFX and WorldRemit with a range of international money transfer services to find the best value for money.

Looking for more options?

Enter the details of your transfer into our calculator below to compare costs and transaction speeds across a range of transfer services.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 3,000 1 day GBP 20.00 0.676 USD
6,747
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 0.677 USD
6,766
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 0.676 USD
6,765
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 0.676 USD
6,763
$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 0.677 USD
6,769
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 0.673 USD
6,727
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 0.671 USD
6,712
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 0.674 USD
6,742
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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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.

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