Western Union vs Torfx

Western Union vs TorFX

We look at two companies to see which is the best option for your next transfer overseas.

Western Union is one of the most well-known brands for money transfers, but TorFX is making a name for itself with its best rate guarantee and personalised service. Let's compare their fees, exchange rates and transfer speed to see which one comes out on top.

The fees and rates used in this comparison are accurate as of 4 March 2019.

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 1 Same day AUD 20.00 0.67 USD
656
Send money online to friends and family around the world with Western Union. Show details
AUD 200 1 day AUD 0.00 0.683 USD
683
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

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?

Western Union

Fees vary depending on how much you're transferring, how you're sending it and where you're sending it to. Fees start at $4 but can soar when paying by credit or debit card for cash pick-up in certain countries.

TorFX

TorFX charges no fees for money transfers. It still makes a profit from the exchange rates, though.

Trophy icon
Winner: TorFX

While Western Union's fees can start fairly low, costs can rise significantly depending on the details of your transfer. TorFX charges no fees, making it the clear winner.

Let's crunch the numbers: Sending $400 and $5,000 to the US

The table below shows how much it might cost to send $400 and $5,000 from Australia to the United States with each provider, to give you a sense of how they differ and how your choice can affect the total amount which arrives in the end.

Sending $400 to the United States
Western Union TorFX
Transfer fee $2 $0
Exchange rate 1 AUD = 0.6823 USD 1 AUD = 0.698 USD
Transfer speed Up to 2 days Up to 2 days
Total US dollars received US$271.55 US$279.20
Receiver gets US$7.65 less US$7.65 more
Sending $5,000 to the United States
Western Union TorFX
Transfer fee $15 $0
Exchange rate 1 AUD = 0.6823 USD 1 AUD = 0.706 USD
Transfer speed Up to 2 days Up to 2 days
Total US dollars received US$3,401.25 US$3,530
Receiver gets US$128.65 less US$128.75 more

There's not too much difference between the two for small transfers, with it costing only $7.65 more to use Western Union. There, the extra flexibility offered by Western Union transfers may be worth the cost.

But the TorFX exchange rates get increasingly favourable when moving larger amounts. On a transfer of $5,000, you could get almost $130 more at the other end with TorFX.

Which offers better exchange rates?

Western Union

Depending on the country you're sending money to, a typical exchange rate at Western Union could be up to 6% above the mid-market rate. If you're sending a large amount overseas, this adds up.

TorFX

TorFX offers a "best rate guarantee". If you can find a better quote for your personal or business international money transfer, TorFX will beat it.

Trophy icon
Winner: TorFX

TorFX guarantees you'll get the best rate on your foreign currency trade and claims to consistently offer bank-beating rates.

Which is faster?

Western Union

Delivery speed varies with transfer options. At an agent location or by phone, your transfer could be delivered in minutes (at higher costs). Your cheapest options could take five days or longer, depending on the country.

TorFX

TorFX doesn't offer cash transfers at all, but does promise to complete bank transfers on the same day, or within two business days for more exotic currencies and locations.

Trophy icon
Winner: Western Union

Western Union can offer faster transfers to a wider range of locations than TorFX can.

General features

Payment methods Receiving options Max and min Transfer speeds Currencies
Western Union Bank transfer, credit card, debit card, cash deposit Bank account, cash pick-up, mobile money app Minimum: $1

Maximum: $5,000

Same day 95+ currencies
TorFX Bank transfer Bank account Minimum: $200

Maximum: No limit

1 day 20+ currencies

Western Union

With Western Union, you go to its site, enter how much you're transferring and to where, and see how much you'll pay for the exchange. You also have the option of visiting a branch, calling or using a mobile app to initiate a transfer.

Once complete, Western Union converts and delivers your money to a bank account or for cash pick-up at locations worldwide.

TorFX

TorFX accepts currency exchange instructions online or by telephone. You can only exchange funds that have been cleared to TorFX's respective client accounts and funds need to be sent in advance before being able to execute a transaction.

TorFX only accepts bank transfers and doesn't accept cash deposits.

Bottom line

While Western Union's exchange rate may get you a stronger exchange rate, TorFX has a "best rate guarantee" as well as zero fees on any transfers, making it the clear favourite for bank transfers.

However, if it's more important that your friends or family be able to pick up your money in cash, Western Union's 500,000 agent locations worldwide beats TorFX's zero.

Looking for more options?

Enter the details of your transfer into the calculator below and see if you can find a more cost-effective transfer.

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 200 1 day AUD 0.00 0.683 USD
683
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 N/A N/A N/A Limited offer: $50 Myer gift card for first time users transferring over $5,000 in May 2019. T&Cs apply.
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 15.00 0.683 USD
673
$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
Go to site Show details
AUD 1 1 - 2 days AUD 4.50 0.693 USD
690
Make online transfers at the mid-market rate with transparent fees in 45+ currencies. Go to site Show details
AUD 200 1 day AUD 0.00 0.683 USD
683
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 0.691 USD
690
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 0.692 USD
689
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 N/A N/A N/A 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 0.683 USD
683
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 5.00 0.693 USD
689
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.

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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

Limited offer: $50 Myer gift card for first time users transferring over $5,000 in May 2019. T&Cs apply.
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.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.

Logo for TransferWise International Money Transfers
TransferWise International Money Transfers

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

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