XE Money Transfer vs TorFX

Which of these two money transfer services offers cheaper, faster, more flexible transfers?

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When you're transferring your Aussie dollars to another currency, you want to make sure you're getting the best deal. We've compared XE and TorFX, two popular international transfer services, to see which one is better value, faster and most likely to offer what you need.

The fees and rates used in this comparison are accurate as of 12 April 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 2,000 1 day AUD 0.00 0.681 USD
6,813
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 day AUD 0.00 0.677 USD
6,772
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

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?

XE

XE doesn't charge any fees to transfer money internationally.

TorFX

TorFX doesn't charge any fees either.

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Winner: Tie

Neither provider charges any fees. However, this may mean both providers add a higher margin than most to their exchange rates, so pay close attention to the total cost of your transfer.

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

To put this into perspective, let's take a look at what two different transfers to a bank account look like with both XE and TorFX. Keep in mind that the exchange rate margins will be different for other currencies.

Sending $1,000 to the United Kingdom
XE TorFX
Transfer fee $0 $0
Exchange rate 1 AUD = 0.54283 GBP 1 AUD = 0.53201 GBP
Transfer speed Same day 1 day
Total pounds received GBP£543 GBP£532
Receiver gets GBP£11 more GBP£11 less
Sending $10,000 to the United Kingdom
XE TorFX
Transfer fee $0 $0
Exchange rate 1 AUD = 0.54283 GBP 1 AUD = 0.5391 GBP
Transfer speed Same day 1 day
Total pounds received GBP£5,428.30 GBP£5,391
Receiver gets GBP£37 more GBP£37 less

XE saves you money when compared to TorFX on both the smaller and larger transaction. However, it's worth noting that TorFX's exchange rate gets better the more you send.

Which offers better exchange rates?

XE

XE adds a margin of 0.4% to 1% to the mid-market exchange rate on popular currencies. Keep in mind that the rate you'll pay is different to what they show on their currency converter tool. You'll need to be logged in to get an accurate quote.

TorFX

TorFX also adds a margin to the exchange rate, but it gets less the more you send. However, TorFX guarantees competitive rates, even offering a price-match guarantee. The price-match guarantee has some terms and conditions, including that you must have an account with the other provider, but most accounts are free to set up and it could save you money overall, given that TorFX doesn't charge fees.

Trophy icon
Winner: Tie

While XE tends to have better exchange rates, TorFX offers a price-match guarantee, meaning you can get the rates that XE is offering. For this reason, we're calling it a tie.

Which is faster?

XE

Generally, XE transfers are completed within the same day, often within a matter of hours. Some currencies may take longer, but it depends on where you're sending the money and the financial institutions involved. When you set up your transfer, XE will estimate the time to give you an idea of how long it will take.

TorFX

TorFX transfers vary from being the same day to two business days, depending on the currency. Less-popular currencies take longer, while popular currencies like USD are often delivered that day.

Trophy icon
Winner: Tie

It's too hard to say which is faster as both providers offer a pretty speedy service and can get your money there within the same day. However, both are similarly dependent on a range of external factors that can delay transfers.

General features

Payment methods Receiving options Max and min Transfer speeds Currencies
XE Bank transfer Bank account Minimum: $1

Maximum: $500,000

1 day 40+ currencies
TorFX Bank transfer Bank account Minimum: $2,000

Maximum: No limit

1 day 40+ currencies

XE

Sign up for an account online or over the phone. Once set up, get a quote. If you're happy with the quote and agree to the transaction, you send XE the payment and the company will convert and send your money where it needs to go.

TorFX

After registering for a free account, you secure your rate online or with your account manager. If you're happy with the rate, you set up the transfer, send your funds to TorFX and the company will transfer the money to the desired location.

Bottom line

XE and TorFX are very similar. Neither of them charges a fee, and they both offer quick transfers. It's worth comparing the exchange rate for the currency you need with both providers before committing.

Looking for more options?

If XE or TorFX isn't the one for you, see what your transfer could look like with other services.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 1 2 days AUD 9.00 0.664 USD
6,635
Transfer to over 99 countries via online banking, phone banking or through an ANZ bank branch. Go to site Show details
AUD 2,000 1 day AUD 0.00 0.681 USD
6,813
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 0.681 USD
6,813
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 2,000 1 day AUD 0.00 0.681 USD
6,813
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 0.681 USD
6,813
$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
GBP 3,000 1 day AUD 0.00 0.681 USD
6,813
Global Reach will match any competitor's exchange rates. Conditions apply.
Get no fees as a Finder customer when you transfer your money overseas with Global Reach.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.681 USD
6,813
BFX can help you send fee-free transfers to 30+ currencies. Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.677 USD
6,771
Special offer: Zero fees on your first 10 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 0.676 USD
6,756
Use promo code 3FREE to send your first 3 transfers with no fee.
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available.
Go to site Show details
AUD 1 1 - 2 days AUD 45.00 0.684 USD
6,810
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 0.679 USD
6,786
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 ANZ International Money Transfer
ANZ International Money Transfer

Transfer to over 99 countries via online banking, phone banking or through an ANZ bank branch.

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

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.

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