Wise vs TorFX: A Full Comparison – 2024

Wise and TorFX can both help if you’re an Australian looking to send a payment to someone overseas. Both are non-bank specialists in currency services, offering a suite of products and services to help personal and business customers manage cross border transactions more conveniently – and with low costs. But which is better: Wise vs TorFX?

This guide walks through all you need to know to decide which is best for you – including how they work and the services they offer, from international transfers to multi-currency accounts, card services and business products.

Summary: Wise has international transfers for individuals and businesses, to 160+ countries, plus multi-currency accounts and cards to hold 40+ currencies. TorFX allows personal and business customers to send payments to 120+ countries, and to access currency risk management solutions – but does not have any option for a multi-currency account or card services. Which is best for you will depend on the services you need to access.

Go to Wise Go to TorFX

Wise vs TorFX: side by side

Wise and TorFX offer some similar services, but each has its own unique features which may mean one suits you better than the other. We’ll look at details in just a moment, but first let’s start with an overview of Wise vs TorFX side by side, looking at available features.

Feature Wise TorFX
Service availability Online and in app – available in most countries globally Online and in app – available in select countries, including Australia, New Zealand and the UK
Multi-currency account Hold and convert more than 40 currencies – for personal and business customers N
Debit card Y N
Spend with debit card Free to spend a currency you hold, conversion fee from 0.43% for other currencies N/A
Local account details for receiving payment Y – available in 10 currencies N/A
Send money to More than 160 countries More than 120 countries
Transfer fee From 0.43% No fee
Transfer speed 50% of payments are instant, 90% arrive in 24 hours Same day, or up to 2 business days for exotic currencies
Exchange rates Mid-market rate Exchange rates include a markup
Currency risk management products N Y
Regulated Y Y
Open a business account Y Y

So, to summarise:

  • Wise is available in app and online, in most countries globally – TorFX is offered in a fairly broad selection of countries including Australia
  • Wise offers international multi-currency holding accounts for personal and business customers – TorFX does not have any options to hold and exchange currencies within a dedicated account
  • Wise has debit cards for personal and business customers – TorFX does not
  • TorFX has currency risk management products for personal and business customers, Wise does not offer this service
  • Wise supports more currencies for holding and exchange
  • Wise currency exchange uses the mid-market rate with transparent fees split out from the rate, which start from 0.43% – TorFX uses an exchange rate which includes a variable markup
  • Wise transfer fees start from 0.43% – TorFX does not charge a transfer fee
  • Wise offers local account details for receiving 10 currencies – TorFX does not have this option
  • Both providers are fully regulated, and offer both personal and business services

Read more about Wise here

Read more about TorFX here

Go to Wise Go to TorFX

The important bits

Choosing a provider for your international transfer can feel a bit daunting. It’s important to find a service which is trusted and licensed, and which also has fair fees and rates, and a fast delivery time. To help you decide if Wise vs TorFX might suit you best, here’s a head to head review of the key features you’ll want to know about:

Wise TorFX
Rates Mid-market exchange rate Exchange rates include a variable markup
Fees Free to spend currencies you hold with your Wise card


No monthly charges


Transaction fees apply – from 0.43% for currency exchange and international transfers

No transfer fees apply
Speed 50% instant, 90% same day Can take 2 business days depending on destination
Service Online, Desktop browser and mobile app Online, Desktop browser, mobile app, and by phone
Safety Fully regulated and licensed Fully regulated and licensed
Reviews (TrustPilot) 4.2, Great, 204,000+ reviews 4.9, Excellent, 7,000+ reviews

To summarise:

  • Rates: Wise uses the mid-market rate, whereas TorFX applies a variable markup to the rates used
  • Fees: Wise accounts have no monthly fees, with currency exchange and transfer from 0.43%; TorFX has no transfer fees when you send money
  • Speed: Wise transfers may arrive instantly, and 90% arrive in 24 hours, TorFX transfers could take up to 2 working days depending on the destination
  • Service: Both providers have online and in-app service, TorFX also offers a 24/7 phone options
  • Safetly: Both providers are fully regulated and licensed
  • Reviews: Wise has a Great rating on Trustpilot from 204,000+ reviews, TorFX has an Excellent rating on Trustpilot from 7,000+ reviews

Pros and cons

Wise TorFX
✅Personal and business customers can hold and exchange 40+ currencies in a Wise account
✅ Send money to 160+ countries
✅ Receive payments to Wise in 10 currencies like a local
✅ Get a Wise debit card to spend in 150+ countries
✅ Mid-market exchange rates
✅ Send payments in 40 currencies to 120+ countries

✅No transaction fee when sending money overseas
✅24/7 phone service as well as in app and online account management
✅ Currency risk management products available

✅International payments for personal and business customers

❌ Some service fees apply
❌ No physical location for face to face services
❌Exchange rates include a markup

❌No multi-currency account or card options available

Wise vs TorFX: The verdict

TorFX and Wise can both help if you want to send a payment overseas. However, the way they work is a little different. Aside from international transfers, each offers some unique products and services – Wise has multi-currency accounts and cards, while TorFX has currency risk management products. This difference may help you decide which suits you best in the end.

TorFX allows individuals and business customers to send unlimited value payments online, in app or by phone, to 120+ countries. You can also access currency risk management solutions like forward exchange contracts and target rate orders – but there are no options for multi-currency accounts or cards to hold and receive payments. TorFX may suit you if you’re sending a high value transfer and want to talk it through with a broker in advance.

Wise may be a better fit if you’re looking for a provider for day to day currency management, with its multi-currency account and card, and ways to make and receive online and in-app transfers. Wise uses the mid-market exchange rate with low, transparent fees for all currency conversion – when sending a payment or spending with your card, for example, which can make it a very cheap, secure and convenient way to manage your international transactions.

Use this guide to compare both Wise vs TorFX to see which is best for you.

Go to Wise Go to TorFX

About Wise and TorFX

Wise: Wise was founded in the UK in 2011, and now has over 16 million customers globally. Wise offers low cost cross border transfers, multi-currency account services, and debit cards, for both individual and business customers around the world. All Wise services are delivered online and in app, with transparent fees and low overall costs.

TorFX was founded in 2004, and has over 425,000 customers, with offices globally. Personal and business customers can send payments in 40+ currencies with TorFX, and access currency risk management products like market orders and forward contracts. Services are offered online, in app and by phone.

How do they work?

Wise has a fully online or in-app onboarding and verification process, so you can send a payment or set up a multi-currency holding account with just your phone and your usual ID documents. If you want to send a payment with Wise you can easily generate a quote for the exchange rate and fee, online or in the Wise app, and compare it to other services to check if it’s the best available deal. If you decide to go ahead, just pay Wise using a local transfer or with your card, and the money will be dispatched to your recipient – often instantly.

To use TorFX you’ll need to register online or by calling the TorFX team on the TorFX 24/7 phone line. Once you’ve registered your account, you can get a dealing rate  which shows the exchange rate available for your transfer, which includes a markup. If the rate suits you, you can confirm the payment, send your money to TorFX online, and it’ll be delivered in the next day or two.

It’s also useful to know about one other important difference between how Wise vs TorFX work. With Wise you can check the fees and rates instantly online or in app, even if you don’t have a live account registered. There’s also an easy way to compare costs with other Australian providers, which will show you if there’s a better option out there. TorFX requires you to register before you can see an exchange rate quote, which you’ll then need to manually compare against other services – meaning an extra step before you can decide if the service is right for you.

Wise vs TorFX fees

Wise and TorFX have quite different product ranges, and a varying approach on fees, which means they’re pretty difficult to compare on fees alone. Neither provider has any ongoing costs to worry about, so you can open an account and transact as and when you want to without account keeping or maintenance fees.

Here’s a quick review of Wise vs TorFX fees for the different services on offer:

Service Wise fee TorFX fee
Ongoing fees No fee to open a Wise personal account, no ongoing fees No ongoing fees
Card fee 10 AUD Not applicable
Spend currencies you hold No fee Not applicable
Spend currencies you don’t hold From 0.43% Not applicable
ATM fee 2 withdrawals to the value of 350 AUD/month free, then 1.5 AUD + 1.75% Not applicable
Overseas transfers From 0.43% No fee
Currency risk management services Not applicable Varying – discuss your specific needs with a broker by phone, 24/7

Fees correct at time of writing – 15th January 2024

Read more about Wise fees here

Wise vs TorFX: which is cheaper?

If you want to send an international payment, a specialist service like Wise or TorFX could be cheaper than using a bank. However, as each money transfer service has its own fees, it’s still well worth shopping around before you pick one.

As we’ve seen, you can’t get a quote for TorFX payments online without first registering an account. That means that you can’t easily check the exchange rate that you’ll be offered for your payment, to compare it against other services.

This is important because, as we’ll see in a moment, TorFX uses an exchange rate markup when arranging international transfers. This markup is a fee, which varies depending on the currency, and the value of the transfer you’re sending. However, it’s not easy to spot without doing a bit of maths to decide if it’s the right one for you.

Wise on the other hand, offers the mid-market rate, with the fees all split out for easy comparison. You can see the rate and fee options online or in-app whether or not you’ve registered an account, and there’s also a comparison tool which will generate indicative quotes for other popular Australian international money transfer services. If one is better value than Wise, you’ll be notified.

Go to Wise Go to TorFX

Wise vs TorFX exchange rates

Wise uses the mid-market exchange rate when you send a payment, exchange within your multi-currency account, or spend with your Wise card. The mid-market rate is the one you’ll find on Google or using a currency conversion tool. All the costs you need to pay are shown separately so you can easily compare and check the total amount.

TorFX uses a markup on the exchange rate you get when you send a payment. This is included in the rate you’re shown when you generate a quote online, or when you speak to a broker – to understand how high the markup is you’ll need to compare the TorFX rate against the mid-market rate you can find on Google.

Wise vs TorFX: which is faster?

50% of Wise payments are instant, 90% arrive on the same day – although the exact delivery time can depend on factors including the destination country, and the recipient’s bank processing times.

TorFX offers same day payments on some currency routes, with payments to more unusual currencies taking up to 2 business days depending on destination.

Wise vs TorFX international transfer limits

Both Wise and TorFX offer high value international transfers for personal and business customers.

Wise has limits which can vary based on destination country – usually around the equivalent of 1 million GBP or the equivalent.

TorFX has no upper limit to the amount you can send, although the online limit is 50,000 AUD for personal customers. If you want to send a higher value payment, you’ll need to talk to a broker by phone.

Go to Wise Go to TorFX

Wise vs TorFX: business

Both Wise and TorFX provide international transfers for business customers. However, their full suite of business services vary, with Wise offering account and card options, and TorFX providing currency risk management solutions. Here’s a comparison to help you decide if either might suit your business needs:

Wise Business TorFX Business
  • Hold, exchange, send and spend 40+ currencies, and issue debit cards to your team
  • Local bank details to receive payments in 10 currencies
  • No monthly fees – one off charge to set up account applies
  • Business transfers with the mid-market rate and fees from 0.43%
  • 50% of payments are instant
  • Variable transfer limits based on currencies
  • Send payments to 120+ countries in 40 currencies
  • Payments may arrive on the same day, or up to 2 business days
  • No transfer limits
  • Currency risk management products available

Ease of use

  • Creating an account: Create your account online or in-app with both TorFX and Wise; TorFX also allows customers to register by phone, 24/7
  • Making a transfer: Wise and TorFX both let you pay for a transfer by bank transfer (BPAY), Wise also allows customers to pay with a card or wallet such as Apple Pay
  • Ways to send money: Send payments to your recipient’s bank account directly with both TorFX and Wise; Wise also supports payments to some mobile money wallets depending on destination country
  • Languages: Wise offers 15 languages, plus multi-lingual support services, TorFX offers services primarily in English
  • Minimum & maximum amounts: Wise sending limits can vary by destination country, and based on your account type. TorFX has no maximum payment limit, although a limit of 50,000 AUD is in place for online transfers made by personal customers

Supported currencies

TorFX supports 40+ currencies on 120+ major payment routes. Wise supports 40+ currencies, and lets you send payments to over 160 countries.


Both TorFX and Wise are safe to use, and fully regulated for the services they offer. As global businesses, they’re both overseen by a selection of bodies, including AUSTRAC in Australia, and other bodies such as the FCA in the UK.

TorFX holds the highest possible credit rating with Dun & Bradstreet. Because Wise offers some additional services compared to TorFX, they’ve also got some extra security measures such as ways to view transactions, freeze, unfreeze and cancel payment cards online, and set up notifications to keep an eye on your holding account with just your phone.

Wise vs TorFX customer service

Wise customer service is primarily delivered through in-app chat, which is available in a selection of languages, 24/7. You can also email the team if you’d prefer – log into your Wise account to check which is the best way to connect with customer services based on your specific issue.

TorFX has an in app customer service option – but also has a 24/7 phone line which can be useful if you’re arranging a high value payment or if you need help with complex currency risk management products.

Conclusion: Comparing Wise and TorFX

TorFX and Wise both offer Australian personal and business customers ways to make online and in-app international payments direct to bank accounts. However, beyond that, their services are quite different. That may mean that the one that’s right for you just comes down to the transaction type you want to make.

TorFX has unlimited international transfers, and currency management solutions through a phone broker service. When you send money overseas, there’s no transfer fee – but you’ll be quoted an exchange rate which includes a markup. This is a charge, but to calculate it you’ll need to compare the rate you get against other providers manually.

Wise uses the mid-market rate for sending international payments, and splits out costs to make it easy to compare. You can also open a Wise international account to hold 40+ currencies, spend internationally in 150+ countries, make ATM withdrawals and avoid foreign transaction fees when you shop online with international retailers.

Use this guide to review the features, fees and services provided by Wise vs TorFX, and to decide if either is right for the transaction you need to make.

Go to Wise Go to TorFX

FAQ – Wise vs TorFX

What is the difference between Wise and TorFX?

Wise and TorFX both offer international transfers for personal and business customers in Australia. In addition, Wise offers multi-currency accounts that can hold 40+ currencies, while TorFX has currency risk management solutions and a broker service you can access by phone. Compare both to see which suits your specific needs.

Which is better: Wise or TorFX?

Both TorFX and Wise are great options, so which is better will depend on your specific transaction. Wise offers flexible account services including a card, in addition to global payments to 160+ countries, while TorFX has a 24/7 broker option and currency risk management solutions. Use this guide to see which is best for you.

Is Wise or TorFX cheaper?

TorFX doesn’t release exchange rate information until you register an account and generate a quote. That means you can’t compare on cost easily without setting up a TorFX account. Wise allows you to view and compare your options for exchange rates and fees, online and in-app, without needing to set up an account – plus, if a nother provider is cheaper, they’ll let you know. Compare the costs of both for your payment to see which works best.

Is Wise or TorFX faster?

50% of Wise payments are instant, 90% arrive on the same day. TorFX offers payments arriving on the same day – or at most in 2 business days for exotic currencies.

How many currencies do Wise and TorFX support?

TorFX supports 40+ currencies on 120+ major payment routes. Wise supports 40+ currencies, and lets you send payments to over 160 countries.

Claire Millard
Fintech copy and content writer
Claire Millard is a content and copywriter with a specialty in international finance. Her work has featured in The Times and The Telegraph, as well as industry magazines and leading personal finance blogs.
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Ileana Ionescu
Content manager
With a background in business journalism, Ileana is an experienced content manager, creating content for Exiap that helps its audience make informed decisions about their finances.
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Last updated
March 11th, 2024