5 Trusted and Convenient Alternatives to TorFX

If you are looking for alternatives to TorFX, we’ve explored some companies that offer similar services to see how they stack up. This gives you the opportunity to see which money transfer company is best for you.

TorFX is renowned for its excellent customer support. But when it comes to making an international money transfer, this isn’t all you need to consider. There are alternatives to TorFX that offer fantastic exchange rates, and have more user friendly websites. While they are great themselves, you might find a TorFX competitor that suits you better.

5 Alternatives to TorFX

1. OFX

OFX is an alternative to TorFX

OFX have an easy to use website and app. Which isn’t always the case with TorFX. So if you like doing everything online, they could be a good option. OFX have a large number of currencies they support and countries they can transfer between. This means they operate in most of the same countries that TorFX do.

Pros and cons of using OFX

  • Great exchange rates across a range of currencies and amounts.
  • Also does not charge fees for transfers more than $10,000.
  • Access to 24/7 customer support.
  • The minimum transfer amount is $250 AUD or more
  • You can only fund your transfer via an EFT or BPay
  • You can’t pay via cash or check

OFX support international money transfers from over 190 countries in more than 55 currencies. If you’re making an online transfer, it is definitely worth looking at OFX as an alternative to TorFX.

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Learn more

Fee Free Offer

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  • After 20 years, OFX is one of the oldest money transfer companies and they have the expertise to go with it.
  • Their rates are often better than the banks, especially for larger transfers.

Learn More About OFX

2. TransferWise

TransferWise is an alternative to TorFX

TransferWise is a peer to peer money transfer service. This makes the way they transfer your money slightly different to TorFX. Having said this, they’re just as secure and their website is even more user friendly. The company’s headquarters is in London and they have offices in New York and Tallinn.

Pros and cons of using TransferWise

  • Offers the real exchange rate, based on the mid-market rate
  • Fees are based on a percentage of transfer amount.
  • Straightforward and easy to use online through their app
  • Not open to everyone worldwide yet
  • Transfer fees can get costly when transferring larger amounts of money due to percentage-style calculation
  • Does not yet support sending money to and from all currencies offered

TransferWise is often recognised for its fast transfers and highly competitive exchange rates. As an alternative to TorFX, TransferWise is a better option for smaller transfers up to $10,000.

   Value   

  Speed  

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 TorFX
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  TransferWise

3. XE Money Transfer

TransferWise is an alternative to TorFX

If you want to use a large and established company, XE could be the one for you. They are a really good option for making transfers online and don’t have a minimum transfer amount. Like TorFX, XE do not charge any fees. They generally have competitive exchange rates in the same way TorFX do.

Pros and cons of using XE Money Transfer

  • Have competitive exchange rates
  • They don't charge any fees or commission for making a transfer
  • Large and well established global reach
  • There is a minimum transfer amount of $175 AUD for one-off payments and around $900 AUD for recurring payments.

Owned by Euronet and home to xe.com, the company has an incredibly wide reach. They are able to transfer money to bank accounts in many countries worldwide, and don’t charge fees no matter how much you’re sending.

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 TorFX
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Learn more

4. WorldFirst

XE money transfer is an alternative to TorFX

Like TorFX, WorldFirst is a UK based company. They offer money transfer services for both individuals and businesses alike. While their headquarters is located in London, they have offices spanning throughout Australia, Hong Kong, Singapore, the Netherlands and USA.

Pros and cons of using WorldFirst

  • Good exchange rates for amounts between $2,000 and $10,000
  • No direct fees for making a transfer
  • Access to customer service for small business and corporate customers
  • The lowest amount you can transfer is $1,000 USD or equivalent
  • You can only fund the transfer via a domestic wire transfer, not credit or debit card
  • You can’t pay via debit card, credit card, cash or cheque

WorldFirst has a minimum transfer amount of $2,000, which is a lot higher than TorFX. WorldFirst also don’t charge any fees for making an international money transfer no matter the amount.

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5. PayPal / Xoom

Alternatives to OFX - PayPal / Xoom

If you have an account, you may have considered making an international money transfer with PayPal. They are one of the world’s most popular payment systems to purchase goods and pay for services. It is a convenient way to transfer money to people in the same country and internationally, if they also use PayPal.

Pros and cons of using PayPal / Xoom

  • They are good for sending money within the same country, but can be expensive internationally
  • Accept a variety of payment methods
  • If you’ve used them before, the process is very straightforward
  • Adds a mark-up to the exchange rate that differs with each currency, amount and transfer method. This is often not clear and close to the retail exchange rate, making it far more costly than other providers.
  • Expensive for international money transfers.

If you’re thinking of using PayPal as an alternative to OFX, it’s important to keep a couple of things in mind. Firstly, the person receiving the money must also have a PayPal account. Secondly, know that OFX will generally be cheaper than PayPal.

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 TorFX
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Summary

Transferring money is simple and easy when transferring with the right provider. We know it can be tricky to know who to choose.

 

Here's the overall list of alternatives to TorFX we recommend in order of preference:
  1. WorldFirst and OFX are the best rated and our overall recommended service for foreign exchange when compared to TorFX. Both money transfer companies offer competitive rates on large amounts, good speed and ease of use online.
  2. TransferWise is a great service and while it does not offer as good exchange rates over $10,000 AUD when compared to TorFX, its speed is as good and the ease of use online is better than TorFX.
  3. XE is a good choice for the large range of countries you can send money. While TorFX has better exchange rates for transfer amounts over $10,000 AUD, both offer good transfer speeds and ease of use online.
  4. PayPal's Xoom service is a highly rated option by thousands of customers globally. Although they cost you more than other transfer providers (hence why we've placed them fourth), they offer a lot of flexibility, security and range of services which are supported by PayPal.

We hope the above five alternatives have helped you to choose the best one for you. For more information, visit us online!

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By Arlene Mc Donnell Updated September 23rd, 2020