TorFX vs TransferWise:
Fees and Exchange Rates Compared

The clear difference between these two companies is there fee structure, but that's not the whole story.

TorFX vs TransferWise: The Important Bits


Safety: Based in the UK, fully licensed and privately owned

Rates: Depends on the currency and amount you are sending

Fees: Fee free for all transfers

Speed: 1-2 business days for most transfers

Service: Exceptional customer service, particularly over the phone


Safety: Also based in the UK, licensed and well backed

Rates: You receive the interbank exchange rate on google

Fees: Percentage based fee

Speed: 1-2 business days for most transfers

Service: Limited phone support but excellent online resources

The Verdict

Safety: Both are well licensed but TransferWise by size, is much larger.

Rates: TransferWise gives the interbank rate and will always be better

Fees: TorFX don't charge a flat fee but TransferWise fee structure is transparent and competitive

Speed: TransferWise is faster on most transfers

Service: TorFX phone service is better but TransferWise is better online


These two companies are quite different.

If you are sending smaller amounts overseas and like doing everything online, then TransferWise looks like a better option.

TorFX might be a better choice if you are sending a significant amount of money to the UK, Australia, the US or Europe.

Learn more about TorFX

Learn more about TransferWise

Fee Free Offer

The Currency Shop has partnered with OFX to offer fee free money transfers. Click on this offer, register your details and avoid paying a fee to transfer money overseas.

  • 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.
  • 24/7 phone support.
  • They have a minimum transfer amount of $250
  • Receiving or intermediary banks may charge fees on transactions

Learn More About OFX


The Australian Securities and Investments Commission (ASIC) is the government body that ensures and regulates fair and transparent conduct of financial services. Every financial service must be granted an Australian Financial Service (AFS) licence by ASIC to carry out business in Australia.

TorFX are regulated by ASIC & AUSTRAC (AFSL 246838)

TransferWise are also regulated by ASIC & AUSTRAC (AFSL 456295)

Exchange Rates

Like banks, money transfer providers make money in two main ways: Firstly, the margin from which they purchase currency at a wholesale rate and the cost of currency sold on to customers. Secondly, an additional transaction fee.

TorFX makes its money by the two ways mentioned above. TransferWise makes its money primarily in fees as they offer the real wholesale exchange rates to customers. It’s important to consider exchange rates and fees as those are the main cost factors for every transaction.

Exchange rates fluctuate all the time, rates can rise and fall in a matter of seconds. Hence, it’s crucial to compare exchange rates between providers before making a decision. We would provide a comparison today, but it may not be accurate by the time you read this. So here are four ways you can compare current exchange rates between TorFX and TransferWise:


  1. View live rates on TorFX and TransferWise websites
  2. Call TorFX at 1800 507 480 (within Australia)
  3. Contact TransferWise through the Live Chat feature on its website
  4. Compare exchange rates online with our comparison engine


TorFX don't charge any flat fees. Their fee is built into the exchange rate they offer you (which will be different to what you see on google).

TransferWise makes money in fees calculated on a percentage of the transfer amount. The good thing is, they are very clear and transparent about how much they will charge you. For a full rundown of the fees, click here

Time For Transfer To Reach Recipient

When using an online transfer provider, your transfer is made to the company account to be processed before it is cleared and transferred to the recipient.

TorFX and TransferWise generally take 1-3 business days. How long it takes usually comes down to:

  1. How long it takes you to pay them for the transfer
  2. Which country you are sending the money to. Some countries take longer than others
  3. How long the bank on the other end takes to credit the bank account

How easy are they to use?

Both companies are fairly similar when it comes down to using them.

To transfer money overseas with either of the providers, you must register an account. We review the steps for each provider below:

Accepted Payment Methods and Minimum & Maximum Transfer Amounts

What Currencies Can I Transfer?

For an extensive list of currencies available for transfer with TorFX and TransferWise, check out our reviews for each company

TransferWise Review
TorFX Review

TransferWise Review

Customer Support

TorFX assigns a dedicated Account Manager to every customer and 24 hour customer service over the phone. You can be rest assured that you’ll receive prompt response for any of your queries.

With TransferWise, it was difficult to find their contact number. We had to use their live chat feature to get in touch with a consultant and received a response within 24 hours.

Learn more about TorFX

Learn more about TransferWise

By Justin Rampono Updated May 26th, 2020