Before choosing a money transfer provider, make an informed decision by comparing your options. The Currency Shop presents this comparison between TorFX and World First. Discover which company will suit your money transfer needs.

TorFX vs WorldFirst

What you'll find in this review

  • Safety
  • Exchange Rates
  • Fees
  • TorFX and World First Sign Up And Transfer Process
  • Accepted Payment Types, Min & Max Amounts
  • Business Payments
  • Supported Currencies & Countries
  • Transfer Speed With TorFX and World First
  • Customer Support

 

TorFX Logo

TorFX is a company that offers money transfer services and travel money exchange. They have offices spanning throughout Australia, the UK, Europe, the USA and South Africa. TorFX aims to provide customers fantastic exchange rates, expert guidance and friendly service.

WorldFirst Logo

World First is a UK based company that offers currency exchange and money transfer services for individuals and businesses alike. The headquarters is located in London, and they have offices spanning throughout Australia, Hong Kong, Singapore, the Netherlands and USA. The company is able to offer good exchange rates as it trades currencies at the wholesale rate.

Safety

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

 

TorFX World First

Regulated by ASIC and AUSTRAC

Regulated by ASIC

Financial Ombudsman Service Member 13405

3A2 Credit Rating from Dun and Bradstreet

Australian Financial Service Licence 246 838

Australian Financial Service Licence 331 945

 

Winner: Tie. Both companies hold an AFSL and are regulated by ASIC. In order for either companies to provide financial services legally, they must be registered with the Australian government body.

 

Exchange Rates

World First offers a price promise to its customers. The company claims to always try to quote a better rate than banks. Even if you receive a better quote, they'll match it.

Exchange rates are constantly changing. That's why comparing your options is one of the most important factors to consider before making a transfer. Here are three ways you can compare current exchange rates:

 

  1. View live rates on TorFX and World First websites
  2. Call TorFX at 1800 507 480 and World First at 1800 835 506 (within Australia)
  3. Compare exchange rates online with our comparison engine

 

Winner: World First. Generally speaking, both companies excel in different range of transfer amounts. World First has the best exchange rate for transfer amounts between AUD 1000 to amounts less than AUD 10,000.

TorFX has the better rate for amounts more then AUD 50,000.

This comparison could change by the time you read this, so remember to compare before you transfer.

 


Compare Australian Banks and Money Transfer Specialists

 


 


 

Fees

Money transfer providers make a profit from every transaction, even when no fees are charged. So it's just as important to compare fees as well as exchange rates. Note that a deposit fee may be charged by the recipient's financial instituition.

 

TorFX World First

No direct fees, commissions or charges

AUD 10 for transfers less than AUD 10,000

No fee for transfers over AUD 10,000

 

Winner: TorFX. Our judgement is solely based on fees. Remember, money transfer services make a profit from two factors: exchange rate margin and fees, make sure you compare both.

 

Related: How Much It Really Costs To Transfer Money Overseas

TorFX and World First Sign Up And Transfer Process

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

 

TorFX World First
1. Register your details online or over the phone 1. Register your details online
2. TorFX assigns you a dedicated Account Manager 2. Verify your identity with valid ID
3. Receive exchange rate quote online or by phone 3. Select currency you wish to buy and sell
4. Provide details of the transfer 4. Provide beneficiary details and amount
5. Transfer agreed amount to TorFX 5. Select Payment Method
7. TorFX transfers to recipient's account 6. Select onward payment date
  7. Accept Rate and make payment to World First

 

Winner: World First. Getting started with both companies is an easy process but registering with World First is slightly faster than TorFX.

 

Accepted Payment Types, Min & Max Amounts

 

TorFX World First*

Payment Types Accepted

Check Mark Electronic Funds Transfer

Check Mark Electronic Funds Transfer

Check Mark Direct Debit

Minimum Transfer Amount

AUD 200

AUD 250

AUD 1000 (Over the phone)

Maximum Transfer Amount

AUD 25,000 (online)

No Limit

*World First has an extensive list. Here you can find their complete list of currencies.

 

Winner: World First. With the option to pay with direct debit, this makes the transfer process faster, especially when transferring small amounts.

 

Business Payments

Money transfers for business are supported on both TorFX and World First. There are four services available for business accounts and some of these features may also be available for personal accounts.

 

  1. Forward Exchange Contracts – Lock in exchange rates ahead of time
  2. Order Types – Allows you to purchase currency at a determined rate
  3. Risk Management – An assigned account manager will provide currency analysis tailored to fit your business needs
  4. Free transfers – For amounts over AUD 10,000

 

Winner: Tie. If you need to transfer money for business purposes, you can expect to have a variety of options to suit your transfer needs.

 

Supported Currencies and Countries

This is an extensive list of currencies available for transfer with TorFX and World First.

TorFX World First
AUD – Australian Dollar

BHD – Bahraini Dinar

BWP – Botswanan Pula

CAD – Canadian Dollars

CHF – Swiss Franc

CZK – Czech Koruna

DKK – Danish Krone

EGP – Egyptian Pound

EUR – Euro

FJD -Fijian Dollar

GBP – Great Britain Pound

HKD – Hong Kong Dollar

HRK – Croatian Kuna

HUF – Hungarian Forint

ILS –  Israeli Shekel

INR – Indian Rupee

JPY – Japanese Yen

KES – Kenyan Shilling

KWD – Kuwaiti Dinar

LKR – Sri Lankan Rupee

LTL – Lithuanian Litas

LVL – Latvian Lev

MAD – Moroccan Dirham

MUR – Mauritian Rupee

MXN – Mexican Peso

NOK – Norwegian Krone

NZD – New Zealand Dollar

OMR – Omani Rial

PHP – Philippine Peso

PLN – Polish Zloty

QAR – Qatari Rial

RON – Romanian Leu

RUB – Russian Ruble

SAR – Saudi Riyal

SEK – Swedish Krona

SGD – Singapore Dollar

THB – Thailand Baht

TRY – Turkish Lira

TTB – Trinadad & Tobago Dollar

UAE – United Arab Emirates Dirham

UGX – Ugandan Shilling

USD – United States Dollar

XCD – East Caribbean Dollar

ZAR – South African Rand

AED – United Arab Emirates Dirham

AUD – Australian Dollar

BGN – Bularian Lev

BHD – Bahraini Dinar

CAD – Canadian Dollars

CHF – Swiss Franc

CNY – Chinese Yuan Renminbi

CZK – Czech Koruna

DKK – Danish Krone

EUR – Euro

GBP – Great Britain Pound

HKD – Hong Kong Dollar

HUF – Hungarian Forint

ILS – Israeli Shekel

JPY – Japanese Yen

KES – Kenyan Shilling

KWD – Kuwaiti Dinar

MXN – Mexican Peso

NOK – Norwegian Krone

NZD – New Zealand Dollar

OMR – Omani Rial

PHP – Philippine Peso

PLN – Polish Zloty

QAR – Qatari Rial

RON – Romanian Leu

RUB – Russian Ruble

SAR – Saudi Riyal

SEK – Swedish Krona

SGD – Singapore Dollar

THB – Thailand Baht

TND – Tunisian Dinar

TRY – Turkish Lira

USD – United States Dollar

ZAR – South African Rand

 

Winner: Depending on the currency and country you are sending funds to, we'll let you decide who's the winner of this segment.

 

Transfer Speed With TorFX and World First

The transfer speed depends on the amount and type of currency, country of transfer and turnaround time of your bank to clear payment.

 

TorFX World First

For most countries: 1 – 2 working days

For exotic currencies & countries: Up to 3 working days

Between 1 – 4 working days

 

Winner: TorFX tends to be more efficient with transfer speed than World First.

 

Customer Support

TorFX provides exceptional 24 hour customer service over the phone and every customer is assigned a designated Account Manager. Likewise, with World First you can expect to receive support for your queries.

 

Winner: TorFX. From experience with both companies, TorFX provides better service.

 

Final Verdict

Both TorFX and World First excels in different areas. Dending on your needs, you may want to choose one over the other.

Generally, World First's exchange rates are better across a range of transfer amounts. Whereas TorFX has better rates for larger amounts starting from AUD 50,000.

 


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Helping You Save Money on Currency

Buying travel money or transferring money overseas can be expensive and confusing. So how do you make the best choice and get the most out of your money?

An easy way is to use a comparison table for either international money transfers or currency exchange. These tables list and compare the banks with other large foreign exchange companies.

We’ve also put together tons of helpful videosguides and reviews that will help you make the right decision. You can work out a cheaper way of converting currency while still keeping your money safe.