TorFX vs WorldFirst in a Nutshell

Both these companies have a lot in common but it's really important to know what sets them apart.

The Important Bits

TorFX

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

WorldFirst

Safety: Also based in the UK, 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: Solid customer service, particularly for businesses

The Verdict

Safety: Both are well licensed

Rates: WorldFirst tend to better for smaller amounts and TorFX for larger amounts

Fees: Neither charge a flat fee but TorFX have a higher minimum transfer limit

Speed: Roughly the same

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

 

TorFX and WorldFirst are very similar.

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

Just remember to compare the exchange rates before you decide to transfer as rates change all the time.

Learn more about TorFX

Learn more about WorldFirst

Let's have a look at them in more detail

Safety

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)

WorldFirst are also regulated by ASIC & AUSTRAC (AFSL 331945) and is a member of Australian Financial Ombudsman Service 'FOS' (Member 13405)

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

Fees

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

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 WorldFirst 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 WorldFirst, check out our reviews for each company
WorldFirst Review
TorFX Review

 

Customer Support

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

Final thoughts

TorFX and WorldFirst are very similar.

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

Just remember to compare the exchange rates before you decide to transfer as rates change all the time.

Learn more about TorFX

Learn more about WorldFirst