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Are you, like many others, not sure whether to use CurrencyFair or TorFX to transfer funds overseas? By the end of this page, you will have the required information to make an informed decision. Is there a clear winner between the two? Unfortunately, the answer is no.
Access to the CurrencyFair website is available in English, French, and Polish. While TorFX operates two websites – one for global customers and another for the Australian market – access to either is available only in English.
The CurrencyFair vs. TorFX comparison on Trustpilot gives you some indication of how these two companies fare against each other. CurrencyFair rates a 9.6 out of 10, whereas the TorFX score is marginally higher, at 9.7.
Using the services of either TorFX or CurrencyFair will save you considerably over the big banks, without question. However, choosing one over the other requires that you fully understand your individual requirements at the onset. In this CurrencyFair vs. TorFX comparison, I will highlight similarities and differences across these categories:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Fees for Overseas Money Transfer
Both CurrencyFair and TorFX, excel beyond banks in this aspect, as well. With either, basing your decision only upon the fees is not adequate; the exchange rate requires your attention, as well. The fee structure that CurrencyFair follows might seem a little complicated at first, but you won’t have to go through it more than a couple of times to understand how it works. TorFX may seem simpler on this front.
- The fee you have to pay CurrencyFair depends on whether or not your transfer attracts a match. If your transfer finds a matching customer, you pay 0.15% of the transfer amount, plus a fixed €3 transfer fee.
- If transfer does not find a matching customer, CurrencyFair will match the exchange. In this scenario, it charges 0.4% to 0.5% of the transfer amount, plus a fixed €3 transfer fee.
- On an average, CurrencyFair customers pay about 0.35% of transferred amount as fees. As the number of users increases, the average decreases.
- All international fund transfers that TorFX processes have no fees.
Ease of Use
Whether you decide to sign up with CurrencyFair or TorFX, the initial application process should take no more than a few minutes. Both companies verify the details you provide before activating your account. If you are looking for website access in French or Polish, turning to CurrencyFair is ideal.
- To register, you have to complete a simple online application form.
- CurrencyFair accepts payments via electronic bank transfers from its global customers.
- It accepts Euro deposits from debit cards of Irish residents, issued by banks in the Republic of Ireland.
- It provides apps for devices that run on Android and iOS.
- CurrencyFair’s Exchange Rate Alert is now available. Get exchange rate via email.
- You must submit an online application to apply.
- TorFX gives you the option of making payments using electronic bank transfers, debit cards, or credit cards.
- TorFX does not provide apps for smartphones or tablets. However, their website auto-scales to the screen size of your device.
Regular Overseas Payments
You can use CurrencyFair to set up regular payments.
TorFX lets you set up regular payments, as well.
- When CurrencyFair and TransferWise go head to head.. who wins?
- Watch a TransferWise YouTube video on how to apply your exclusive discount.
- Is CurrencyFair’s competition up to the task?