Which scores better when comparing TorFX vs Currencies Direct? See how each provider scores and who wins when comparing their services, fees, supported countries and customer service.
TorFX
Overall score:
72
72
Currencies Direct
Overall score:
84
84
Personal Features
Business Benefits
Fees & Exchange Rates
Ease of Use
Support & Countries
Trust & Transparency
50
50
TorFX money transfer services are available for personal customers from different countries.
42
42
Currencies Direct provides international money transfer services for personal customers from different countries.
44
44
Global business clients can reduce their currency costs by using TorFX's services. TorFX specializes in fostering business relationships and partnerships.
83
83
Specialized forex solutions offered by Currencies DIrect can benefit businesses and online sellers in different ways.
42
42
Irrespective of whether you use the TorFX UK or TorFX Australia website, you benefit by carrying out fee-free transfers.
TorFX applies a nominal markup on existing mid-market/interbank exchange rates. It informs you of the exchange rate that will apply on your transfer in advance. The exchange rate margin applied is usually less than 1%. This can be negotiated.
54
54
There are no fees for personal transfers carried out through Currencies Direct. Business customers might need to pay fees in some instances. For example, a 0.1% fee applies when receiving payments in collection accounts.
You need to pay a nominal markup on existing interbank/mid-market exchange rates. This is typically less than 1%. In addition, the higher the transfer amount, the lower the margin.
75
75
Signing up - Create a new account by using the TorFX app or website. You can also sign up over the phone.
Payment options
Transfer speed - Most transfers process in 1 - 2 working days. Transfers in exotic currencies might take longer.
Phone transfers - You can speak with your account manager over the phone to initiate transfers.
Mobile app - Available for iOS and Android - only personal customers who register through the TorFX UK website.
Transfer limits - You need to transfer a minimum of £100 or its equivalent in another currency. Maximum limits apply for online transfers.
75
75
Signing up - Sign up using the Currencies Direct website or app. Alternatively, register over the phone.
Payment options
Phone transfers - You can set up phone transfers by speaking with your dedicated currency specialist.
Multilingual website - Use the Currencies Direct website in a number of languages.
Transfer speed - Most transfers take 1 - 2 businesses days. Transfers in exotic currencies can take more time.
Transfer limits - You need to transfer at least £100/$100. The maximum limit for online transfers is £25,000.
Account verification - According to compliance requirements, you need to provide copies of your bank statement and passport.
Currencies Direct app - Available for Android and Apple - only for personal customers. Some customer reviews complain about its functionality on Google Play Store as well as Apple App Store.
Both equally compare in the Ease of Use category.
63
63
Supported destination countries and currencies - TorFX carries out transfers in over 60 currencies, to more than 120 countries.
Supported registration countries - Sign up as a new customer from Australia, Botswana, Canada, China, Croatia, Czech Republic, Denmark, countries in the European Union, Hong Kong, Hungary, Israel, Japan, Mauritius, New Zealand, Norway, Poland, Romania, Russia, Singapore, South Africa, Sweden, Switzerland, United Arab Emirates, the United Kingdom or the United States.
Multilingual support - As of now, customers can use both TorFX money transfer websites and get customer support only in English.
More local settlement accounts - TorFX currently has local settlement accounts only in the UK and Australia. Customers from outside these countries might incur additional costs when making payments.
88
88
Supported destination countries and currencies - Currencies Direct carries out transfers in more than 40 currencies, to over 120 countries.
International offices - Outside of the UK, offices also in the US, Canada, India, Spain, Portugal and South Africa.
More local settlement accounts - As of now, Currencies Direct has local settlement accounts only in the UK, European Union and the US. If you make a payment from anywhere else, you might end up incurring additional costs.
94
94
TorFX is an established and trusted money transfer company.
Regulated - TorFX is regulated by relevant government bodies in the UK and Australia.
Safety of funds - Uses segregated bank accounts to hold its clients' funds.
Trustpilot - Both, TorFX UK and TorFX Australia, rate as Excellent.
Transparency in rates - While TorFX exchange rates come with nominal markups, there is no clear indication of the margin it applies. Customers need to do their own research to get this information.
88
88
Currencies Direct is a reliable international money transfer company.
Regulated - Currencies Direct is regulated by government bodies in the UK, the US, Spain, Canada and South Africa.
Safety of funds - Holds clients' funds in segregated bank accounts.
Transparency in rates - While the exchange rate markup you need to pay is nominal, Currencies Direct can make its transfers completely transparent by informing customers about how much margin it applies.
WinnerThese two well performing providers go head to head in most categories and even draw for Ease of Use. The big reason why Currencies Direct beats TorFX is because of its business services and their trust and transparency in the industry.
