Several people wonder if there’s a clear winner in the TorFX vs. TransferWise comparison. The answer is no. These companies specialize in international fund transfers, they have users from different countries, and both offer better exchange rates in comparison to leading banks.
If you want to use a fund transfer website in a language other than English, turning to TransferWise may work well for you. Access to this website is also available in French, Italian, Spanish, Portuguese, and Dutch. Other than the primary UK-based TorFX website, this company operates a dedicated website for the Australian market, as well. You can access both TorFX websites only in English.
If you, like many others, are finding it hard to decide whether you should go with TransferWise or TorFX, this guide will prove helpful. It highlights key similarities and differences through these categories:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Fees for Worldwide Money Transfer Services
The TransferWise fee structure might seem a little complex at first, but a brief tour of the website clears it up. Whether you use TransferWise or TorFX, you will be paying lower fees compared to a bank. When comparing them against each other, aspects such as transfer amount and destination country require your attention.
- The fee TransferWise charges is a percentage of the transfer amount.
- There is an upper limit to the fees you have to pay.
- The fee can vary in accordance to the destination country.
- The TransferWise fee breakdown table gives you a clear picture of how much your transfer will cost.
- This company does not charge any fees to process international fund transfers.
- Both TorFX websites have minimum transfer amount requirements in place.
Ease of Use
Signing up with each of these service providers is easy. If you live in Europe, TransferWise offers some localized languages..
- You can use your Google or Facebook account to open a TransferWise account.
- The website requires that you follow a simple five-step process to make a transfer.
- You can pay via bank account transfer, debit card, or credit card.
- Get free bank account details in GBP, EUR, USD, AUD, NZD, and PLN when you sign up for the Borderless account.
- Apply for the TransferWise Mastercard if you live in the UK, the U.S., Switzerland, any country in the EEA (except Greece), Singapore, Australia, or New Zealand.
- Setting up direct debits in GBP and EUR is simple when you use the Borderless account.
- The company provides apps for devices that operate on iOS and Android.
- TransferWise lets you sign up for rate alerts.
- The registration process with TorFX is straightforward.
- You follow a few simple steps to initiate a transfer.
- You can use TorFX websites meant for the UK or Australian markets.
- You can make payments through bank account wire transfers, debit cards, and checks.
- This company does not yet provide apps for mobile devices.
Regular Overseas Payments
While you cannot use TransferWise to initiate scheduled payments yet, TorFX lets you do this easily.
- When CurrencyFair and TransferWise go head to head.. who wins?
- Is CurrencyFair similar to TransferWise?
- Is CurrencyFair’s competition up to the task?