A question we commonly get asked by people who wish to transfer funds overseas is whether they should use the services of UKForex or TorFX. I’ll begin by telling you what I tell them. While both are specialist worldwide money transfer companies, choosing between the two requires that you pay attention to your individual requirements.
The TorFX Vs UKForex comparison yields similar results on Trustpilot, a website where you can find reviews of prominent online businesses. TorFX averages at 9.7 out of 10, and UKForex is not far behind, at 9.2 out of 10. TorFX allows you to transfer any amount over £50, whereas you have to transfer a minimum of £250 through UKForex. Do these factors make TorFX better? Not necessarily.
I have divided this UKForex vs. TorFX comparison into multiple categories so you know exactly how these companies compare:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Fees for Worldwide Money Transfer
While fund transfers through UKForex attracted fees in the past, the company does not charge transfer fees anymore.
TorFX also processes all fund transfers without charging any fees.
Ease of Use
Submitting an online application, whether you choose TorFX or UKForex, should take no more than a few minutes. Both companies review and verify the details you provide before activating your account.
- You can make payments to UKForex via bank account transfers.
- The deal confirmation may list other payment options, depending upon where you live.
- UKForex provides apps for devices that run on iOS and Android.
- You can apply for a new account over the phone.
- You can make payments via bank account transfers, debit cards, and credit cards.
- TorFX is among the few prominent fund transfer companies that accept payments via credit cards.
- The TorFX website auto-scales to the screen size of mobile devices.
Access to websites of both companies is offered only in English. If you are looking for access in a foreign language, consider using the services of TransferWise, Currencies Direct, or Azimo.
Regular Overseas Payments
Both UKForex and TorFX let you set up regular payments.
- Who is similar to OFX.com?
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