- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
A question I am commonly asked by people who wish to transfer funds overseas is whether to use the services of WorldRemit or TorFX. The answer is in the details. If you compare the services of both specialist fund transfer companies to banks, you will notice that using either TorFX or WorldRemit will work in your favor. When choosing between the two, paying attention to your individual needs is crucial.
To help simplify the decision making process, I am dividing this WorldRemit vs. TorFX comparison into different categories:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Fund Transfer Fees
In this section of the TorFX vs. WorldRemit comparison, you will see that one company performs better than the other. However, pay attention to the amount of money the recipient stands to receive, because the exchange rate you get fluctuates accordingly.
- The fees WorldRemit charges depend on the transfer method you choose, which can vary from one country to another.
- The WorldRemit currency exchange calculator gives you easy means to find out how much you may have to pay in fees even before you initiate a transfer.
- International fund transfers through TorFX do not attract any fees.
- If you use the UK-based TorFX website, you must transfer at least £50.
- With the Australia-based TorFX website, you cannot transfer less than AUD $100.
Ease of Use
If website access in a foreign language is important to you, this WorldRemit vs. TorFX comparison tilts in favor of the former. You can register with either company using the Internet, in minutes. You can begin using their services soon after after the companies verify your details.
- Access to the WorldRemit website is available in English, Spanish, and French.
- The company accepts payments via electronic bank transfers, debit cards, and credit cards.
- Depending on the country of your residence, you can also pay via POLi, Interac, SOFORT, and iDeal.
- Transfer methods offered include transfers to bank accounts and cash pickup locations, topping off of mobile wallets and airtime, as well as home delivery of cash (in the Philippines).
- WorldRemit provides apps for iOS and Android.
- Access to both TorFX websites is offered only in English.
- You can pay for your fund transfer via a debit card, a credit card, or an electronic bank transfer.
- While the company does not provide apps for mobile devices as of now, its websites respond to the screen size of your device.
Regular Overseas Payments
If you wish to schedule fund transfers on a regular basis, turning to TorFX is more accommodating. While this company lets you set up regular transfers, WorldRemit does not.
- Learn more from TorFX Review.
- Should one consider TransferWise or are their better alternatives?
- Is there anyone better than TransferWise?