TorFX vs Wise [2024]
TorFX and Wise both offer US personal and business customers easy ways to send money to others overseas, with low fees and fast payment times. However, the services and features available from each are pretty different. In addition to transfers, TorFX offers currency risk management solutions, while Wise has multi-currency accounts and cards.
Torn between Wise or TorFX for your next international payment? This Wise vs TorFX review is here to help.
Summary: TorFX arranges international transfers, and also provides currency risk management tools like forward contracts and market orders through personal brokers. Wise is a specialist in fast, cheap international payments online and in-app, and also has a multi-currency account with a linked debit card, for individuals and businesses. Which is best for you depends on your specific needs.
Wise vs TorFX: Side by side comparison
| Feature | Wise | TorFX |
|---|---|---|
| Send payments to | 160+ countries, 40+ currencies | 40 global currencies |
| Multi-currency accounts | Available for 40+ currencies | No |
| Debit card available | Yes, Wise Debit Card | No |
| Currency risk management solutions | No | Yes |
| Fully licensed and regulated | Yes | Yes |
| Business services available | Yes, Wise Business | Yes |
So, to summarize:
- TorFX and Wise support a similar number of currencies
- Wise has a multi-currency account to support 40+ currencies, TorFX does not
- Wise has a debit card on offer for personal customers – TorFX does not have that option
- TorFX offers currency risk management services – Wise does not
- Both providers are fully regulated, and offer both personal and business services
Whether TorFX or Wise suits you best will depend on the service you need:
- TorFX has currency risk management solutions including forward contracts and market orders. These aren’t available from Wise. However, when it comes to international transfers, Wise may win on price and speed.
- Wise transfers can arrive instantly, and use the mid-market exchange rate with transparent fees. Wise also has the bonus of a multi-currency account for individuals and businesses, which can help you hold, exchange, send and spend all over the world.
Wise vs TorFX: The important bits
When choosing a provider for international transactions, fees, safety and speed matter. Here’s a comparison of Wise vs TorFX on the key features which may help you decide which is right for you:
| Wise | TorFX | |
|---|---|---|
| Rates | Mid-market exchange rate | Exchange rates include a markup |
| Fees | From 0.33% for currency exchange and international transfers | No transfer fee |
| Speed | 60% instant, 90% same day | Usually in 1 – 2 business days |
| Service | Desktop browser and mobile app | Phone, desktop browser and mobile app |
| Safety | Fully regulated and licensed | Fully regulated and licensed |
| Reviews (TrustPilot) | 4.3, Excellent, 230,000+ reviews | 4.9, Excellent, 7,000+ reviews |
To summarize:
- Rates: Wise uses the mid-market rate for currency exchange, whereas TorFX adds a markup
- Fees: Wise accounts have no monthly fees, with currency exchange and transfer from 0.33%; TorFX has no transfer fee
- Speed: Wise transfers may arrive instantly, and 90% arrive in 24 hours, TorFx usually takes a day or two
- Service: Both providers have online and in-app service
- Safetly: Both providers are fully regulated and licensed
- Reviews: Wise has an Excellent rating on Trustpilot from 230,000+ reviews, TorFX gets an Excellent rating, from 7,000+ reviews
Pros and cons: Wise or TorFX
| Wise | TorFX |
|---|---|
| ✅ Mid-market exchange rates and low fees ✅ Send to 160+ countries quickly or instantly ✅ International accounts and cards for personal and business customers ✅ Hold and exchange 40+ currencies, receive with local account details in select currencies ✅ Transparent pricing structure | ✅Good range of transfer types for individuals and businesses ✅ No transfer fees ✅ Fast delivery on major payment routes ✅ Currency risk management solutions ✅ Service by phone, in person, online, by email and in-app |
| ❌ Some transaction fees apply ❌ No currency risk management solutions | ❌Exchange rates include a markup ❌ Fees apply for currency risk management products |
The verdict: Which is better, Wise or TorFX?
Whether TorFX or Wise is best for you will depend on the specific services you need.
- TorFX has currency risk management options for individuals and businesses, and can offer services in person, by phone and by email as well as online and in-app payments.
- Wise uses the mid-market exchange rate with low, transparent fees, and can have faster delivery times compared to TorFX. Wise also offers a multi-currency account for individuals and businesses, with a linked international debit card.
- If you’re sending a payment to a bank account directly, Wise has a transparent pricing structure and may have better exchange rates. To find out the rate offered by TorFX you’ll have to register an account in advance – with Wise you can just run an instant online comparison to see the rates and fees available.
About Wise and TorFX
Wise was launched as TransferWise back in 2011 as a low-cost international payment provider. These days, Wise has upwards of 16 million customers, and also offers personal and business accounts to hold and manage currencies, receive and send payments.
With Wise you can send payments to 160+ countries, in 40+ currencies.
TorFX was founded in 2004, and has over 325,000 customers. You can send payments in 40+ currencies with TorFX, and access currency risk management products like market orders and forward contracts.
TorFX business services include currency solutions and a business health check to optimize international payment processes.
Wise vs TorFX: Fees
TorFX doesn’t charge a transfer fee. Instead, they use an exchange rate markup – which is a fee wrapped up in the exchange rate being offered.
Wise doesn’t hide any fees in the exchange rates used, but instead has a couple of different transparent costs:
- Fixed fee: covering the fixed costs associated with the transaction
- Variable fee: covering the cost of the currency exchange
Sending a payment with Wise starts from 0.33% of the transfer value. Learn more about Wise transfer fees.
Wise vs TorFX: Which is cheaper for international transfers?
Choosing an international payment specialist is almost certainly cheaper than sending money using your bank. However, as TorFX doesn’t publish exchange rates publicly, it’s not possible to check their overall costs without first creating and verifying a customer account.
If you want to check how much your international transfer would cost with Wise you can get an instant cost comparison on the Wise website or app. You’ll see the rate and fees right away, as well as the costs of your payment from a few other major providers. If a competitor within the comparison is cheaper than Wise you’ll always be informed to help you get the best deal.
Wise vs TorFX: Exchange rates
If you need currency exchange to send a payment abroad, you need to know the currency conversion rate that will be applied – including any fees which are added here. Let’s take a look at how Wise and TorFX work for currency conversion.
Wise exchange rate
Wise uses the mid-market exchange rate – the one you’ll find on Google – for currency conversion. All costs are split out as a separate line item for transparency.
Learn more about Wise currency exchange rates here.
TorFX exchange rate
TorFX works differently, adding a markup to the rate it uses for currency conversion. That’s pretty standard across banks and transfer providers, but can make it harder to work out the true cost of your payment. TorFX uses a smaller margin than banks normally do, allowing them to cover their costs while still offering a competitive service to customers.
Learn more about TorFX rates from here: Get a free quote from TorFX
Wise vs TorFX: Which is faster?
TorFX payments can arrive on the same day for major currency routes, or within 2 working days for exotic currency transfers.
Over 60% of Wise payments get to their destination instantly,, and 90% arrive in 24 hours. However, the exact delivery time will depend on where you’re sending money to, and how you want to pay. You’ll see an estimated arrival time when you set up your payment.
Wise vs TorFX: International transfer limits
If you’ll be sending a high value payment you’ll need to check your transfer can be supported by your preferred provider.
| Wise limits | TorFX limits |
|---|---|
| High limits which vary by currency, usually around the equivalent of 1 million GBP. Learn more: Wise limits | No limit is usually applied to one off transfers |
Wise vs TorFX: Payment methods
If you want to use Wise to send an international transfer to someone, you can choose from:
- direct debit (ACH)
- debit/credit card
- wire transfer
- Wise account balance
With TorFX you can pay for your transfer using an international SWIFT payment only.
How do they work?
You can send money with Wise or TorFX once you have registered and verified an account. Wise operates the application and verification process online, while TorFX does most steps online but does require you to talk to a broker for your first transaction.
How to send money internationally with Wise?
How does Wise work? To use Wise you’ll need to create an account, and depending on the type of payment you want to make you might need to provide some ID for verification.
Once your account is up and running make payments online and in the Wise app:
- Log into your account
- Type in how much you want to transfer, or how much you need the recipient to get
- Enter the recipient’s details – bank account number or email
- Check over the details
- Fund your payment using a card or bank transfer
- Confirm and your money will be on the move
Wise transfers are made through Wise’s network of local bank accounts, so they arrive faster and don’t incur intermediary fees. When you want to pay for your transfer in dollars you’ll send the money to Wise’s local US account. Then Wise will make a payment of the equivalent amount in your preferred currency, from their account in the destination country. No money actually moves across borders, so it’s faster and cheaper than traditional international payments.
How to send money internationally with TorFX?
To use TorFX you’ll first need to create an account and complete any required verification steps. To send your first payment you must talk to a TorFX broker. After this, you can send money online or by phone 24/7.
If you want to make a one-off transfer of between 100 GBP and 25,000 GBP, or create a recurring transfer of 500 GBP to 10,000 GBP, you can do so online or in the TorFX app. To do this you’ll need to:
- Log in on the TorFX desktop site, or open the app
- Enter the country you want to send to
- Enter the transfer amount to generate an exchange rate quote
- Confirm the payment and fund it by international SWIFT transfer (if paying in USD – other options are available for other currencies)
- The payment will be processed once TorFX receive the funds
For larger transfers, or for forward contracts and market orders, you’ll need to talk to a TorFX agent by phone to understand your options.
Wise vs TorFX for business payments
You can open a Wise Business account online or via the Wise app. TorFX also offers business services including one off and recurring payments, and currency risk management solutions.
| Wise Business | TorFX Business |
|---|---|
|
|
Ease of use
- Creating an account: Create your account online or in-app with both TorFX and Wise. TorFX also allows customers to create accounts by phone
- Making a transfer: If you’re sending USD, you’ll need to send an international SWIFT payment to TorFX. TorFX can’t accept USD debit or credit card payments. Wise typically allows local bank transfers, card payments and Apple Pay payments
- Ways to send money: Send payments to your recipient’s bank account directly with both TorFX and Wise
- Languages: TorFX has offices around the world, although their website and app is available primarily in English. Wise offers 15 languages, plus multi-lingual support services
- Minimum & maximum amounts: Wise sending limits can vary by destination country, and based on your account type. TorFX has a minimum send amount of 100 GBP, with no upper limit. You may need to confirm high value payments by phone
Supported currencies
Wise supports 50+ currencies, and lets you send payments to over 160 countries. You can also hold and exchange 40+ currencies in a Wise account and get a Wise card to spend in 150+ countries.
TorFX supports 40+ currencies on major payment routes.
Safety
Both Wise and TorFX are fully licensed and regulated, and use both smart technology and dedicated service teams to keep customer money safe.
Is Wise safe and legitimate?
Is Wise Safe? is regulated by FinCEN in the US, and other global regulatory bodies around the world.
Is TorFX safe and legitimate?
Is TorFX Safe? TorFX is a UK based business, and so is regulated in the UK by the Financial Conduct Authority (FCA). This means they’ll comply with the financial regulation requirements both in the UK and in the countries they send to, to keep your funds safe.
Wise vs TorFX customer service
The easiest way to get help with Wise is to log into the Wise app and open a live chat. This means you can be connected to an agent who can help you, or pass you on to another team or individual who can provide subject specific support.
TorFX offers customer support online, in app and through a 24/7 phone service.
Conclusion: Comparing Wise and TorFX
Both TorFX and Wise have interesting features which will suit different customer needs.
TorFX offers some currency management solutions which are not available through Wise. Forward contracts and market orders can help individuals and businesses minimize losses, or maximize gains when buying and selling foreign currencies. TorFX also allows customers to arrange transfers by phone which can be reassuring if sending a large payment or arranging a complex financial transaction.
Wise has its international account and card which you can use to spend while you travel, make ATM withdrawals and avoid foreign transaction fees when you shop online with international retailers. This service isn’t available through TorFX.
You can make online and in-app international payments direct to bank accounts with both TorFX and Wise. Here Wise might be better overall on the exchange rates, and has a more transparent pricing structure.
Wise and TorFX comparison FAQs
What is the difference between Wise and TorFX?
TorFX provides payments, as well as currency risk management tools like forward contracts and market orders through personal brokers.
Wise lets you send fast, cheap international payments online and in-app, as well as having multi-currency accounts for individuals and businesses.
Related: TorFX alternatives & Wise alternatives
Which is better: Wise or TorFX?
Neither is better – it all depends on what you need.
- Wise is stronger on multi-currency account and card features which are not offered by TorFX – Wise also has the mid-market rate and more transparent pricing. Learn more: Wise review
- TorFX offers transfers in 40 currencies and also hasa currency risk management solutions with phone broker services which aren’t offered by Wise. Learn more: TorFX review
How many currencies do Wise and TorFX support?
Wise supports 40+ currencies, and lets you send payments to over 160 countries. You can also hold and exchange 40+ currencies in a Wise account and get a Wise card to spend in 150+ countries. TorFX supports 40+ currencies on major payment routes.
