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The key difference between Wise and TorFX is that Wise is an online money transfer provider while TorFX is a currency broker.
This means that TorFX will have a dedicated account manager handling your transfer, negotiating the exchange rates, and helping you with the transfer. With Wise, on the other hand, you will be doing it all yourself.
This makes TorFX better for large transfers (think £10,000+ or even £100,000+) while Wise is perfect for anything else.
Overview: Who wins?
If you do not have either one, here’s a quick overview of when it’s best to use TorFX or Wise:
Wise is better for… | TorFX is better for… |
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Exchange rate & fees
Wise is generally cheaper than TorFX, however this heavily depends on the amount the currencies involved.
Here's a quick TorFX vs Wise comparison of the fees.
All Wise transfers are done at the mid-market exchange rate, but they charge a fee from 0.33% (depending on the currencies and amount).
TorFX on the other hand adds a markup to the exchange rate but has no fees (depending on the currencies and amount).
Wise's fee is usually smaller than TorFX's markup on small transfers, making it a better option.
However, for larger money transfers ($8000+), TorFX becomes much cheaper compared to Wise.
Below you can see live rates and fees for both, Wise and TroFX.
Wise
Here's a table summarising Wise's live exchange rates and fees for different transfer amounts.
Currency pair | Wise exchange rate | Wise transfer fee | Receive amount |
|---|---|---|---|
GBP / AED | 4.9507 | £37.28 | AED 49,321.94 |
GBP / CAD | 1.8787 | £32.76 | $18,725.45 |
GBP / EUR | 1.1480 | £33.48 | €11,441.27 |
GBP / INR | 119.5320 | £50.5 | ₹1,189,283.63 |
GBP / MXN | 24.7655 | £60.42 | $246,158.67 |
GBP / ZAR | 23.1816 | £65.01 | R 230,308.96 |
TorFX
Similarly, this is what TorFX looks like for the same currencies and amounts.
Currency pair | TorFX exchange rate | TorFX transfer fee | Receive amount |
|---|---|---|---|
GBP / AED | 4.9359 | £0 | AED 49,358.74 |
GBP / CAD | 1.8732 | £0 | $18,732.19 |
GBP / EUR | 1.1447 | £0 | €11,447.2 |
GBP / INR | 119.3681 | £0 | ₹1,193,680.77 |
GBP / MXN | 24.6864 | £0 | $246,863.78 |
GBP / ZAR | 23.1137 | £0 | R 231,136.78 |
Transfer speed
When it comes to the transfer speed, it's a tie.
Both, TorFX and Wise are extremely fast, and will deliver your money within 24 hours at most.
Transfer limits
Nothing beats a currency broker (like TorFX) when it comes to the transfer limits.
For this comparison, we are specifically talking about the service limits, not the limits imposed by your bank.
For example, some banks may block large transactions if you don't let them know in advance.
If you are planning to make a large transfer, make sure to let your bank know in advance to avoid delays.
Here's how TorFX and Wise compare in a nutshell.
Companies like TorFX are built to move large money transfers, while online platforms like Wise have hard limits (even if these are extremely high).
Payment type | Wise | TorFX |
|---|---|---|
Wire transfer | 1,000,000 USD | Unlimited |
USD currency top up | 6,000,000 USD | Not applicable |
ACH payment | 50,000 USD | Unlimited |
Debit/credit card | 2,000 USD | Unlimited |
SWIFT | 1,600,000 USD | Unlimited |
For more detailed breakdowns, check out our reviews, where we cover TorFX transfer limits and Wise's transfer limits.
Product offering
Wise overall, is a better product than TorFX.
Here's a quick breakdown of the two.
As you can see Wise offer more countries, more currencies, and more deposit & withdrawal methods.
TorFX is good if you just need to make a large transfer, with a real human being by your side.
If you want to manage currencies with a multi-currency account, travel and spend abroad, have access to more currencies, transfer small amounts, make P2P transfers, and more, we suggest using Wise over TorFX.
Below is a breakdown of countries supported by TorFX and Wise along with the fees, it's quite clear that Wise offers a much bigger coverage.
Wise supported destinations
Currency pair | Wise fee |
|---|---|
Afghanistan | £49.01 |
Albania | £49.01 |
Algeria | £49.01 |
Angola | £49.01 |
Antigua and Barbuda | £49.01 |
Argentina | £235.69 |
Australia | £19.97 |
Bahrain | £49.01 |
Bangladesh | £143.77 |
Barbados | £49.01 |
Belarus | £49.01 |
Belgium | £20.32 |
Bermuda | £49.01 |
Bhutan | £49.01 |
Brazil | £57.23 |
Bulgaria | £26.25 |
Cameroon | £49.01 |
Canada | £20.01 |
Chad | £49.01 |
Chile | £40.8 |
Costa Rica | £86.38 |
Cuba | £49.01 |
Curacao | £49.01 |
Czech Republic | £24.23 |
Denmark | £20.11 |
Dominican Republic | £49.01 |
East Timor | £22.6 |
Egypt | £56.73 |
El Salvador | £22.6 |
Eritrea | £49.01 |
Ethiopia | £49.01 |
France | £20.32 |
Gambia | £49.01 |
Germany | £20.32 |
Ghana | £63.61 |
Gibraltar | £49.01 |
Greece | £20.32 |
Guinea | £49.01 |
Honduras | £49.01 |
Hong Kong | £22.27 |
Hungary | £32.13 |
Iceland | £49.01 |
India | £30.58 |
Indonesia | £30.74 |
Iran | £49.01 |
Iraq | £49.01 |
Ireland | £20.32 |
Israel | £31.56 |
Italy | £20.32 |
Jamaica | £49.01 |
Japan | £25.45 |
Jordan | £49.01 |
Kazakhstan | £49.01 |
Kenya | £64.59 |
Kosovo | £20.32 |
Kuwait | £49.01 |
Kyrgyzstan | £49.01 |
Latvia | £20.32 |
Lebanon | £49.01 |
Liberia | £49.01 |
Libya | £49.01 |
Liechtenstein | £20.36 |
Lithuania | £20.32 |
Macedonia | £49.01 |
Madagascar | £49.01 |
Malawi | £49.01 |
Malaysia | £25.08 |
Malta | £20.32 |
Mauritius | £49.01 |
Mexico | £36.52 |
Moldova | £49.01 |
Montenegro | £20.32 |
Morocco | £119.08 |
Mozambique | £67.82 |
Myanmar [Burma] | £49.01 |
Namibia | £52.83 |
Netherlands | £20.32 |
New Zealand | £20.59 |
Nigeria | £34.43 |
Norway | £20.23 |
Oman | £49.01 |
Pakistan | £36.2 |
Paraguay | £49.01 |
Philippines | £37.01 |
Poland | £24.13 |
Portugal | £20.32 |
Qatar | £49.01 |
Romania | £23.69 |
San Marino | £20.32 |
Saudi Arabia | £49.01 |
Serbia | £49.01 |
Seychelles | £49.01 |
Sierra Leone | £49.01 |
Singapore | £21.36 |
Slovakia | £20.32 |
Slovenia | £20.32 |
South Africa | £41.52 |
South Korea | £37.46 |
Spain | £20.32 |
Sudan | £49.01 |
Swaziland | £49.01 |
Sweden | £21.43 |
Switzerland | £20.36 |
Syria | £49.01 |
Taiwan | £49.01 |
Thailand | £36.43 |
Trinidad and Tobago | £49.01 |
Tunisia | £49.01 |
Turkey | £25.09 |
Uganda | £36.39 |
United Arab Emirates | £23.32 |
United Kingdom | £0.61 |
United States | £22.6 |
Uruguay | £79.73 |
Venezuela | £49.01 |
Vietnam | £35.98 |
Yemen | £49.01 |
Zambia | - |
Zimbabwe | £22.6 |
TorFX supported destinations
Currency pair | TorFX fee |
|---|---|
Antigua and Barbuda | £0 |
Australia | £0 |
Barbados | £0 |
Belgium | £0 |
Botswana | £0 |
Bulgaria | £0 |
Canada | £0 |
China | £0 |
Croatia | £0 |
Czech Republic | £0 |
Denmark | £0 |
East Timor | - |
El Salvador | - |
France | £0 |
Germany | £0 |
Greece | £0 |
Hong Kong | £0 |
Hungary | £0 |
India | £0 |
Ireland | £0 |
Israel | £0 |
Italy | £0 |
Japan | £0 |
Kenya | £0 |
Kosovo | - |
Latvia | £0 |
Liechtenstein | - |
Lithuania | £0 |
Malta | £0 |
Mauritius | £0 |
Mexico | £0 |
Montenegro | - |
Morocco | £0 |
Netherlands | £0 |
New Zealand | £0 |
Norway | £0 |
Philippines | £0 |
Poland | £0 |
Portugal | £0 |
Romania | £0 |
San Marino | - |
Singapore | £0 |
Slovakia | £0 |
Slovenia | £0 |
South Africa | £0 |
Spain | £0 |
Sri Lanka | £0 |
Sweden | £0 |
Switzerland | £0 |
Thailand | £0 |
Turkey | £0 |
Uganda | £0 |
United Arab Emirates | £0 |
United States | £0 |
Zimbabwe | - |
Additional features comparison
Wise's coverage is not the only strong side, as already mentioned, Wise offers a multi-currency account, P2P transfers for domestic payments between friends and family, as well as offers a business account (same as TorFX).
Business accounts
Both, TorFX and Wise offer business money transfers. However, TorFX is a better choice for business transfers.
Here's a quick comparison of key business features of TorFX vs Wise.
TorFX has a slight edge for larger business here because of their experience in payrolls and business finances as well as phone support.
Wise is generally better for sole traders, freelancer, or small companies, since your goal is most likely to save on fees, than have dedicated accounts managers and support.
For more information on their business accounts and offering, check out the business reviews below.
Customer service and experience
TorFX has dedicated account managers, so it's a clear winner here.
Here's a quick comparison of TorFX and Wise when it comes to support, service quality, and general usability.
Having a dedicated account manager means that if you had any questions or concerns, you can contact them at any time and get it resolved. Which is not the same with Wise...
This is largely because you can't directly contact someone at Wise and get your questions answered right away.
Instead, you either need to use their help articles, contact them over the chat or email, and then wait days to get it resolved.
In fact.. I am still waiting for Wise to change my email on the account, and it's been months now.
Ease of use
When it comes to usability, Wise is miles ahead.
This is simply because you just need to sign up, verify and send, be it through the website or the app.
The entire setup process takes less than 5 minutes and you are good to go, it's even quicker with their app.
With TorFX you will need for them to verify your account, contact you to discuss your needs, and then get started. Although, you can use their app almost right away, but it's not as good as Wises.
If you want to know more, check out these videos for Wise and TorFX where we go in a bit more detail.
Wise video overview
TorFX video overview
Safety and regulations
Wise wins here because of their coverage.
Both companies are licensed to make money transfers and are regulated in their respective jurisdictions, it's just the number of these that is different.
Here's a quick summary of both services.
In this case, Wise is covered in over 15 countries/regions, meaning they are legally allowed to make transfers from those places.
However, this does not make TorFX any less reliable. It simply means TorFX has a smaller coverage where they can send money from (mainly EU and the UK).
What are regulators?
In simple terms, for a company to be able to make transfers from a country, it needs someone in that country to give it a stamp of approval.
That someone is usually a financial regulator. And it is different in every country, state, or region.
Customer feedback
Overall, TorFX has better reviews from the users. This is largely because they have less customers but with more specific needs that they can solve much better than Wise.
Wise on the other hand, had their overall rating tailing off, especially when it comes to customer service (where TorFX shines).
Here's a quick comparison of their online reviews.
Here are a few reviews from our users.
Wise user reviews
Comments
Anonymous
Retiro de dinero en transferencia
Uwe
great rates and service - unfortunately for some countries not yet available
Martin Premprakash Anantharaman
On the first transfer to a hospital in NY they were already screaming that this was a sure scam and the same on my next transfer to a fried in Nigeria. They then summarily closed my account TERMINATING THE RUNNING TRANSFER TO NIGERIA, claiming that, hold on, I was being scammed🤦♂️ Sure, I could have appealed but immediately found that I would have had to provide so much intrusive detail that I desisted.
Martin Premprakash Anantharaman
Setting up is a bit unwieldy if you want to make a one-off transfer, as you have to create an account with complete identification - but it works and the process as well as charges are great.
Anonymous
My brother wants to send me money from India to Nigeria but he's finding it difficult how can he do it
Mohammed
WARNING : Wise was Great until main office decided to ruin WISE By letting the TW India office control handling Random verifications and do what ever they want by insane replies and no replies etc.
If you want to waste your time and enjoy a journey into Black Hole of Insane then go ahead and try WISE !
Anonymous
Can't receive money from php to idr so far
sudheir
They don't allow transfer to Brokerage firms from India
Anonymous
Good app to transfer money
Anonymous
I didn't find Cuba on your list.
TorFX user reviews
Comments
Arun
Misleading information
Anonymous
Can't transfer from India
Alternative to Wise & TorFX
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