Ria vs TorFX

Find out which of these two services will let you send money to your loved ones for less.

Last updated:

Ria and TorFX are newer options in the money transfers scene, but the companies are far from inexperienced. We compare them on exchange rates, delivery times and fees to see which offers the better deal.

The fees and rates used in this comparison are accurate as of 22 July 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 2,000 1 day CAD 0.00 0.745 USD
1,490
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies.
Go to site Show details

Compare up to 4 providers

The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Which has lower fees?

Ria

Ria’s fees will vary based on where you’re sending the funds and how you’re paying for the transfer.

For example, if you pay with a bank transfer, you’ll pay a flat $15 for a bank transfer to China or $18 when paying by card. Other destinations are cheaper. You’ll pay $4 with a bank transfer to Brazil or $10 with card. A bank transfer to India will cost you $1.50.

TorFX

TorFX doesn’t charge any fees for personal international money transfers.

However, there’s still a margin added to the exchange rate.

Trophy icon
Winner: TorFX

$0 fees make TorFX the clear winner in this round.

Let’s crunch the numbers: Sending $1,000 and $3,000 to the UK

The table below shows how much it may cost to send 2 different amounts to the United Kingdom with Ria and TorFX, so you can see how exchange rates and fees affect the total cost.

We’ll assume payment is by debit and that the transfer is being deposited directly into the recipient’s bank account.

Sending $1,000 to the UK
RiaTorFX
Transfer fee$35$0
Exchange rate1 CAD = 0.5968 GBP1 CAD = 0.5990 GBP
Transfer speedUp to 4 daysUp to 2 days
Total British pounds received£575.91£599.00
Receiver gets£23.09 less£23.09 more
Sending $3,000 to the UK
RiaTorFX
Transfer fee$75$0
Exchange rate1 CAD = 0.5968 GBP1 CAD = 0.5990 GBP
Transfer speedUp to 4 daysUp to 2 days
Total British pounds received£1,745.64£1,797.00
Total British pounds received£51.36 less£51.36 more

Both Ria and TorFX offer close exchange rates in this case, but with no fees and a slightly higher rate, TorFX comes out ahead by GBP 23.09 (roughly $40 CAD).

Ria’s fees increase with the transfer amount, so when sending more money, its fees are much more expensive. On the other hand, TorFX’s fees stay at zero. Along with a slightly higher exchange rate, TorFX once again takes the lead by around GBP 50 (roughly $85 CAD).

Keep in mind that you can significantly cut down on Ria’s fees by paying directly from your bank account instead of using a debit or credit card.

Which offers better exchange rates?

Ria

Ria’s exchange rates tend to sit around 1% to 2% above the mid-market rate.
Here’s an example of CAD to GBP:

  • If the mid-market rate is 1 CAD = 0.6107 GBP
  • Ria’s exchange rate might be 1 CAD = 0.5968 GBP

TorFX

TorFX doesn’t charge transfer fees, and instead makes its money through a margin on the exchange rates it quotes. While it consistently beats out banks, it also provides a best-rate guarantee. Get a quote from a competitor that you’re registered with and email it to TorFX and you’ll receive a better rate for an identical transaction.

Here’s the same example of CAD to GBP:

  • If the mid-market rate is 1 CAD = 0.6107 GBP
  • TorFX’s exchange rate might be 1 CAD = 0.5990 GBP

Trophy icon
Winner: Tie

Exchange rates are generally close between the two, and which one comes out on top might depend on what currency you’re sending and when.

Which is faster?

Ria

It takes as little as 15 minutes to send money using Ria with a cash deposit and pick-up. The maximum you’ll have to wait is 4 business days.

TorFX

Generally, it takes 1-2 business days to transfer your funds with TorFX, but certain transfers may go through on the same day.

Trophy icon
Winner: Tie

Ria offers the fastest option, but it’s usually at an extra cost. TorFX, meanwhile, has a shorter maximum turnaround time.

General features

Payment methodsReceiving optionsMax and minTransfer speedsCurrencies
RiaBank account, credit card, debit card and cashBank account, cash pick-up, courier cash deliveryMinimum: $2

Maximum: $4,999

1-2 days60+ currencies
TorFXBank accountBank accountMinimum: $2,000

Maximum: No limit

1 day20+ currencies

Ria

Signing up online with Ria is easy and fast. Simply provide the amount you want to transfer, where you want to transfer it to, your payment method and how you want it delivered. You’ll be asked to create an account to finish the process. You can also visit a Ria location and make the transfer in person, but you’ll need a government-issued ID such as a driver’s licence or a passport.

TorFX

Register online with your personal information and request a free quote. Once your account has been approved, you may choose the destination of the funds and complete the transfer.

Bottom line

A low minimum and a cap on monthly transfers make Ria great for one-offs and quick transfers. TorFX takes longer, but can also save you money in fees. Either will typically get you a better rate than a bank.

That’s not to say you won’t find other transfer services that meet your needs better than these two, so compare your options before you settle with one company over another.

Looking for more options?

To hunt for a deal, enter the details of your transfer into the money transfer calculator below. It will run the numbers and let you know how much a transfer may cost with different providers.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 1 1 - 2 days CAD 1.99 0.744 USD
7,443
Quick, affordable transfers around the world. Remitly also has an express option that can transfer your money in minutes for a higher fee. The cheaper option takes several days. Go to site Show details
USD 150 1 day CAD 0.00 0.75 USD
7,497
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Go to site Show details
CAD 2,000 1 day CAD 0.00 0.75 USD
7,497
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies.
Go to site Show details
GBP 3,000 1 day CAD 0.00 0.75 USD
7,497
Global Reach will match any competitor's exchange rates. Conditions apply.
Get no fees for both business and personal transfers when you send your money overseas with Global Reach.
Go to site Show details
CAD 0 Within an hour CAD 3.99 0.749 USD
7,490
Use code FINDERCA and pay zero fees on your first transfer. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details
CAD 1 1 - 2 days CAD 90.00 0.753 USD
7,460
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details
CAD 0 1 day CAD 0.00 0.749 USD
7,490
Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details
GBP 5,000 1 - 2 days CAD 0.00 0.749 USD
7,495
Aimed at larger transfers, CurrencyTransfer is an online marketplace that lets you shop around for the best exchange rate. Go to site Show details

Compare up to 4 providers


The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Frequently asked questions

Ask an Expert

You must be logged in to post a comment.

Go to site