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XE Money Transfer vs TorFX

Which of these two money transfer services offers cheaper, faster, more flexible transfers?

When you’re transferring your Canadian dollars to another currency, you want to make sure you’re getting the best deal. We’ve compared XE and TorFX, two popular international transfer services, to see which one is better value, faster and most likely to offer what you need.

The fees and rates used in this comparison are accurate as of 2 August 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 0 1 day CAD 0.00 0.753 USD
7,526
Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details
CAD 2,000 1 day CAD 0.00 0.753 USD
7,526
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?

XE

XE doesn’t charge any fees to transfer money internationally.

TorFX

TorFX doesn’t charge any fees either.

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Winner: Tie

Neither provider charges any fees. However, this may mean both providers add a higher margin than most to their exchange rates, so pay close attention to the total cost of your transfer.

Let’s crunch the numbers: Sending $1,000 and $10,000 to the UK

To put this into perspective, let’s take a look at what 2 different transfers to a bank account look like with both XE and TorFX. Keep in mind that the exchange rate margins will be different for other currencies.

Sending $1,000 to the United Kingdom
XE TorFX
Transfer fee $0 $0
Exchange rate 1 CAD = 0.6104 GBP 1 CAD = 0.6187 GBP
Transfer speed Same day 1 day
Total pounds received GBP£610.40 GBP£618.70
Receiver gets GBP£8.30 less GBP£8.30 more
Sending $10,000 to the United Kingdom
XE TorFX
Transfer fee $0 $0
Exchange rate 1 CAD = 0.6106 GBP 1 CAD = 0.6187 GBP
Transfer speed Same day 1 day
Total pounds received GBP£6,106 GBP£6,187
Receiver gets GBP£81 less GBP£81 more

In this case, TorFX saves you money when compared to XE on both the smaller and larger transaction. However, it’s worth noting that this could change depending on what currency is sent and how much is being transferred. So, you should always check with providers to get exact quotes for specific transfers to make sure you’re getting the best deal.

Which offers better exchange rates?

XE

XE usually adds a margin of about 0.4% to 2% to the mid-market exchange rate on popular currencies. (Keep in mind that the rate you’ll pay is different to what they show on their currency converter tool. You’ll need to be logged in to see live exchange rates and get an accurate quote.)

For example, if you want to send money to France:

  • Assuming the mid-market rate is 1 CAD = 0.6810 EUR
  • XE’s rate might be 1 CAD = 0.6688 EUR

In this case, the margin is 1.79%.

As another example, if you want to send money to the US:

  • Assuming the mid-market rate is 1 CAD = 0.7569 USD
  • XE’s rate might be 1 CAD = 0.7466 USD

This represents a margin of 1.36%.

TorFX

TorFX also adds a margin to the exchange rate, usually between 0.4% and 2%. Exchange rates are updated frequently on TorFX’s website, so you can track rate changes until you’re ready to lock in your transfer.

Similar to the prior example, if you want to send money to France:

  • Assuming the mid-market rate is 1 CAD = 0.6820 EUR
  • TorFX’s rate might be 1 CAD = 0.6782 EUR

In this case, the margin is 0.56%.

And if you want to send money to the US:

  • Assuming the mid-market rate is 1 CAD = 0.75714 USD
  • TorFX’s rate might be 1 CAD = 0.75340 USD

This represents a margin of 0.49%.

Additionally, TorFX guarantees competitive rates, even offering a price-match guarantee. The price-match guarantee has some terms and conditions, including that you must have an account with the other provider, but most accounts are free to set up and it could save you money overall, given that TorFX doesn’t charge fees.

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Winner: TorFX

XE and TorFX offer exchange rates within a similar range. However TorFX offers a price-match guarantee, meaning that you can get the rates offered by any provider with a more competitive deal.

Which is faster?

XE

Generally, XE transfers are completed within the same day, often within a matter of hours. Some currencies may take longer, but it depends on where you’re sending the money and the financial institutions involved. When you set up your transfer, XE will estimate the time to give you an idea of how long it will take.

TorFX

TorFX transfers vary from being the same day to 2 business days, depending on the currency. Less-popular currencies take longer, while popular currencies like USD are often delivered that day.

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Winner: Tie

It’s too hard to say which is faster as both providers offer a pretty speedy service and can get your money there within the same day. However, both are similarly dependent on a range of external factors that can delay transfers.

General features

Payment methods Receiving options Max and min Transfer speeds Currencies
XE Bank transfer Bank account Minimum: $0

Maximum: $500,000

1 day 40+ currencies
TorFX Bank transfer Bank account Minimum: $2,000

Maximum: No limit

1 day 40+ currencies

XE

Sign up for an account online or over the phone. Once set up, get a quote. If you’re happy with the quote and agree to the transaction, you send XE the payment and the company will convert and send your money where it needs to go.

TorFX

After registering for a free account, you secure your rate online or with your account manager. If you’re happy with the rate, you set up the transfer, send your funds to TorFX and the company will transfer the money to the desired location.

Bottom line

XE and TorFX are very similar. Neither of them charges a fee, and they both offer quick transfers. It’s worth comparing the exchange rate for the currency you need with both providers before committing.

You can also compare XE and TorFX with other money transfer service providers to make sure you find the best deal for your needs.

Looking for more options?

If XE or TorFX isn’t the one for you, see what your transfer could look like with other services.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 0 Within an hour CAD 3.99 0.752 USD
7,519
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 0 1 day CAD 0.00 0.753 USD
7,526
Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details
USD 150 1 day CAD 0.00 0.753 USD
7,526
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 1 1 - 2 days CAD 90.00 0.756 USD
7,489
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details
CAD 5 1 - 2 days EUR 3.00 0.752 USD
7,518
Special offer: Pay zero fees on your first 5 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
GBP 5,000 1 - 2 days CAD 0.00 0.752 USD
7,524
Aimed at larger transfers, CurrencyTransfer is an online marketplace that lets you shop around for the best exchange rate. Go to site Show details
CAD 2,000 1 day CAD 0.00 0.753 USD
7,526
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
CAD 7,000 1 day CAD 0.00 0.753 USD
7,526
Venstar Exchange offers competitive exchange rates and zero fees on large transfers over US$10,000. 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.

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