TorFX vs. MoneyGram | Speed, safety and cost compared | finder.com

TorFX vs. MoneyGram

Fast or cheap? See how these providers compare on speed and cost.

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TorFX is generally cheaper than MoneyGram — but it’s also slower and can only send to Australia and New Zealand.

The fees and rates used in this comparison are accurate as of May 10, 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 1 1 day USD 8.00 1.442 AUD 7,200 Easily transfer cash to more than 350,000 locations around the world. Go to site Show details
USD 150 1 - 2 days USD 0.00 1.439 AUD 7,193 No hidden fees and a best rate guarantee. Go to site Show details

Compare up to 4 providers

The exchange rates in the table are not locked in. Confirm your final rate on the provider’s site before completing any transaction.

Which has lower fees?

TorFX

TorFX has no fees on its transfers and makes its money by taking a cut of the exchange rates instead.

MoneyGram

MoneyGram fees will vary widely based on where you’re sending the money, how much you’re sending and the payment and pick-up method. Fees can range from just a few dollars to over $100 based on these factors.

Trophy icon
Winner: TorFX

With zero fees, TorFX is the clear winner.

Let’s crunch the numbers: Sending $500 and $3,000 to Australia

To really see how these two services compare, let’s take a look at sending $500 and $3,000 to Australia using the fastest method for both transfers — a cash pickup through MoneyGram and a bank transfer through TorFX. Keep in mind, rates and timing will vary for other currencies.

Sending $500 to Australia
TorFX MoneyGram
Transfer fee $0 $20
Exchange rate 1 USD = 1.397 AUD 1 USD = 1.397 AUD
Transfer speed 1-2 days Within minutes
Total euros received AUD$698.50 AUD$670.56
Receiver gets AUD$27.94 more AUD$27.94 less
Sending $3,000 to Australia
TorFX MoneyGram
Transfer fee $0 $102
Exchange rate 1 USD = 1.397 AUD 1 USD = 1.397 AUD
Transfer speed 1-2 days Within minutes
Total euros received AUD$4,191.00 AUD$4,048.51
Receiver gets AUD$145.49 more AUD$145.49 less

In both cases, it’s significantly more cost-effective to use TorFX instead of MoneyGram. Its fees are much lower, and though the original quoted exchange rate was better at MoneyGram, TorFX offers a best rate guarantee, so it’s able to match the rate of MoneyGram.

Which offers better exchange rates?

TorFX

TorFX’s exchange rates can get up to 2.5% above the mid-market rates. However, the more you send, the better rates you’ll get, with the margin dropping to below 1% and lower.

For example:

  • If the mid-market rate is 1 USD = 1.4295 AUD
  • TorFX’s exchange rate might be 1 USD = 1.3946 AUD

This ends up being a margin of 2.5%.

MoneyGram

MoneyGram’s exchange rates will vary widely depending on how much you’re sending and where. It will often be 5% or more above mid-market rates.

For example

  • If the mid-market rate is 1 USD = 1.4295 AUD
  • MoneyGram’s exchange rate might be 1 USD = 1.3712 AUD

This ends up being a margin of 4.3%.

Trophy icon
Winner: TorFX

TorFX’s rates will tend to be better than MoneyGram’s, and its best rate guarantee means that when it doesn’t offer better rates, it will at least match them.

Which is faster?

TorFX

TorFX transfers typically take one to two days, although it can take longer for exotic currencies.

MoneyGram

MoneyGram can offer transfers internationally within minutes with cash pickups, although these typically cost extra.

You can also choose slower transfers with slightly better rates and lower fees.

Trophy icon
Winner: MoneyGram

With its express options, MoneyGram is much faster than TorFX.

General features

Payment methods Receiving Options Max and Min Transfer speeds Currencies
TorFX Bank transfer Bank transfer Minimum: $150

Maximum: No limit

12 days USD, AUD, NZD
MoneyGram Cash payment, credit card, debit card, bank transfer Cash pickup, bank transfer Minimum: $

Maximum: $10,000

In minutes 100+ currencies

TorFX

To send money with TorFX you’ll first need to sign up for an account. Once you do, you can start to enter the details of your transfer and get a quote to see how much you’ll pay on exchange rates.

To make the transfer, send your money to TorFX with a bank transfer.

MoneyGram

You don’t need to create a MoneyGram account to send a transfer because you can walk into one of its many agent locations to make a transfer. Similarly, the recipient won’t need a bank account to get the money if you opt to send it for a cash pickup.

But if you want to send money online, you’ll need to create a MoneyGram account.

Bottom line

TorFX is significantly cheaper than MoneyGram, with zero fees and more favorable exchange rates. But it’s slower and can only send to Australia and New Zealand. If you need to send to another country, you’ll need to use MoneyGram or compare other transfer providers.

Looking for more options?

If you don’t see what you’re looking for in either MoneyGram or TorFX, you can compare other options too. Use the calculator below to see how much it may cost to send money with different providers.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 0 1 - 2 days USD 0.00 0.89 EUR 4,451 Offering no maximum and no minimum limit transfers with $0 fees. Go to site Show details
USD 1 1 - 2 days USD 0.00 0.897 EUR
4,487
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
USD 1 Within an hour USD 0.00 0.894 EUR 4,469 Use promo code 3FREE to send your first 3 transfers with no fee. Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site Show details
USD 1,000 1 day USD 0.00 0.888 EUR 4,442 No-maximum limit transfers with competitive exchange rates for 100+ currencies. Go to site Show details
GBP 1,000 1 - 2 days USD 0.00 0.892 EUR 4,460 Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
For larger transfers, get no transaction fees and no maximum send limits.
Go to site Show details
USD 5,000 1 day USD 0.00 0.882 EUR 4,410 Venstar will support you through the entire process of your international transactions, from start to finish. Go to site Show details
USD 50 1 - 2 days USD 0.00 0.882 EUR 4,410 Simple, zero-margin exchange rates, plus earn loyalty points on sign up, referral and every transaction. Go to site Show details

Compare up to 4 providers

The exchange rates in the table are not locked in. Confirm your final rate on the provider’s site before completing any transaction.

Image source: supplied, photographer: TorFX, MoneyGram
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US International Money Transfer Offers

Important Information*
Logo for XE Money Transfer
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Offering no maximum and no minimum limit transfers with $0 fees.

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WorldRemit International Money Transfers

Use promo code 3FREE to send your first 3 transfers with no fee. Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

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TransferWise

Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

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CurrencyTransfer

Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
For larger transfers, get no transaction fees and no maximum send limits.

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