TorFX vs. PayPal | finder.com

TorFX vs. PayPal

TorFX offers a better deal — but is only available in a few currencies.

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TorFX and PayPal are both in the business of moving money, but they charge very different amounts. TorFX is generally much cheaper, but as of April 2019, you can only send in US, Australian or New Zealand dollars.

The fees and rates used in this comparison are accurate as of April 23, 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
$1 3 - 5 days USD 145.00 1.382 AUD 6,709 Show details
USD 150 1 - 2 days USD 0.00 1.385 AUD 6,924 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.

PayPal transfers may incur an additional fee depending on the currency sent. See the full PayPal fee schedule by currency.

Which has lower fees?

TorFX

TorFX has flat $0 fees on all transfers, opting instead to take an added margin on the exchange rate for profit.

PayPal

PayPal international transfer fees vary depending on the amount sent and how you pay, ranging from $0 to $4.99 plus 2.9% of the amount sent. It adds a small fee on top of this that’s based on the destination currency.

Trophy icon
Winner: TorFX

TorFX has no fees and that’s hard to beat.

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

See how much of a difference your choice of provider makes when sending different amounts of money overseas, in this case to Australia. The examples below

Sending $1,000 to Australia
TorFX PayPal
Transfer fee $0 $4.99
Exchange rate 1 USD = 1.374 AUD 1 USD = 1.371 AUD
Transfer speed 12 days 35 days
Total euros received AUD$1,374.00 AUD$1,364.16
Receiver gets AUD$9.84 more AUD$9.84 less
Sending $10,000 to Australia
TorFX PayPal
Transfer fee $0 $4.99
Exchange rate 1 USD – 1.374 AUD 1 USD = 1.371 AUD
Transfer speed 12 days 35 days
Total euros received AUD$13,740.00 AUD$13,703.16
Receiver gets AUD$36.84 more AUD$36.84 less

While TorFX beats PayPal for both transfers, the difference between the two becomes larger when more money is sent.

Which offers better exchange rates?

TorFX

TorFX’s exchange rates vary based on how much you’re sending and where you’re sending it, with preferential rates sometimes available on large transfers.

For example, when sending money to New Zealand:

  • If the mid-market rate is 1 USD = 1.503 NZD
  • TorFX’s exchange rate might be 1 USD = 1.465 NZD

This ends up being a margin of 2.6%.

PayPal

PayPal’s exchange rates for personal money transfers also vary based on where you’re sending money, though they’re generally slightly less competitive that the rates you’ll see with TorFX.

For example:

  • If the mid-market rate is 1 USD = 1.503 NZD
  • PayPal’s exchange rate might be 1 USD = 1.462 NZD

This is a margin of 2.8%.

Trophy icon
Winner: TorFX

In most cases, PayPal and TorFX will offer very similar rates. But when there’s a difference, TorFX usually comes out ahead.

Which is faster?

TorFX

With TorFX it will typically take 1–2 business days for your money to arrive, as it passes from your bank to TorFX and then from TorFX to the recipient’s bank.

PayPal

PayPal transfers can be almost instant when sending money from your PayPal account to the recipient’s PayPal account, but can take up to 10 days when you want to send money from your bank account to the recipient’s bank account through PayPal.

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Winner: Tie

At its best, PayPal is much faster than TorFX, but at its worst it’s much slower.

General features

Payment methods Receiving options Maximum and minimum transfers Average transfer speeds Currencies
TorFX Bank transfer Bank account Minimum: $150

Maximum: No limit

1–2 days USD, AUD, NZD
PayPal Bank transfer, credit card, debit card, PayPal transfer Bank account, PayPal account Minimum: $1

Maximum: $10,000

3–5 days 20+ currencies

TorFX

You’ll need to create a TorFX account before you can send money through the service. This is relatively quick and easy, and once you’re done you can enter the recipient’s details to send money directly to them.

PayPal

Sending money with PayPal involves creating an account and then funding your PayPal account. From there you can use that account to send money to the recipient or their bank account. If you’re sending from one PayPal account to another it can be almost instant, but if you still need to make a bank transfer at either end it’s much slower.

Bottom line

TorFX is generally the more affordable of the two options, but it also only supports three currencies as of April 2019. If you want to send in another currency, you’ll need to use TorFX or compare other transfer providers to find the best deal for your currency.

Looking for more options?

The calculator below lets you find more options for your transfer. The cheapest possible option for each transfer depends on how much you’re sending where and when, so it can pay to compare each transfer each time.

Enter the details of your next transfer below for an idea of which provider is best for you.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 0 3 - 5 days USD 0.00 0.88 EUR 4,400 Offering no maximum and no minimum limit transfers with $0 fees. Go to site Show details
USD 1 1 - 2 days USD 0.00 0.887 EUR
4,436
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 0.875 EUR 4,375 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 0.878 EUR 4,391 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 0.884 EUR 4,418 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 0.872 EUR 4,360 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 0.872 EUR 4,360 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: PayPal, TorFX

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Important Information*
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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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