When you’re transferring your British pounds to another currency, you want to make sure you’re getting the best deal. We’ve compared Xe and TorFX, 2 popular international transfer services, to see which one is better value, faster and most likely to offer what you need.
 |  | |
| Overall rating | ★★★★★ | ★★★★★ |
| Arrange transfers online | ||
| Arrange transfers through app | ||
| Arrange transfers by phone | ||
| Founded | 1993 | 2004 |
| Based | Newmarket, Canada | Penzance, UK |
| FCA reference | 462444 | 900706 |
| Link | Go to site |
Please note: You should always refer to quotes you receive from transfer services themselves directly for exact amounts as they may vary from our estimates.
The fees and rates used in this comparison are accurate as of 18 April 2024.
With Xe, you pay £1.99 on money transfers below £250. The fee is scrapped for transfers above that amount. TorFX doesn’t charge any fees at all.
The £1.99 fee to pay if you’re sending less than £250 means that TorFX pips Xe to the post if you’re purely looking at fees. However, both providers add a margin to their exchange rates, so pay close attention to the total cost of your transfer. TorFX focuses primarily on larger transfers, so may be less competitive at the bottom end.
Winner: TorFX
While Xe tends to have better exchange rates, TorFX offers a rate improver guarantee, meaning you can get a better rate than what Xe is offering. For this reason, TorFX shades it.
Xe adds a margin of around 0.6% to 1.4% to the mid-market exchange rate on popular currencies. Keep in mind that the rate you’ll pay is different to what it shows on its homepage currency converter tool – you’ll need to be logged in to get an accurate quote.
TorFX also adds a similar margin to the exchange rate. This gets lower the more you send. TorFX guarantees competitive rates, even offering a rate improver guarantee. The 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.
Winner: TorFX
Let’s take a look at what a £5,000 transfer to an American bank account looks like with both Xe and TorFX. Keep in mind that the exchange rate margins will be different for other currencies.
| Xe | TorFX | |
|---|---|---|
| Transfer fee | £0 | £0 |
| Exchange rate | 1 GBP = 1.2692 USD | 1 GBP = 1.2633 USD |
| Transfer speed | Same day | 1 day |
| Total received | $6,346.36 | $6,316.36 |
In this example, Xe would give your recipient $30 more, but TorFX would give a better price with its rate improver guarantee.
| | |
| Coverage rating | ★★★★★ | ★★★★★ |
| Number of available currencies | 77 (including: EUR, USD, INR, PHP, PKR, ZAR) | 42 (including: EUR, CNY, INR, PHP) |
| Number of supported countries | 218 | 172 |
| Cash pick-up facility | ||
| Speed rating | ★★★★★ | ★★★★★ |
| Fastest transfer speed | Within minutes | Within minutes |
| Link | Go to site |
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 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.
Xe just about pips TorFX to the post. However both providers offer a pretty speedy service and can get your money there within a day. Both are similarly dependent on a range of external factors that can influence transfer speeds.
Winner: Xe
| | |
| Bank transfer | ||
| Debit card | ||
| Credit card | ||
| Link | Go to site |
| | |
| Facilities rating | ★★★★★ | ★★★★★ |
| Recurring transfer facility | ||
| Forward contracts facility | ||
| Limit orders facility | ||
| Stop loss orders facility | ||
| Customer service | Phone, Email | Phone, Live chat, Email |
| Personal account manager | ||
| Price matching facility | ||
| Link | Go to site |
With Xe you 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.
With 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.
TorFX’s strength lies in the fact that it’s a broker – scouring multiple services to find you the best deal. It specialises in supporting those moving large sums across borders, by providing expert human account handling to help you leverage exchange tools like a pro forex trader.
However Xe is the stronger of the 2 for super-quick, self-service transfers of smaller sums. Xe does add that £1.99 fee on those smaller sums, but it’s offset by great rates and a slicker process.
So while Xe can be slightly faster, for many currencies TorFX works out cheaper, and especially so when you’re transferring several thousand (at which level the simple calculators these sites provide to win your custom don’t tell the full story). Add that to TorFX’s price match guarantee (in fact it pledges to exceed competitor quotes) and TorFX can’t be beaten.
Overall winner: TorFXWe show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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