TorFX vs Wise

TorFX and Wise are very different services with different expertise. While there's no clear "better" option out of the two, there's likely to be a right choice depending on your transfer needs.

Compare quotes from Wise and TorFX Check rates
Just take me to the verdict! Read more

While Wise might be a better-known brand (despite changing its name from Trasnferwise a few years back), both TorFX and Wise are popular services with UK consumers (and businesses too). Wise specialises more in quick self-service transfers through its app, while TorFX has trained up an army of experts who can guide you towards big savings on larger transfers by scouring the forex markets and using clever facilities to lock-in exchange rates and protect yourself against unfavourable market movements.

We’ve put them side-by-side to make it easier to see where the differences lie. We’ve focused on the money transfer service provided by both platforms (Wise additionally offers a prepaid card for spending abroad).

TorFX and Wise at a glance

TorFXWise (TransferWise)
Overall rating★★★★★★★★★★
Arrange transfers online
Arrange transfers through app
Arrange transfers by phone
Founded20042011
BasedPenzance, UKLondon, UK
FCA reference900706900507
LinkGo to siteGo to site

Which is cheaper: TorFX or Wise?

1 - 2 of 2
Name Product Fastest transfer Fee Key benefits Amount received
OFFER
TorFX
24 hours
£0
Rate improver guarantee: TorFX will match and beat any rate you're offered by a competitor. T&Cs apply. Get a £50 Amazon voucher for each friend you refer who transfers £5,000 or more. T&Cs apply.
N/A
OFFER
Wise (TransferWise)
4 hours
From £0.20
Refer 3 friends to receive up to £50 referral bonus
N/A
loading

Compare up to 4 providers

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.

Which charges lower fees?

Wise charges variable fees based on how much you’re sending and where you’re sending it. TorFX doesn’t charge fees, but instead adjusts the exchange rate offered.

Trophy iconWinner: TorFX

Which offers better exchange rates?

Wise offers the “mid-market” or “interbank” exchange rate. In other words, it doesn’t add a mark-up. To cover costs (and make profit) it charges fees instead.

Sounds like a clear win for Wise, right? Plus don’t forget that it also supports a greater selection of currencies.

BUT, TorFX does offer a “rate-match guarantee” so you can get the same deal through either platform. There are a few caveats (namely that if it stands to lose the company money, TorFX reserves the right to back away), and it’s a minor hassle (you’ll need to be registered with the platform you want TorFX to match, and you’ll need to produce screenshots of the quote).

Additionally, as a broker, TorFX can leverage clever forex tools such as rate triggers (you set a target rate, and your transfer executes if it’s hit) or forward contracts (you lock-in a rate today, for a transfer you promise to make in the future), amongst others. These mean that while a simple comparison calculator might put Wise on top, it might not tell the full story.

If you’re transferring £200 to family in France, you might not want to set exchange rate triggers for some unknown time in the future, and you might not want to jump through the hoops to take advantage of the rate match guarantee. In that case, Wise is likely to have a greater appeal. Hence we’re calling this one a tie!

Trophy iconWinner: Tie

Example: Sending £2,000 to Canada

Note this is an example only, and doesn’t use live rates.

TorFXWise
Transfer fee£0£8.67
Exchange rate1 GBP = 1.5263 CAD1 GBP = 1.5385 CAD
Transfer speedArrives the next working dayArrives within 12 hours
Total received$3,052.60 CAD$3,063.66 CAD

In this example of a market order (sending at the best rate each platform can secure there and then), using Wise would mean your recipient getting an extra $11.

Coverage and payout

TorFXWise (TransferWise)
Coverage rating★★★★★★★★★★
Number of available currencies38
(including: EUR, USD, CNY, INR, PHP, ZAR)
56
(including: EUR, USD, CNY, INR, PHP, PKR, ZAR)
Number of supported countries172222
Cash pick-up facility
Speed rating★★★★★★★★★★
Fastest transfer speed24 hours4 hours
LinkGo to siteGo to site

Which is faster?

Wise has the edge in this round. Speed isn’t everything, except for when it is… and in those cases you’re better off with Wise.

Trophy iconWinner: Wise

Payment methods: Wise

TorFXWise (TransferWise)
Bank transfer
Debit card
Credit card
LinkGo to siteGo to site

Wise supports credit card payments, but that’s not something that should be done without being aware of the costs and implications. Read our guide to paying for overseas transfers by credit card first. TL;DR: it’s best avoided if possible.

Trophy iconWinner: Wise

Forex features

TorFXWise (TransferWise)
Facilities rating★★★★★★★★★★
Recurring transfer facility
Forward contracts facility
Limit orders facility
Stop loss orders facility
Customer servicePhone, EmailPhone, Email
Personal account manager
Price matching facility
LinkGo to siteGo to site

TorFX comes out comfortably ahead in the forex tools round. If you’d like to learn more about these facilities, read our guide to locking-in exchange rates.

Trophy iconWinner: TorFX

The verdict: Which is better: TorFX or Wise?

Sending £100 to a mate in Bulgaria? You’re likely to enjoy a slicker, cheaper experience with the Wise app. Upping sticks and moving to Spain? A TorFX expert account handler is likely to be able to help you get the best rate as you transfer some of your life savings across borders, by scouring the forex market on your behalf and locking-in rates.

“Get off the fence!” you say? Well, there’s no law against using two different money transfers services (or more!) so that you get the best of each. In fact we’d actively encourage it. These are both great services, and they’re both likely to comfortably beat bank rates/fees. In a fairly crowded marketplace, they’ve each successfully managed to carve our different niches for themselves by providing impressive – but different – improvements to the process of sending money overseas.

Trophy iconOverall winner: Tie

We 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.

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