Western Union vs. TorFX

TorFX offers the best rates — but is only available in a few currencies.

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TorFX is generally much cheaper than Western Union, 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 30, 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 2,000 1 - 2 days USD 0.00 1.427 AUD 7,137 No hidden fees and a best rate guarantee. Go to site Show details
USD 1 3 - 5 days USD 20.00 1.427 AUD 7,108 The biggest name in money transfers can get your funds to friends, family, or businesses in almost every corner of the globe. Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Which has lower fees?

Western Union

Fees vary depending on how much you’re transferring, how you’re sending it and where you’re sending it to. Fees start at $0, and smaller transfers can stay under $10, but fees can soar when paying by credit or debit card for cash pickup in certain countries.

TorFX

TorFX charges no fees for money transfers. It still makes a profit from the exchange rates, though.

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Winner: TorFX

While Western Union’s fees can start fairly low, costs can rise significantly depending on the details of your transfer. TorFX charges no fees, making it the clear winner.

Let’s crunch the numbers: Sending $400 and $5,000 to Australia

The table below shows how much it might cost to send $400 and $5,000 from Australia to the United States as a direct bank transfer with each provider.

Sending $400 to Australia
Western Union TorFX
Transfer fee $5 $0
Exchange rate 1 USD = 1.3662 AUD 1 USD = 1.3830 AUD
Transfer speed 7 business days 1–2 days
Total received AUD$539.65 AUD$553.20
Receiver gets AUD$13.55 less AUD$13.55 more
Sending $5,000 to Australia
Western Union TorFX
Transfer fee $0 $0
Exchange rate 1 USD = 1.3662 AUD 1 USD = 1.3830 AUD
Transfer speed 7 business days 1–2 days
Total received AUD$6,831.00 AUD$6,915.00
Receiver gets AUD$84.00 less AUD$84.00 more

There’s not too much difference between the two for small transfers, with it costing only AUD$13.55 more to use Western Union. But the TorFX exchange rates get increasingly favorable when moving larger amounts. On a transfer of $5,000, you could get AUD$84 more at the other end with TorFX.

And if you want your transfer to be available faster with Western Union, you’ll need to pay higher fees. For example, paying with a debit card for cash pickup means your $5,000 transfer will be ready in minutes, but it’ll cost an extra $165.

Which offers better exchange rates?

Western Union

Depending on the country you’re sending money to, a typical exchange rate at Western Union could be up to 6% above the mid-market rate. If you’re sending a large amount overseas, this adds up.

TorFX

TorFX offers a “best rate guarantee.” If you can find a better quote for your personal or business international money transfer, TorFX will beat it.

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Winner: TorFX

TorFX guarantees you’ll get the best rate on your foreign currency trade and claims to consistently offer bank-beating rates.

Which is faster?

Western Union

Delivery speed varies with transfer options. At an agent location or by phone, your transfer could be delivered in minutes (at higher costs). Your cheapest options could take five days or longer, depending on the country.

TorFX

TorFX doesn’t offer cash transfers at all, but does promise to complete bank transfers on the same day, or within two business days for more exotic currencies and locations.

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Winner: Western Union

Western Union can offer faster transfers to a wider range of locations than TorFX can — but only if you’re willing to pay the premium price.

General features

Payment methods Receiving options Max and min Transfer speeds Currencies
Western Union Bank transfer, credit card, debit card, cash deposit Bank account, cash pickup, mobile money app Minimum: $1

Maximum: $5,000

Within minutes–7+ days, depending on transfer method 95+ currencies
TorFX Bank transfer Bank account Minimum: $150

Maximum: No limit

1–2 days 20+ currencies

Western Union

With Western Union, you go to its site, enter how much you’re transferring and to where, and see how much you’ll pay for the exchange. You also have the option of visiting a branch, calling or using a mobile app to initiate a transfer.

Once complete, Western Union converts and delivers your money to a bank account or for cash pick-up at locations worldwide.

TorFX

TorFX accepts currency exchange instructions online or by telephone. You can only exchange funds that have been cleared to TorFX’s respective client accounts and funds need to be sent in advance before being able to execute a transaction.

TorFX only accepts bank transfers and doesn’t accept cash deposits.

Bottom line

TorFX has more competitive fees and exchange rates than Western Union, but it’s only available for transfers to Australia and New Zealand. If you’re sending money somewhere else, compare other transfer providers that send in the currency you need to get the best deal.

Looking for more options?

Enter the details of your transfer into the calculator below and see if you can find a more cost-effective transfer.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 0 1 - 2 days USD 0.00 0.897 EUR 4,485 Offering no maximum and no minimum limit transfers with $0 fees. Go to site Show details
USD 1 1 - 2 days USD 40.00 0.901 EUR
4,467
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
EUR 1,000 1 - 2 days USD 10.00 0.892 EUR 4,449 Use TransferMate to help you send money to almost any country around the world for a small fee. Go to site Show details
USD 1 Within an hour USD 3.99 0.897 EUR 4,481 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
GBP 1,000 1 - 2 days USD 0.00 0.892 EUR 4,458 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 1,000 1 day USD 0.00 0.892 EUR 4,458 No-maximum limit transfers with competitive exchange rates for 100+ currencies. Go to site Show details
USD 5,000 1 day USD 0.00 0.892 EUR 4,458 Venstar will support you through the entire process of your international transactions, from start to finish. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Image source: Supplied, Photographer: Western Union, TorFX

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