XE vs. TorFX

They have similar costs, but XE offers more currencies.

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XE vs TorFX

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While both XE and TorFX can offer fast and affordable overseas transfers, TorFX is only available for sending to Australia and New Zealand. For all other currencies, you’ll need to go with XE.

The fees and rates used in this comparison are accurate as of August 6, 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 0 1 - 2 days USD 0.00 0.899 EUR 8,990 Offering no maximum and no minimum limit transfers with $0 fees. 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.

Which has lower fees?

XE

XE doesn’t charge any fees to transfer money internationally.

TorFX

TorFX also doesn’t charge any fees.

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Winner: Tie

Neither provider charges any fees. However, this may mean both providers add a higher margin than most to their exchange rates, so pay close attention to the total cost of your transfer.

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

To put this into perspective, let’s take a look at what two different transfers to a bank account look like with both XE and TorFX. Keep in mind that the exchange rate margins will be different for other currencies.

Sending $1,000 to the Australia
XE TorFX
Transfer fee $0 $0
Exchange rate 1 USD = 1.456 AUD 1 USD = 1.442 AUD
Transfer speed 1-5 days 1-2 days
Total pounds received AUD$1,456 AUD$1,442
Receiver gets AUD$14 more ADU$14 less
Sending $10,000 to Australia
XE TorFX
Transfer fee $0 $0
Exchange rate 1 USD = 1.471 AUD 1 USD = 1.457 AUD
Transfer speed 1-5 days 1-2 days
Total pounds received AUD$14,710 AUD$14,570
Receiver gets AUD$140 more AUD$140 less

XE saves you money when compared to TorFX on both the smaller and larger transaction.

Which offers better exchange rates?

XE

XE adds a margin to the mid-market exchange rate that varies based on how much you’re sending and in what currency. It generally offers lower rates than TorFX, but not always.

Keep in mind that the rate you’ll pay is different to what they show on their currency converter tool. You’ll need to be logged in to get an accurate quote.

TorFX

TorFX also adds a margin to the exchange rate, but it gets less the more you send.

However, TorFX guarantees competitive rates, even offering a price-match guarantee. The price-match 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, given that TorFX doesn’t charge fees.

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Winner: Tie

While XE tends to have better exchange rates, TorFX offers a price-match guarantee, meaning you can get the rates that XE is offering. For this reason, we’re calling it a tie.

Which is faster?

XE

Many XE transfers can be completed within the same day, often within a matter of hours. But some currencies may take up to five days. 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

TorFX transfers vary from being the same day to two business days, depending on the currency.

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Winner: Tie

It’s too hard to say which is faster as both providers offer a pretty speedy service and can get your money there within the same day. However, both are similarly dependent on a range of external factors that can delay transfers.

General features

Payment methods Receiving options Max and min Transfer speeds Currencies
XE Bank transfer Bank account Minimum: $0

Maximum: No limit

1 - 2 days 40+ currencies
TorFX Bank transfer Bank account Minimum: $2,000

Maximum: No limit

1 - 2 days 2 currencies

XE

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.

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.

Bottom line

XE and TorFX are very similar. Neither of them charges a fee, and they both offer quick transfers. But TorFX is only available for transfers to Australia and New Zealand, making XE the better option for most transfers.

To get the best deal, compare both companies against other money transfer providers to see who comes out on top.

Looking for more options?

If XE or TorFX isn’t the one for you, see what your transfer could look like with other services.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 0 1 - 2 days USD 0.00 0.899 EUR 8,990 Offering no maximum and no minimum limit transfers with $0 fees. Go to site Show details
USD 1 1 - 2 days USD 80.00 0.903 EUR
8,956
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
GBP 1,000 1 - 2 days USD 0.00 0.899 EUR 8,992 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 0.899 EUR 8,992 No-maximum limit transfers with competitive exchange rates for 100+ currencies. Go to site Show details
USD 5,000 1 day USD 0.00 0.899 EUR 8,992 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: XE, TorFX

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