Personal Features

TorFX

50

50

TorFX money transfer services are available for personal customers from different countries.

What TorFX does

  • International money transfers.
  • Forward contracts, limit orders and stop loss orders.
  • Regular transfers.
  • Dedicated currency specialists.

What TorFX doesn’t do

  • Digital wallet.
  • Travel card.
  • Bill payments.
  • Cash pick-up.

Currencies Direct

42

42

Currencies Direct provides international money transfer services for personal customers from different countries.
 

What Currencies Direct does

  • International money transfers.
  • Forward contracts and limit orders.
  • Regular transfers (conditions apply for US customers).
  • Multiple currency wallets.
  • Dedicated currency managers.

What Currencies Direct doesn’t do

  • Travel card.
  • Cash pick-up.

TorFX wins!

TorFX scores better in the Personal Features category.

TorFX
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Winner

Business Benefits

TorFX

44

44

Global business clients can reduce their currency costs by using TorFX's services. TorFX specializes in fostering business relationships and partnerships.

What TorFX business account offers

  • Spot contracts, forward contracts, limit orders and stop loss orders.
  • Multi-currency wallets.
  • Dedicated account managers.

What TorFX business account doesn’t offer

  • Unique multi-currency receiving accounts.
  • FX-optimised travel cards.
  • Accounting integration.
  • Online seller solutions.

Currencies Direct

83

83

Specialized forex solutions offered by Currencies DIrect can benefit businesses and online sellers in different ways.

What Currencies Direct business account offers

  • Spot contracts, forward contracts, market orders and options.
  • Batch payments.
  • Receive payments.
  • Multi-currency collection accounts.
  • Easy integration with popular online marketplaces for online sellers.
  • Dedicated account managers.

What Currencies Direct business account doesn’t offer

  • FX-optimized business travel cards.

Currencies Direct wins!

Currencies Direct scores better in the Business Benefits category.

Currencies Direct
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Winner

Fees & Exchange Rates

TorFX

42

42

TorFX fees

Irrespective of whether you use the TorFX UK or TorFX Australia website, you benefit by carrying out fee-free transfers.
 

TorFX exchange rates

TorFX applies a nominal markup on existing mid-market/interbank exchange rates. It informs you of the exchange rate that will apply on your transfer in advance. The exchange rate margin applied is usually less than 1%. This can be negotiated. 


Currencies Direct

54

54

Currencies Direct fees

There are no fees for personal transfers carried out through Currencies Direct. Business customers might need to pay fees in some instances. For example, a 0.1% fee applies when receiving payments in collection accounts.
 

Currencies Direct exchange rates

You need to pay a nominal markup on existing interbank/mid-market exchange rates. This is typically less than 1%. In addition, the higher the transfer amount, the lower the margin.


Currencies Direct wins!

Currencies Direct scores better in the Fees and Exchange Rates category.

Currencies Direct
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Winner

Ease of Use

TorFX

75

75

What TorFX does well

Signing up - Create a new account by using the TorFX app or website. You can also sign up over the phone.

Payment options

  • Bank account transfers
  • Debit card payments (only in GBP and EUR)
  • Payments via CHAPS (only from the UK)
  • Payments via BACS (only from the UK)
  • Payments via cheques (only from the UK)

Transfer speed - Most transfers process in 1 - 2 working days. Transfers in exotic currencies might take longer.

Phone transfers - You can speak with your account manager over the phone to initiate transfers.

Mobile app - Available for iOS and Android - only personal customers who register through the TorFX UK website.
 

Where TorFX could improve

Transfer limits - You need to transfer a minimum of £100 or its equivalent in another currency. Maximum limits apply for online transfers.


Currencies Direct

75

75

What Currencies Direct does well

Signing up - Sign up using the Currencies Direct website or app. Alternatively, register over the phone.

Payment options

  • Bank transfers
  • GBP and EUR debit card payments from the UK and European Union
  • Direct debits from the UK and European Union
  • Check payments from the US
  • Wire transfers from the US
  • ACH payments from the US

Phone transfers - You can set up phone transfers by speaking with your dedicated currency specialist.

Multilingual website - Use the Currencies Direct website in a number of languages.
 

Where Currencies Direct could improve

Transfer speed - Most transfers take 1 - 2 businesses days. Transfers in exotic currencies can take more time.

Transfer limits - You need to transfer at least £100/$100. The maximum limit for online transfers is £25,000.

Account verification - According to compliance requirements, you need to provide copies of your bank statement and passport.

Currencies Direct app - Available for Android and Apple - only for personal customers. Some customer reviews complain about its functionality on Google Play Store as well as Apple App Store.


It’s a draw!

Both equally compare in the Ease of Use category.

It's a draw!
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Draw

Support & Countries

TorFX

63

63

What TorFX does well

Supported destination countries and currencies - TorFX carries out transfers in over 60 currencies, to more than 120 countries.

Supported registration countries - Sign up as a new customer from Australia, Botswana, Canada, China, Croatia, Czech Republic, Denmark, countries in the European Union, Hong Kong, Hungary, Israel, Japan, Mauritius, New Zealand, Norway, Poland, Romania, Russia, Singapore, South Africa, Sweden, Switzerland, United Arab Emirates, the United Kingdom or the United States.
 

Where TorFX could improve

Multilingual support - As of now, customers can use both TorFX money transfer websites and get customer support only in English.

More local settlement accounts - TorFX currently has local settlement accounts only in the UK and Australia. Customers from outside these countries might incur additional costs when making payments.


Currencies Direct

88

88

What Currencies Direct does well

Supported destination countries and currencies - Currencies Direct carries out transfers in more than 40 currencies, to over 120 countries.

International offices - Outside of the UK, offices also in the US, Canada, India, Spain, Portugal and South Africa.
 

Where Currencies Direct could improve

More local settlement accounts - As of now, Currencies Direct has local settlement accounts only in the UK, European Union and the US. If you make a payment from anywhere else, you might end up incurring additional costs.


Currencies Direct wins!

Currencies Direct scores better in the Support and Countries category.

Currencies Direct
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Winner

Trust & Transparency

TorFX

94

94

TorFX is an established and trusted money transfer company. 

What TorFX does well

Regulated - TorFX is regulated by relevant government bodies in the UK and Australia.

Safety of funds - Uses segregated bank accounts to hold its clients' funds.

Trustpilot - Both, TorFX UK and TorFX Australia, rate as Excellent.
 

Where TorFX could improve

Transparency in rates - While TorFX exchange rates come with nominal markups, there is no clear indication of the margin it applies. Customers need to do their own research to get this information.


Currencies Direct

88

88

Currencies Direct is a reliable international money transfer company. 

What Currencies Direct does well

Regulated - Currencies Direct is regulated by government bodies in the UK, the US, Spain, Canada and South Africa.

Safety of funds - Holds clients' funds in segregated bank accounts.
 

Where Currencies Direct could improve

Transparency in rates - While the exchange rate markup you need to pay is nominal, Currencies Direct can make its transfers completely transparent by informing customers about how much margin it applies.


TorFX wins!

TorFX scores better in the Trust and Transparency category.

TorFX
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Winner

The Result

Winner ribbon iconWinner

 Currencies Direct

These two well performing providers go head to head in most categories and even draw for Ease of Use.  The big reason why Currencies Direct beats TorFX is because of its business services and their trust and transparency in the industry.