Which scores better when comparing TorFX vs WorldFirst? See how each provider scores and who wins when comparing their services, fees, supported countries and customer service.
TorFX
Overall score:
72
72
WorldFirst
Overall score:
84
84
Personal Features
Business Benefits
Fees & Exchange Rates
Ease of Use
Support & Countries
Trust & Transparency
50
50
TorFX money transfer services are available for personal customers from different countries.
50
50
WorldFirst offers international money transfer services for individuals. They also offer tools for business clients.
Both equally compare in the Personal Features category.
44
44
Global business clients can reduce their currency costs by using TorFX's services. TorFX specializes in fostering business relationships and partnerships.
89
89
WorldFirst has an excellent offering for business and promotes partnerships with businesses operating in a global environment. There are solutions for online sellers, import / export and global human resources payments.
Through the WorldFirst World Account you can leverage unique banking details in 10 different currencies and reduce costs on receiving money from customers and paying suppliers. Local banking details are available in GBP, EUR, USD, CAD, CNH, HKD, JPY, NZD, SGD and AUD.
42
42
Irrespective of whether you use the TorFX UK or TorFX Australia website, you benefit by carrying out fee-free transfers.
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.
79
79
WorldFirst has a super simple fee structure for international money transfers. The WorldFirst fees are additional to the real exchange rate.
WorldFirst World Account fees also have the same simple fee structure and fees only apply when withdrawing funds from virtual multi-currency accounts.
| Annual Transfer Amount | £0 - £500K | £500K - £5M | £5M+ |
| WorldFirst Fees | 0.60% | 0.35% | 0.25% |
WorldFirst Australia has introduced (March 2021) new fees for small currency conversion amounts of less that AUD$10,000. These fees can make it prohibitive for small businesses to conduct day to day business payments.
| WorldFirst Australia fixed fee for FX | Fee |
| < $2,000 | $20 |
| $2,000 - $10,000 | $10 |
| $10,000 + | $0 |
75
75
Signing up - Create a new account by using the TorFX app or website. You can also sign up over the phone.
Payment options
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.
Transfer limits - You need to transfer a minimum of £100 or its equivalent in another currency. Maximum limits apply for online transfers.
57
57
WorldFirst account creation and registration is simple and straightforward. Unfortunately there is room for improvement in some areas:
ID verification - This can be slower outside of the UK taking up to 24 hours.
Payment options - Basic by only supporting bank transfer payment options.
Mobile apps - The World Account uses a different mobile app than their international money transfer app. This can be cumbersome for account management.
Minimum transfer amount - This is quite high for individuals at $2000 / £1000. There is, however, no minimum for business clients.
63
63
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.
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.
56
56
Unfortunately, USA residents are not eligible to create a WorldFirst account. This is a major let down for WorldFirst supported countries. This point has impacted the WorldFirst supported countries iCompareFX score.
94
94
TorFX is an established and trusted money transfer company.
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.
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.
94
94
Both equally compare in the Trust and Transparency category.
WinnerWith two ties and TorFx and WordFirst each winning two sections, the win for WorldFirst has come down to the spread per category. Those are clearly seen for WorldFirst in the Business Benefits and Fees and Exchange Rates sections.
