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.

WorldFirst

50

50

WorldFirst offers international money transfer services for individuals. They also offer tools for business clients.

What WorldFirst offers individuals

  • International money transfers
  • Forward contracts
  • Firm orders
  • Rate alerts
  • Personal account managers
  • Mobile apps for Android and Apple
  • Regular transfers

WorldFirst does not offer individuals

  • Access to multi-currency accounts (World Account) to individuals
  • Foreign currency optimised travel debit cards

It’s a draw!

Both equally compare in the Personal Features category.

It's a draw!
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Draw

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.

WorldFirst

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.

What WorldFirst offers business

  • Multi-currency receiving accounts
  • Forward contracts
  • Firm orders
  • Xero integration
  • Business account management

WorldFirst World Account

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.
 

What WorldFirst doesn’t offer business

  • Business debit card for foreign currency transactions from the WorldFirst World account.

WorldFirst wins!

WorldFirst scores better in the Business Benefits category.

WorldFirst
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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. 


WorldFirst

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 Fees0.50%0.25%0.15%

WorldFirst wins!

WorldFirst scores better in the Fees and Exchange Rates category.

WorldFirst
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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.


WorldFirst

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.


TorFX wins!

TorFX scores better in the Ease of Use category.

TorFX
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Winner

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.


WorldFirst

56

56

  • WorldFirst supports over 130+ currencies. Their website supports five unique languages. Traditional Chinese, Simplified Chinese, Dutch, English, French and Japanese.
  • WorldFirst World Account supports 10 currencies. That means your business can have a local banking presence in 27 countries. 
  • WorldFirst customer support is global and can be contacted by email and phone. Additionally the UK has an online chat facility.

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.


TorFX wins!

TorFX scores better in the Support and Countries category.

TorFX
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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.


WorldFirst

94

94

  • WorldFirst is fully regulated by the FCA. 
  • Client accounts are segregated from the business banking accounts.
  • Fees could not be more transparent with their simple fee structure.
  • Many online sellers and SME’s have discovered WorldFirst’s World Account to reduce their costs in the global market.
  • WorldFirst TrustPilot score has an overall rating of Excellent.

It’s a draw!

Both equally compare in the Trust and Transparency category.

It's a draw!
Ribbon Icon
Draw

The Result

Winner ribbon iconWinner

 WorldFirst

With 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.