Personal Features

XE Money Transfer

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33

XE Money Transfer serves personal customers from a number of countries, giving them easy means to send money to more than 170 countries.

What XE Money Transfer does

  • International money transfers
  • Forward contracts
  • Market orders
  • Regular transfers

What XE Money Transfer doesn’t do

  • Personal account managers for low volume transfers
  • Cash pickup
  • Unique local multi-currency accounts
  • Digital wallets
  • FX optimized travel card

TorFX

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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.

TorFX wins!

TorFX scores better in the Personal Features category.

TorFX
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Winner

Business Benefits

XE Money Transfer

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67

XE Money Transfer gives business clients the option to choose from varied services.

What XE Money Transfer for business offers

  • Mass payments
  • Payments UPI for receiving online payments
  • Forward contracts
  • Market orders
  • Account managers

What XE Money Transfer for business doesn’t do

  • Business travel card
  • Multi-currency receiving accounts
  • Digital wallets
  • Solutions for online sellers
  • Accounting integration

TorFX

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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.

XE Money Transfer wins!

XE Money Transfer scores better in the Business Benefits category.

XE Money Transfer
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Winner

Fees & Exchange Rates

XE Money Transfer

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XE Money Transfer fees

Personal customers pay no transfer fees when sending money through XE Money Transfer.
 

Are there additional XE Money Transfer fees?

Yes, these come in the form of the exchange rate margin that XE Money Transfer applies on existing mid-market rates.


TorFX

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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. 


XE Money Transfer wins!

XE Money Transfer scores better in the Fees and Exchange Rates category.

XE Money Transfer
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Winner

Ease of Use

XE Money Transfer

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What XE Money Transfer does well

Sign up process - Register online or over the phone, by providing some basic information.

Payment options - Bank account transfers, debit cards and credit cards.

Phone transfers - Initiate transfers over the phone.

Speed - Most transfers process within 1 - 2 business days.

Mobile app - Available for iOS and Android. 
 

Where XE Money Transfer could improve

ID verification - This process can take 1- 4 business days.


TorFX

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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.


XE Money Transfer wins!

XE Money Transfer scores better in the Ease of Use category.

XE Money Transfer
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Winner

Support & Countries

XE Money Transfer

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56

What XE Money Transfer does well

Supported destination countries and currencies - XE Money Transfer supports transfers to over 170 countries, in over 60 currencies.

Customer support - Customer support is available via email and over the phone, in English, French and Spanish.
 

Where XE Money Transfer could improve

Website languages - You can use the XE Money Transfer website only in English.


TorFX

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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.


TorFX wins!

TorFX scores better in the Trust and Transparency category.

TorFX
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Winner

Trust & Transparency

XE Money Transfer

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94

What XE Money Transfer does well

  • XE Money Transfer is fully regulated in different countries.
  • Rates as Excellent on Trustpilot.

Where XE Money Transfer could improve

Exchange rate margin transparency - XE Money Transfer’s exchange rates include margins that customers find out only after confirming their transfers.


TorFX

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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.


It’s a draw!

Both equally compare in the Trust and Transparency category.

It's a draw!
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Draw

The Result

Winner ribbon iconWinner

 XE Money Transfer

XE and TorFX come in neck and neck with XE just winning by three points.  While they draw for Trust and Transparency, XE really leads the way for its business services.