TorFX Vs Wise

Claire Millard
Ileana Ionescu
Last updated
15 January 2024

Torn between TorFX or TransferWise for your next international payment? This TorFX Vs TransferWise review is here to help. We’ll cover:

  • A full side by side feature comparison
  • Which provider is cheaper?
  • Which is faster?
  • Which is safer?
  • Which gets better customer reviews?

Summary: Both TorFX and TransferWise (now known as Wise) are international transfer companies - but their offerings are quite different. TorFX provides currency risk management tools like forward contracts and market orders through personal brokers. Wise uses its own payment network to send fast, cheap international payments online and in-app, often at market beating prices. Both providers are licensed by the FCA.

Go to WiseGo to TorFX

TorFX Vs Wise: side by side

Send payments to 60 global currencies 80+ countries, 50+ currencies
Multi-currency accounts N Available for 54 currencies
Debit card available N Y
Currency risk management solutions Y N
Fully licensed and regulated Y Y
Business services available Y Y

So, to summarise:

  • TorFX supports a few more currencies than Wise
  • Wise has a multi-currency account to support 50+ currencies, TorFX does not
  • Wise has a debit card on offer for customers - TorFX does not have that option
  • TorFX offers currency risk management services - Wise does not
  • Both providers are fully regulated, and offer both personal and business services

Whether TorFX or Wise suits you best will depend on the service you need. TorFX has currency risk management solutions including forward contracts and market orders. These aren’t available from Wise. However, when it comes to international transfers, Wise may win on price and speed. Wise transfers can arrive instantly, and use the mid-market exchange rate with transparent fees.

Click Here To Go To WiseClick Here To Go To TorFX

The important bits

RatesExchange rates include a markup on the mid-market rate Mid-market exchange rate with no markup
FeesNo transfer fee Low fees, varies by destination
SpeedSame day for major currency routes, up to 2 working days for exotic currencies 40% of payments are instant, 80% arrive in 24 hours
ServiceOnline, in app, by email, in person and by phone Online, in app and by phone
SafetyFully regulated and licensed Fully regulated and licensed
Reviews (TrustPilot)4.9 star, Excellent, 4,000+ reviews 4.6 star, Excellent, 134,000+ reviews

Rates: Wise uses the mid-market rate, whereas TorFX calculates their rate by adding a margin to the mid-market rate

Fees: Wise has transparent variable fees which are based on the destination country. TorFX does not change a transfer fee

Speed: TorFX payments can arrive on the same day for major payment routes, or within 2 working days for exotic currencies. Wise payments can be instant

Service: Wise has a multilingual service in a range of languages, online, in-app and by phone. TorFX services and app are provided in English

Safety: Both providers are fully licensed and regulated

Reviews: Both providers score Excellent review ratings on Trustpilot - but Wise has significantly more listed customer reviews showing

Pros and cons

  • Good range of transfer types for individuals and businesses
  • Currency risk management solutions
  • No transfer fees
  • Fast delivery on major payment routes
  • Service by phone, in person, online, by email and in-app
  • Mid-market exchange rates + low fees
  • Transparent pricing
  • Send to 80+ countries
  • International accounts for personal and business customers
  • Hold and manage 54 currencies
  • Exchange rates include a markup
  • No credit card payments
  • Availability and transfer times depend on destination country
  • No multi-currency account
  • Online and mobile payments only - no branches
  • No option for cash payments
  • Transfer fees vary by destination country
  • Multi-currency accounts are not interest bearing

TorFX Vs Wise: The verdict

Whether TorFX or Wise is best for you will depend on the specific services you need.

TorFX has currency risk management options for individuals and businesses, and can offer services in person, by phone and by email as well as online and in-app payments.

Wise uses the mid-market exchange rate with low, transparent fees, and can have faster delivery times compared to TorFX. Wise also offers a multi-currency account with a linked international debit card.

If you’re sending a payment to a bank account directly, Wise has a better exchange rate and transparent pricing. To find out the rate offered by TorFX you’ll have to register an account in advance - with Wise you can just run an instant online comparison to see the rates and fees available.

Click Here To Go To WiseClick Here To Go To TorFX

About TorFX and Wise

TorFX was founded in 2004, and has over 325,000 customers. You can send payments in 60+ currencies with TorFX, and access currency risk management products like market orders and forward contracts.

TorFX business services include currency solutions and a business health check to optimise international payment processes.

Wise was launched as TransferWise back in 2011 as a low-cost international payment provider. These days, Wise has upwards of 10 million customers, and also offers personal and business accounts to hold and manage currencies, accept payments and spend using a linked debit card.

With Wise you can send payments to 80+ countries, in 50+ currencies.

How do they work?

To use TorFX you’ll first need to create an account and complete any required verification steps. You’ll then be able to arrange payments through a range of channels.

If you want to make a one-off transfer of between 100 GBP and 25,000 GBP, or create a recurring transfer of 500 GBP to 10,000 GBP, you can do so online or in the TorFX app. To do this you’ll need to:

  1. Log in on the TorFX desktobold textp site, or open the app
  2. Enter the country you want to send to
  3. Enter the transfer amount to generate an exchange rate quote
  4. Confirm the payment and fund it by bank transfer or debit card
  5. The payment will be processed once TorFX receive the funds

For larger transfers, or for forward contracts and market orders, you’ll need to talk to a TorFX agent by phone to understand your options.

To use Wise you’ll need to create an account, and depending on the type of payment you want to make you might need to provide some ID for verification.

Once your account is up and running make payments online and in the Wise app:

  1. Log into your account
  2. Type in how much you want to transfer, or how much you need the recipient to get
  3. Enter the recipient’s details
    • bank account number or email
  4. Check over the details
  5. Fund your payment using a card or bank transfer
  6. Confirm and your money will be on the move

Wise transfers are made through Wise’s network of local bank accounts, so they arrive faster and don’t incur intermediary fees. When you want to pay for your transfer in pounds you’ll send the money to Wise’s local UK account. Then Wise will make a payment of the equivalent amount in your preferred currency, from their account in the destination country. No money actually moves across borders, so it’s faster and cheaper than traditional international payments.

Read the individual Wise review and TorFX review to know more about how each provider works.

TorFX Vs Wise Fees

TorFX doesn’t charge a transfer fee. Instead, they use an exchange rate markup - which is a fee wrapped up in the exchange rate being offered. That’s pretty standard across banks and transfer providers, but can make it harder to work out the true cost of your payment. TorFX uses a smaller margin than banks normally do, allowing them to cover their costs while still offering a competitive service to customers.

Wise doesn’t hide any fees in the exchange rates used, but instead has a couple of different transparent costs:

  • Fixed fee: covering the fixed costs associated with the transaction. For major currencies this can be in the region of £0.20 - £0.40
  • Variable fee: covering the cost of the currency exchange. For major currencies this can be in the region of 0.35% to 0.45% of the transfer value

TorFX Vs Wise: which is cheaper?

Choosing an international payment specialist is almost certainly cheaper than sending money using your bank. However, as TorFX doesn’t publish exchange rates publicly, it’s not possible to check their overall costs without first creating and verifying a customer account.

If you want to check how much your international transfer would cost with Wise you can get an instant cost comparison on the Wise website or app. You’ll see the rate and fees right away, as well as the costs of your payment from a few other major providers. If a competitor within the comparison is cheaper than Wise you’ll always be informed to help you get the best deal.

Compare the costs of sending international payments through a range of major providers, using our comparison engine.

TorFX Vs Wise: which is faster?

TorFX payments can arrive on the same day for major currency routes, or within 2 working days for exotic currency transfers.

40% of Wise payments get to their destination instantly, and 80% arrive in 24 hours. However, the exact delivery time will depend on where you’re sending money to, and how you want to pay. You’ll see an estimated arrival time when you set up your payment.


Both TorFX and Wise are fully licensed and regulated, and use both smart technology and dedicated service teams to keep customer money safe.

Ease of use

  • Creating an account: Create your account online or in-app with both TorFX and Wise. TorFX also allows customers to create accounts by phone
  • Making a transfer: Both providers allow customers to fund payments with a bank transfer or debit card. TorFX can’t accept credit card payments. Wise typically allows bank transfers, card payments and Apple Pay payments
  • Ways to send money: Send payments to your recipient’s bank account directly with both TorFX and Wise
  • Languages: TorFX has offices around the world, although their website and app is available primarily in English. Wise offers 15 languages, plus multi-lingual support services
  • Minimum & maximum amounts: Wise sending limits can vary by destination country, and based on your account type. TorFX has a minimum send amount of 100 GBP, with no upper limit. You may need to confirm high value payments by phone

Supported currencies

TorFX supports 60+ currencies on major payment routes.

Wise supports 50+ currencies, and lets you send payments to over 80 countries.


Both TorFX and Wise have interesting features which will suit different customer needs.

TorFX offers some currency management solutions which are not available through Wise. Forward contracts and market orders can help individuals and businesses minimise losses, or maximise gains when buying and selling foreign currencies. TorFX also allows customers to arrange transfers by phone or in person at their Cornwall Head Office.

Wise has its international account which you can use to spend while you travel, make ATM withdrawals and avoid foreign transaction fees when you shop online with international retailers. This service isn’t available through TorFX.

You can make online and in-app international payments direct to bank accounts with both TorFX and Wise. Here Wise wins overall on the exchange rates, and has a more transparent pricing structure.

Click Here To Go To WiseClick Here To Go To TorFX


1. Is TorFX or Wise cheaper?

Wise offers the real exchange rate with no markup, and low transfer fees. TorFX doesn’t have a transfer fee but does use an exchange rate markup.

You can’t see TorFX rates without creating an account, making Wise the more transparent option when it comes to cost.

2. Is TorFX or Wise faster?

Wise transfers can be faster than TorFX.

3. How many currencies do TorFX and Wise support?

TorFX supports 60+ currencies and Wise supports 54+ currencies.