TorFX vs Wise:

TorFX arranges international transfers, and also 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, and also has a multi-currency account for individuals and businesses.

Torn between Wise or TorFX for your next international payment? This Wise vs TorFX review is here to help.


TorFX vs Wise

Wise vs TorFX: side by side

FeatureWise TorFX
Send payments to80+ countries, 50+ currencies60 global currencies
Multi-currency accountsAvailable for 50+ currenciesNo
Debit card availableYes, Wise International Debit CardNo
Currency risk management solutionsNoYes
Fully licensed and regulatedYesYes
Business services availableYes, Wise BusinessYes

So, to summarize:

  • 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 personal 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. Wise also has the bonus of a multi-currency account for individuals and businesses, which can help you hold, exchange, send and spend all over the world.

Wise vs TorFX: The Important Bits

Wise (formerly known as TransferWise)

Safety: Also based in the UK, licensed and well backed

Rates: You receive the interbank exchange rate on google

Fees: Percentage based fee

Speed: 1-2 business days for most transfers

Service: Limited phone support but excellent online resources


Safety: Based in the UK, fully licensed and privately owned

Rates: Depends on the currency and amount you are sending

Fees: Fee free for all transfers

Speed: 1-2 business days for most transfers

Service: Exceptional customer service, particularly over the phone


Pros and cons

  • Mid-market exchange rates + low fees
  • Transparent pricing
  • Send to 80+ countries
  • International accounts for personal  and business customers
  • Hold and manage 53 currencies


  • 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
  • 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
  • Exchange rates include a markup
  • No credit card payments
  • Availability and transfer times depend on destination country
  • No multi-currency account


Wise vs TorFX: 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 for individuals and businesses, with a linked international debit card for personal customers.

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.


Learn more about Wise

Learn more about TorFX

About Wise and TorFX

Wise (formerly TransferWise) logoWise was launched as TransferWise back in 2011 as a low-cost international payment provider. These days, Wise has upwards of 13 million customers, and also offers personal and businessaccounts to hold and manage currencies, receive and send payments.

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

Torfx LogoTorFX 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 optimize international payment processes.


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 desktop 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 international SWIFT transfer (if paying in USD - other options are available for other currencies)
  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.

Learn more about TorFX


How does Wise work? 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 dollars you’ll send the money to Wise’s local US 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.


Learn more about Wise

Wise vs TorFX: Fees and exchange rates

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
  • Variable fee: covering the cost of the currency exchange

Sending a payment with Wise starts from 0.41% of the transfer value, the average customer price was 0.61% at the time of writing. Learn more about Wise transfer fees.


Wise vs TorFX: 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.


Learn more about TorFX

Learn more about Wise

Can I open a business account with Wise or TorFX?

You can open a Wise Business account online or via the Wise app. There’s no set-up fee to send one off and batch payments, hold and exchange 50+ currencies, integrate with your accounting software and add team members to your account. With a low, one off charge of 31 USD, you can also get local account details for 10 currencies, set up direct debits and get paid from third party accounts.

TorFX also offers business services including one off and recurring payments, and currency risk management solutions. Currency risk management solutions, like forward contracts and market orders can be useful for businesses which need to hedge against shifts in the foreign exchange market. As these are relatively complex financial products, TorFX offers a personal service which allows you to talk through options with an account manager, plus the option of a full business health check to design foreign exchange solutions to help your company.


Wise vs TorFX: which is faster?

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

Just over 50% of Wise payments get to their destination instantly, around 70% of the total arrived within an hour, and 90% arrived 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.


Learn more about TorFX

Learn more about Wise


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

Is Wise Safe? is regulated by FinCEN in the US, and other global regulatory bodies around the world.

Is TorFX Safe? is a UK based business, and so is regulated in the UK by the Financial Conduct Authority (FCA). This means they’ll comply with the financial regulation requirements both in the UK and in the countries they send to, to keep your funds safe.

Illustration of a safe with coins

Supported currencies

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

TorFX supports 60+ currencies on major payment routes.

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: If you’re sending USD, you’ll need to send an international SWIFT payment to TorFX. TorFX can’t accept USD debit or credit card payments. Wise typically allows local 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

Learn more about TorFX

Learn more about Wise


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 minimize losses, or maximize gains when buying and selling foreign currencies. TorFX also allows customers to arrange transfers by phone which can be reassuring if sending a large payment or arranging a complex financial transaction.

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.


Is Wise or TorFX 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.

What is the difference between Wise and TorFX?

TorFX provides payments, as well as currency risk management tools like forward contracts and market orders through personal brokers. Wise lets you send fast, cheap international payments online and in-app, as well as having multi-currency accounts for individuals and businesses.

Is Wise or TorFX faster?

Wise transfers can be faster than TorFX. TorFX payments can arrive on the same day for major currency routes, and over 50% of Wise payments get to their destination instantly.

How many currencies do Wise and TorFX support?

TorFX supports 60+ currencies and Wise supports 50+ currencies.


Learn more about TorFX

Learn more about Wise

Seyma Mektepli
Seyma is an experienced content writer and editor-in-chief at Exiap, delivering informative articles on personal finance, and money transfers.
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Last updated
July 7th, 2023