In summary, TorFX and Wise are both excellent choices for sending money abroad. TorFX is a traditional FX broker service with attentive support via phone and email. Wise is more of a fintech, with transparent fees and an excellent app.
Direct comparison of costs is not easy, because TorFX offers tailored quotes for each customer. For single transfers under £2,000, Wise will be cheaper. For large or recurring transfers, TorFX's hands-on service gives peace of mind.
My aim here is to guide you through the decision process as simply and effectively as possible.
Quick Q&A to help you decide
Disclaimer on this: I don't know exactly how much you want to transfer, between which currencies and countries, with what urgency, in what circumstance etc. And even if I did know, I still couldn't be certain, as TorFX don't give certainty around rates without making an enquiry.
That being said, let's give it a go.
Question 1: How much do you want to send?
If the answer is under £2,000, then you should use Wise. They cater to low end transfers much more effectively than TorFX.
If the answer is over £2,000, then TorFX enters the conversation. But hold your horses - they aren't the default-winner for large transfers.
Question 2: Which currencies and countries are involved?
On this point, it's irrelevant to recommend Wise just because they support more transfer routes and currencies. You only care about the currencies and countries you need.
That's why at this point you should run a rate search here on SendAbroad to find out whether Wise, TorFX, both, or neither, can support your transfer.
Question 3: Do you prefer phone and email, or app and website?
If speaking to real humans is important in this process, then TorFX is the stand out. Wise has recently added the option to request callbacks for transfers over £50,000. But TorFX has been in this game for around two decades - and customer service is their core selling point.
If you prefer not to speak on the phone or receive follow-up calls, and would rather get the job done yourself, then Wise is better suited. Their self-service process is top tier. As a fintech, they let tech do the heavy lifting.
Question 4: Do you just want money transfers, or something more?
For a pure-play money transfer service, choose TorFX. Their offering is simple and focused, with no distractions or other products to sell to you.
If you want to try more features, like spending on a card overseas, holding multiple currency balances, earning interest and more, Wise is the right choice.
My detailed reviews
Cost: who wins?
Transfer costs come from two main areas: fees and exchange rate markup (read more here about mid-market exchange rates and how to find cheap overseas transfers)
Wise has chosen to add no markup to their exchange rate - which means you get the best rates in the game. Their costs are charged as fees, which are quoted to you up front. Visit Wise to get a price quote for your transfer →
TorFX does the opposite. Their transfers are free from any fees. However, you won't get exchange rates that match Wise. Instead, TorFX will offer you slightly worse rates - often 0.4% to 1.5% above mid-market. Visit TorFX to request a free quote →
Overall, as customers we don't really care whether costs come in the form of exchange rate markup or fees. It's all the same in the end. The important thing is that the cost is minimised, and easy to understand. For this, Wise has a slight advantage with their fee transparency.
Service: can Wise compete?
A year or two ago, I would have strongly recommended TorFX for six or seven figure transactions purely due to their customer support.
At the same time, Wise were taking a no-frills, low-cost approach to customer service.
Things have changed a little though, with Wise seeking to bridge that gap. They want to introduce a bit of the white glove service that makes TorFX so popular.
Overall, I'd have to say that TorFX lead the way with customer service. Their UK-based team is only a phone call away, and they encourage you to chat chat with them about any transfer above £2,000, rather than £50,000+ with Wise.
Wise & TorFX side by side feature comparison
TorFX | Wise | |
|---|---|---|
Exchange rate | 0.4% to 1.5% above mid-market | Mid-market rates |
Fees | No fees | Fees from 0.3% |
Transfer speed | Minutes to 24 hours for many transfers | Minutes to 24 hours for many transfers |
Currencies | 40+ | 50+ |
Business support | Yes | Yes |
Forward contracts (lock-in rates) | Yes | No |
Limit orders | Yes | No |
Other alternatives
There's more to the UK money transfer marketplace than just TorFX and Wise.
