Currencies Direct vs TorFX: Fees & Reviews Compared

Both Currencies Direct and TorFX are popular international money transfer services. But which one is better?

Below we compare them on their fees and reviews.

Fees

	Currencies Direct	TorFX
Homepage
Transfer Fee	No fee	No fee
Average Exchange Rate Markup	0.4% to 1.4%	1.9% – 2.7%
Minimum Transfer Amount	$1	£100 (or currency equivalent) (£500 for recurring money transfers).
Maximum Transfer Amount	£25,000 through the mobile app £300,000 by placing a special request	No limit (£10,000 for recurring money transfers).

Reviews

	Currencies Direct	TorFX
Trustpilot Rating	4.9	4.9
Number of Trustpilot Reviews	9,400	6,800
iOS App Rating	3.5	1.8
Number of iOS App Reviews	100	6
Android App Rating	3.5	4
Number of Android App Reviews	500	270

Features

	Currencies Direct	TorFX
App Transfers	Yes	Yes
Online Transfers	Yes	Yes
Phone Transfers	Yes	Yes
In-person Transfers	Yes	No
Available Countries	200	120
Number of Currencies	70	40
Payment Methods	Bank account Debit card Credit card Check	Bank account Debit card Credit card Check
Receiving Methods	Bank account	Bank account
Cash Pickup Option	No	No
Payments Flexibility	Web platform Mobile app Phone In person	Web platform Mobile app Phone In person
Supported Languages	English, French, Spanish, Portuguese, Italian, Norwegian, Swedish, German, Chinese, and Korean	English
Transfer Speed	1-2 hours within Europe 1-2 days for overseas transfers	0-2 days
Dedicated Dealer	Yes	Yes
Instant Custom Quote	N/A	No
Business Features	Spot contracts Forwards contracts Limit orders Stop-loss orders Recurring transfers Digital multi-currency wallet Rate alerts API portal	Spot contracts Forwards contracts Market orders Limit orders Stop-loss orders Recurring transfers Rate alerts
Debit Card	Currencies Direct multi-currency debit card	None
Cancellation Policy	N/A	Transfer cancellations are possible depending on the status of the transfer and the contract type. Cancellation and refund costs may incur.
Suitability	Large money transfers	Small and large money transfers

Company Comparison

	Currencies Direct	TorFX
Year Founded	1996	2004
Headquarters	London, UK	Penzance, Cornwall, UK
Other Office Locations	Orlando (USA), Saint John (Canada), Mumbai (India), Albufeira (Portugal), 3 locations in South Africa, and 19 locations in Spain	the UK, Australia, Europe, Singapore, South Africa, and the USA
Annual Trading Volume	£9.5 billion	£10 billion
Number of Employees	550	550
Number of Clients	430000	425000
Regulatory Institutions	FinCEN in the USA FINTRAC in Canada FCA in the UK Bank of Spain in Spain and the EU ACPR in France FSB in South Africa	FCA in the UK AUSTRAC in Australia
Awards	Credit Rating of Level 1 (Dun & Bradstreet Corporation, 2010) National Business Awards Finalist (National Business Awards, 2016) Most Positive Client Reviews (Money Transfer Comparison, 2017) Consumer Champion of the Year (Money Age Magazine, 2017) Money Transfer Provider of the Year (Money Age Magazine, 2016, 2017,2018, 2019, 2020, and 2021) Best Rated Money Transfer (Money Transfer Comparison, 2019, 2020, 2021)	Top 100 Companies with Fastest Sales Growth (Sunday Times Virgin Fast Track 100 – 2nd place in 2008 and 28th place in 2010) Best European Currency Broker (Overseas Living Magazine – 2010 and 2011) Most Dynamic Growth Business (Cornwall Business Awards – 2014) Winner of Winners (Cornwall Business Awards – 2016) Employer of the Year (Cornwall Business Awards – 2016) Customer Focus ((Cornwall Business Awards – 2016 and 2017) Best Value International Money Transfer (Mozo Gold Experts Choice Awards – 2016, 2017, and 2022) International Money Transfer Provider of the Year (Moneyfacts Consumer Awards – 2016, 2017, 2018, 2019, 2020, 2021, and 2022) Best Customer Service (Moneyfacts Consumer Awards – 2016, 2017, 2019, 2020, 2021, and 2022) 5-Star Rating for Outstanding Value International Money Transfers (Canstar – 2018, 2019, 2020, 2021, and 2022) Highly Commended Best Business FX Provider (Business Moneyfacts Awards – 2022)

Currencies Direct Pros & Cons

Currencies Direct Pros

• 4.9 out of 5 on Trustpilot based on over 8,000 reviews
• No transfer fees
• Free Amazon gift card for new paying customers
• Multiple payment options
• Amazing customer service
• Favourable exchange rates
• Extensive knowledge base
• Highly convenient
• Range of flexible solutions for everyone
• Global service coverage
• Solid currency coverage
• Local coverage
• Decades of experience
• Fast money transfers
• Exchange rate alerts option

Currencies Direct Cons

• Not focused on small money transfers
• Limited deposit options
• Limited smaller currency coverage
• No option for instant custom quotes
• Lack of cancellation policy
• Not available in some US states
• Mobile app has transfer limits

TorFX Pros & Cons

TorFX Pros

• A range of payment options for those with a UK bank account
• Top-notch customer service
• Excellent Trustpilot score
• Zero transfer fees
• Extensive global reach
• Significant industry experience
• Quick international money transfers
• Exchange rate alerts option
• Suitable for all kinds of money transfers
• Unlimited maximum transfer amount
• Numerous industry accolades

TorFX Cons

• Higher exchange rates compared to some competitors
• Low limits on regular payment transfers
• Limited support for uncommon currencies
• Absence of instant custom quotes option

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