CurrencyFair vs TorFX: Fees & Reviews Compared

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

Below we compare them on their fees and reviews.

Fees

	CurrencyFair	TorFX
Homepage
Transfer Fee	£2.50 (UK) €3 (EU) Currency equivalent for other currencies.	No fee
Average Exchange Rate Markup	0.0045	1.9% – 2.7%
Minimum Transfer Amount	£7 (or currency equivalent)	£100 (or currency equivalent) (£500 for recurring money transfers).
Maximum Transfer Amount	10,000,000 (same in every available currency).	No limit (£10,000 for recurring money transfers).

Reviews

	CurrencyFair	TorFX
Trustpilot Rating	4.3	4.9
Number of Trustpilot Reviews	6,800	6,800
iOS App Rating	4.4	1.8
Number of iOS App Reviews	80	6
Android App Rating	2.6	4
Number of Android App Reviews	950	270

Features

	CurrencyFair	TorFX
App Transfers	Yes	Yes
Online Transfers	Yes	Yes
Phone Transfers	Yes	Yes
In-person Transfers	No	No
Available Countries	150	120
Number of Currencies	20	40
Payment Methods	Bank account	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	Web platform Mobile app Phone In person
Supported Languages	English, French, and German	English
Transfer Speed	0-5 days	0-2 days
Dedicated Dealer	Only for business clients	Yes
Instant Custom Quote	Yes	No
Business Features	Spot contracts Forwards contracts Market orders Digital multi-currency wallet Rate alerts API integration	Spot contracts Forwards contracts Market orders Limit orders Stop-loss orders Recurring transfers Rate alerts
Debit Card	None	None
Cancellation Policy	Only possible as long as the money transfer hasn’t been matched	Transfer cancellations are possible depending on the status of the transfer and the contract type. Cancellation and refund costs may incur.
Suitability	Small and large money transfers	Small and large money transfers

Company Comparison

	CurrencyFair	TorFX
Year Founded	2009	2004
Headquarters	Dublin, Ireland	Penzance, Cornwall, UK
Other Office Locations	Newcastle (Australia), Nutfield (the United Kingdom), Singapore, and Kwun Tong (Hong Kong)	the UK, Australia, Europe, Singapore, South Africa, and the USA
Annual Trading Volume	$300 million	£10 billion
Number of Employees	156	550
Number of Clients	150000	425000
Regulatory Institutions	FinCEN in the USA FCA in the UK ASIC in Australia Central Bank of Ireland in EU MAS in Singapore CED in Hong Kong	FCA in the UK AUSTRAC in Australia
Awards	Best of Show (Finovate Asia, Singapore, 2012) Most Insightful and Intriguing Internet Innovation (IIA Dot IE Net Visionary, 2013) TNW’s Irish Startups (2013) one of the Best Middleweight Start-ups (Europas, 2013) Excellence in Payments (FinTech Australia, 2017) Top 20 Fintech Companies in Ireland (Irish Tech News, 2017) Fintech Startups in Europe to watch in 2018 (2017) Mozo Experts Choice Awards (Mozo.com.au, 2018) Top 100 Startups to watch in 2018, Silicon Republic (2018) Top 10 Startup Winner for Best Employer (LinkedIn, 2018 and 2019) Spiders Award for Best in Fintech (2019) 5-Star Rating for Outstanding Value International Money Transfers (Canstar, 2019)	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)

CurrencyFair Pros & Cons

CurrencyFair Pros

• Competitive exchange rates
• Excellent customer service
• Instant personalized quotes
• Impressive Trustpilot score
• Wide-reaching service coverage
• Quick international transfers
• Alerts for exchange rate changes
• Fixed fee for money transfers
• Awards for superb performance in the financial sector
• Can handle both large and small money transfers

CurrencyFair Cons

• Lack of personal account managers for individual users
• Limited options for transfer funding
• No cash pickup service
• Narrow range of supported currencies
• Poor user rating for the Android mobile app

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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