Both MoneyGram and TorFX are popular international money transfer services. But which one is better?
Below we compare them on their fees and reviews.
Fees
MoneyGram | TorFX | |
Homepage | ![]() | ![]() |
Transfer Fee | Depends on the location, the sending amount, and the payment method. Can be as low as $0-$15 and as high as $100. | No fee |
Average Exchange Rate Markup | 1% to 5% | 1.9% – 2.7% |
Minimum Transfer Amount | £50 | £100 (or currency equivalent) (£500 for recurring money transfers). |
Maximum Transfer Amount | $10,000 per online transfer for most countries (with a $10,000 as a monthly cap) $25,000 for online transfers to 42 select countries from the US. | No limit (£10,000 for recurring money transfers). |
Top Rated Money Transfer Service
Currencies Direct are the top rated International Money Transfer Service on our list.
- 4.9 out of 5 on Trustpilot based on over 8,000 reviews
- No transfer fees
- Bank-beating rates
- Award-winning service
- Exclusive Amazon gift card offer for users of MoverDB.com
Reviews
MoneyGram | TorFX | |
Trustpilot Rating | 4.5 | 4.9 |
Number of Trustpilot Reviews | 34,800 | 6,800 |
iOS App Rating | 4.9 | 1.8 |
Number of iOS App Reviews | 422,000 | 6 |
Android App Rating | 4.6 | 4 |
Number of Android App Reviews | 88,000 | 270 |
Features
MoneyGram | TorFX | |
App Transfers | Yes | Yes |
Online Transfers | Yes | Yes |
Phone Transfers | No | Yes |
In-person Transfers | Yes | No |
Available Countries | 200 | 120 |
Number of Currencies | 60 | 40 |
Payment Methods | Bank account Debit card Credit card Cash | Bank account Debit card Credit card Check |
Receiving Methods | Online wallet Bank account Cash pickup Home delivery | Bank account |
Cash Pickup Option | Yes | No |
Payments Flexibility | Web platform Mobile app In person | Web platform Mobile app Phone In person |
Supported Languages | English, Spanish, French, German, Italian, Portuguese, Danish, Norwegian, Arabic, Russian, Ukrainian, Japanese, Czech, Turkish, Hungarian, Polish, Romanian, Indonesian, Thai, Korean, Malaysian, and Chinese | English |
Transfer Speed | Within minutes (cash transfers) 1-3 days (bank and debit card transfers) | 0-2 days |
Dedicated Dealer | No | Yes |
Instant Custom Quote | Yes | No |
Business Features | N/A | Spot contracts Forwards contracts Market orders Limit orders Stop-loss orders Recurring transfers Rate alerts |
Debit Card | None | None |
Cancellation Policy | Cancellations are possible as long as the money hasn’t been claimed by the recipient. | Transfer cancellations are possible depending on the status of the transfer and the contract type. Cancellation and refund costs may incur. |
Suitability | Small money transfers | Small and large money transfers |
Top Rated Money Transfer Service
Company Comparison
MoneyGram | TorFX | |
Year Founded | 1940 | 2004 |
Headquarters | Dallas, TX, US | Penzance, Cornwall, UK |
Other Office Locations | Denver (Colorado, US), Minneapolis (Minnesota, US), Brussels (Belgium), São Paulo (Brazil), Vancouver (Canada), Shanghai (China), Hong Kong (China), Mumbai (India), Jakarta (Indonesia), Dublin (Ireland), Rome (Italy), Mexico City (Mexico), Warsaw (Poland), Singapore, Madrid (Spain), Istanbul (Turkey), and London (UK) | the UK, Australia, Europe, Singapore, South Africa, and the USA |
Annual Trading Volume | N/A | £10 billion |
Number of Employees | 2500 | 550 |
Number of Clients | 150 million | 425000 |
Regulatory Institutions | New York State Department of Financial Services in the USA FINTRAC in Canada FCA and HMRC in the UK National Bank of Belgium in EU | FCA in the UK AUSTRAC in Australia |
Awards | Best Cash Innovation and Best Comeback Story (PYMNTS Innovator Awards, 2016 and 2017) Technology Innovation Award (Asian Bankers, 2017) Money Transfer Awards (Mobex Africa Innovation, 2018) Top 100 Places to Work (The Dallas Morning News, 2021) Top Workplaces USA Award (Top Workplaces, 2022) Best Use of Blockchain in FinTech (FinTech Breakthrough Awards, 2023) | 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) |
MoneyGram Pros & Cons
MoneyGram Pros
- A vast range of payment methods
- Outstanding customer support
- Impressive rating on Trustpilot
- Diverse options for receiving funds
- Availability of cash pickup
- Extensive global presence, covering over 200 countries and territories
- Robust currency portfolio including 58 different major currencies
- A top-rated mobile application
- Extensive industry experience
- Swift money transfer services
- Loyalty rewards program
MoneyGram Cons
- Less ideal for handling large financial transfers
- Limited maximum transfer amounts
- A possibility of substantial transfer fees
- Above-average exchange rate markups
- Lack of hedging options for businesses
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
Top Rated Money Transfer Service
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