Remitly vs TorFX: Fees & Reviews Compared

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

Below we compare them on their fees and reviews.

Fees

	Remitly	TorFX
Homepage
Transfer Fee	$0.00 – $50 depends on the selected countries, the transfer amount, and the payment method ($3.00 – $7.00 on average).	No fee
Average Exchange Rate Markup	1% – 2.5%	1.9% – 2.7%
Minimum Transfer Amount	$1	£100 (or currency equivalent) (£500 for recurring money transfers).
Maximum Transfer Amount	Depends on the sending and receiving country, the transfer amount, and the transfer method (from $3,000 to £150,000).	No limit (£10,000 for recurring money transfers).

Reviews

	Remitly	TorFX
Trustpilot Rating	4.1	4.9
Number of Trustpilot Reviews	41,300	6,800
iOS App Rating	4.9	1.8
Number of iOS App Reviews	1,200,000	6
Android App Rating	4.8	4
Number of Android App Reviews	666,000	270

Features

	Remitly	TorFX
App Transfers	Yes	Yes
Online Transfers	Yes	Yes
Phone Transfers	No	Yes
In-person Transfers	No	No
Available Countries	180	120
Number of Currencies	75	40
Payment Methods	Bank account Debit card Credit card iDeal Passbook Klarna	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	Web platform Mobile app Phone In person
Supported Languages	English, Spanish, French, Portuguese, Vietnamese, Dutch, German, Polish, Romanian, Italian, Turkish, Chinese, Korean, Filipino, and Thai	English
Transfer Speed	Within minutes (express delivery) 3-5 days (economy delivery)	0-2 days
Dedicated Dealer	No	Yes
Instant Custom Quote	No	No
Business Features	N/A	Spot contracts Forwards contracts Market orders Limit orders Stop-loss orders Recurring transfers Rate alerts
Debit Card	Passbook	None
Cancellation Policy	Only available for transfers that are still “in the hands” of Remitly. Once they are intercepted by a bank, transfers cannot be canceled.	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

Company Comparison

	Remitly	TorFX
Year Founded	2011	2004
Headquarters	Seattle, WA, USA	Penzance, Cornwall, UK
Other Office Locations	Spokane (WA, USA), Cork (Ireland), Managua (Nicaragua), Manila (Philippines), Krakow (Poland), London (the UK), Amsterdam (the Netherlands), Tel Aviv (Israel), and Singapore	the UK, Australia, Europe, Singapore, South Africa, and the USA
Annual Trading Volume	$20.4 billion	£10 billion
Number of Employees	1600	550
Number of Clients	3 million	425000
Regulatory Institutions	Department of the Treasury in the USA FINTRAC in Canada FCA in the UK ASIC in Australia Central Bank of Ireland in EU	FCA in the UK AUSTRAC in Australia
Awards	Startup of the Year (GeekWire Awards, 2016) Game Changer Award (Tech Impact Awards, Seattle Business Magazine, 2017) Named one of the Deloitte Technology Fast 500 (Deloitte, 2017) Most Innovative Companies (Fast Company, 2018) FinTech 50 (Forbes, 2019) Named one of the CNBC Disruptor 50 (CNDC, 2019) Technology Pioneer (World Economic Forum, 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)

Remitly Pros & Cons

Remitly Pros

• Plenty of ways to fund your transfer
• Excellent customer service
• Decent Trustpilot rating
• Fixed transfer fees
• A knowledge base that’s a treasure trove of knowledge
• Extensive global coverage
• Trade 75 different currencies
• Top-tier mobile app
• No minimum transfer limit when sending
• Instantaneous money transfers
• Worldwide locations for cash pickup

Remitly Cons

• Not great for large money transfers
• Doesn’t provide dedicated account managers
• Exchange rates spreads can be large
• No option for instant custom quotes

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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