Both Western Union and TorFX are popular international money transfer services. But which one is better?
Below we compare them on their fees and reviews.
Fees
Western Union | TorFX | |
Homepage | ![]() | ![]() |
Transfer Fee | Based on the sender’s location, transfer amount, and payment method. Usually, there’s a fee that’s as low as $0-$15, but some can be as high as $100 if sending to an exotic location or paying by credit card. | No fee |
Average Exchange Rate Markup | 1% – 5% | 1.9% – 2.7% |
Minimum Transfer Amount | $1 | £100 (or currency equivalent) (£500 for recurring money transfers). |
Maximum Transfer Amount | Depending on the sender’s country: $50,000 if identity verified $3,000 if identity isn’t verified | 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
Western Union | TorFX | |
Trustpilot Rating | 3.9 | 4.9 |
Number of Trustpilot Reviews | 50,800 | 6,800 |
iOS App Rating | 4.8 | 1.8 |
Number of iOS App Reviews | 630,000 | 6 |
Android App Rating | 4.6 | 4 |
Number of Android App Reviews | 28,000 | 270 |
Features
Western Union | 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 | 130 | 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 Phone In person | Web platform Mobile app Phone In person |
Supported Languages | English, Spanish, French, Danish, Norwegian, Turkish, German, Italian, Russian, Swedish, Chinese, Dutch, Polish, Ukrainian, Portuguese, Japanese, and Finnish | English |
Transfer Speed | Within minutes for cash or debit card transfers 1-3 days for transfers between bank accounts | 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 | Western Union® Netspend® Prepaid Mastercard | 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
Western Union | TorFX | |
Year Founded | 1851 | 2004 |
Headquarters | Denver, CO, United States | Penzance, Cornwall, UK |
Other Office Locations | Brazil, Sweden, Australia, New Zealand, Poland, Austria, Canada, France, Germany, Italy, China, Japan, Malaysia, Malta, Singapore, Switzerland, South Korea, United Kingdom, etc. | the UK, Australia, Europe, Singapore, South Africa, and the USA |
Annual Trading Volume | $300 billion | £10 billion |
Number of Employees | 10500 | 550 |
Number of Clients | 150 million | 425000 |
Regulatory Institutions | State licensing in the USA FINTRAC in Canada FCA in the UK AUSTRAC in Australia | FCA in the UK AUSTRAC in Australia |
Awards | Digital Edge 25 Awards (2016) Payments Innovation of the Year (2016) Candidate Experience Award (Talent Board, 2017, 2018) “Way to Go” Champion Award (Denver Regional Council of Governments, 2019) Regional Partner Award (Education for Employment, 2019) Humanitarian Logistics Award (American Logistics Aid Network, 2020) Consumer Payments Innovation Award (FinTech Breakthrough Awards, 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) |
Western Union Pros & Cons
Western Union Pros
- Diverse payment methods
- Availability of cash pickup locations
- High rating on Trustpilot
- Excellent mobile application
- An abundant industry experience
- Comprehensive information repository
- Exceptional convenience
- Worldwide service reach
- Robust currency handling
- Rapid fund transfers
- Fee and rate prediction tool
- Beneficial rewards scheme
Western Union Cons
- Not optimal for substantial money transfers
- High transaction fees
- High markups on exchange rates
- Absence 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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