Wise vs TorFX: Fees & Reviews Compared

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

Below we compare them on their fees and reviews.

Fees

	Wise	TorFX
Homepage
Transfer Fee	Variable fee – 0.4% – 0.6% of total amount (on average) Fixed fee – £0.2 – £0.3 on average.	No fee
Average Exchange Rate Markup	No markup	1.9% – 2.7%
Minimum Transfer Amount	$1	£100 (or currency equivalent) (£500 for recurring money transfers).
Maximum Transfer Amount	$6,000,000 USD $1.8 million AUD $1.5 million CAD €6,000,000 EUR £5,000,000 GBP	No limit (£10,000 for recurring money transfers).

Reviews

	Wise	TorFX
Trustpilot Rating	4.3	4.9
Number of Trustpilot Reviews	193,700	6,800
iOS App Rating	4.6	1.8
Number of iOS App Reviews	29,500	6
Android App Rating	4.7	4
Number of Android App Reviews	503,000	270

Features

	Wise	TorFX
App Transfers	Yes	Yes
Online Transfers	Yes	Yes
Phone Transfers	No	Yes
In-person Transfers	No	No
Available Countries	170	120
Number of Currencies	50	40
Payment Methods	Bank account Debit card Credit card Direct debit Apple Pay Google Pay iDeal Trustly SOFORT POLi PayPal	Bank account Debit card Credit card Check
Receiving Methods	Online wallet Bank account	Bank account
Cash Pickup Option	No	No
Payments Flexibility	Web platform Mobile app	Web platform Mobile app Phone In person
Supported Languages	English, Spanish, French, Portuguese, Italian, German, Chinese, Japanese, Indonesian, Hungarian, Ukrainian, Polish, Romanian, Turkish, and Russian	English
Transfer Speed	0-2 days (within minutes for over 50% of transfers).	0-2 days
Dedicated Dealer	No	Yes
Instant Custom Quote	Yes	No
Business Features	Recurring transfers Batch payments Invoicing Multi-user access 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	Wise multi-currency debit card	None
Cancellation Policy	Users can cancel a transfer as long as they’re able to see the “cancel transfer” option on their transfer	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

	Wise	TorFX
Year Founded	2011	2004
Headquarters	London, UK	Penzance, Cornwall, UK
Other Office Locations	London (UK), Austin, Dallas, Tampa, and New York (USA), Bangkok (Thailand), Dubai (UAE), Riyadh (Saudi Arabia), Hong Kong (Hong Kong), Shanghai (China), Singapore (Singapore), Tokyo (Japan), Seoul (South Korea), Jakarta (Indonesia), Kuala Lumpur (Malaysia), Manila (the Philippines), Mumbai (India), Brussels (Belgium), Budapest (Hungary), Cherkasy (Ukraine), Tallinn and Tartu (Estonia), Zürich (Switzerland), São Paulo (Brazil), Mexico City (Mexico), Cape Town (South Africa), Sydney and Melbourne (Australia)	the UK, Australia, Europe, Singapore, South Africa, and the USA
Annual Trading Volume	£76.4 billion	£10 billion
Number of Employees	4500	550
Number of Clients	16 million	425000
Regulatory Institutions	FinCEN in the USA FINTRAC in Canada FCA in the UK ASIC in Australia National Bank of Belgium in the EU	FCA in the UK AUSTRAC in Australia
Awards	Best European Startup Under 3 Years Old (Europas, 2013) One of The World’s Top 10 Most Innovative Companies in Finance (Fast Company Magazine, 2014) Boldest Smaller Company (FT’s Boldness in Business Awards, 2014) Ernst and Young UK Entrepreneurs (2015) Top 20 out of 50 on Glassdoor’s Best Places to Work in the UK (2022) Made it in the FinTech50 list (in 2013, 2014, 2017, 2018, 2019, and 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)

Wise Pros & Cons

Wise Pros

• No markups on exchange rates
• Comprehensive global service reach
• Impressive currency support
• Widespread local presence with branches in more than 28 countries
• Custom quotes are available without signup
• Diverse payment methods encompassing bank accounts, debit and credit cards, PayPal, and more
• Highly rated on Trustpilot
• In-depth knowledge repository
• Ideal for small transactions
• Fast money transfers, with half of all transactions completed in minutes and the rest within 0-2 days
• Outstanding web platform and mobile app experience

Wise Cons

• Some Challenges with customer service
• Cash pickup isn’t an option
• Lack of dedicated currency dealers
• Less-frequented countries and currencies might incur high transfer fees
• Inadequate for large monetary transfers
• No support for lesser-traded currencies

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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