XE vs TorFX: Fees & Reviews Compared

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

Below we compare them on their fees and reviews.

Fees

	XE	TorFX
Homepage
Transfer Fee	£2.00 under £250 (UK) €2.00 under €250 (EU) No fee for other sums	No fee
Average Exchange Rate Markup	0.2% to 1.4%	1.9% – 2.7%
Minimum Transfer Amount	$1	£100 (or currency equivalent) (£500 for recurring money transfers).
Maximum Transfer Amount	£350,000 (UK and EU) $535,000 (US) CAD $535,000 (Canada) NZD $750,000 (New Zealand)	No limit (£10,000 for recurring money transfers).

Reviews

	XE	TorFX
Trustpilot Rating	4.3	4.9
Number of Trustpilot Reviews	61,500	6,800
iOS App Rating	4.3	1.8
Number of iOS App Reviews	5,300	6
Android App Rating	3.5	4
Number of Android App Reviews	113,000	270

Features

	XE	TorFX
App Transfers	Yes	Yes
Online Transfers	Yes	Yes
Phone Transfers	No	Yes
In-person Transfers	Yes	No
Available Countries	170	120
Number of Currencies	50	40
Payment Methods	Bank account Debit card Credit card Check Direct debit BillPay BPAY PayID Interac	Bank account Debit card Credit card Check
Receiving Methods	Online wallet Bank account Cash pickup	Bank account
Cash Pickup Option	Yes	No
Payments Flexibility	Web platform Mobile app	Web platform Mobile app Phone In person
Supported Languages	English, German, Spanish, French, Portuguese, Italian, Swedish, Arabic, Japanese, and Chinese	English
Transfer Speed	1-4 days	0-2 days
Dedicated Dealer	Only for customers transferring above $70,000	Yes
Instant Custom Quote	Yes	No
Business Features	Spot contracts Forwards contracts Market orders Digital multi-currency wallet Rate alerts API portal	Spot contracts Forwards contracts Market orders Limit orders Stop-loss orders Recurring transfers Rate alerts
Debit Card	None	None
Cancellation Policy	Only for cash pick-up transfers when the cash hasn’t been collected 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 and large money transfers	Small and large money transfers

Company Comparison

	XE	TorFX
Year Founded	1993	2004
Headquarters	Newmarket, ‎Ontario‎, ‎Canada	Penzance, Cornwall, UK
Other Office Locations	Canada, Australia, the US, the UK, and New Zealand	the UK, Australia, Europe, Singapore, South Africa, and the USA
Annual Trading Volume	£15 billion	£10 billion
Number of Employees	350	550
Number of Clients	150000	425000
Regulatory Institutions	FinCEN in the USA FINTRAC and OSFI in Canada FCA in the UK ASIC in Australia	FCA in the UK AUSTRAC in Australia
Awards	International Money Transfers Outstanding Value Award (Canstar, 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)

XE Pros & Cons

XE Pros

• Attractive exchange rates
• Broad currency selection
• Local presence in many locations worldwide
• A variety of payment methods
• Stellar customer service
• Extensive global reach
• Loads of experience under their belt
• Top-notch website and mobile app
• Offers instant custom quotes
• Fast money transfers with 50% transfers processed within minutes
• Cash pickup service
• Handy exchange rate alerts feature

XE Cons

• No dedicated account managers for all users
• Small transfer fees are imposed on certain small money transfers
• Sparse coverage of less-common currencies
• No solid cancellation policy in place
• Average Trustpilot rating

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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