Wise Vs TorFX

About Author: Hi, I’m Quinn Askeland. In 2014, I started Transumo after experiencing expensive, slow, and frustrating international money transfers and payments through banks. Once I discovered how to manage my own international currencies much better, I became driven to help others improve their transfers and payments. Fortunately, today, there are many excellent options. See My Full Bio.

TorFX Vs Wise

I originally signed up with with TorFX many years ago when Wise really just getting started. Now I use Wise weekly, but I also really like TorFX but for very different needs.

In a nutshell, Wise is works better for small amounts where a fast and efficient online experience works best. Meanwhile TorFX is better for large amounts where phone based customer service can be a huge advantage.

I will uncover some important differences that will affect which is better for you.

Here is the good, the bad and even the ugly, so that you can decide.

Disclosure: This post contains affiliate links and savings on transfers if you use some of the links! For more information, see my disclosures here.

Quick Comparison: The Lowdown

Wise and TorFX are top players in money transfers with high Trustpilot ratings. Wise has 4.2/5 with 90% positive reviews, while TorFX has 4.9/5 with 97% positive reviews. Both are good for different needs. Wise wins for small transfers and TorFX for large sums.

Right from the outset, TorFX and Wise were designed to serve quite different people and despite their evolution, we think this is still the case today.

TorFX is an excellent choice for inexpensive large transfers (above $7000 USD) and excellent phone support at every step of the process.

You can get a quote online or by phone:

Meanwhile we believe Wise is the best for inexpensive smaller (below $7000 USD) bank to bank transfers where fast and efficient online transfers are easily done. Get the latest rates and fees through the Wise calculator (opens new tab).

Although both are can handle smaller or large amounts, we will do our best to show the main differences which highlights their strengths and weaknesses.

$7000 USD = Approximately £4000 GBP / €4500 EUR / $9500 CAD/AUD


Wise Likes:

  • Our top choice for transfers below  $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD
  • Affordable transfer fees with a transparent fee structure
  • Simple and efficient online platform and app
  • Guarantee on the exchange rate (2-72 hours)
  • Available for personal and business
  • Cool extra features (e.g. multi-currency account)

Wise Dislikes:

  • Bank-to-bank and card-to-bank transfers only (no cash)


TorFX Likes:

  • Our top choice for transfers above  $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD
  • Dedicated Account Manager for personalized advice
  • Best phone support in the money transfer industry for Australia, Asia, and New Zealand
  • Offers an exchange rate guarantee
  • Available for personal and business
  • Flexible transfer options like Spot Contract, Forward Contract, and Market Order

TorFX Dislikes:

  • Only for residents of (if in the USA, UK, Europe, Canada, India, South Africa, Spain, and Portugal use Currencies Direct (review))

1. Real Fees & Hidden Costs


  • Transfers at the mid-market or interbank rate
  • Transparent fee structure: their website shows the exact amount your receiver will get
  • No margin on the exchange rate
  • Very low fixed fee (usually between 0.5-1.5% of the amount but can be low as 0.35%)
  • Removes hidden fees (sending and receiving bank fees) with local bank accounts in areas they support
  • However, credit or debit card charges are applicable for card-funded transfers


  • No fixed fee for most transfers
  • Very with low margin on the exchange rate compared to high street banks (usually 0.5% – 2% of the amount, compared to approx. 3-5% charged by banks + other fees)
  • The percentage margin on the exchange rate decreases as the amount goes up, making large international transfers very affordable.
  • TorFX offer an exchange rate guarantee, thus offering big savings in spite of market changes
  • Possible hidden charges: There may be sending and receiving bank fees or taxation in the receiving country above certain amounts

Winner: Tie

Although Wise and TorFX operate in different categories (small and large transfers, respectively), we decided to Tie them because they both offer savings in unique ways.

Wise keeps costs low with transfers at the mid-market rate, by eliminating hidden fees, and with an exchange rate guarantee.

TorFX offers an exchange rate guarantee and decreasing margin on the exchange rate, which saves your money from market fluctuations and makes large transfers very affordable. TorFX also can help you save money on your large transfers with their flexible transfer options (like Forward Contracts and Market Orders).

2. Which is Safer? – Equally Safe in Most Cases


  • Wise adheres to these regulations and keeps their users’ money separate from their operational funds. Depending on your location, Wise keeps your money in banks like JP Morgan or Barclays
  • Their website has an authentic and valid SSL certificate and their app uses two-factor authentication to keep your money and personal information safe


  • TorFX is regulated by the FCA in the UK, ASIC in Australia, and by MAS in Singapore.
  • They have offices in the UK, Australia, and mainland Europe
  • They hold their operating funds separately from their customers’ money
  • They have a Level 1 credit rating at Dun and Bradstreet and are audited by Price Waterhouse Coopers (PWC) regularly
  • They use industry-leading encryption on their website and mobile app to make sure all transactions are indeed initiated by you.

Winner: TorFX

Both Wise and TorFX seem safe as you would hope for.

Not only are both high regulated, Wise is well funded and listed on the London stock exchange and TorFX have an excellent credit rating.

On a practical level, both appear to be safe as is reasonable.

3. Ease of Use – Quite Different


  • Lets you handle everything online – from checking rates to setting up transfers
  • Processes and fee structure are transparent
  • Extensive FAQs section should you have any questions
  • Helpful customer service team who can be reached via live chat or email
  • Mobile apps available (Android and iOs)


  • Phone support for everything – from sign up to setting up transfers
  • Personal Account managers answer all questions and offer tailored advice on the phone
  • Physical presence in many countries
  • Mobile apps available (Android and iOS)

Winner: Tie

If you’re computer savvy and want to send smaller amounts below $7000 USD, Wise is a great choice. Their online platform and app are easy to use, they show exactly how much your recipient is going to get, and their customer service, who can be reached via email or chat, is quite proactive. Overall, Wise’s infrastructure is perfect for transferring small amounts.

However, if you’re looking for hands-on support and want to send large amounts over $7000 USD, we recommend TorFX. Their phone support is unmatched in the industry, and cultivating good relations with your Account Manager can help you save on fees and a lot of heartache in the process.

4. Reviews (inc. Negative Ones) — What Others Are Saying


Wise is rated 4.2/5 on Trustpilot with over 190,000 reviews, which is considered “Excellent.”


  • Transparent and affordable fees
  • Simple and efficient platform
  • Fast transfers

“Great rates easy, simple, fast to send money. Customer in control when they send funds – excellent transfer system. Would not use any other company to send funds abroad best company by far.”

– Jane Cowan on Trustpilot

“Perfect — exactly the flexibility I need with fair rates.”

– Chris on Trustpilot


Frozen account and funds

Some users found that their accounts or funds were unexpectedly frozen.

However, Wise’s customer service team was quick to step in and resolve it for them.

Typically, the cause of a frozen account or funds can be traced back to audits Wise conducts as a licensed financial services provider.

To avoid these distressing situations, make sure you:

  • Process personal transfers from a personal account (and business transfers from a business account)
  • Send money to someone you know and trust
  • Fund your transfer with a bank account you own and operate


TorFX is rated 4.9/5 on Trustpilot with over 6,500 reviews — which is also considered “Excellent” (and unheard of in the industry)


  • Hands-on service and personalized advice with Personal Account Managers
  • Bank-beating rates for large transfers
  • Fast and efficient service

“Service is excellent, rates are better than the bank and someone is always on the other end of the phone.”

– Jennifer King-Marais on Trustpilot

“[Personal Account Manager] provided a fast and efficient spot quote, currency conversion, plus funds transfer, enabling me to quickly take advantage of a beneficial exchange rate.

Great service!”

– Iain McNeil on Trustpilot


Frozen accounts

Some users were (rightfully) distressed when they lost access to their accounts unexpectedly.

This is usually as a result of routine checks and audits TorFx conducts to keep your money safe.

Don’t worry though – you can always call your Personal Account Manager to help you troubleshoot.

Lost money due to exchange rate fluctuations

When large amounts are concerned, even a small shift in exchange rates (such as a few cents) can make a huge difference in fees.

Some users lost money when they didn’t transfer money during TorFx’s rate guarantee period.

We recommend clarifying with your Account Manager about the duration of your rate guarantee and initiating the transfer process accordingly.

Winner: Tie

Both Wise and TorFX are excellent money transfer services at the top of their game in their respective categories.

In our experience, which is backed up by their reviews, they’ve always performed well.

Also you can almost always avoid the negatives others have experienced by choosing the right service and following the signup process outlined by each service.

5. Transfer Speeds


With Wise, you can expect your transfer to be completed within 1-2 days when you’re working with popular currencies like USD, GBP, EUR, AUD, CAD, NZD, SGD.

Exotic currencies can take 2-4 days on average.

But the good news is, Wise is able to process smaller transfers quickly because these call for fewer checks and verifications.

When you fund your transfer with a card, it can be completed in a matter of hours (but these are also more expensive).


With TorFx, you can expect your large transfers for popular corridors to be completed in 2-4 days.

Transfers in more exotic currencies can take up to a week.

Your transfer speed on TorFX is determined by

  • The currency pair
  • Transfer time (avoid transacting over weekends and holidays)
  • Funding methods (card transfers are faster but more expensive)

Winner: Wise

Both Wise and TorFX are efficient and swift when it comes to transferring the amounts they’re optimized to handle (small and large, respectively).

Wise though has the upper hand here where they provide more (and sometimes faster) options to fund transfers and also have a bigger network of local bank accounts which can mean transfers are made quicker.

6. Customer Service and Support — Both Excellent, But in Different Ways


  • Proactive customer service team
  • Can be reached via email or chat
  • Extensive FaQs section


  • Phone support for everything from sign up to transfers
  • Tailored advice from Personal Account Managers

Winner: Tie

Wise’s support structure enables the user to make quick transfer decisions by keeping all aspects of the transfer online. Usually, this is sufficient for small amounts below $7000 USD.

TorFX’s personalized service makes transferring large amounts easy and reassuring. With the hands-on phone support, you can ask any questions before you transfer or pick up the phone to troubleshoot if you have any bottlenecks in the process.


Wise and TorFX have Tied in most of the parameters above because they’re leaders in their respective categories.

Wise is great for small transfers below $7000 USD/£4000 GBP/€4500 EUR/$9500 CAD/AUD with their low and transparent fees, fast and efficient service, and their helpful customer support. Moreover, their multi-currency account for individuals and businesses makes a cool extra.

Get the latest rates and fees through the Wise calculator (opens new tab).

TorFX gets our vote for large transfers above $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD from Australia, Asia, and New Zealand. Their rate guarantee makes large transfers affordable and their personalized service means you can have peace of mind at every step.

With TorFX you can get a quote online or by phone:

So while they both look the same on the surface, they serve different needs.

We hope this has helped you choose the right service for your specific requirements.

Happy transfers!

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