Xe vs TorFX

In this guide, we’ll explore and compare two key players in the global currency exchange industry, Xe and TorFX. We’ll stack up their services against one another, using some key money transfer metrics like speed, safety and cost. By the end, you’ll find out how they’re similar, and how they differ. Enabling you to discern when they suit your needs and when they do not.

Xe vs TorFX: Pros and cons

Xe Internationally-recognised brand
64,000+ reviews on Trustpilot
Owned by payments giant Euronet
Send to 200 countries
Slow customer service
Account manager only for large trades
Small fees on transfers under $1,000
Some issues with account opening
Go to XE
TorFX Personalised service
Rated 4.9/5 from 7,000+ reviews
Multiple industry awards
Highly-experienced staff
No cash-delivery services
Only available in UK, EU & Australia
Worse rates on small transfers
No multi-currency account
Go to TorFX

Xe vs TorFX: Where can you send money to?

ToFX allows you to send 30+ currencies to 120 countries. Xe allows you to send an even greater 100 currencies to 200 countries. Ultimately though, all major currencies are covered by both providers. 

There’s no need to register with either provider to see what currencies they handle. Simply check their website.

You can view a full list of countries you can send money to in Xe’s FAQs. Give TorFX a call if you plan to send money to a remote country.

Xe vs TorFX: Side-by-side

CredibilityHighly-credible, renowned for their currency converter and currency tablesHighly credible, owned by Currencies Direct.
SafetyFully regulated and licensedFully regulated and licensed
Customer Reviews64,000+7,000+
Customer Rating
App Reviews17,000+142,000+20+400+
App Rating4.8/54.7/54.0/54.1/5
CostSmall fees on transfers under £1k and margin added to the mid-market rateNo fees on any size transfer and margin added to the mid-market rate
SpeedUsually 1-2 working daysUsually 1-2 working days
ServiceOnlineAppTelephone dealer only when trading over $50,000 USD per yearOnlineAppPersonal account manager to call anytime
Bank-to-bank transfers
Market orders
Forward contract
Regular payments
Cash pickup
Not Supported
Currency API
Not Supported
24/7 transfers
Not Supported
Rate alerts
Not Supported
Go to XEGo to TorFX

History / credibility

Xe was established in 1993 as a provider of currency information and currency tools. It is renowned for its currency converter and historical currency charts, services that are accessed over 280 million times annually. Chances are, if you’ve ever looked up real-time exchange rates for any global currency, you’ve likely encountered Xe.

The company ventured into international money transfers in 2002, initially partnering with Western Union for a white label service. In 2015, Euronet Worldwide, a large-scale payments company with a market valuation exceeding $4 billion USD, acquired Xe. Since the acquisition, Xe’s money transfer department has expanded substantially and is now managed internally. Before purchasing Xe, Euronet also acquired HiFX, one of the UK’s top currency brokers.

Merging a highly esteemed UK currency broker with Xe’s globally-renowned currency brand, it’s reasonable to consider Xe money transfer as a highly reliable choice for overseas transfers.

TorFX was founded in 2004 in the charming seaside town of Penzance, Cornwall. This means TorFX has been reliably managing international money transfers for 20 years. Expanding beyond its UK roots, TorFX opened an international office in the more exotic seaside locale of Australia’s Gold Coast. This expansion means TorFX is regulated by both the FCA in the UK and AUSTRAC in Australia, underscoring its compliance with two major global financial regulators.

The company’s distinctive office locations contribute to its high staff retention rates, supporting a team of seasoned dealers who expertly assist customers throughout the transfer process. TorFX has secured over 20 industry accolades, including recognition as the international money transfer provider of the year and awards for outstanding customer service. Owned by the money transfer giant Currencies Direct, the group collectively handles more than £10 billion annually in foreign exchange and international payments.


Xe and TorFX are fully licensed and regulated in all territories in which they operate. For customers in the EU, TorFX is regulated through its parent company, Currencies Direct, who are registered and authorised by the Bank of Spain. In the UK, Xe is regulated by the FCA as an authorised payment institution, while TorFX is regulated as an electronic money institution. In light of this, TorFX perhaps comes under slightly stricter scrutiny from the FCA.

In Australia, Xe is regulated by ASIC (licence no. 240917) through Euornet subsidiary HiFX Australia Pty Ltd, but trading as Xe. TorFX is also regulated by ASIC (licence no. 226484). ASIC regulated firms must manage your money in line with the ASIC Client Money Reporting Rules 2017.

It’s important to note, however, that neither provider issues loans and thus does not operate under the APRA’s Financial Claims Scheme, which protects customer funds up to $250,000. We advise contacting both firms directly to understand what can happen to your money in the unlikely event that either company faces financial difficulties.

Customer reviews

A quick glance on the net and you’ll find thousands of reviews for both Xe and TorFX.

With more than 64,000 reviews, Xe boasts one of the largest collections of customer feedback in the industry. Achieving a 4.3/5 rating from such a large pool is an impressive accomplishment. Users frequently commend Xe for its straightforward and effective service.

However, there are some grievances regarding Xe’s extended hold times on funds and slower payment processing compared to other providers. Approximately 90% of Xe’s reviews are positive, 3% are neutral, and 7% are complaints.

TorFX, with just over 7,000 reviews, has a fraction of the number of reviews as Xe. Still, this number is substantial within the industry and ranks among the highest for a specialised currency brokerage service. TorFX achieves a 4.9/5 rating, which, alongside Currencies Direct, is the best in the industry. Customers regularly highlight the professional service and easy communication of their TorFX account manager.

The main complaints relate to TorFX’s compliance procedures and the need to ask for more documentation before they book a transfer. Approximately 96% of TorFXreviews are positive, 1% are neutral, and 3% are negative.


Xe and TorFX both make money in the same way. When executing a currency transfer, you incur costs from both transaction fees and an ‘FX spread’ that is applied to the interbank rate. This pricing structure is employed by about 95% of the money transfer sector.   The FX spread is the primary concern (since it can significantly impact the cost). 

Being a ‘concealed’ fee, its calculation requires you to determine the difference between the rate they provide and the actual mid-market rate. In terms of payment fees, Xe charges a nominal £1.99 for transfers >£1,000 (or currency equivalent). Transfers over this amount are fee-free. 

The Xe money transfer calculator (not to be confused with their more widely used mid-market currency converter) suggests an FX spread of 0.4% is applied to a transfer of £10,000 and an FX spread of 0.83% is applied to a transfer of £100,000. Very peculiar indeed. You’d expect a smaller spread to be applied to larger transfers. TorFX charges zero payment fees for individuals (only businesses). 

You have to either register or contact TorFX to get a quote on the exchange rate, but we do know that rates improve the higher the amount you send. Bear in mind that with either provider, if you haven’t yet registered, the rate will move between the time of the initial quote and once your account is fully up and running. 

As a general rule, Xe has better rates on a £10,000 transfer and TorFX has better rates on a transfer of £100,000. It’s always advisable to compare quotes to secure the most favourable deal.  Register with both companies, and assess yourself which one offers the more cost-effective option.


In terms of transfer speed, both companies generally offer comparable timeframes. Since they conduct bank-to-bank transfers, the process largely depends on local payment systems, intermediary banks, and the SWIFT network for your international transaction. Most transactions with Xe and TorFX are finalised within 1-2 business days, though some currencies may require up to 4 business days. It’s wise to allocate ample time, regardless of your chosen provider.


Xe offers a super user-friendly online platform and money transfer app. You have the option to sign up via either method, and once you’re registered, handling beneficiaries, initiating transfers, and monitoring their progress is straightforward. The Xe app is highly rated on both Apple and Android, achieving impressive scores of 4.8/5 and 4.7/5, respectively.

However, access to their specialised account team service is exclusively available for those who transfer over $50,000 USD annually. So, depending on your circumstances, discussing an appropriate currency strategy and utilising the right currency hedging tools can be somewhat challenging.

TorFX has an online platform and money transfer app too, but its app has a tiny sample of reviews, particularly on Apple (just 20 reviews). They are much more geared to handling transfers by phone through their highly experienced team of account managers. Keep in mind they’ve won the Moneyfacts Best Customer Service award in six of the last eight years.

There are no minimum transfer requirements to discuss your strategy and potential hedging solutions with TorFX.

Xe vs TorFX: Summing up

The key takeaway is that Xe excels in remittances and smaller transactions. They provide a broader array of currency options, a better reviewed app, and better rates for smaller payments.

On the flip side, TorFX is more suitable for large transfers. They have the superior customer review rating, and boast countless awards for their customer service. Their tailored service becomes even more beneficial for clients who need to transfer substantial amounts or regularly conduct international money transfers.

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