Wise vs TorFX

In this guide, we’ll compare the world-leading money transfer specialist Wise with distinguished UK and Australia based currency broker TorFX.

We’ll pit their services against one another, using key money transfer metrics like speed, safety and cost.

By the end, you’ll grasp their similarities and distinctions. Ultimately allowing you to discern when they suit your needs and when they do not.

Wise vs TorFX: Pros and cons

WiseTransparent, low fees
200,000+ reviews on Trustpilot
Publicly traded on London Stock Exchange
Multi-currency account
Poor reviewed customer service
Fees have increased on major currencies
No cash transfers
No hedging tools
TorFXPersonalised 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

Wise vs TorFX: Where can you send money to?

With ToFX you can send 30+ currencies to 120 countries.

Wise has slightly better capabilities in this department. With Wise, you can send 40 currencies to 140 countries.

By industry standards, both companies offer a comparatively low amount. Significantly less than the 100 currencies that Xe can handle.

Saying this, both Wise and TorFX cover all major currency routes and it’s only very exotic currencies that you’ll have to look elsewhere.

You can see what currencies either provider handles prior to registration. Simply check their website.

See the Wise help centre for a full list of countries you can send money to. Give TorFX a call if you plan to send money to a remote country.

Wise vs TorFX: Side-by-side

CredibilityHighly-credible, publicly traded and transferring over £100b annuallyHighly credible, owned by Currencies Direct
SafetyFully regulated and licensedFully regulated and licensed
Customer Reviews200,000+7,000+
Customer Rating4.2/54.9/5
App Reviews35,000+ App store
700,000+ Play store
20+ App store
400+ Play store
App Rating4.6/5 App store
4.7/5 Play store
4.0/5 App store
4.1/5 Play store
CostTransparent fixed fee + small variable fee charged as a % (similar to margin)No fees on any size transfer and margin added to the mid-market rate
SpeedOften instant, sometimes 2 working daysUsually 1-2 working days
Service– Online 
– App
– Online 
– App 
– Personal account manager to call anytime
Functionality– Bank-to-bank transfers
– Wise-to-Wise transfers
– Scheduled transfers
– Rate alerts
– Multi-currency account
– Wise currency card
– Bank-to-bank transfers
– Market orders
– Forward contract
– Regular payments
– 24/7 transfers
– Rate alerts

History / credibility

Wise, formerly known as TransferWise, is a world-renowned online and mobile money transfer company.

Nowadays, Wise is known for being an online provider with totally transparent fees that seeks to move “money without borders”.

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.


Wise 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.

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 Wise and TorFX.

But it’s Wise that really comes into its own here. The firm has over 200,000 Trustpilot reviews, which is more than any other payment provider.

TorFX, with just over 7,000, has a tiny fraction of the number of reviews compared to Wise.

Around 96% of TorFX reviews are good, 1% are indifferent, and 3% are adverse.


Wise and TorFX have slightly different pricing models.

On the flip side, Wise is completely transparent about the fees you’ll incur.

You can see for yourself exactly how much Wise will charge by using their pricing calculator. There’s no need to register an account, just navigate to the pricing section on Wise.com.


When you send money from one Wise account to another, it’s practically instant.

But in terms of transfer speed to external bank accounts, both companies offer comparable timeframes.

International transfers may encounter delays for various reasons. Factor in plenty of time, regardless of your chosen provider.


Wise offers a super streamlined online platform and money transfer app.

What’s more, you can easily manage a multi-currency account that allows you to hold, receive and spend in any number of currencies.

TorFX also has an online platform and money transfer app, but its app has a tiny sample of reviews, particularly on Apple.

You’ll receive bespoke guidance on the best currency tools to utilise and how the market has been trending on your currency pair.

Wise vs TorFX: Summing up

Fundamentally, Wise is better suited to low-value transfers. The online-only service offers transparent fees that will beat just about any other provider when you’re sending a small amount.

But, when sending large sums, I’d much prefer access to an account manager that I can readily contact throughout the process. This is where ToFX stands out. They possess the joint highest customer review score in the industry and have received numerous accolades for their customer service.

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