TorFX

A relatively new arrival on the international money transfer stage, TorFX has grown remarkably since its founding in 2004, without losing its reputation for friendly, personal service. The company currently enjoys an impressive 9.4/10 rating on Trustpilot and won the Moneyfacts Best Money Transfer Provider award for 2018. With no transfer fees and best exchange rate guarantees, TorFX has the best possible credit rating (level 1) on Dun & Bradstreet, as well as offices in the UK and Australia. Their minimum transfer amount is £50, with the option of transferring up to £2,000 on the phone or £25,000 online. TorFX accepts clients worldwide.

 

Moneycorp

One of the biggest names in international payments, Moneycorp was founded in 1962 and has been providing international money transfers since 1979. In 2015, it processed a staggering £22bn in orders and is as safe and reliable as they come. The sheer size of Moneycorp also means it has a huge team at its disposal, including many dedicated dealers. Excellent exchange rates with an average 1–2% margin are somewhat offset by transfer fees of between £5 and £15. The minimum transfer amount is £50, and Moneycorp's scope means there is no upper limit for transfers, with rates improving for larger amounts.

 

TorFX
Amount Received
£ 10,000.00
EUR11,426.29
USD12,988.85
CAD17,267.37
AUD18,146.72
£ 270.93 Avg. Saving vs. Banks ?
Go to site
Moneycorp
Amount Received
£ 10,000.00
EUR11,449.37
USD13,015.09
CAD17,302.26
AUD18,183.38
£ 250.56 Avg. Saving vs. Banks ?
Go to site
?
Est. 2004
?
Est. 1979
TorFX
Fee: ? No Fees via FXcompared
Bank Partner: ?
Speed: ? 1-3 days
Local Settlement: ? Worldwide
Transfer Methods ?
Phone and online transfer services
Regulated By: ?
FCA, ASIC
General Notes Personal account managed service with experienced staff.
Country Notes Offer local bank settlement in a large number of countries worldwide
Moneycorp
Fee: ? No Fees via FXcompared
Bank Partner: ?
Speed: ? 1-3 days
Local Settlement: ? UK, Spain, Ireland, Australia, Switzerland
Transfer Methods ?
Phone and online transfer services
Regulated By: ?
FCA, FinCEN
General Notes ESTABLISHED NAME AND SERVICE SINCE 1979 We’re one of the UK’s fastest growing foreign exchange companies, serving our customers for nearly 40 years.
Country Notes Offices in the UK, Spain, France, Ireland, and the USA

TorFX Features

  • Account management online or by telephone
  • No hidden fees
  • Transfers completed within 1–2 business days
  • Reduced risk products available for larger currency transfers (+£25,000) with the option to book a forward rate up to 2 years in advance (secured with 10% deposit)
  • Stop loss or limit order options, as well as spot currency trades
  • Aimed predominantly at personal markets with over 50,000 private accounts (4,000 corporate customers)
  • Websites in Spanish and German
  • Offices in the UK, mainland Europe, Australia, the USA and South Africa
  • Wire transfer
  • Currency fluctuations alert service

Moneycorp Features

  • Account management online and by telephone
  • Aimed predominantly at corporate markets and investors
  • Send a transfer from as little as £50, £250 for regular payments, and up to a maximum of £100,000
  • Fast transfers in 1–2 days available but fees apply for personal transactions*
  • Rates range between 1.5%–4% discount on mid-margin rates
  • Exotic product range with various futures options, including two-year option to fix rates
  • Limit order options, spot currency trades and forward contract options
  • Websites in English, Spanish, Portuguese and French
  • Offices in the UK, US, Spain, France, Ireland and Brazil
  • Currency fluctuations monitoring service, even if you are not a current customer

*Pay no fees when you sign up through our website: www.fxcompared.com.

The pros and cons of using TorFX

pros

Dedicated account management

Two customer service awards

Highest Trustpilot rating – 5 stars

Free to open an account

Fee-free transactions anywhere

Educational guides on buying a property abroad

cons

Market insights are often lagging, so too far behind for them to be actionable

Mobile app is only available in IOS and not for Android

Website information is hidden from main menus, leaving it hard to find

The pros and cons of using Moneycorp

pros

Mobile app available for Android and iOS

4.6/5 Feefo rating

Trade 24/7 by telephone or online

Future or options contracts ideal for investors

Range of current investor communications

cons

No obvious commitment to match competitor rates

Mixed customer reviews – 3-star Trustpilot rating

Fees charged on any transaction are £5–£15 (except for FXcompared customers)

cons

Market insights are often lagging, so too far behind for them to be actionable

Mobile app is only available in IOS and not for Android

Website information is hidden from main menus, leaving it hard to find

cons

No obvious commitment to match competitor rates

Mixed customer reviews – 3-star Trustpilot rating

Fees charged on any transaction are £5–£15 (except for FXcompared customers)

TorFX
Amount Received
£ 10,000.00
EUR11,426.29
USD12,988.85
CAD17,267.37
AUD18,146.72
£ 270.93 Avg. Saving vs. Banks ?
Go to site
Moneycorp
Amount Received
£ 10,000.00
EUR11,449.37
USD13,015.09
CAD17,302.26
AUD18,183.38
£ 250.56 Avg. Saving vs. Banks ?
Go to site

Price Comparison

Looked at solely in terms of fees, TorFX must be the winner, as the younger company doesn't charge a transaction fee for transfers anywhere in the world. Moneycorp charges a £5 standard fee, rising to £9 for its 0–2 day express transfer. Phone transfers incur a £15 transaction fee. These amounts are clearly considerable for small amounts, but become less significant the larger your transaction, and as exchange rates also improve the more money you're sending abroad, the savings there can quickly override what you're paying out in fees.

Nevertheless, TorFX also offers very good exchange rates that improve the more you're transferring, and with their no fees policy it's very hard to beat them on price unless you want to send an amount greater than their upper limit allows.

 

International Presence

TorFX accepts clients from all over the world and deals in 59 currencies – a better-than-average offering. Although it only has offices in Australia and the UK, it does have over 100 dedicated dealers specialising in different currencies, in addition to websites in German and Spanish as well as in English.

Moneycorp, having been around a fair bit longer, now covers 90 currencies and is a trusted, globally recognised brand accepting clients from all over the world. With offices in the UK, the US, France, Spain and Ireland, it is still mostly focused on Europe, but again it has a large number of dedicated dealers specialising in different currencies. Ultimately, neither TorFX nor Moneycorp is the most global of providers, but until TorFX catches up, Moneycorp probably has the edge due to its strong reputation and experience.

 

Ease of Use

Some people have found Moneycorp's website a bit cumbersome and old-fashioned, but recent changes have improved this, including the implementation of a more accessible sign-in process using the latest verification technology. The company more than makes up for this with its dedicated customer service, and when it comes to actually talking to a dealer who really knows their stuff, then Moneycorp can't be beaten. They also have an excellent mobile app, tailored business solutions and a wide range of additional tools, including five different types of forward contracts.

TorFX has quickly garnered an excellent reputation for customer service and personal guidance, and their website is modern, intuitive and easy to use – on desktop or mobile. It's easy to get a free quote by email, and UK and Australian clients can use an Android mobile app for money transfers. There are also many additional functions on the website. Once again, Moneycorp may have the experience and resources, but TorFX is rapidly catching up and in many cases may offer the better deals.

 

Compare Other Currency Rates

Other International Money Transfer Quotes

WorldFirst

?
Est. 2004

Transparency and security | Great customer feedback rating from Feefo

More Info Less Info

Transparency and security | Great customer feedback rating from Feefo

Amount Received
GBP £7,689.27
USD $274.89
saved vs. banks

OFX US (prev. USForex)

OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

More Info Less Info

OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

Amount Received
GBP £7,691.15
USD $277.31
saved vs. banks

Venstar

?
Est. 1990
Established in 1990, Venstar is a worldwide leader in Foreign Exchange Payments and Services.
More Info Less Info
Established in 1990, Venstar is a worldwide leader in Foreign Exchange Payments and Services.
Amount Received
GBP £7,695.03
USD $282.31
saved vs. banks

Average US Bank

Average of the top US Banks costs as compiled by our own FXC Intelligence group

More Info Less Info

Average of the top US Banks costs as compiled by our own FXC Intelligence group

Amount Received
GBP £7,499.45
USD $30.31
saved vs. banks

Other Company Comparisons

Other Services

Site SSL Secured
You can trust our results, each provider goes through a full vetting and is regulated by the relevant authority (FCA in the UK, FinCEN in the USA, ASIC in Australia)

Trusted by sites like:

BBC Logo
Reuters Logo
Forbes Logo
Bloomberg Logo
Business insider logo
world bank Logo

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.