While international money transfer providers are all vying for your attention, which service actually suits your specific needs? We've evaluated popular providers TorFX and Moneycorp to see what's at stake, such as fees, customer service and user experience.
TorFX
A (relatively) new arrival on the international money transfer stage, TorFX has grown remarkably since its founding in 2004, maintaining a steady reputation for friendly, personal service. As it stands the company currently enjoys an impressive 4.9* rating on Trustpilot and won the Moneyfacts Best Money Transfer Provider award for 2018, as well as Best Customer Service 6 years running.
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 fee-free transfer amount is £100, with the option of transferring up to £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. 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 while the maximum for online transfers is £100,000, with rates improving for larger amounts.
TorFX Features
Moneycorp Features
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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
Market insights are often lagging, so too far behind for them to be actionable
Website information is hidden from main menus, leaving it hard to find
Mobile app available for Android and iOS
4.6/5 Feefo rating
Generally positive customer reviews – 4.6-star Trustpilot rating
Trade 24/7 by telephone or online
Future or options contracts ideal for investors
Range of current investor communications
No obvious commitment to match competitor rates
Fees charged on any transaction are £5–£15 (except for FXcompared customers)
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.
OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.
Average of the top US Banks costs as compiled by our own FXC Intelligence group
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.
