TorFX vs Wise (ex.TransferWise) in Australia. Which is for you?

Roberto Efflandrin

Sending money overseas is becoming more commonplace every day. There are a multitude of companies out there willing to help with these transactions. So how do you choose?

It’s helpful to take 2, look at them side-by-side, and see which one offers the product that’s right for you.

We’re going to compare TorFX and Wise (formerly TransferWise) by product, fees, rates, service, and reviews. Let’s get to it.

💰 Wise provides you the mid-market exchange rate and low transparent transfer fees shown upfront.

Learn more about
Wise money transfers

Table of Contents

(Transfer)Wise vs TorFX introduction

Wise and TorFX are financial technology companies that have assisted many Australians in transferring money overseas.

Let’s find out more about these companies.

Who is TorFX?

Established in 2004, TorFx has offices in Australia, the UK, the USA, South Africa and mainland Europe. It helped over 50,000 personal customers perform international money transfers in that time. Its base in Australia is in Queensland, and it holds Australian Financial Services Licence (AFSL) number 246838.¹

Who is Wise (ex TransferWise)?

With a goal to make money without borders, the new normal for everyone, Wise, formerly known as TransferWise, began in 2011. It expanded into Australia in 2016 and is regulated with an AFSL number 513764.

Wise offers international money services and currency accounts to both personal and business customers.

TorFX vs Wise — Main product offerings

TorFX and Wise have slightly different products to cater to individual needs. They’re broken down here:

TorFX² Wise
Online: 24/7 transfers up to 50,000 AUD International money transfers at mid-market rates
Account managed (Monday to Friday):
  • Spot contract - for immediate transfers
  • Forward contract - fix a rate for up to 2 years in advance
  • Market orders - target an exchange rate
Wise Account:
  • get 10 local currency accounts for receiving money
  • hold money in over 50 currencies
  • Physical and digital debit cards

As seen on 18 November 2022

If making transfers based on the current transparent mid-market rate is your goal, Wise has it covered. However, if you have time and prefer to ‘play the market’, TorFX has business days options for you.

TorFX vs Wise — Fees

When comparing two service providers, fees make up a considerable part of the decision. Here’s how TorFX and Wise compare:

TorFX¹ Wise
Sending money No transfer fee. Variable fees starting at 0.41%. Shown upfront. See pricing page

As seen on 18 November 2022

Wise advises you of the fees it charges at the time of the transaction and you know how much the recipient will get on their end.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

TorFX vs Wise — Exchange rates used

The exchange rate, how your money is converted, is how many financial services organisations make their money. They do this by adding a markup. Wise doesn’t do this, the rate you see is the rate used for the transfer.

TorFX Wise
Only available to registered members on a case-by-case basis Transparent mid-market rate Just like the one you see on Google.

While Wise makes its exchange rates very transparent, TorFX requires you to be a registered member to get a quote.

According to its product disclosure statement (PDS), TorFX sources its exchange rate from interbank or wholesale rates and applies what it calls a spread — another name for markup.

It claims that the spread changes from time to time and currency to currency. The PDS states that TorFX will not usually be able to advise what the spread is.³

Meet Wise

TorFX vs Wise — Supported currencies and routes

Service TorFXWise
Sending money currencies Over 40 currencies available for transfers Over 50 currencies available for transfers
Countries 120+ countries. Send money to 80 countries

As seen on 18 November 2022

If a wider supported range of currencies is what you need, then Wise has it over TorFX. TorFX does support sending to more countries.

Money transfer speed

Many people want their money transferred as fast as possible. Organisations are finding new ways to achieve this. Here’s how Wise and TorFX compare.

TorFX¹ Wise⁴
Same day or 1 to 2 business days, it changes based on:
  • currency
  • destination
  • receiving bank
45% of Wise transfers happen in seconds (less than 20).

The rest take from a few minutes up to 4 business days.

This time depends on:

  • how fast your money reaches Wise
  • verification requirements
  • local currency pay out times.

As seen on 18 November 2022

Wise has some of the fastest transfer times on the market.

Delays could occur with either provider based on:

  • funds availability
  • the recipient’s local bank transfer times
  • national holidays delaying the receiving institution from processing
Note: The speed of transaction claim depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.

Transfer pay in and pay out payment methods

TorFX⁵ Wise
Pay in options Bank transfer only and the account must be in the same name as the registered TorFX account
  • Wise account transfer
  • Bank Transfer
  • Credit card
  • Debit card
  • Pay ID
  • Poli service
Pay out options Bank account transfer Wise account

Bank account transfer

As seen on 18 November 2022

If all your transactions are done to/from bank accounts then either product will work. However, if you want to deposit via debit or credit card, Wise is the one to choose.

Pros and cons of using these services

We’ve covered what each company offers, their fees and rates. Here’s a summary of the good and the not-so-good.

TorFX Wise
Pros 24/7 online instant transfers

Account management for spot and forward contracts

No minimum transfer

Mid-market exchange rates

Low, transparent fees

Cons Minimum transfer of AUD 200¹

No cooling off period for FX contracts³

Transfers can’t be paid in or collected as cash

What about safety?

TorFX Pty Ltd is registered in Australia with ABN 27 103 142 829 and holds an Australian Financial Services Licence (AFSL number: 246838). Any money you deposit is held in a client-segregated bank account separate from TorFX’s. There is no protection, though, if there is a counterparty default or a deficit in that account.⁶

Wise Australia Pty Ltd holds a limited authorised deposit-taking institution licence (limited to providing purchased payment facilities) in Australia under APRA. We are also supervised by ASIC under our Australian Financial Services Licence (AFSL) (AFSL number: 513764). On top of this, Wise has dedicated compliance teams and systems working around the clock to keep our customers’ money safe.

Online reviews for TorFX and Wise in Australia

Before we offer our opinion, here’s what Australians think about TorFx and Wise.

TorFX reviews⁷ Wise reviews⁸
Trustpilot Australia review: 4.9/5 star rating with just under 2,000 reviews and 5 stars from more than 88%. Trustpilot Australia review: 4.5/5 star rating with over 178,000 reviews and 5 stars from more than 84%.

As seen on 18 November 2022

At first glance, TorFX has the highest rating. However, to date, they’ve had less than 2,000 reviews. Wise is getting closer to 200,000 reviews and maintains a solid 4.5.

Read more: CurrencyFair vs Wise (ex.Wise) in Australia

Customer support and contacts

Every TorFX customer is given a dedicated account manager who will contact them once their registration is approved. The client may decide only to utilise the 24/7 online service or remain with their AM.

Other ways to contact TorFX or Wise are:

TorFX Wise
Phone in Australia: 1800 507 480

Phone from overseas: +61 7 5560 4444

Via the Wise mobile app or website here
For online support complete this form Online help section here
Email TorFX at info @ Via Wise’s dedicated Facebook, Twitter or Instagram page

In conclusion

We’ve summarised for you what Wise and TorFX can do to help facilitate international money transfers.

In the end, it’s your decision which one to choose, but here’s a summary to make it a little easier.

If you prefer to make your transactions via a personal telephone service with a dedicated account manager, then TorFX offers that service. If you have the time to set rates and wait for the market to meet them, TorFX offers that too.

For those of you who like the autonomy of making online transfers with clear, transparent fees and rates, with the chance of 45% arriving in seconds, Wise is the better option.

The Wise way

Wise has additional options. You can store, convert to and from, and hold money in 50 different currencies to use for spending or transfers at a later date. You also get local account details for 10 countries and you can order a debit card to make withdrawals or purchases.

Sending money is also a breeze. You get shown your fees upfront and you know what your recipient will get. See how it works in our video below.

Join over 13 million customers currently enjoying Wise. It’ll only take a few minutes to register and see what’s inside.

Open your Wise account in minutes 🚀

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.


  1. TorFX personal brochure for Australian customers
  2. TorFX transfer options
  3. TorFX product disclosure statement
  4. Wise transfer times The speed of transaction claim depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.
  5. TorFX payment options
  6. TorFX terms and conditions
  7. TorFX Trustpilot Australia review
  8. Wise Trustpilot Australia review
  9. TorFX frequently asked questions

Sources checked on: 18 November 2022

Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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