How to Transfer Money Abroad

Adam Finance

What is the cheapest way to send money to Europe and Worldwide?

Here we look at the market leading money transfer providers, and break down the benefits and negatives of each.

We will be comparing:

  1. Tor FX
  2. TransferWise
  3. TransferGo
  4. moneycorp
  5. HiFX

Tor FX

Great service
The Cheapest*
Easy to follow interface
Dedicated account manager

*TorFX also offer to match or beat competitor rates
Relies on bank transfer

Is Tor FX Safe?


Tor FX is one of the most trusted and established currency transfer providers out there. Founded in 2004, it’s grown to handle 3 billion pounds of transfers each year as one of the best customer service in the country, winning awards in both 2016 and 2017 from moneyfacts.

Tor FX are fully regulated by the Financial Conduct Authority, and licensed by HMRC with strong credit ratings from Dun & Bradstreet.

How does Tor FX work?

Tor FX is extremely simple to use. We run through the steps below in how to transfer money safely and quickly.

Step 1 – Get a Quote

Get a quote here to compare quotes against other providers. I would recommend also comparing against:

As always, larger amounts mean better rates.

Step 2 – Setup an account

One of the main benefits to Tor FX is that every customer gets a dedicated account manager. They can help advise on best times to move ment, and answer any questions or concerns you may have. This is not always offered by competitors and gives some added reassurance.

To activate your account you may need to provide proof of address – utility bills or bank statements, the usual kind of stuff with any financial service.

Step 3 – Deposit Money

For most small to medium amounts of money you can deposit via bank and have funds available within 1-2 business days. Larger amounts (£30k+) may need handling by your account manager.

When you deposit money you can select currency to convert to, and money will then be held in that account. You can have multiple currency accounts at once.

Step 4. Send Money!

Now you just need to log in and send the money. Their interface is clean and easy to follow.

How do Tor FX (And other international money transfer providers) make money?

Some providers will make money by charging flat fees on transfers, as well as having a certain the margin on the exchange rate.

Lets run through some examples of how exchange rates and money transfer companies make money.

ProviderRate £1 =Margin €Margin %
Interbank Rate€1.127600
Example Bank (E.g. Natwest)€1.11€0.01762%
Example Provider (E.g. Tor FX)€1.12€0.00760.07%

The above table is a more precise example of this using prices on 07/01/2018, but lets run through using some slightly nicer rounded figures.

Company A buys £1,000,000 of euros at an exchange rate of €1.13. So they now have 1,130,000 Euros.

Company B also buys at the same rate and has €1,130,000

Company A then offer their customers a a rate of £1 = €1.12, where as Company B offers at £ = €1.10.

If both companies sell their full £1,000,000 of currency at their rates, they are “giving away” the following:

 Your MoneyRateYou Get
Company A£10,000€1.12€11,200
Company B£10,000€1.10€11,000

Another way to think of it is that for every €1.13 they are giving back to you, they are keeping either €0.01 or €0.03.

As a customer, you may be transferring £10,000 of Euros. So let’s looks how this would impact you:

ProviderFull Euro AmountRateGiven awayTheir Margin
Interbank Rate€1,130,000€1.12€1,120,000€10,000
Example Bank (E.g. Natwest)€1,130,000€1.10€1,100,000€30,000

So you can easily lose €200 by using a less competitive provider.

Tor FX works on a smaller margin and doesn’t charge any upfront fees. This means they make less money, but are also one of the most competitive and best providers available. It’s exchange rates are some of the lowest available so it’s best to get a quote from them and compare to other providers.

Comparison Table

It’s important to note that margins vary both on the company and the amount of money you are sending. For this reason we recommend getting quotes from every company possible!

CompanyInitial FeeHowOptionsDeposit MethodSpeedLink
Tor FX0Online, PhoneSingle, RegularBank Transfer Only1- 2 DaysQuote
Transfer Wise0OnlineSingleBank, Cards (£2 fee)
Money Corp0Online, PhoneSingle, RegularSame Day
Post Office0Online, PhoneSingle, Regular