Cambridge Currencies is one alternative to TorFX, alongside Currencies Direct, Moneycorp, OFX and Wise. The best alternative depends on what you want: Cambridge Currencies is a phone-based specialist for larger transfers, OFX and Currencies Direct offer strong platforms, Moneycorp is a long-established heavyweight, and Wise is the transparent app option.
TorFX is a well-regarded, FCA-authorised broker, so looking for an alternative is usually about finding a better fit — a different service model, a provider outside the Currencies Direct group, or simply a second relationship to compare quotes against. This guide sets out the strongest alternatives, what each does well, and how to choose between them.
Why look for a TorFX alternative?
People shop around for sensible reasons: they want a phone-only specialist rather than an app-plus-platform, they would rather not use a provider in the same group as their existing one, they are comparing rates on a large transfer, or they simply want a second quote before committing. None of these means TorFX is a poor choice — it means the right provider depends on your transfer and how you prefer to deal.
The best TorFX alternatives compared
| Provider | Type (founded) | Regulation | Service model | Forward contracts | Best for |
|---|---|---|---|---|---|
| Cambridge Currencies | Specialist broker (2023) | Via FCA-authorised partners Currencycloud & ScioPay | Phone, dedicated specialist | Yes | Larger or timed transfers, phone service |
| Currencies Direct | Large FX specialist (1996) | FCA EMI (FRN 900669) | Online, app, branches, account manager | Yes | Full service; note: same group as TorFX |
| Moneycorp | Established specialist (since 1979) | FCA-authorised | Online and phone, account manager | Yes (to 2 years) | Businesses and large transfers |
| OFX | Global FX, ASX-listed (since 1998) | FCA-regulated (UK) plus ASIC, FinCEN | Online platform with dealers | Yes (to 12 months) | Self-service platform; APAC corridors |
| Wise | Payments fintech (2011) | FCA EMI (FRN 900507), LSE-listed | App, self-service | No | Transparent, smaller and medium transfers |
The alternatives in detail
Cambridge Currencies
Cambridge Currencies is a UK specialist currency broker, founded in 2023, that arranges every transfer by phone with a dedicated specialist, operating through its FCA-authorised partners, Currencycloud (FRN 900199) and ScioPay (FRN 927951). Like TorFX it offers forward contracts and limit and stop-loss orders, but its model is phone-only rather than app-plus-account-manager — suited to people who want a single point of contact for larger or considered transfers. It is a newer firm with a smaller review base than TorFX. See the direct Cambridge Currencies vs TorFX comparison.
Currencies Direct
Currencies Direct is one of the UK’s largest FX specialists, founded in 1996 and FCA-authorised as an electronic money institution (FRN 900669). It offers an online platform, app, retail branches, a multi-currency card and forward contracts, with one of the sector’s largest review bases. One important caveat: TorFX and Currencies Direct are part of the same group, so switching between them stays within one company. Our Cambridge Currencies vs Currencies Direct comparison goes deeper.
Moneycorp
Moneycorp has been trading in foreign exchange since 1979 and is one of the largest currency specialists, FCA-authorised for payment services and electronic money. It offers spot and forward contracts (up to two years), FX options, limit orders and prepaid cards, with a typical minimum transfer of around £1,000. It is a strong choice for businesses and larger transfers that want a long-established heavyweight with a wide product range.
OFX
OFX is a global money transfer firm listed on the Australian Securities Exchange, operating since 1998 and FCA-regulated in the UK, alongside ASIC, FinCEN and other regulators. It charges no transfer fees, earning a margin in the rate, and offers forward contracts of up to 12 months, limit orders and regular payment plans through a strong online platform backed by dealers for larger sums. It is particularly strong on Australia and Asia-Pacific corridors.
Wise
Wise is the transparent app option: FCA-authorised (FRN 900507) and listed on the London Stock Exchange, it uses the mid-market exchange rate plus a clear upfront fee. It does not offer forward contracts or a dedicated dealer, so it suits smaller or routine transfers more than large, timed ones. For that distinction, see Cambridge Currencies vs Wise for large transfers.
How to choose a TorFX alternative
Weigh each provider against what your transfer actually needs:
- Regulation and safeguarding. Confirm the firm is FCA-authorised or uses FCA-authorised partners, and check it on the FCA Financial Services Register. All the providers here safeguard client funds rather than relying on the FSCS.
- Service model. Decide whether you want a phone-only specialist, an account manager plus a platform, or a self-service app.
- Rate tools. For a transfer months away, prioritise forward contracts and limit orders — offered by most here, but not by Wise.
- Size and minimums. Moneycorp starts around £1,000; OFX suits larger sums; Wise has no real minimum. Match the provider to your amount.
- Track record and pricing. Look at independent reviews and, crucially, compare a live quote on the day — the only reliable cost comparison.
It is also worth understanding whether currency brokers are safe and what happens if a broker stops trading before you move funds to any new provider.
“TorFX is a strong provider, so ‘alternative’ usually means ‘different fit’, not ‘better’. Some people simply prefer a phone-only specialist, some want a broker outside the Currencies Direct group, and many like a second relationship to compare quotes. That is the gap we fill — one specialist, by phone, for larger transfers.”
Anthony Bull, CEO of Cambridge Currencies
Frequently asked questions
What are the best alternatives to TorFX?
The strongest alternatives are Cambridge Currencies, Currencies Direct, Moneycorp, OFX and Wise. Each suits a different need — from a phone-based specialist to a transparent app — so the best choice depends on your transfer size, timing and how you prefer to deal.
Are TorFX and Currencies Direct the same company?
They are part of the same group. If you are specifically looking to move away from that group, Cambridge Currencies, Moneycorp, OFX and Wise are independent of it.
Is there a phone-only alternative to TorFX?
Yes. Cambridge Currencies is phone-based, with a dedicated specialist handling every transfer from quote to settlement and no self-service booking screen — suited to those who prefer dealing with one person on larger transfers.
Which TorFX alternative is best for large transfers?
Cambridge Currencies, Currencies Direct, Moneycorp and OFX are all built for large transfers and offer forward contracts. The best value depends on the size and currency of your transfer, so compare a live quote from more than one.
Do TorFX alternatives offer forward contracts?
Most do. Currencies Direct, Moneycorp (up to two years), OFX (up to 12 months) and Cambridge Currencies all offer forward contracts to fix a rate ahead of a future payment. Wise does not offer forward contracts or rate-locking.
Are these alternatives FCA regulated?
TorFX, Currencies Direct, Moneycorp, OFX and Wise are all FCA-authorised or FCA-regulated in the UK. Cambridge Currencies operates through FCA-authorised partners. You can verify any firm on the FCA Financial Services Register.
Is Cambridge Currencies FCA regulated?
Cambridge Currencies is a UK currency broker that operates with FCA-authorised partners, Currencycloud (FRN 900199) and ScioPay (FRN 927951). It does not hold client money in its own name; funds are safeguarded by those partners.
How do I switch from TorFX to another provider?
Open an account with the new provider, complete its identity and source-of-funds checks, and compare a live quote before you transfer. There is nothing stopping you holding accounts with more than one broker and using whichever is best for a given transfer.
Compare a Cambridge Currencies quote against TorFX
If you want a phone-based specialist alternative to TorFX, it costs nothing to get a comparison quote. Speak to a Cambridge Currencies specialist about your transfer and whether a forward contract suits your timing — every transfer is arranged by phone with a dedicated specialist. Request a quote and compare for yourself.
Related guides: Cambridge Currencies vs TorFX · Large international money transfers · Best way to transfer large amounts internationally
