- Learn about TorFX, a low-cost international money transfer service that consistently earns rave reviews.
- Discover the fees and exchange rates charged by TorFX.
- Get an in-depth insight into TorFX features, and have your questions answered.
Are you looking for an alternative money transfer company? Wondering if TorFX could be the ideal one for you? Then, you've come to the right place.
In our review, we'll look in-depth at the ins and outs of TorFX. So keep reading to find out if they're the best transfer company for you.
Inside this review
What is TorFX?
TorFX is a foreign exchange broker and an international payment provider. The company was founded in the UK in 2004 by Jon Bedell, who remains the CEO. TorFX has seen much growth and has offices worldwide, with transfers completed in many currencies.
In 2011 TorFX was acquired by Currencies Direct Ltd., and in 2015 it was sold to Palamon Capital Partners and Corsair Capital. Anthony Jenkins, former head of Barclays bank, is the group chairman.
TorFX and similar companies exist because the world's population is mobile, and many people need to move money to and from different countries. While these transfers could be done through traditional banks, they usually charge higher fees, and their transactions can be time-consuming.
Features of an account with TorFX
- Transfers can be completed 24/7. You can do this online or through the app. You can also deal with your account manager over the phone during business hours.
- It was rated 'excellent' on Trustpilot, with around 1,500 reviews for the Australian arm of the service.
- Regulated in Australia ASIC.
- More than 325,000 customers.
- Hold the highest credit rating with Dun & Bradstreet.
- Won International Money Transfer Provider of the Year at Moneyfacts Consumer Awards for five years in a row (2016-2021).
- No transaction fees. Instead, they add a margin on exchange rates, which is standard practice for money transfer services.
You can access TorFx through your smartphone – download the app. However, if you prefer more personal service, you can call your account manager to deal with your transaction.
Who TorFX is designed for, based on design, features and costs
TorFX appeals to both personal and business users. Here's why:
- Sending money to your home country. Reasonable exchange rates and no transaction fees.
- Regular payments. If you often transfer money abroad, you can benefit from a $0 transfer fee for recurring payments. This is potentially a considerable saving.
- A personal account manager can help you choose a time to transfer when the exchange rate is favourable.
- International business payment transactions are straightforward when using TorFX.
- Specialist transfer orders. Choose between spot contracts for immediate execution, forward contracts to fix the exchange rate for up to two years, plus limit or stop-loss orders to target a required rate or protect against a poor one.
- The maximum online transfer amount of $200,000 for businesses is higher than the $50,000 limit for individuals. Contact your account manager to send even higher amounts.
How it works
- Open a trading account online by registering your details and providing ID documents. The customer service team will be available to help if needed.
- An account manager will be assigned to you to give guidance and support and help you obtain the best exchange rates.
- Set up your transfer online by selecting the amount, currency and destination country and providing the recipient's banking details; or speak to your account manager to conduct the transaction by phone.
- Check the exchange rate and note the total cost in AUD.
- Fund your transaction by transferring money to your TorFX trading account.
- Confirm your transfer. Your transfer will be executed once your payment funds have cleared.
Pros and cons
- No transfer fee. You aren't charged any transfer fees, regardless of the amount you send.
- Personal service. Whether you're a business user or an individual, TorFX has a service type for you.
- Competitive exchange rates, including a small profit margin for TorFX.
- Many options for currencies and destination countries.
- Various foreign exchange contract types are available, including spot, forward, limit and stop loss.
- If you'd instead not transact your transfer online, telephone service and order placing are available.
- Transfer amounts above the maximum ($50,000 for individuals, $200,000 for businesses) can't be made online. Instead, you'll need to organise the transfer with your account manager.
- The minimum transfer amount is $200.
- Smaller transactions can be expensive. The exchange rate for transfer amounts under $2,000 can be unfavourable.
Alternative Money Transfer companies
Is my destination country supported?
TorFX can transfer to more than 120 countries in over 40 currencies.
How do I pay for the transfer?
TorFX accepts bank transfers and online payments (including by debit card) but not cash, cheques or credit card.
How fast is it to send money?
The time taken depends on the currency, destination, and receiving bank cut-off times.
Transfers in EUR, GBP and USD are often completed within the same day, while other currencies may take 1-2 working days.
Is TorFX safe?
TorFX uses TLS encryption on its website. Two-factor authentication is also in use on the mobile app.
How is TorFX regulated?
ASIC in Australia regulates the company, and it also reports to AUSTRAC.
How does TorFX make money?
As with traditional banks, a profit margin is built into the exchange rates offered.