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TorFX money transfer review
Get bank-beating exchange rates and no fees when you transfer with TorFX.
- Good for getting a fair exchange rate with its price-match guarantee and for personalised help with your own account manager.
- Not so great for transfers under $2,000, where you’ll get a less competitive exchange rate.
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Details
| Product Name | TorFX |
|---|---|
| Pay By | Debit card, Bank transfer |
| Receiving Options | Bank account |
| Customer Service | Phone, Live chat, Email |
| Available Currencies | AED, AUD, BHD, BWP, CAD, CHF, CNY, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HUF, ILS, INR, JPY, KES, KWD, LKR, MAD, MUR, MXN, NOK, NZD, OMR, PHP, PLN, QAR, RON, RUB, SAR, SEK, SGD, THB, TRY, TTD, UGX, XCD, LTL, MTL |
Our Verdict
TorFX does away with transfer fees and promises to match any competitor’s rate with its rate improver guarantee. It offers that personal touch by providing you with a dedicated account manager to help move your money overseas. And to make your money go further, forex tools are available including setting rate targets, forward contracts and stop losses.
TorFX excels when it comes to large transfers as you’ll get a competitive rate when transferring $5,000 or more and there’s no limit to how much you send. However, you’ll need to forget TorFX if your recipient doesn’t haven’t a bank account and you might be better looking elsewhere for transfers under $2,000 where you’re likely to find better rates.
Why should I consider TorFX?
- No fees. TorFX makes its money off the margin so you won’t be charged any fees. Keep an eye on the exchange rate though.
- Dedicated currency expert. TorFX assigns an account manager to you to help with the transfer process and any questions you might have.
- No maximum limit. There is no upper limit on how much you can transfer, making it ideal for large money transfers.
- Forex tools. You can use forward contracts, limit orders and stop-loss orders to get the best deal possible.
What to be aware of
- Limited currencies. TorFX does cover popular remittance currencies but is lacking some of the more exotic currencies.
- Only supports bank transfers. You can only send to bank accounts and can’t pay for the transfer with cash or card.
- Not as good for transfers under $2,000. For smaller transfers, you’ll often get a more competitive rate elsewhere. Although TorFX does allow for transfers as small as £100 (or the foreign currency equivalent), you’re not likely to be contacted to activate your account.
How much are TorFX’s transfer fees?
TorFX doesn’t attach any transfer fees to its transactions. Instead, it makes its money from adding a markup to its exchange rate.
How are TorFX’s exchange rates?
While TorFX does apply a margin to its exchange rates, it promises to keep them as close to the mid-market rate as possible. TorFX also provides a rate improver guarantee to give you the most for your money. Keep in mind, that exchange rates fluctuate during the day, so the exchange rate you get will be set at the moment your transfer is confirmed.
Rate improver guarantee
TorFX will match any competitor’s rate to make sure you get the most competitive rate in the market. You just need to:
- Register with TorFX.
- Show TorFX a screenshot or written quote of the better rate, including the date and time you received it.
Conditions do apply:
- You have to have an account with the provider you get the other quote from.
- TorFX can’t beat the rate if it’s better than the mid-market rate.
- This guarantee doesn’t apply to transactions you’ve already agreed upon with TorFX.
What your TorFX transfer could look like
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What are the ways I can send money abroad with TorFX?
TorFX only supports bank-to-bank transfers, meaning you won’t be able to send to a mobile wallet or to a cash pick-up location. In saying this, TorFX does have a range of features to help when you make a transfer, including:
- Spot contracts. Make an on-the-spot transfer.
- Forward contracts. Lock in a favourable exchange rate now and send your money up to two years into the future.
- Limit orders. Target a specific exchange rate, then TorFX makes the transfer when that rate is met.
- Stop-loss orders. Wait for a better rate, but lock in a worst-case rate should the market move against you.
- Business transfers. Experts can help your business control forex risks and protect your profits. Services include risk management as well as overseeing any regular overseas payments for your business invoices.
How to send money transfer online with TorFX
In order to make a transfer with TorFX you will first need to register for an account.
What payment methods does TorFX accept?
You can pay for your TorFX money transfer through a bank transfer. Unfortunately, you are unable to pay with cash or a card. Once you’re confirmed your transfer with TorFX, you’ll be given the bank account details to transfer your money to.
How long does a money transfer take?
A transfer with TorFX should reach your recipient on the same day. With some of the less-popular currencies, transfers can take up to two days.
Is TorFX safe to use?
- Security and regulation: Government regulated.
- Established: 2004.
- Number of customers: 325,000 personal and business customers.
- Reviews: Trustpilot gives TorFX a score of 4.9* out of 5, based on 5,146 reviews.
How does TorFX compare to other providers?
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
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August 26, 2016
Does TorFx transfer money to nicaragua? I would like to transfer AUD to my USD bank account in Nicaragua. Apart from world remit what other transfer companies do this?
August 22, 2016
I want to send money to a friend who is a Moroccan national.
What information do I require from him.
Also will he be charged a fee from the money sent?
August 22, 2016
Hi Deborah,
Thanks for your comment.
You will need the recipient’s name and account details where the money will be deposited.
Yes, you will be charged a one off transaction fee and possibly a fee from your bank.
Hope this has helped.
Clarizza
August 10, 2016
Hi
We are emigrating to nz and wonder how secure a large money transfer would be compared to say Westpac or anz.
Can you guarantee a safe transfer of money to our nz account.?
August 11, 2016
Hi Maria,
Thanks for your question.
TorFX is secure, they are authorised by ASIC and they transact over $6 billion annually.
In terms of guaranteeing your transfer, you will need this to come from an authorised TorFX representative (as we are a 3rd party comparison service) – you can do this by clicking on “Go to site”.
I hope this has helped.
June 10, 2016
If i have already transferred a large sum into a Torfx account with the intention of a currency transfer to my bank…. can i withdraw all or part of that money back into the account from whence it came?
Thanks
June 28, 2016
Hi Keith,
Thanks for your question.
Yes you can transfer the funds back to your bank account. To do this, please get in touch with your TorFX dealer to instruct them to transfer the funds back.
June 6, 2016
Hi Loren,
Thanks for your question.
You can transfer Polish Zloty to a bank account in Poland using TorFX.