Review: TorFX international money transfers

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, and for popular remittance currencies like INR and CNY.

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CAD 2,000

Min. Transfer Amount

No limit

Max. Transfer Amount

1 day

Transfer Speed


Product NameTorFX International Money Transfers
Min. Transfer AmountCAD 2,000
Max. Transfer AmountNo limit
Transfer MethodsOnline, Phone, Agent
Transfer OptionsRegular payments, One off payments, Market orders, Forward contracts
Transfer Speed
Minimum transfer time
1 day
Customer ServicePhone, Email
Exchange Rate UpdatesReal time
Online Transfer FeeCAD 0
Phone Transfer FeeCAD 0


  • Low minimum transfer amount of $2000.00
  • No transfer fees or commissions
  • Price match guarantee


  • Not available for more exotic countries including Indonesia and Bangladesh

TorFX exchange rates and fees

Price-match 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.

Use our tool below to calculate how much sending money overseas would cost with TorFX. You can also check out the real-time exchange rate TorFX offers and if there are any additional fees.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Available currencies

TorFX lets you send money to over 30 currencies around the world. You can find a full list here, but some of the more popular ones include:

  • GBP British pound
  • PHP Philippine peso
  • EUR Euro
  • LKR Sri Lankan rupee
  • JPY Japanese yen
  • NZD New Zealand dollar
  • HUF Hungarian forint
  • HRK Croatian kuna

What types of transfers can you make?

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 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.

What payment methods does TorFX accept?

You can pay for your TorFX money transfer through a bank transfer. Unfortunately, you won’t be able to pay with cash or card. Once you’ve confirmed your transfer with TorFX, you’ll be given the bank account details to transfer your money into.

Transfers typically takeClock icon for transfer speed

1 day

Is TorFX safe to use?

  • Security and regulation: Government regulated.
  • Established: 2004.
  • Number of customers: More than 50,000 private clients and over 4,000 corporate clients.
*According to TorFX on 16 November 2018.

How does TorFX make money?

TorFX doesn’t charge fees, so makes its money off the margin. The margin refers to the difference between the mid-market rate you’ll see on XE or Google and the exchange rate a provider quotes you.

Because of this, remember to compare both exchange rates and fees when looking at a money transfer company.

How to register an account

What is TorFX?

TorFX is a foreign exchange service provider largely located in Europe, with offices in the US, Australia, Europe and South Africa. TorFX provides business and personal services for transferring money overseas, with a range of transfer options. You’ll even be provided with an account manager to help you navigate the process and offer guidance.

In a nutshell

  • 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, which can help the transfer process and questions you might have.
  • Price-match guarantee. TorFX will beat any price that you’ve been quoted by another company.
  • Forex tools. You can use forward contracts, limit orders and stop-loss orders to get the best deal possible.


  • Limited currencies. Popular remittance currencies like the Indian rupee or Chinese yuan aren’t available.
  • 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 CAD$2,000. For smaller transfers, you’ll often get a more competitive rate elsewhere. Although TorFX does allow transfers as small as CAD$250, you’re not likely to be contacted to activate your account.

How does TorFX compare to other providers?

Calculate what fees and exchange rate other money transfer services are providing below.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 1 Same day CAD 0.00 0.804 USD
XE has fast transfers with low fees and a range of foreign currency tools. Go to site Show details
CAD 10 Within an hour CAD 1.99 0.799 USD
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
CAD 1 1 - 2 days CAD 45.00 0.808 USD
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Frequently asked questions

Ask an expert

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    Default Gravatar
    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?

    Default Gravatar
    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?

      Avatarfinder Customer Care
      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.


    Default Gravatar
    August 10, 2016

    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.?

      Avatarfinder Customer Care
      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.

    Default Gravatar
    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?


      Avatarfinder Customer Care
      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.

    Default Gravatar
    June 3, 2016

    Are you able to transfer Polish Zloty to a bank account in Poland, or can you only transfer in euros ?

      Avatarfinder Customer Care
      June 6, 2016

      Hi Loren,

      Thanks for your question.

      You can transfer Polish Zloty to a bank account in Poland using TorFX.

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