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Review: TorFX international money transfers

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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.

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
Online Transfer FeeAUD 0
Phone Transfer FeeAUD 0
Exchange Rate UpdatesReal time


  • 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
CAD 2,000 1 day CAD 0.00 0.787 USD
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
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.

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 0.791 USD
XE has fast transfers with no fees and a range of foreign currency tools. Go to site Show details
USD 150 1 day CAD 15.00 0.787 USD
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
CAD 0 Within an hour CAD 3.99 0.792 USD
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
CAD 1 1 - 2 days CAD 45.00 0.795 USD
TransferWise 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.

    Default Gravatar
    May 1, 2016

    My daughter has been living in Japan and is returning to Australia soon. Is it possible to transfer her Japanese bank account to her Australian online account? Please note, she does not have online banking with her Japanese account. Thanking you.

      Avatarfinder Customer Care
      May 2, 2016

      Hi Sue,

      Thanks for your question.

      TorFX can assist with transferring her JPY back to AUD. As long as she knows the details of her Japanese account, like the BSB and account number, she should be able to use the system.

      Alternatively, she can setup internet banking with her existing Japanese account.

        Default Gravatar
        May 2, 2016

        Thank you Shirley, apparently she cannot set up online banking with her Japanese bank account. The bank account cannot be closed before she leaves will that be an issue?

          Avatarfinder Customer Care
          May 4, 2016

          Hi Sue,

          Thanks for your question.

          It shouldn’t be an issue, though it’s best that your daughter checks with the bank that they don’t charge any inactivity fees, etc

    Default Gravatar
    January 10, 2016

    Id like to send my daughter 1000euros.She is in australia travelling.I live in Spain .Whats the best and most economical way to do this without her being charged

      Avatarfinder Customer Care
      January 11, 2016

      Hi Elizabeth,

      Thanks for your question. Please be mindful that we’re not in a position to recommend specific products and services.

      TorFX can definitely assist you and they offer a best rate guarantee. A small fixed transaction fee may apply but only for transactions under AUD $10,000 or the foreign equivalent.

      All the best,

    Default Gravatar
    December 30, 2015

    Hi. I need to transfer money time to time from Australia to my sister to Bosnia and Herzegovina. Is that available and if it is in what currency she can get the money.

      Avatarfinder Customer Care
      December 30, 2015

      Hi Pejo,

      Thanks for your question.

      If your sister holds a bank account in Bosnia/Herzegovina this should be possible. TorFX can facilitate this transfer in EUR.


    Default Gravatar
    December 20, 2015

    Want to transfer the proceeds from sale of my Australian property
    to my AUD account at Bangkok Bank, Thailand.

    NOTE- there is no currency exchange involved- it stays in AUD.
    Can you do this and if so, what fee would be charged on $130,000?


      Avatarfinder Customer Care
      December 21, 2015

      Hi Jinjfox,

      Thanks for your question.

      TorFX can help you facilitate this. There are no fees charged (fees are charged on transactions below AUD $10,000).


    Default Gravatar
    October 16, 2015

    Hi Guys,
    I am a small time business exporting to India (so receiving money is not an issue) but sending money there for things like consulting fees, advertising fees and so forth required to promote business it’s hard to get money over there, at the moment we’ve been transferring money as a moneygram, the fees have been enormous and we are currently searching for another option. We thought of opening a company up over there which has a national bank account, but still it’s bank transfers. Looking for a solution of at least some advice in the right direction.

    Warmest wishes,


      Avatarfinder Customer Care
      October 19, 2015

      Hi Leif,

      Thanks for your question.

      This sounds like something that TorFX can assist with. To start your enquiry, please click on ‘Go to Site’ to get in touch with a consultant today.


Go to site