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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.

TorFX exchange rates and fees

TorFX offers both competitive exchange rates and a price-match guarantee, but if you’re transferring small amounts, you may find a better deal elsewhere.

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.

1 - 1 of 1
Name Product Minimum Transfer Transfer Time Online Transfer Fee
TorFX International Money Transfers - Germany
EUR 2000
1 working day
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
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Available currencies

TorFX deals with more than 60 currencies around the world. Some of the more popular currencies 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.
  • Reviews: Trustpilot gives TorFX a score of 9.3* out of 10, based on around 2,859 reviews.
*According to TorFX and Trustpilot on 21 February 2019.

How does TorFX make money?

TorFX doesn’t charge fees but makes its money from the margin on the exchange rate. 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

Pros:
  • 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.

Cons:

  • 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 EUR€2,000. For smaller transfers, you’ll often get a more competitive rate elsewhere. Although TorFX does allow transfers as small as EUR€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.

1 - 9 of 9
Name Product Minimum Transfer Transfer Time Transfer Fee
Wise (TransferWise) - Germany
USD$1
1-2 Tage
Varies
Sparen Sie Geld durch den Mittelkurs und durch eine transparente Gebührenstruktur.
CurrencyFair - Germany
EUR€8 or equivalent
1-2 days
0.1% to 0.6% of the amount exchanged plus a EUR€3 (or currency equivalent) transfer fee.
Sonderangebot: Neukunden erhalten in den ersten 3 Monaten unbegrenzt gebührenfreie Überweisungen. Es gelten die AGBs.
CurrencyFair bietet unschlagbare Wechselkurse und schnelle Überweisungszeiten für mehr als 15 gängige Währungen.
Azimo - Germany
GBP 10
Instant
Varies
Azimo ist bekannt für schnelle Überweisungen, wettbewerbsfähige Preise, niedrige Gebühren und eine große Bandbreite an Zahlungs- und Überweisungsoptionen.
Remitly - Germany
EUR 0
1-5 days
EUR 1.49
Remitly bietet schnelle und günstige Überweisungen um die Welt mit Spar- und Expressoptionen.
Revolut - Germany
Revolut - Germany
USD $0
Within minutes
USD $0
Führen Sie von Montag bis Freitag gebührenfreie Überweisungen in über 27 Währungen durch.
XE Money Transfers - Germany
EUR€0
Same day
EUR€2
XE bietet schnelle Überweisungen mit niedrigen Gebühren und eine Reihe von Fremdwährungstools.
Panda Remit - Germany
Panda Remit - Germany
$10
Within minutes
0
Sonderangebot: Unbegrenzte gebührenfreie Überweisungen & 5 EUR Überweisungsgutschein. Es gelten die Bedingungen.
Panda Remit sendet Geld in über 30 Länder mit 24/7-Kundensupport und exklusiven Wechselkursen.
WorldRemit - Germany
USD$1
2 working days
USD$3.99
WorldRemit sendet Geld in über 110 Länder für Bank-zu-Bank-Einzahlungen, Bargeldabholungen oder Handy-Aufladungen.
Key Currency - Global
Key Currency - Global
£5000.00
Same day on all majors, 1 day on exotics
None
Make same-day transfers in all major currencies across Europe.
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