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 HKD$2,000, where you’ll get a less competitive exchange rate, and for popular remittance currencies like INR and CNY.
Min. Transfer Amount
Max. Transfer Amount
|Product Name||TorFX International Money Transfers|
|Min. Transfer Amount||USD 2,000|
|Max. Transfer Amount||No limit|
|Transfer Methods||Online, Phone, Agent|
|Transfer Options||Regular payments, One off payments, Market orders, Forward contracts|
Minimum transfer time
|Customer Service||Phone, Email|
|Available Currencies||AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, NOK, NZD, PLN, SEK, SGD, THB, TRY, USD, ZAR|
|Exchange Rate Updates||Real time|
|Online Transfer Fee||$0|
|Phone Transfer Fee||$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
TorFX offers both competitive exchange rates and a price-match guarantee, but if you’re transferring less than HK$10,000, you’ll probably find a better deal elsewhere.
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.
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 take
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 9.4* out of 10, based on around 2,700 reviews.
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 HKD$2,000. For smaller transfers, you’ll often get a more competitive rate elsewhere. Although TorFX does allow transfers as small as HKD$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.