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.
1 day
Transfer Speed
USD 2,000
Min. Transfer Amount
No limit
Max. Transfer Amount
Details
| Min. Transfer Amount | USD 2,000 |
|---|---|
| Max. Transfer Amount | No limit |
| Transfer Methods | Online, Phone, Agent |
| Transfer Speed Minimum transfer time | 1 day |
| Online Transfer Fee | $0 |
| Available Currencies | AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, NOK, NZD, PLN, SEK, SGD, THB, TRY, USD, ZAR |
| Online Transfer Fee | $0 |
|---|---|
| Phone Transfer Fee | $0 |
Pros
- Low minimum transfer amount of $2000.00
- No transfer fees or commissions
- Price match guarantee
Cons
- Not available for more exotic countries including Indonesia and Bangladesh
Learn more about:
What is TorFX?
TorFX is a foreign exchange service provider largely located in Europe, with offices in the UK and Australia too. TorFX provides business and personal services for transferring money overseas, with a range of transfer options in Hong Kong. The company typically specialises in large money transfers, including large recurring transfers. You’ll even be provided with an account manager to help you navigate the process and offer guidance.
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 in Hong Kong.
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.
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 users in Hong Kong 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 credit 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
1 day
Is TorFX safe to use?
- Security and regulation: Government regulated.
- Established: 2004.
- Number of customers: More than 325,000 personal and corporate customers
- Reviews: Trustpilot gives TorFX a score of 4.9* out of 5, based on around 4,536 reviews.
How does TorFX make money?
TorFX doesn’t charge fees, so it 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 in Hong Kong.
How to register an account
In a nutshell
- No fees. TorFX makes its money off the margin so you won’t be charged extra fees. Keep an eye on the exchange rate, though.
- Dedicated currency expert. TorFX assigns an account manager to you, which can help with the transfer process and questions you might have.
- Price-match guarantee. TorFX will beat other prices that you’ve been quoted.
- 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 or savings 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 in Hong Kong. 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 rates other money transfer services are providing below.
Frequently asked questions
How does TorFX save me more money than my bank?
TorFX offers you a better exchange rate than most banks will in Hong Kong. You can check this by comparing the rate TorFX quotes you against what your bank is offering that day. Banks also tend to charge fees on top of this, which TorFX doesn’t have.
What are TorFX’s fees?
TorFX does not charge a fixed fee. Rather, it charges a margin on its given exchange rate. In general, as the amount you transfer increases, the amount you pay in fees decreases in percentage terms. TorFX also considers the size and frequency of your transfers when deciding on your margin.
In general, money transfer services like TorFX charge 0.5% – 2% in fees, while the rates for traditional bank wire transfers and PayPal are 3 – 7% and 6 – 8% respectively.
TorFX typically does not charge hidden fees, but do be wary when initiating a transfer from banks as local bank accounts might be their own fee policies.