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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 HKD$2,000, where you’ll get a less competitive exchange rate, and for popular remittance currencies like INR and CNY.

USD 2,000

Min. Transfer Amount

No limit

Max. Transfer Amount

1 day

Transfer Speed

Details

Min. Transfer AmountUSD 2,000
Max. Transfer AmountNo limit
Transfer MethodsOnline, Phone, Agent
Transfer Speed
Minimum transfer time
1 day
Online Transfer Fee$0
Available CurrenciesAED, 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

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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 2,000 1 day HKD 0.00 0.175 AUD
1,749
TorFX保證提供最佳的匯率。需受條款約束。TorFX guarantees to match any competitor's exchange rate.
以30種貨幣匯款到全球。登記後,將會有一個客戶經理提供支持和引導。 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 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 takeClock icon for transfer speed

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.
*According to TorFX and Trustpilot on 30 Dec 2021.

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

Pros
  • 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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 10 1 - 2 days HKD 90.00 0.178 AUD
1,760
以透明的匯率,低收費及低最低金額的網上服務作匯款。 Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
USD 10 1 - 2 days HKD 25.00 0.176 AUD
1,754
新客戶可享有首三個月無限次免手續費匯款。New customers get 3 months of unlimited free transfers.
可用15+種貨幣匯款,享有超越銀行的匯率以及快速轉賬時間。 CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
USD 60 1 day HKD 0.00 0.177 AUD
1,769
Skrill能令你輕鬆匯款至多個熱門目的地,可是要留意其加上的手續費。 Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees. Go to site Show details
SGD 1 1 day HKD 45.00 0.178 AUD
1,768
你首兩次港幣$15,000或以下的匯款,手續費全免。Pay no fees on your first two transfers, up to HK$15,000.
象徵式收費以及中間價匯率,可匯款至高達30多個國家。 SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
USD 50 1 day HKD 35.00 0.178 AUD
1,769
獨家優惠:使用代碼FINDER10,你的頭一次匯款即能享有$10美元折扣。Use code FINDER10 to receive US$10 off your first transaction.
InstaReM 提供簡單的匯款服務,大部分的匯款劃一收取0.5%的手續費。InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
Go to site Show details
USD 1 Within an hour HKD 20.00 0.177 AUD
1,765
使用優惠代碼FREE,你的首次匯款即可享免手續費。條款及條件適用。Use promo code FREE to send your first transfer with no fee. T&Cs apply.
提供現金提取、銀行戶口之間轉賬與及Airtime匯款選擇的網上匯款服務,。 WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
GBP 5,000 1 - 2 days HKD 0.00 0.175 AUD
1,749
可匯款至20+個國家,無手續費。 CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace. Go to site Show details
USD 2,000 1 day HKD 0.00 0.175 AUD
1,749
TorFX保證提供最佳的匯率。需受條款約束。TorFX guarantees to match any competitor's exchange rate.
以30種貨幣匯款到全球。登記後,將會有一個客戶經理提供支持和引導。 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.

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.

Does TorFX have an app?

Yes, it does. You can check out our guide on the TorFX app, as well as some of the other international money transfer apps.
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