You can always get the best rate on international money transfers using TorFX.
TorFX are foreign exchange specialists. If you’re looking to send money to a relative, pay overseas contractors or buy a house, TorFX offer a wide range of personal and business foreign exchange services. Personal and business transfer options include spot contracts, forward contracts, limit orders and stop loss orders. You can even get a competitive rate on regular overseas business payments — commission free.
It charges no commission for international money transfers. TorFX make money from the foreign exchange rate spread, which includes a small margin. You’re still guaranteed the best price on your international money transfer when you use TorFX. The company will beat any competitor’s quote as long as it’s above the interbank rate, the rate large institutions use to buy and sell foreign currency.
TorFX exchange rates
TorFX foreign exchange rates are indicative of TorFX actual rates. These rates have been documented from the TorFX currency converter which rounds up the to the nearest quarter of a cent. TorFX make actual rates available when you request a quote. 1 USD will get you:
|Buy currency||TorFX Rate||Bank of America||Interbank Rate|
|1 USD =||1.39 AUD||1.32 AUD||1.38257 AUD|
|1 USD =||1.38 CAD||1.30 CAD||1.37128 CAD|
|1 USD =||0.99 CHF||0.94 CHF||0.98545 CHF|
|1 USD =||6.83 DKK||6.47 DKK||6.79235 DKK|
|1 USD =||0.92 EUR||0.87 EUR||0.91009 EUR|
|1 USD =||7.75 HKD||7.35 HKD||7.75006 HKD|
|1 USD =||0.67 GBP||0.63 GBP||0.66075 GBP|
|1 USD =||122.01 JPY||115.47 JPY||121.16 JPY|
|1 USD =||8.73 NOK||8.23 NOK||8.65362 NOK|
|1 USD =||1.48 NZD||1.40 NZD||1.47438 NZD|
|1 USD =||8.50 SEK||8.04 SEK||8.46578 SEK|
|1 USD =||1.41 SGD||1.32 SGD||1.40763 SGD|
|1 USD =||36.12 THB||33.74 THB||35.9716 THB|
|1 USD =||15.01 ZAR||14.01 ZAR||15.0172 ZAR|
*Rates correct 11.30AM – 16/12/15Back to top
How much does it cost to transfer money with TorFX?
TorFX charge no commission for foreign exchange transactions. A margin is included in the exchange rate spread. This is the difference between TorFX foreign currency buy and sell rates.
TorFX best price guarantee
TorFX offer a best rate guarantee. If you can show TorFX a competitor’s quote offering a better price, TorFX will beat it. The best price guarantee doesn’t apply if you’ve already accepted the TorFX quote or if the competitor’s rate is lower than the interbank rate.
Minimum transfer amount and available countries
TorFX minimum transfer amounts are different for personal and corporate customers. Transfer as little as $100 fee free for personal transactions and $500 for corporate recurring transactions. The maximum recurring payment amount is $10,000 every month. Business customers making a one off transfer can transfer the United States Dollar equivalent of £2,000. There is no set maximum one off international money transfer limit.
TorFX offers transfers to the following countries.
- Anguilla (XCD)
- Antigua and Barbuda (XCD)
- Australia (AUD)
- Bahrain (BHD)
- Botswana (BWP)
- Canada (CAD)
- China (CNY)
- Croatia (HRK)
- Czech Republic (CZK)
- Denmark (DKK)
- Dominica (XCD)
- Egypt (EGP)
- Fiji (FJD)
- Hong Kong (HKD)
- Grenada (XCD)
- Hungary (HUF)
- Israel (ILS)
- India (INR)
- Japan (JPY)
- Kenya (KES)
- Kuwait (KWD)
- Lithuania (LTL)
- Latvia (LVL)
- Montserrat (XCD)
- Morocco (MAD)
- Mauritius (MUR)
- Mexico (MXN)
- Malta (MTL)
- Norway (NOK)
- New Zealand (NZD)
- Oman (OMR)
- The Philippines (PHP)
- Poland (PLN)
- Qatar (QAR)
- Romania (RON)
- Russia (RUB)
- Saint Vincent and the Grenadines (XCD)
- Saint Lucia (XCD)
- Saint Kitts and Nevis
- Saudi Arabia (SAR)
- Singapore (SGD)
- Sri Lanka (LKR)
- Sweden (SEK)
- Switzerland (CHF)
- Thailand (THB)
- The Eurozone (EUR)
- Turkey (TRY)
- Trinidad and Tobago (TTD)
- Uganda (UGX)
- United Arab Emirates (AED)
- United Kingdom (GBP)
What types of transfers can you carry out with TorFX?
TorFX offer the following international money transfers for personal and business customers on an individual and recurring basis :
- Spot contracts. An immediate foreign exchange transaction.
- Forward contracts. Fix your rate for a future foreign exchange transaction. Lock in a foreign exchange rate up to two years in advance.
- Limit orders. Set up a foreign exchange contract so your transaction is processed when the foreign exchange rate reaches a specific level.
- Stop loss orders. A stop loss order lets you set a low and high rate for foreign exchange transactions. The transaction is processed if the rate reaches the desired level and you’re hedged against negative currency fluctuations.
The registration and transfer process
You’ll need to register an account before you can make a trade with TorFX. To open an account, request a foreign exchange quote. You’ll be asked to enter some basic contact information to get your quote. A TorFX customer service agent will contact you over the phone to tell you what exchange rate you’re eligible to receive on your international money transfer. You’ll be asked to provide an accepted form of identification such as your passport and a document showing your residential address like a bill from a utility provider. Once you’ve registered for your TorFX account, you’ll get an update about current exchange rates and steps to make your online payment and complete your transfer.Back to top
What are the pros and cons of using TorFX for my next transfer?
- Best price. If you can find a competitor’s foreign exchange quote for a better price, TorFX will be it. Conditions apply.
- Transfer options. TorFX give you a variety of ways to make international payments. TorFX have a number of international payment options including limit orders and spot contracts.
- Secure. TorFX is a safe and secure way to transfer money overseas and is subject to government regulations. TorFX have a level 1 credit rating from Dun & Bradstreet.
- U.K access. TorFX have products and services for U.K residents only. For example foreign cash delivery and the prepaid travel card are not available for American residents. Customer service agents are also UK based, time zone differences can be an issue if you need to speak to your account manager.
Frequently asked questions
Is TorFX safe?
TorFX is subject to government regulations and has a level 1 credit rating from Dun & Bradstreet, one of the world’s leading credit reporting agencies. Online payments to TorFX are encrypted and safe from fraud.
Is TorFX cheaper than using my bank?
TorFX do not charge a commission and can offer the best price on your international money transfer. To get the best price you must not have already have agreed to a TorFX quote, you must provide a written quote or internet screenshot showing the competitor’s cheaper price, and the quote can not be cheaper than the interbank rate.
How do I pay for my TorFX transfer?
You can pay for your TorFX transfer using a SWIFT code bank account deposit, cheque or debit card payment. Transfers from a savings account can take up to 3 business days before the funds clear.
How long does a TorFX transfer take?
Once you make a payment to TorFX, the funds will be delivered to the recipient within 1 -2 business days. Euro, Pound Sterling and United States Dollars transfers can made available the same day the funds are received by TorFX. If you have a TorFX account credited with funds, money can be made available on the same day you request the transfer.
TorFX can offer you the best price on your international money transfer, get a quote and register for a free account to start making international payments.