How does TorFX work?
TorFX accepts currency exchange instructions online or by telephone. You can only exchange funds that have been cleared to TorFX’s respective client accounts and funds need to be sent in advance before being able to execute a transaction. TorFX only accepts bank transfers and doesn’t accept cash deposits.
What are the features and benefits of a TorFX international money transfer?
- Competitive exchange rates. The team at TorFX prides themselves on being able to help customers save money of foreign exchange transfer, often beating the banks by over 3%. TorFX can help you plan the timing of your exchange so you get the best possible rate.
- Free registration. Opening an account is free and can be done by completing an application form. There are also no obligations once an account has been open and you’ll get access to free market analysis as well as expert advice.
- Market news. Receive regular market updates including major currency movements, news and economic data. This service is free and has no obligation.
- Protection. TorFX allows you to fix your exchange rate for up to two years to protect you from currency exchange movements.
- Customer service. TorFX prides itself in offering friendly service, explaining the process clearly and advise on the best solution for you.
Back to topWhat are the types of foreign exchange does TorFX offer?
- Personal foreign exchange. TorFX can save you money on your international payments with competitive exchange rates, free transfers with no bank charges and customer service with TorFX currency experts. Services include support for buying property abroad, importing a car or boat and converting your assets when emigrating.
- Business foreign exchange. The expertise offered from TorFX can help you business control foreign exchange risks and grow your profits. Services include risk management as well as overseeing any regular overseas payments for your business invoices.
Back to topWhat personal services does TorFX offer?
- Buying property abroad. When dealing with hundreds of thousands of dollars for a property overseas, the exchange rate can make a huge difference. TorFX can save you up to 5% compared to the big banks.
- Emigrating. When emigrating, it’s likely that you need to take your assets with you. TorFX can give you the best possible exchange rate and ensure that your funds are safely transferred.
- Repatriation of funds. This is the process of moving money back to your original county of origin. TorFX will ensure that your money is moved safely and at the best possible currency exchange rate.
- Regular payments. If you regularly make international money transfers, like your pension, or you have a mortgage to pay, TorFX can offer a commercial rate on your regular payments.
- Family payments. TorFX is happy to assist with sending money to and from family in another country.
Back to topCurrency exchange rates offered by TorFX
The exchange rates are shown for indicative purposes only and are correct as of 31 December 2017.
| Currency | Currency Code | (Bank Buys) IMT |
|---|
| British Pounds | GBP | 0.01 |
| US Dollar | USD | 0.02 |
| Euro | EUR | 0.02 |
| Australian Dollar | AUD | 0.03 |
| Canadian Dollar | CAD | 0.03 |
| Czech Koruna | CZK | 0.43 |
| Danish Krone | DKK | 0.12 |
| Hong Kong Dollar | HKD | 0.16 |
| Indian Rupee | INR | 1.27 |
| Japanese Yen | JPY | 2.26 |
| New Zealand Dollar | NZD | 0.03 |
| Norwegian Krone | NOK | 0.16 |
| Philippine Peso | PHP | 1 |
| Singapore Dollar | SGD | 0.03 |
| Swedish Kroner | SEK | 0.16 |
| Swiss Franc | CHF | 0.02 |
| Thai Baht | THB | 0.65 |
| Turkish Lira | TRY | 0.08 |
| UAE Dirham | AED | 0.07 |
Compare TorFX foreign exchange rates against other services
In this case study we compare the rates offered by money exchange operators, compared with those from TorFX.
The exchange rates are shown for indicative purposes only and are correct as of 31 Dec 2017. | BDO | BPI | OFX | TorFX |
|---|
PHP/USD | 0.0199 | 0.0197 | 0.7015 | 0.01 |
PHP/GBP | 0.0146 | 0.0146 | 0.4615 | 0.02 |
How much does it cost to transfer money?
TorFX doesn’t charge any direct fees, although fees may be payable for a foreign exchange contract. A small fixed transaction fee may apply but only for transactions under PHP 40,000 or the foreign equivalent. Be mindful that the financial institution that holds the recipient’s account may charge a fee to deposit your money. In most currencies TorFX operates local bank accounts, so sending your deposit into TorFX is usually free of charge through online banking.
What are the pros and cons of using TorFX?
Pros
- You can get up to 5% better rates compared to the big banks.
- Free transfers with no bank charges or commissions.
- You can also speak to a dedicated currency expert for market advice.
Cons
- There are always a few risks with exchanging currencies, such as the volatility of the market and the delay of your transfer caused by technical or administrative problems, though these are usually quite rare.
What’s the registration and transfer process?
You can choose to either open a personal or business account depending on your currency exchange needs. For your application please have the following information ready:
- Personal details
- Currency exchange services required
- Which currencies you’re buying and selling
- Source of funds
- Countries you’ll be sending payments to
After you have completed and submitted your TorFX application, your account needs to be approved by TorFx before commencing any activity.
Legal information
None. The Philippines cannot tax money sent from other countries since the government has no legal jurisdiction over these remittances. Money sent domestically is not taxed as the Value Added Tax (VAT) is imposed only on the transfer fees charged by remittance companies.
