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Review: TorFX international money transfers

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Get bank-beating exchange rates and no fees when you transfer with TorFX.

  • Good for its competitive exchange rates and fee-free transfers.
  • Not so great for popular remittance currencies like INR and CNY.

SGD 2,000

Min. Transfer Amount

No limit

Max. Transfer Amount

1 day

Transfer Speed

Details

Product NameTorFX International Money Transfers
Min. Transfer AmountSGD 2,000
Max. Transfer AmountNo limit
Transfer MethodsOnline, Phone, Agent
Transfer OptionsRegular payments, One off payments, Market orders, Forward contracts
Transfer Speed
Minimum transfer time
1 day
Customer ServicePhone, Email
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
Exchange Rate UpdatesReal time

Pros

  • Low minimum transfer amount of GBP2000.00 or currency equivalent
  • No transfer fees or commissions
  • Price match guarantee

Cons

  • Not available for more exotic countries including Indonesia and Bangladesh

TorFX is not available in Singapore

Unfortunately, you won’t be able to sign up for an account in Singapore with TorFX or initiate transfers in Singapore dollars. For companies that you can use in Singapore, check out our money transfers hub.

TorFX exchange rates and fees

TorFX offers both competitive exchange rates and a price-match guarantee, but if you’re transferring less than S$2,000, you’ll probably find a better deal elsewhere.

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.

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 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 takeClock icon for transfer speed

1 day

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.
*According to TorFX and Trustpilot on 16 November 2018.

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

Pros
  • 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.

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 and can’t pay for the transfer with cash or card.
  • Not as good for transfers under SGD$2,000. For smaller transfers, you’ll often get a more competitive rate elsewhere. Although TorFX does allow transfers as small as SGD$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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
SGD 2,000 1 - 2 days SGD 0.00 0.731 USD
3,653
Send 35+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it. Go to site Show details
SGD 250 1 day SGD 0.00 0.731 USD
3,653
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Go to site Show details
SGD 2,000 1 day SGD 0.00 0.731 USD
3,653
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies. Once registered, you'll be assigned an Account Manager who can provide support and guidance.
Go to site Show details
SGD 1 Same day SGD 3.99 0.734 USD
3,668
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details
SGD 250 1 day SGD 0.00 0.731 USD
3,653
SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
SGD 1 1 - 2 days SGD 22.50 0.738 USD
3,673
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details
SGD 5 1 - 2 days EUR 3.00 0.734 USD
3,669
Special offer: Zero fees on your first 10 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
SGD 1 1 day SGD 21.50 0.738 USD
3,674
Pay no fees on your first two transfers, up to S$3000.
SingX offers the real exchange rate every time you make a transfer and is based locally in Singapore.
Go to site Show details
SGD 200 2 days SGD 25.00 0.735 USD
3,659
Quick and simple international money transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies. 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.

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