TorFX international money transfers review February 2018 | finder.com

Review: TorFX international money transfers – February 2018

Transfer money overseas with no fee and competitive exchange rates

TorFX offers money transfers in 60 global currencies and charges no commission or transfer fees. Choose from spot contracts, forward contracts, limit orders and stop loss orders. TorFX also backs up their fast, fee-free money transfers with a best exchange rate guarantee.

Product NameTorFX International Money Transfers
Min. Transfer AmountUSD 150
Max. Transfer AmountNo limit
Transfer Methods
OnlinePhoneAgent...
Transfer Options
Regular paymentsOne off paymentsMarket ordersForward contracts...
Transfer Speed
Minimum transfer time
1 - 2 days
Banking PartnerTorFX
Customer Service
PhoneEmail
Available CurrenciesAUD, NZD

Pros

  • Low minimum transfer amount of $150.00.
  • No transfer fees or commissions.
  • Price match guarantee.

Cons

  • Supports bank-to-bank transfers only.
  • Site is safe, but lacks important details.

How does TorFX work?

TorFX guarantees that it can beat competitor exchange rates for your transactions, which helps you save money when sending funds overseas. To qualify for its guarantee, you must be registered with the competitor, attempt identical transactions and email the lower rate to TorFX within five minutes of your inquiry.

TorFX accepts your currency exchange instructions online or by phone. To transfer funds, your money must be cleared to TorFX’s respective client accounts, and you must transfer your money from a bank account in advance of your transaction.

Highlights

  • Competitive exchange rates. TorFX prides itself on helping customers save money on international transfers, often beating banks by more than 3%. It can plan the timing of your transfer so you get the best possible rate.
  • Free registration. You’re under no obligation after you’ve opened an account, and you’ll get access to free market analysis and expert advice.
  • Market news. Receive free regular market updates, including major currency movements, news and economic data.
  • Protection. Fix your exchange rate for up to two years for protection against currency exchange movements.

How much does it cost to transfer money with TorFX?

TorFX doesn’t charge a transfer fee or commission. Instead, it makes its money by skewing the mid-market exchange rate. TorFX aims to keep their exchange rates as close to the interbank rate as possible. And they back that up with a best-rate guarantee.

Calculate your exchange rate with TorFX

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Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.

With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:

  • Buying property abroad
  • Emigrating
  • Regular overseas payments
  • Risk management
  • Forecasting
Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Services Amount Received Description CTA Details
USD 150 1 - 2 days - - Online, Phone, Agent, Bank Account to Bank Account No hidden fees and a best rate guarantee. Go to site Show details

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What types of transfers can I make with TorFX?

  • Spot contracts. Make an on-the-spot transfer.
  • Forward contracts. Lock in a favorable exchange rate now, and send your money up to two years into the future.
  • Limit orders. Target a specific exchange rate, and 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.

What are the pros and cons of using TorFX for money transfers?

Pros

  • Better rates. You can get up to 5% better rates compared with the big banks.
  • No fees. Free transfers with no bank charges or commissions.
  • Get advice. Speak to a dedicated currency expert for market advice.

Cons

  • No cash. Bank-to-bank transfers are your only option.

How do I sign up?

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 your TorFX application, your account needs to be approved by TorFx before sending any transfers.

Bottom line

TorFX can offer you a low price on your international money transfers. Get a quote and register for a free account to start making international payments.

Looking for an alternative? Compare services like TorFX to get the best rates and fees.

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