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TorFX review
Last updated:
Transfer money to Australia or New Zealand with no fee and competitive exchange rates
TorFX offers money transfers in only 2 currencies from the US: AUD and NZD; 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.
Within minutes
Fastest Transfer Speed
$2,000
Minimum Transfer Amount
How does TorFX work?
TorFX is an online money transfer service helping you to send funds from the US to Australia or New Zealand only. If you’re looking for a wider range of currencies, please compare all the options available to you here.
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.
How does the TorFX guarantee 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.
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
- Limited currencies. You can only send funds to Australia or New Zealand from the US.
- No cash. Bank-to-bank transfers are your only option.
- Not as good for transfers under USD$2,000. For smaller transfers, you’ll often get a more competitive rate elsewhere. Although TorFX does allow transfers as small as USD$250, you’re not likely to be contacted to activate your account.
How does TorFX compare to other services?
Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
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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.
