TorFX is one of the leading services of foreign exchange and may be a genuine alternative to the banks, offering more competitive rates for international money transfers.
| Product Name | TorFX International Money Transfers |
|---|---|
| Min. Transfer Amount | USD 150 |
| Max. Transfer Amount | No limit |
| Transfer Methods | |
| Transfer Options | |
| Transfer Speed Minimum transfer time | 1 - 2 days |
| Banking Partner | TorFX |
| Customer Service | |
| Available Currencies | AUD, CHF, NZD |
Pros
- Low minimum transfer amount of $150.00.
- No transfer fees or commissions.
- Price match guarantee.
Cons
- Only available for sending money transfers to or from AUD and NZD.
Exchange rate guarantee
TorFX guarantees they will beat competitor exchange rates for your transactions, and help you to save when sending money overseas. Note that you must also be registered with the competitor and the rate must be provided to TorFX via email within 5 minutes of your enquiry. The transactions must be identical transactions.
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.
What are the types of foreign exchange offered by TorFX?
- 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.
What personal services offered by TorFX?
- 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 are happy to assist with sending money to and from family in another country.
Currency exchange rates offered by TorFX
The exchange rates are shown for indicative purposes only and are correct as of 14 February, 2017.
| Currency | Currency Code | (Bank Buys) IMT |
|---|---|---|
| British Pounds | GBP | 0.8018 |
| US Dollar | USD | 1.0000 |
| Euro | EUR | 0.9450 |
| Australian Dollar | AUD | 1.3023 |
| Canadian Dollar | CAD | 1.3070 |
| Czech Koruna | CZK | 25.5290 |
| Danish Krone | DKK | 7.0260 |
| Hong Kong Dollar | HKD | 7.7593 |
| Hungarian Forint | HUF | 291.0000 |
| Indian Rupee | INR | 66.9200 |
| Japanese Yen | JPY | 114.306 |
| New Zealand Dollar | NZD | 1.3936 |
| Norwegian Krone | NOK | 8.3872 |
| Singapore Dollar | SGD | 1.4191 |
| South African Rand | ZAR | 13.0394 |
| Swedish Kroner | SEK | 8.9249 |
| Swiss Franc | CHF | 1.0060 |
| Thai Baht | THB | 34.9900 |
| Turkish Lira | TRY | 3.6477 |
| UAE Dirham | AED | 3.6722 |
| Philippine Peso | PHP | 49.8921 |
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 14 February, 2017.
Bank of America | Ria | OFX | TorFX | |
|---|---|---|---|---|
USD/AUD | 1.2334 | 1.2777 | 1.3019 | 1.3022 |
USA/GBP | 0.7563 | 0.7800 | 0.8019 | 0.8019 |
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. 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.
Looking for an alternative? Compare services like TorFX to get the best rates and fees.
Frequently asked questions
Is there a minimum transfer amount?
TorFX can help with transactions starting at just $200.
What is a foreign exchange?
This is a transaction that involves a contract for the exchange of one currency to another at an agreed rate.
Are there any tax implications of TorFX contracts?
Some tax implications may arise and will differ according to your personal and financial situation