Is TorFX a secure way to get money overseas to friends and family?
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How safe is TorFX money transfer?

TorFX is a safe option for unbeatable customer service, no transfer fees and competitive exchange rates.

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Charlie Barton
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TorFX transfers more than £2.5 billion a year — with no transfer fees. A personal account manager can help you with every step of sending your money overseas. Take a look below at the precautions in place to keep your information secure.

What's in this guide?

How does TorFX protect my money?

Keeping your personal information safe is of utmost importance at TorFX, and it’s an area in which the award-winning company excels. TorFX has safely served more than 50,000 individuals and 4,000 companies.

  • Highly rated. TorFX has a Level 1 credit rating —the highest rating from Dun & Bradstreet.
  • Security. Online payments to TorFX are encrypted and safe from fraud.
  • Established. In operation since 2004, it’s an industry leader in foreign exchange transfers.
  • Customer service. TorFX provides an account manager to assist in transactions and offers 24-hour support online. It also won Consumer Moneyfacts’ 2016 Award for Best Customer Service.
  • Verification. A PIN is sent to your mobile phone to confirm your address and ID and activate your account.

What are my rights when it comes to money transfers?

The Financial Conduct Authority (FCA) ensures the proper arrangements are in place to protect your money if companies run into financial difficulty. British law now requires many credit unions, money transfer services and banks to disclose information both before and after a transfer. (Source: Citizens Advice Bureau)

Before a transfer, you have the right to know:

  • The exchange rate.
  • Fees and taxes collected from you.
  • Fees charged by agents overseas and others involved in the transfer process.
  • The amount your recipient is expected to receive (excluding foreign taxes and recipient fees).

You also have the right to know:

  • Your ability to cancel the transfer. Unless the transfer has been picked up or deposited, you have 30 minutes (and sometimes more) to cancel at no charge.
  • The company or bank’s process to investigate and fix any mistakes. It generally has 90 days to resolve any problems.

These rules apply to all international transfers of £50 or more.

How do I report suspicious activity to TorFX?

TorFX will never email you to confirm passwords, transaction details or personal information. If you are the recipient of an email from someone claiming to be TorFX, do not respond. If you’re wary about an email or phone call, contact TorFX at this number +44 (0) 1736 335 250. Alternatively send them an email at this page http://www.torfx.com/content/contact-us.php.

How to avoid a money transfer scam

Money transfer scams are a real threat. You probably know of someone who has been the target of one. Protect yourself with these easy tips.

  • Don’t answer unsolicited phone calls and emails. Phishing scams often involve an email asking you to resend passwords or information. If you’re not sure whether it’s legitimate, go to the company’s website directly instead.
  • Don’t transfer money to someone you don’t know. If for an online sale or auction, be sure that you have all of the seller’s information. And do a little research online before sending your payment.
  • Ask questions. If a business responds quickly and accurately, that’s a good sign you’re working with a reputable company.

Tips for picking up cash safely

Knowing your money is secure during a transfer is important. But it’s just as vital to be safe when retrieving money. Follow these easy tips.

TipDescription
Call ahead.Learn the company’s business hours and choose a safe time to pick up your cash. Daylight hours are best.
Bring a friend.Carrying money when alone can be dangerous. Ask a friend to come along.
Deposit your money immediately.The likelihood of losing your money to theft or simple carelessness grows the longer you have it with you. Go straight to a bank and deposit your cash as soon as possible.
Keep your cash hidden.Place your money in your purse or wallet before leaving the office. Carrying cash out in the open could make you a target.

Bottom line

TorFX is a safe and convenient way to save money when making overseas transfers. Compare exchange rates and minimum and maximum amounts to be sure that it’s right for you.

Common money transfer scams to watch out for

ScamWhat to watch out forWhat to do
Online purchasesAsking for money up frontDo not pay up front, ask to meet or arrange escrow
Lottery and sweepsMust pay a fee to receive your prizeIgnore it; it’s not a real prize
“Guaranteed” loansRequest to pay for your application or taxes before you receive the loanRip it up; do not send the money
PhishingAsking for personal details over email (bank accounts, passwords, SSN)Do not reply or click any links – forward the email to spam@uce.gov
CharityDonation requests from a fake charity posing as real one.Never wire money when donating to charity, regardless of their legitimacy.
Nigerian dignitarySomeone contacts you to help recover a large sum of money, and need your bank account info to help pay fees.Never provide financial information over email.
“Stranded traveller”A loved one claims to be in trouble, and they are asking for you to send cash.Never send a money transfer until you can verify you know the recipient.
Online datingGetting to know someone online and after you feel a connection, they ask you to wire money.Never send money to someone you have not met in person.

Keep your money safe from money transfer scams

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