TorFX will match any rate you're offered by a competitor
No cash-pickup facility
TorFX is a foreign exchange provider largely located in Europe, with offices in the US, Australia, Europe and South Africa. It provides business and personal services for international money transfers, with a range of transfer options. You’ll be provided with an account manager to help you navigate the process and offer guidance.
TorFX calculator
Enter the amount you want to send and the currency you want to send to, then click Calculate to see up-to-date TorFX rates.
Please note: You should always refer to quotes you receive from transfer services themselves directly for exact amounts as they may vary from our estimates.
TorFX pros and cons
Pros
Rate improver guarantee. If you find a better rate elsewhere, TorFX will match and exceed it. There is some smallprint to be aware of (you’ll need to hold an account with the competitor and show proof of the rate) and TorFX reserves the right to withdraw it’s offer if it’s commercially unviable.
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 to help with the transfer process and any questions you might have.
No maximum limit. There is no upper limit on how much you can transfer, making it ideal for large money transfers.
Forex tools. You can use forward contracts, limit orders and stop-loss orders to get the best deal possible.
Cons
Exchange rate mark-up. TorFX adds a margin into the exchange rate (so you don’t get the exchange rate you might see on Google). In fairness to TorFX, all money transfer services charge a fee or tweak the exchange rate – after all, they need to make money somehow.
Limited currencies. TorFX does cover popular remittance currencies but is lacking some of the more exotic currencies.
Only supports bank transfers. You can only send to bank accounts (you can’t send cash).
Not so good for transfers under £2,000. For smaller transfers, you’ll often get a more competitive rate elsewhere. Although TorFX does allow for transfers as small as £100, you’re not likely to be contacted to activate your account.
How much are TorFX’s transfer fees?
TorFX doesn’t attach any transfer fees to its transactions. Instead, it makes its money from adding a markup to its exchange rate.
How are TorFX’s exchange rates?
While TorFX does apply a margin to its exchange rates, it promises to keep them as close to the mid-market rate as possible. Keep in mind, that exchange rates fluctuate during the day, so the exchange rate you get will be set at the moment your transfer is confirmed.
Rate improver 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.
…a couple of conditions do apply though:
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.
What are the ways I can send money abroad with TorFX?
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 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 to send money transfer online with TorFX
In order to make a transfer with TorFX you will first need to register for an account.
Once on the home page click on “Open an account”. Here you can pick between using TorFX for personal use or for your business.
This includes providing your first and last name, as well as your email address and creating a password.
You just need to enter your mobile number and confirm it using the code sent to you.
At this stage, you are asked to input your address, DOB and your occupation.
The account manager will help you set up the rest of your account. You may need to also provide proof of identity and address, so have your driver’s licence or passport to hand.
How long does a TorFX 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 are unable to pay with cash or a card. Once you’re confirmed your transfer with TorFX, you’ll be given the bank account details to transfer your money to.
Is TorFX safe to use?
Yes, based on some key factors, we think that TorFX is a legitimate and widely trusted money transfer service. Firstly, it’s authorised and regulated in the UK as an “Electronic Money Institution” by the Financial Conduct Authority (FCA). Whichever service you end up using for your next overseas transfer from the UK, make sure it’s authorised by the FCA – you can check on the FCA’s Financial Services Register.
Because it’s an e-money institution and not a bank, your funds (while held by TorFX) won’t be protected under the Financial Services Compensation Scheme (FSCS), but that’s quite standard among money transfer companies. And as part of its FCA regulation, TorFX is required to safeguard all client funds and keep them separate from its own funds.
TorFx didn’t spring up yesterday – it’s been around since 2004 and appears to have built a viable and sustainable business from its Penzance HQ. It now has offices in Europe, Australia, Singapore the US and South Africa, and it’s far from faceless – having built a name for itself as a human-first service that’s all about the expert support. These factors put it in the opposite camp to the many competing self-service, app-only, money transfer start-ups which can struggle to become viable in the longer-term after early investment dries up.
TorFX states that it now processes more than 10 billion pounds in forex and international payments annually for more thatn 425,000 private individuals and businesses, and employs more than 550 people. It’s also a regular award-winner and fares well on review sites. As of April 2024, 7,393 customers have rated TorFX 4.9 out of 5 (excellent) on TrustPilot, with a huge number calling out their personal account handler as being helpful and friendly.
TorFX is also regulated down under by the Australian Securities and Investments Commission (ASIC).
Yes, TorFX is an excellent choice if you appreciate having expert human support to help you navigate a transfer of a larger sum. Your dedicated account handler can even help you to set rate targets, forward contracts or stop losses to remove much of the uncertainty in moving money across borders. Those currency exchange tools (and the accompanying expert support) aren’t necessarily reflected in live calculator comparisons, but can still translate into meaningful savings.
For smaller, self-service transfers, that expert, human element counts for less and you may prefer to opt for an app-first transfer service like, say, Paysend. And for less-common currencies or for a cash-pickup service you may prefer to opt for the likes of WorldRemit.
TorFX offers you a better exchange rate than most banks will, and doesn’t charge a transfer fee. You can check this by comparing the rate TorFX quotes you against what your bank is offering that day. Banks also tend to charge fees on top of this, which TorFX doesn’t have.
TorFX also offers expert support to help you get the best deal by setting rate targets or locking in exchange rates.
Yes, TorFX does have an app, and it’s available for iPhone through the App Store and Android through Google Play.
However, as of April 2024, some of the best things about TorFX haven’t made it into the app. Although you can set up touch ID to make logging in less hassle, and create wallets to hold different currencies, you can’t leverage the expert human support, the forex features or the rate improver guarantee.
So while we think TorFX is one of the best money transfer services out there (especially for larger transfers) the app doesn’t always reflact this. If, for example, you’re planning lots of smaller transfers and want a slick, cheap, self-service app, then TorFX might not be your best bet. Check out our guide to the best international money transfer apps.
TorFX and Wise (TransferWise) have different ways of charging you for your money transfer. Whereas TorFX doesn’t charge a transfer fee, it does add a margin to its exchange rate. In contrast, Wise gives customers access to the mid-market rate but does charge transfer fees. Therefore, it’s a good idea to compare quotes from both providers to see which is the cheapest for your transfer. Read our full head-to-head comparison of TorFX vs Wise.
While both are two popular international money transfer services, TorFX tends to offer lower fees, more competitive exchange rates and faster transfers.
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Kate Steere is an editor at Finder, specialising in fintech, banking and cryptocurrency. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run. See full bio
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