Review: TorFX international money transfers

Get bank-beating exchange rates and no fees when you transfer with TorFX.

  • Good for price-match guarantee and fee-free transfers.
  • Not so great for popular remittance currencies like INR and CNY and transfers under US$2,000.

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USD 2,000

Min. Transfer Amount

No limit

Max. Transfer Amount

1 day

Transfer Speed

Details

Product NameTorFX International Money Transfers
Min. Transfer AmountUSD 2,000
Max. Transfer AmountNo limit
Transfer MethodsOnline, Phone
Transfer OptionsRegular payments, One off payments
Transfer Speed
Minimum transfer time
1 day
Customer ServicePhone, Email
Available CurrenciesAED, AUD, BBD, BHD, BWP, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, KES, LKR, MUR, MXN, NOK, NZD, PHP, PLN, RON, RUB, SEK, SGD, THB, TRY, TTD, UGX, USD, XCD, ZAR
Exchange Rate UpdatesDaily
Online Transfer FeeUSD 0
Phone Transfer FeeUSD 0

Pros

  • No transfer fees
  • Price match guarantee
  • Dedicated account manager assigned to you
  • Forex tools available

Cons

  • Not available for more exotic countries including Indonesia and Bangladesh
  • Only supports bank transfers
  • Not as competitive for transfers under $2,000

Learn more about:

TorFX exchange rates and fees

TorFX offers both competitive exchange rates and a price-match guarantee, but you may find a better deal elsewhere if you’re transferring small amounts.

Price-match 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.

Conditions do apply:

  • 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.

Use our tool below to calculate how much sending money overseas would cost with TorFX. You can also check out the real-time exchange rate TorFX offers and if there are any additional fees.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 2,000 1 day ZAR 0.00 0.068 USD
683
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Available currencies

TorFX deals with over 60 currencies around the world. Some of the more popular ones include:

  • GBP British pound
  • PHP Philippine peso
  • EUR Euro
  • LKR Sri Lankan rupee
  • JPY Japanese yen
  • NZD New Zealand dollar
  • HUF Hungarian forint
  • HRK Croatian kuna

What types of transfers can you make?

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 when 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 long does a 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 won’t be able to pay with cash or card. Once you’ve confirmed your transfer with TorFX, you’ll be given the bank account details to transfer your money into.

Transfers typically takeClock icon for transfer speed

1 day

Is TorFX safe to use?

  • Security and regulation: Government regulated.
  • Established: 2004.
  • Number of customers: More than 50,000 private clients and over 4,000 corporate clients.
  • Reviews: Trustpilot gives TorFX a score of 9.4* out of 10, based on around 2,855 reviews.
*According to TorFX and Trustpilot on 12 February 2019.

How does TorFX make money?

TorFX doesn’t charge fees, so makes its money off the margin. The margin refers to the difference between the mid-market rate you’ll see on XE or Google and the exchange rate a provider quotes you.

Because of this, remember to compare both exchange rates and fees when looking at a money transfer company.

How to register an account

What is TorFX?

TorFX is a foreign exchange service provider largely located in Europe, with offices in the US, Australia, Europe and South Africa. TorFX provides business and personal services for transferring money overseas, with a range of transfer options. You’ll even be provided with an account manager to help you navigate the process and offer guidance.

In a nutshell

Pros:
  • 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, which can help the transfer process and questions you might have.
  • Price-match guarantee. TorFX will beat any price that you’ve been quoted by another company.
  • Forex tools. You can use forward contracts, limit orders and stop-loss orders to get the best deal possible.

Cons:

  • Limited currencies. Popular remittance currencies like the Indian rupee aren’t available.
  • Only supports bank transfers. You can only send to bank accounts and can’t pay for the transfer with cash or card.
  • Not as good for transfers under US$2,000. For smaller transfers, you’ll often get a more competitive rate elsewhere. Although TorFX does allow transfers as small as US$250, you’re not likely to be contacted to activate your account.

How does TorFX compare to other providers?

Calculate what fees and exchange rate other money transfer services are providing below.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 60 1 day ZAR 0.00 0.068 USD
3,417
Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees. Go to site Show details
AUD 2,000 2 days ZAR 0.00 0.068 USD
3,416
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates. Go to site Show details
USD 1 Within an hour ZAR 2,500.00 0.068 USD
3,413
Use promo code FREE to send your first transfer with no fee. T&Cs apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
EUR 8 3 - 5 days EUR 3.00 0.068 USD
3,406
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
USD 2,000 1 day ZAR 0.00 0.068 USD
3,416
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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