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TorFX Review

7 Must Knows

In a moment you are going to find out if TorFX is the best option for your needs.

(I’ll also show you how you can save potentially thousands $$$’s or £££’s no matter which money transfer company you choose.)

But wait there’s more 🙂  and this is important.

Review of TorFX

This is not your average “TorFX is wonderful” kind of review.

In many situations TorFX is a clear leader (especially when you value or need customer service), but I am also going to uncover situations where TorFX is NOT your best option and point you in the right direction to who might be.

Real Reviews

We also dig deeper on real customer reviews, particularly the negative ones, where we uncover what is important to you.

Here is the good, the bad and even the ugly, so that you can decide.

Disclosure: This post may contain offers and affiliate links to save you money and it also helps us to keep providing the best information. For more information, see our disclosures here.

First, let’s look at the Pros and Cons for transferring with TorFX.

Lowdown on TorFX (And When to Avoid)

TorFX’s standout feature is its top-rated customer service.

You’re assigned a dedicated account manager who can help you set up your account, negotiate better rates, and help you save money in the long term on your transfers.

However, TorFX is not for you if you’re looking to transfer small amounts, or cash amounts, live in the US or Canada, or need more advanced business account features.

1. What is TorFX (Really)?

TorFX is a regulated, international money transfer service for individuals and businesses that focuses on large amount transfers (Above £4000 GBP/€4500 EU/$9500 AUD).

Because you’re assigned a dedicated account manager, TorFX maintains an excellent customer service track record on review sites like Trustpilot (4.9/5).

For larger amounts, having excellent customer service standards can make a huge difference to your peace of mind.

But that is not the important bit:

There are also some very practical reasons why telephone based customer service is very important. Spoiler alert: As we explain in more detail below, with larger amounts many issues can arise if you don’t use a service that has the systems and processes and customer service to ensure plain sailing for your money.

TorFX has offices in the UK, Europe, Australia, and is available for individuals and businesses based in the UK, EU (except Spain and Portugal), Asia, Australia, and New Zealand and offers transfers in 40+ currencies.

Not only that!

You can get a quote online or by phone:

In this way you can start to see what they are all about, without actually making a transfer!

With TorFX you can:

  • Make larger personal money transfers at good exchange rates (e.g. while emigrating or buying property abroad)
  • Get top-ranked, personalized customer service while signing up or transferring large amounts internationally
  • Set up large recurring payments between £500 GBP and £10,000 GBP
  • Access flexible transfer options to get the best rates or avoid market volatility:
    • Spot Contracts: When you’re ready to transfer immediately at the available exchange rate)
    • Forward Contracts: When you’re planning a large transfer and want to lock in a favorable exchange rate for up to 2 years
    • Limit Orders: When you’re targeting a specific exchange rate and don’t need to transfer money immediately. TorFX executes your transfer when the currency pair you want to exchange hits your desired exchange rate.
    • Stop Loss Orders: TorFX executes your transfer at the most favorable market rate when the exchange rate for your currency pair dips below your desired exchange rate. This service is chosen when you want to minimize as much risk as possible for your currency exchange.
In USA, Canada, India or South Africa? Currencies Direct (review) is owned by the same people and have a very similar service which focuses on residents of US, Canada with offices in the USA, Europe, UK and South Africa.

TorFX is great in many situations (especially if you’re transferring larger amounts).

But there are also times when it may not be the best that you need to know about!

Here’s a look at when it’s right for youand when it isn’t.

Works

  • You want a much cheaper (and better) way to transfer large amounts (above £4000 GBP/€4500 EU/$9500 AUD) from Aus/NZ, Asia, UK/Europe
  • Flexible ways to transfer your money. For example, locking in a good exchange rate for sending in the future (forward contracts)
  • Hands-on customer service to explain things, set up transfers and then make sure they go smoothly.

Doesn’t Work

  • You want to send cash transfers or smaller amounts (below £4000 GBP/€4500 EU/$9500 AUD) where services focused on online can be cheaper and easier.
  • You live outside of UK/ Europe or Australia/ NZ/ Asia

    (If you live in the USA, Canada, India or South Africa checkout Currencies Direct (review) who are owned by TorFX and have similar services and review.

2.1 When TorFX Works

Sending Large Bank-To-Bank Transfers Affordably (above £4000 GBP/€4500 EU/$9500 AUD) from Aus/NZ, Asia, UK/Europe

TorFX offers competitive exchange rates for large transfers and their fee structure is straightforward (see Costs below).

It’s also got one of the best customer service standards in the industry (often crucial for smooth transactions when you’re dealing with large sums).

We will discuss why this can be vital in a moment.

Although it seems old school, TorFX is very telephone-oriented through their personal account managers (with offices in the UK, Singapore, and Australia).

On the surface this can make a very big difference to your stress levels just knowing there is someone responsible for your experience.

TorFX have built their business around providing a dedicated account manager to every new customer.

While this extra attention may not be everyones cup of tea, we’ve always found their staff to be proactive and helpful when it counts.

So it’s definitely a good choice for those in UK/Europe and Australia/Asia as you’ll be in the same time zone during TorFX office hours.

If this sounds good, you can get a much better idea of their service by getting a quote (which you don’t have to act on):

You Need Flexible Options for Your Large Transfers

TorFX makes business and personal transfers fit your needs by being extremely flexible in the way they can transact.

This includes options like:

Spot Contracts
If you’re looking to transfer money immediately (in a couple of days), TorFX can help you secure a great exchange rate.

Forward Contracts
With forward contracts, you can secure a rate for your international transfers for up to 2 years. This protects your funds against market fluctuations.

Market Orders
Eyeing a specific currency pair only? On TorFX, you can opt for a limit order or a stop loss order to reign in risks from surging or falling exchange rates.

Examples where flexible transfer options are essential:

  • Your business has to pay people overseas each month, and you need help structuring the transactions to minimize costs for your business.
  • Sold a house overseas and you want to transfer funds to a new country within certain timeframes.

Hands-On Customer Support (which can be vital)

TorFX lets you open your account on the phone (as well as online on their website) and assign a Personal Account Manager who can keep you updated with market changes, advise you about your transfer, troubleshoot, and negotiate great rates for you.

You might be wondering: Why do I need such hands on service?

Truth is, when it comes to large amounts most services don’t have the phone support required for large amounts.

The problem with this:

Once amounts get over $10,000, anti-money laundering and anti-terrorism regulations can mean banks (the ones at each end of the transaction) and the service you use (like TorFX) all need to do extra checks. This can mean your money can get frozen or your account gets disabled while things get sorted out. When this happens mid-transfer this can be very distressing.

It also can happen when you use your bank (but good luck with their customer service).

This is why we only recommend services like TorFX that have excellent phone support as this helps to ensure your money arrives without delay and with least possible stress.

You Want Money for Your Vacations Abroad Delivered Home

Exchanging your currency abroad at airports or third-party agents can be expensive.

TorFX partners with travel money expert ICE (International Currency Exchange) to home deliver your chosen currency affordably in the UK and Australia (you can exchange 40+ currencies).

2.2 When it Doesn’t Work

You Want to Send Cash Transfers of Small Amounts (below £4000 GBP/€4500 EU/$9500 AUD)

Currently, TorFX only supports bank-to-bank transfers and their minimum limit of £100 GBP/$200 AUD or equivalent makes it difficult to send small amounts.

Also for small amounts, online focused services (with little telephone support) tend to be cheaper, quicker and with more flexibility (like finding the transfer with a card).

So if your recipient needs a cash payout, there are other services we recommend (see below).

You Need Support for Both Major and Exotic Currencies

TorFX supports 40+ currencies for international transfers, which is enough for most people.

However, if you need support for more exotic currencies, we recommend checking out one of the alternatives below.

You Need a Multi-Currency Account

Frequent travelers, expats, freelancers, or growing global businesses can benefit from a dedicated multi-currency account.

You can use it to accept, manage, and spend multiple currencies while avoiding high fees from currency conversion.

However, TorFX doesn’t offer either personal or business multi-currency wallets. (We recommend some excellent services who do offer this below).

You Need to Send Money Fast to Help Out Your Friends and Family

Currently, the most preferred way of sending money to TorFX is by bank transfer (they do accept Sterling nominated debit cards, but it’s rare), which slows down the transfer process.

So TorFX is not recommended if you need express transfers (and are happy to pay a little more).

2.3 Alternatives

If you found that TorFX may not be your best fit, here are our top picks for alternatives:

Best TorFX Alternatives
#1 Wise (review)Transparent, low cost and recommended for smaller bank transfers
#2 WorldRemit (review)Best for making smaller cash transfers
#3 Remitly (review)Fastest small transfers service
#4 XE (review)Solid performer with huge range of currencies (for large transfers)
#5 OFX (review)Best all-rounder for large transfers (over $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD)
Review of Wise

#1 Wise — Best for Small Bank-to-bank Transfers

If you’re sending smaller amounts overseas, (below $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD), Wise is our #1 recommendation because of their transparent (inexpensive) fee structure and top notch service.

Also a winner because you can see the exact amount your receiver will get (and the fees) now on the Wise calculator here — no sign-up required!

And if that was not enough:

They’ve even got useful extra features for all our personal and business finance management like:

  • Registrations from 66 countries (including the US, Canada, the UK, Australia, and Eurozone)
  • Supports transfers in 40+ currencies.
  • Bank-to-bank (slower) and card-to-bank (faster) international transfers.
  • Multi-currency account (for both individuals and businesses): Hold and convert between 50+ currencies and comes with international bank details in 10 major currencies.
  • MasterCard debit card to spend different currencies in your multi-currency account conveniently.

Learn more about Wise’s multi-currency account here and how to transfer money internationally with them here.

Review of WorldRemit

#2 WorldRemit — Best for Small International Cash Transfers

TorFX does not support cash payouts.

So if your receiver needs this option, this is where WorldRemit comes in.

Here’s what we like about it:

  • It has a huge network of cash payout partners like banks, pawnshops, and other registered third-party agents in all the areas they service. So your receiver should be able to find a convenient location to pick up the funds.
  • Keeps fees low by allowing you to set up the transfer online (this usually makes it cheaper than traditional cash transfer services like WesternUnion, MoneyGram, and Ria).
  • Available in many places (50 countries including the UK, US, Canada, Australia, and Eurozone) and supports transfers to 150 countries worldwide.

Other than cash, you can also send money to bank accounts, mobile wallets, and even top up prepaid mobile phones with WorldRemit.

Want to save even more with WorldRemit? Sign up here and you will get your first three transfers fee-free (using the code ‘3FREE‘*).

*Offer available in US, UK, Australia, Belgium, Netherlands, South Africa, Sweden, New Zealand, and Norway.

If you want to learn more, you can see our in-depth WorldRemit review.

Review of Remitly

#3 Remitly — Fast Transfers to Friends and Family Abroad

If you need money to arrive urgently, Remitly is our top choice because transfers to be done within minutes.

As a bonus, they offer affordable rates as well.

Here’s what else we like about it:

  • Two money transfer speed options: Economy (funded with a bank transfer and slower) and Express (funded with a credit or debit card and near-instant settlement).
  • Supports registrations from 16 developed countries (including the US, Canada, UK, and Australia) and lets expats and immigrants send small bank transfers to 50 developing countries fast.

While Remitly’s Express option may be more expensive, it can be a handy service if you need to send amounts below £4000 GBP/€4500 EU/$9500 AUD fast to support friends and family during an emergency.

Note: Remitly only supports personal transfers (not businesses).

Learn more here in our Remitly review.

XE Money Transfer review

#4 XE — Best for Exotic Currencies (large transfers including the US)

If the 40+ currencies supported by TorFX do not meet your needs or if you’re from the US and Canada, XE can help.

XE supports transfers to 220 countries in 130+ currencies, which covers most major and exotic currencies.

Like TorFX, XE also has flexible transfer options and offers dedicated business accounts.

Learn more about with our XE money transfer review.

Review of OFX

#5 OFX — Best Rates for Large International Bank Transfers (available in the US)

OFX is probably TorFX’s biggest competitor in terms of what they offer.

What’s its biggest advantage?

It mixes online simplicity with 24/7 phone support and low fees.

Also, they can charge a flat $15 USD fee for all transfers below $10,000 USD, but you can avoid this fee here.

OFX also offers a multi-currency account for businesses of all sizes — including online sellers.

This makes it easy for growing global companies to accept payments in multiple currencies, hold foreign currencies, and batch international transfers for business expenses.

OFX supports registrations from the US, Canada, the UK, EU, Australia, New Zealand, Singapore, and Hong Kong and lets you send money to 190 countries in 50 currencies.

Learn more about with our OFX review.

3. How Much Does it Cost to Use TorFX?

If you’re curious to find out if TorFX is actually “fee-free”, there’s good news!

Unlike most of their competitors, TorFX doesn’t charge a fixed fee for your large international transfers.

But there are two costs you need to be aware of when you’re ready to transfer with TorFX.

  • Margin on TorFX’s exchange rate
  • Other fees

3.1 Margin on TorFX’s Exchange Rate

While TorFX doesn’t charge a fixed fee, they do charge a margin on the exchange rate they offer.

Like others that excel when it comes to large transfers, they reduce the fees you pay in percentage terms as the amounts increase.

OFX Exchange Rate Fees as a Percentage
Both TorFX and OFX have a similar fee structure.

Moreover as part of their on-boarding process they take into account the frequency and volume of your transfers which can lead to even lower fees.

To figure out their margin, you have to start with the base rate they offer you and compare it with the interbank or mid-market rate between two currencies at a particular point in time.

Here’s how TorFX stacks up against other services in terms of fixed fees + exchange rates:

No question, TorFX is competitive compared to its peers and will run rings around high street banks.

Compared to the alternatives listed above, it may not always be the absolute cheapest (but pretty close and if you value customer service highly, then you could say they are best value).

However, this isn’t the end of the story.

The great thing about TorFX is their flexible transfer options like Forward Contracts, Limit Orders, and Stop Orders.

If you’re not in a hurry to send money, these services let you wait for your chosen exchange rate before executing the transfer – and could potentially get you an even better deal other services.

3.2 Hidden Fees

TorFX does not hide any costs, however it is important to note that banks at both ends can charge fees.

However these fees tend to be minimal in terms of total fees if you are transferring large amounts.

TorFX has local bank accounts in Australia and the UK, so if you are working outside of these countries it may be worth checking with your bank what they will charge, especially for smaller amounts.

Hidden costs can also crop up if you’re funding your transfer with a debit card (Sterling debit cards are supported for funding your transfer on TorFX).

4. How to Use TorFX

The general steps for setting up your TorFX account is very simple:

  1. Sign up after you get a quote online or over the phone

    AUS/NZ and Asia – Get a quote online or by phone

    UK and Europe – Get a quote online or by phone
  2. Get a rate through your online account or over the phone with a personal Account Manager.
  3. Fund and initiate transfer
  4. Sit back and wait for TorFX to complete the transfer!

Top Tip: Sometimes your Account Manager can get you a better rate than what’s listed on the website. So, contacting them after checking the exchange rate online can reduce costs.

Here are a few other things to note when using TorFX:

  • You can sign up for TorFX if you’re from the UK, EU (except Spain and Portugal), Asia, Australia, and New Zealand and send large bank-to-bank transfers in 40+ currencies.
  • Personal account holders can transfer online 24/7 up to £25,000 GBP or $50,000 AUD.
  • Business account holders can send up to £100,000 online in the UK/Europe. However, those in Asia/Australia/NZ will need to go through your account manager for those extra large transfers.
  • You can fund your transfer from your bank account or with a supported debit card (TorFX supports Sterling-nominated Visa debit cards. Also includes Solo and Switch branded cards).

Here are the timelines to fund your transfer for different transfer options on TorFX:

Spot transfers: Prompt funding is important if you want your immediate transfer to go through on time for spot transfers.

Forward contracts: Make sure that your funds reach TorFX at least one business day before the settlement (or transfer initiation) date specified on your contract note.

Limit Orders and Stop Loss Orders: After you select a rate and confirm the contract, you must send your funds immediately to TorFX so they can process the transfer when the currency pair reaches your desired rate (Limit Orders) or falls below your desired rate (Stop Loss Orders).

4.1 Does TorFX have an app?

The TorFX app lets you set rate alerts, check your account information, transfer money, and track your transfers.

The app is available for both Android and iOS users, but neither has a good rating. So it’s probably best to stick with their website on a browser.

According to the reviews, the app is not as user friendly as competitor apps, but TorFX has great rates, which attracts repeat customers.

5. What do TorFX Customers Say (including Negative Reviews)?

TorFX is rated 4.9/5 on Trustpilot with over 4,000 reviews, which is considered “Excellent” by Trustpilot.

The reality is, TorFX has the best reviews in the industry, but with every service we want to uncover any red flags.

89% of the reviewers had an excellent experience transferring with TorFX, while only 2% had a negative experience with the company.

We’re keen to share an objective view of what it’s like to transfer money internationally with TorFX, so we went through hundreds of user reviews, both positive and negative.

Here’s what we uncovered:

The Good

TorFX users love:

  • Their rates
  • Flexibility
  • Personal Account Manager customer support

It seems customer service is their standout feature.

Many found that their Personal Account Manager was ready to answer any question that may come up — however obvious or simple it may seem. And this is the reason many users continue to transfer money with TorFx for years.

“We used TorFx when we bought a house and needed currency exchanging. Never used the company before but Gavin was brilliant and was in contact with us regularly to offer advice and answer any questions. I would definitely recommend TorFx and I would absolutely use them again.” — Andi from Trustpilot review.

“We have used TorFx for over ten years now. We have always found them very accessible and responsive to any questions we have. Transactions are smooth and efficient. Will continue to use them in the future.” — Pamela from Trustpilot review

The Bad

A very small minority didn’t have such a great experience, and here is a summary of the reasons:

Unexpected account freeze
Some users (even regular users) had their accounts frozen unexpectedly.

This is usually because TorFX’s is required to audit all transfers to make sure everything is compliant with the rules of the sending country, the regulating institution, and the compliance laws of the receiving country.

They may research the recipient and ask you to share additional documents for verification while they freeze your account.

In most cases, your transfer should meet regulatory laws. And TorFX will go ahead and process it for you (while restoring your access to the account).

However, if the transfer doesn’t meet the compliance benchmarks (which are in place to prevent fraud and theft), TorFX will return the money to your bank account.

Transfer delays
Some TorFX users were thrown off by unexpected transfer delays, and we agree that it can be concerning when a large amount of money is on the line.

Overall, most users are more than satisfied with TorFX.

Frozen accounts and delays are issues with any money transfer service — even banks.

However given their extremely high Trustpilot score we assume they either help people through the process or have very few issues to begin with.

While these issues are usually due to compliance we think TorFX has demonstrated you can use them with a lot of confidence.

However, there are steps you can take to avoid complications with your transfers.

And here are our 3 Top tips to avoid delays:

  • Understand exotic currencies usually require longer transaction times.
  • Initiate personal transfers from personal accounts and business transfers from business accounts.
  • Fund your transfer from a bank account in your name (instead of a third-party account holder).

6. Are TorFX Money Transfers Safe?

TorFX has been operating since 2004 and are regulated in the countries where they have physical operations.

Importantly these include the UK, Australia and Singapore which means even if you are in another country TorFX are held to a high standard.

But there’s more.

For example, as part of UK regulations, TorFX holds your funds in separate accounts and keeps it separate from their operating funds.

TorFX also uses industry-leading TLS encryption (wiki) to safeguard your data on their website. And, they employ two-factor authentication to make sure all the actions on their app and website are indeed initiated by you.

Moreover, Barclays Bank PLC is the custodian of client accounts at TorFX. And the company’s own accounts are audited by PriceWaterhouseCoopers to ensure complete compliance.

They also hold a high credit rating with Dun and Bradstreet.

Importantly, TorFX is regulated by:

  • the FCA in the UK
  • ASIC in Australia
  • MAS in Singapore

7. How Long Does it Take to Transfer Money with TorFX?

Typically, it takes about 1-3 days for your money to go through once you set up the transfer. For exotic currencies, it can take up to 4 days.

Your transfer speed on TorFX depends on the following:

  • Your location and the destination country
  • The currency pair selected
  • When you initiate the transfer (TorFX can only handle your money during normal banking hours)
  • Verifications and security checks
  • How you fund the transfer (Card payments are processed faster than bank payments, but can be more expensive)

Also note: If the sending bank you are using is not in the UK, Europe or Australia / NZ, it might take an extra day given that you need to send money to a TorFX account in those countries.

Bonus: TorFX for Business

TorFX also helps businesses of all sizes save money on their large transfers!

And again, they offer the same top-rated customer service to business account holders.

When you sign up for a TorFX business account, you get:

  • Personalized advice to structure and time your international transfers for the most savings (this is where their flexible transfer options come in)
  • The ability to set up your transfer 24X7, either on the phone or online

Overall, TorFX is a great option for businesses that want to save big on their international business transfers while having good customer support.

Verdict

Because of its personalised service and flexible options, TorFX is a clear leader when it comes to large bank-to-bank international transfers.

Your Personal Account Manager can help you navigate the process and save you money.

But more importantly, based on TorFX’s stellar customer service track record, we highly recommend them for those who want low costs and highest confidence your money money will arrive with a minimum of fuss.

On the other hand, TorFX may not be the right service for you in all circumstances, as we showed in “Is TorFX Right for You? (And When It’s Not)” above. In such cases, you can rely on our suggested alternatives.

Happy Transfers!

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