Get the lowdown on whether you should send and receive money with TorFX.
Founded in 2004, TorFX’s primary business has always been to provide money exchange services for individuals and businesses. Today, TorFX has offices in the UK, mainland Europe, Australia, the USA and South Africa, and employs over 300 highly-skilled financial services employees.
The Currency Shop says:
- TorFX is especially useful for expats living in Europe and for small businesses
- TorFX offers competitive exchange rates, particularly for quantities above $50,000
- To compare foreign exchange rates, fees and services of other providers take a look at our comparison tool.
What we’ll cover:
The most important takeaways here are: Is TorFX trustworthy? What does it cost to send money with TorFX? In this article, we’ll discuss:
- Is TorFX trustworthy?
- What fees do they typically charge?
- How to send and receive money with TorFX
- Is TorFX recommended?
Is TorFX trustworthy?
In terms of safety and security, TorFX has an excellent reputation. They’ve been trusted by more than 50,000 private clients and over 4,000 corporate clients. In addition, their Trustpilot reviews are essentially spotless.
For more information on their security record and regulation click here.
What fees do they typically charge?
TorFX does not charge you any fees for international transfers, except in the case that a foreign exchange contract fee is incurred (rare). Also, a small fixed rate may apply to some transfers under $10,000 (or the equivalent in another currency). Also, be aware that although TorFX may not charge you fees, the institution accepting the funds might.
TorFX operates accounts in many different currencies, which means that deposits are usually free of charge when done through online banking.
The minimum transfer amount is $200 and the maximum is $25,000 — for over 60 different currencies. The time taking to complete a transfer depends on where you’re sending the money to. But generally, TorFX transfers are completed within 1-2 business days.
If you want to transfer over $25,000 it’s best to call one of TorFX’s personal account managers and discuss it.
The exchange rate you’ll get varies on a number of different factors but as a rule of thumb you’ll get better rates on bigger transfers and overall TorFX is quite competitive in this sense.
TorFX makes money by charging a small exchange rate margin to their customers.
If you’d like to survey your options you can check out our comparison tool, which shows you TorFX’s rates compared to the big 4 banks and other providers.
How to send and receive money with TorFX?
After your account is verified you might receive a courtesy call from an account manager to check in with your needs.
If you prefer to do it all online you can. There is customer support 24 hours a day if you need to talk with someone.
Once you’ve decided to pull the trigger on a transfer, you’ll be directed to pay the transfer amount, after which the funds are converted and deposited into the designated recipient account.
The standard transfer time is (as we mentioned) 1-2 days, but this can vary depending on which country to and currency you’re sending in.
How do you fund a TorFX transfer?
To comply with international anti-money laundering laws you can only fund a transfer from an account that is in your own name.
You can set up a direct debit from your checking account. This can be done online or over the phone.
In many cases you’ll need your international bank account number (IBAN) to complete the transfer.
Do they accept credit cards?
No, TorFX currently does not accept payment in the form of credit card. If you really want to pursue this method you can arrange transfers from credit cards by withdrawing funds from your credit account into another account – and then transferring with TorFX.
But be aware that by doing this you are ineffectively taking a cash advance and are subject to fees and interest rates from your card issuer.
TorFX deals with more than 60 global currencies. Here are some examples:
AED, AUD, BHD, BWP, CAD, CHF, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HRK, HUF, ILS, INR, JPY, KES, KGS, KWD, LKR, LTL, MAD, MUR, MXN, NOK, NZD, OMR, PHP, PLN, QAR, RON, RUB, SAR, SEK, SGD, THB, TRY, TTD, UGX, USD, XCD, ZAR
Is TorFX recommended?
TorFX is pretty popular with people who consistently make overseas transfers. European expats tend to like them for their exchange rates, service, and extensive banking network.
Pros of using TorFX:
- Personal account managers and top notch customer service
- Easy to obtain online quotes
- No international transfer fees, competitive exchange rates
Cons of using TorFX:
- Does not accept cash, check or credit card
- Delays of transfers are rare but not unheard of. Be sure to check delivery guarantees or with customer support if time is tight.
Related Link: Click here to go to TorFX website