Choosing a provider to send money overseas with isn’t an easy task. We’ve made this TorFX review to help you navigate their services. TorFX was established in 2004 originally in the UK, but it now has offices worldwide in Europe, Australia, the US, and South Africa. With over 300 employees globally, there is a great network of support available. If you’re interested in using TorFX for sending money from Canada, we want to provide you with all the information you need.
On their website, TorFX boast a number of promising factors;
- Mozo Experts Choice Award 2016 for Award Winning Value
- Free Transfers
- Account Management
- High Trustpilot rating
- 60 global currencies
What will this TorFX review cover?
At The Currency Shop, there are a few criteria we like the companies we recommend to meet. They need to be good value for money, convenient, very secure and safe. In this article, we will explore:
- How to make an international transfer from Canada
- How safe is TorFX?
- Fees and Charges
- How long does the transfer take?
- Pros and Cons of TorFX?
How to make an international transfer
TorFX, unfortunately, has no office based in Canada, but you can transfer CAD to any currency online. To make an international transfer, then the steps are relatively easy:
- Create an account with them online or over the phone
- You’ll then receive a rate from an Account Manager assigned to you
- You can then complete the transfer; your funds will typically transfer for you within 1-2 business days
Ways to make an international transfer
You can make an international transfer in two ways:
- Over the phone (international number)
How safe is TorFX?
The security of your money is a priority for you when you’re transferring money internationally, and it should be! TorFX also have a focus on security and have a number of procedures in place so you never have to worry. They are fully licensed in the UK and implement a number of other stringent procedures to keep your funds safe. These include segregated client accounts, very strict compliance procedures and the highest level of creditworthiness. Click here for their Security page, which will give you more information about how they keep your money safe.
Fees and Charges
TorFX has a very competitive and attractive fee structure. And that’s because they don’t charge any! No matter how much you’re transferring, you will not incur a transaction fee. Keep in mind that this doesn’t mean the receiving bank won’t charge a fee, they may do so when they receive the funds into your recipients account.
In addition to not charging any transaction fees, TorFX boasts the favourable exchange rates they offer. It’s better than the banks and the margin they take is smaller than some other providers.
How long does the transfer take?
There are a number of factors that dictate how long the transfer will take from Canada with TorFX. The time is dependent on where you are sending the currency, which currency you are sending and on the receiving bank. The funds could be transferred on the same day, otherwise, it could take up to two business days.
Pros and Cons of TorFX
|Cheaper than most banks||No Canadian office|
|No transfer fee||Website is very hard to find basic information|
|No minimum transfer amount||You have to create an account with them|
|Mozo Expert’s Choice Award 2016|
Sarah is from Toronto, Canada and has been attending The University of Sydney in Australia for the past year studying commerce. Sarah loves Sydney and is hoping to stay on once she has finished her degree. As a Canadian, she is unable to apply for a student loan and so needs to transfer money regularly from her account at home to her Australian account. Sometimes these payments can be large, sometimes they can be small.
Because of the inconsistency of her transfers, Sarah tries her best to avoid any company that charges a fee based on the transfer amount. When her mum told her about TorFX and how they charged no transaction fee, Sarah instantly researched it herself. Sarah signed up with TorFX and was ecstatic that she could transfer funds regularly without fees at a competitive rate.