TorFX has been around since 2004. Since then, many companies and individuals have been using TorFX for money transfers and foreign exchanges. If you’re thinking of using them you’ll be wondering: is TorFX reliable? We’ve reviewed them to help you find out.
TorFX has nearly 250 staff who work in a number of countries around the world including, Australia, France, Spain, Portugal, South Africa, India the US and the UK.
The Currency Shop Says
- Useful for small businesses and European expats.
- TorFX has a minimum transfer amount and offers better rates for larger transactions.
- Use our comparison table if you need to compare exchange rates and the fees charged by other providers.
What we will cover
Our main focus is the safety of using TorFX and how and when you should use it. This article will look at:
- The safety and security of TorFX and who owns it.
- The fees TorFX charges to send and receive international money.
- How to use TorFX to send or receive money.
- How good are TorFX?
The safety and security of TorFX and who owns them
TorFX is a privately owned British company. It was listed in the Fast Track 100 list of the UK’s fastest growing companies in both 2008 and 2010. They are fully regulated, as required.
TorFX fees and charges
TorFX does not have any charges or direct fees but there are situations where a transfer may incur a fee for a foreign exchange contract. Additionally, TorFX does not charge you a fee but the bank that holds the recipient’s account may charge you a fee. TorFX has local bank accounts in a wide range of currencies so all fees are unlikely.
TorFX can be used to transfer more than thirty currencies. It depends where you are wanting to send your money, but most transactions are completed within a single day. For larger amounts your needs can be discussed with a personal Account Manager.
TorFX Exchange Rates
For personal transfers TorFX offers zero transfer fees. Exchange rates vary but improve as amounts increase and can be extremely competitive for large amounts.
How to use TorFX to send or receive money
Firstly you need to register as a TorFX client. This is an easy process involving the completion of a registration form either online or over the phone. They will then verify your details before an account manager gives you a call to discuss your transfer needs.
Trading online or over the phone is your choice. Support staff are available 24/7 so TorFX is certainly a convenient company to use.
Once the funds transfer is arranged you need to pay using the relevant sale currency. Your purchased currency will be directed to your recipient’s bank account directly.
The transfer normally takes 1-2 working days but this depends on the currency in question and the country into which it is being received. Banks have standard cut off times which can also affect the transfer.
How do I pay funds to TorFX?
TorFX only accepts funds from a bank account in your name, using a TorFX account set up in the same name. This is to comply with anti-money laundering regulations.
There must be cleared funds in your bank account in order to make the transfer, bear this in mind because transfers from most savings accounts can take up to three working days to clear.
If you are transferring funds inside Europe then you need to have the correct IBAN. This stands for International Bank Account Number.
Does TorFX accept credit cards?
TorFX does not accept payments by credit card but you can withdraw funds from your credit card into another account, and then transfer it from here to TorFX. Be aware of the cash advance fees associated with the card you are using. Some credit cards provide loyalty points so these would be worth checking too, to see if the transaction is worthwhile.
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
How good is TorFX?
If you are an individual who regularly needs to travel overseas then TorFX can be particularly useful. Expats in Europe are often fond of TorFX as they have competitive exchange rates, good service and a network that is extensive.
Pros of using TorFX for money transfers.
- Personalized service with dedicated account managers.
- Ease of getting online and no obligation post quote.
- No transfer fees for transferring money abroad.
Cons of using TorFX for money transfers
- Do not accept cash or cheque.
- Poor website FAQs.
- Exchanging currency always incurs risk. Fluctuating markets are beyond your control.
- Delays in transfer due to technical difficulties are rare but are a hassle when they do occur. Be aware of time-frame guarantees and customer service support provided.
Daniel wants to transfer £10,000 to his bank account in the USA where he intends to live in the near future. This will be a regular occurrence for the next few months whilst he transfers his cash as and when he requires it
He uses TorFX because setting up an account is incredibly simple. He has completed the process and confirmed his details within minutes.
TorFX then offered Daniel a rate which he gladly accepts. There will be no further fees charged for his transaction. He makes the transfer into TorFX’s American dollar bank account and they then transfer the funds into his American bank account after they arrive.