Sending And Receiving Money With TorFX – What you Need to Know

TorFX LogoTorFX 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.  We’ve put together this TorFX review below to help you decide if TorFX is a good company to make international payments with.

They pride themselves on:

  • Mozo Experts Choice Award 2016 for Award Winning Value
  • Security
  • Free Transfers
  • Account Management
  • High Trustpilot rating
  • 60 global currencies

You can utilise our comparison page to compare the rates and fees of a number of banks and money transfer providers. To view the table, click here.

What will this TorFX review cover?

Here at The Currency Shop, we like to know that the companies we recommend to you for international transfers are good value for money, offer a level of ease and convenience for you and your circumstances, and most importantly, keep your money as safe and secure as it can be. In this article, we will explore:

  • How to make an international transfer
  • How safe 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 New Zealand, but you can transfer NZD to any currency online. To make an international transfer, then the steps are relatively easy:

  1. Create an account with them online or over the phone
  2. You receive a rate from an Account Manager assigned to you
  3. 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 3 ways:

  • Online
  • Over the phone (Australian number)

How safe is TorFX?

TorFX have a number of procedures in place so you never have to worry. As well as being authorised by the FCA, they operate segregated client accounts, adopt stringent compliance procedures and hold the highest level of creditworthiness with Dun & Bradstreet. Click here for their security page, which will give you more information about how they keep your money safe.

Fees and Charges

When creating this TorFX review we realised one of the most attractive aspects of TorFX is their no transaction fee policy. Any transfer of any amount will attract no additional fees from TorFX (you need to still be aware of the correspondent bank), but only the exchange rate offered.

TorFX also boast of a more favourable exchange rate offered by them than banks, as they take a smaller margin than most. You do however have to sign up and get a quote from them to be given a rate.

How long does the transfer take?

The time taken to process and complete the payment is dependent on where you are sending it, the currency and receiving bank, your funds will take anything to same day payment – 2 business days.

To read more about the times associated with international money transfers, click here.

Pros and Cons of TorFX

PROS CONS
Cheaper than most banks No New Zealand office
No transfer fee Australian website very hard to find basic information
No minimum transfer amount You have to create an account with them
Mozo Expert’s Choice Award 2016

Case Study

Becky is from Wellington, New Zealand and has been attending The University of Melbourne in Australia for the past year. She loves it there, and intends to try and stay after her degree has finished. As New Zealander’s are unfortunately not able to apply for loans, Becky has to transfer money from her New Zealand account to her Australian account on a monthly basis. Sometimes these payments can be large, sometimes they can be small.

Because of the inconsistency of the size of her transfers, Becky actively avoided all companies that offered a fee based on how much she transferred. When Becky’s mum told her about TorFX and how they charged no transaction fee, Becky instantly researched it herself. Becky quickly signed up for an account with TorFX and is now able to transfer her NZD-AUD easily with zero fees attached.

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