Especially good for sending large sums of money, TorFX is known for its excellent customer support and ability to assist you throughout the process. In this article we have a look at what we like about them, what we don't and give you all the information you need to find out if they are the right company for your next transfer.
Because there is a lot to consider when it comes to sending money overseas, it can be hard choosing exactly which company to use. You might be tempted to use your bank to make an international money transfer. But while it's convenient, it's often the most expensive option. In our TorFX review, we have a look at when they are a good option and when you should use them.
TorFX have pretty good exchange rates for larger transfers to the UK, New Zealand, South Africa and Europe. But make sure you're comparing your options if you're transferring less than $2,000 because they aren't always the best for smaller transfers.
Founded in 2004, TorFX is a British company that now has offices worldwide and makes transfers in many currencies. They're especially good for large transfers because of the competitive rates they offer. Their customer service is also good, if you want support with a large transfer or if you're nervous about making a transfer online.
They don't charge a flat transfer fee, which is great. But you always need to consider the rate you're being offered to ensure they are the best option for you.
Pros and cons of using TorFX
- When you sign up, you will be assigned a dedicated account manager who will assist you through all of your transfers.
- They have competitive rates, especially when you're transferring large sums of money.
- They have support for both individuals and businesses.
- They do not charge transfer fees, regardless of the amount.
- Excellent customer support available via phone and email.
- They have a minimum transfer amount of $200.
- They only accept bank transfer, from an account in your name. They don't accept any other payment methods.
- Their rates can be uncompetitive if you're transferring less than about $2,000.
- If you're making transfers from Australia, they only have an office based in Brisbane.
- Their website is not that user friendly. While you can get a quote easily, often you need to sign up to do so.
How Much TorFX Costs
It is quite simple to work out how much a transfer with TorFX is going to cost. Because they don't charge any transfer fees, you just have to look at the exchange rate that they are offering you.
You can get a quote from the TorFX website before committing to the transfer, which lets you find out how much it will all cost.
Alternatively, you can click here and use our exchange rate comparison table. You can see TorFX's actual exchange rates and compare them to the Big 4 banks and other money transfer companies to see if they are the best option for you.
TorFX Customer Reviews
Generally, customers speak favourably about their experiences with TorFX. The most common comments were about the professionalism that TorFX offer, their good rates and the speed at which money can be sent.
The were some reports of TorFX taking a while to verify customer ID, or needing additional pieces of identification in order to set up and account. While this can be frustrating, it does show TorFX's dedication to safety and security.
How to use TorFX
There are three main steps to setting up an account with TorFX, which we have outlined below. You can also watch our video tutorial for a complete step by step guide. Before you start your transfer there are a few things you will need as well.
- ID to set up your account.
- Name and details of your recipient.
- Details of your payment method.
Step 1: Register
Register your details through the TorFX website. This will include the type of account you need, your details and the currencies you'll transfer. Once you provide some ID, your account manager will let you know when your account is ready.
Step 2: Transfer
Once you have a quote for your transfer, you will go ahead and fill in the details of the person you're sending the money to. If you're sending it to your own international account, fill in your own details.
Step 3: Pay
TorFX only accept bank transfer. And it needs to be from an account in your name. TorFX does not accept credit card. Once you have made the payment to TorFX's account, they will make the transfer for you.
TorFX are able to make transfers between a number of different currencies. The currencies that they support are:
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 Safe?
Safety is a very important consideration when it comes to making an international money transfer and sending money overseas. You want to know that both your money, and details you're providing are protected throughout the entire process. TorFX have an Australian Financial Services License and are regulation by the Australian Securities and Investment Commission. These are very stringent guidelines that TorFX must follow in order to send your money.
They also take measures to protect the sensitive data you provide them like your personal details and identification. The comply strictly with the Privacy Act and have a high focus on ensuring that your details are kept safe.
TorFX Exchange Rates
While TorFX don't charge any transfer fees, they do put a margin on the exchange rate. The rates they offer are still generally more competitive than the ones you would get offered in a bank. It's important to know when companies put a margin on their rate so that you can accurately calculate the cost of your transfer.
From what we have found, TorFX have competitive rates when you're making large transfers. This is especially true if you're making a transfer of more than $100,000. We would make sure you check the rate though if you're making a smaller transfer. If it's less than $2,000 they might not be the best option.
To compare the rates that TorFX will offer with other banks and money transfer providers, you can use our comparison table here.
TorFX Business Products
TorFX can support your business in a couple of ways.
When you initially set up your account, you will be asked if you need it for business or personal reasons. They can offer forward contracts if you're not constrained by time and have different order types that can allow you to lock in a certain rate. They also give you access to currency analysis and risk management services.