TorFX is a UK company established in 2004. Since, then it has grown to have offices throughout Europe, in Australia, the US, and South Africa with over 300 employees globally. While they don’t have offices in Singapore, they are still able to make transfers of your Singaporean dollars all over the world. This TorFX review will give you all the information you need, should you use them to make international transfers. This article will help you decide if you should be sending and receiving money with TorFX.
Some of their most promising features include:
- 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?
Here at The Currency Shop, we like to know that the companies we recommend to you meet certain criteria. They 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 from Singapore
- 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 Singapore, but you can transfer SGD 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 then receive an exchange rate from an Account Manager that has been assigned to you
- Once you’re happy with the rate, you can complete the transfer. The funds will typically be transferred within about 1-2 business days.
Ways to make an international transfer
You can make an international transfer in 3 ways:
- Over the phone (You will have to call the UK number from Singapore)
How safe is TorFX?
TorFX have a number of procedures in place so you never have to worry about the security of your funds and personal information. 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
One of the benefits of TorFX is that they don’t charge a transaction fee, regardless of the amount you’re sending. This means, you only have to focus on the exchange rate TorFX are offering before you use them to make a transfer. It’s important to be aware that there is always a chance the receiving bank will charge a fee at the other end, but this is the case with any transfer.
TorFX also offer more competitive rates than you will find at Singaporean banks generally. However, before you can even receive a quote from TorFX, you have to sign up and create an account with them.
How long does the transfer take?
The time it takes to process the transfer is dependent on a number of things. These include; where you’re sending the money, the currency you’re sending and the receiving bank. Your payment could be completed the same day you process it, or it could take up to 2 business days.
Pros and Cons of TorFX
|Cheaper than most banks||No office in Singapore|
|No transfer fee||Website makes it very hard to find basic information|
|No minimum transfer amount||You have to create an account with them|
|Mozo Expert’s Choice Award 2016|
Helèna is from Singapore and has been attending The University of Melbourne in Australia for the past year. Helèna loves studying in Australia and wants to try and stay on once she finishes her degree. Because her money is still being held in Singapore, Helèna makes regular transfers between Singapore and Australia. Sometimes these transfers are of large amounts, and sometimes of smaller ones.
Because of the inconsistency of the size of her transfers, Helèna was drawn to TorFX having a no transaction fee policy. She has an account with them and has organised regular payments from her account in Singapore to her account in Australia, based on what she needs. Perfect!