Overview

TorFX is a prominent foreign exchange service provider, handling around 550,000 money transfers annually, totaling over £7.5 billion. The company is regulated by the FCA (Financial Conduct Authority) in the UK, MAS in Singapore, and ASIC in Australia ensuring a secure and compliant money transfer service across these regions.

Founded in Penzance, Cornwall in 2004, TorFX has evolved into a leading money transfer service, managing over £10 billion in currency transfers annually. The company offers a broad range of secure and protected money transfer services, with accounts verified under the Payments Service Regulations. Recently, TorFX was honored with the Moneyfacts Consumer Award for International Money Transfer Provider of the Year for the sixth consecutive year.

How it Works?

TorFX provides overseas transfers and currency exchange services for both personal and business customers. To begin, you’ll need to create an account, which can be done quickly and easily online or by calling TorFX.

Once you’re signed up, you’ll be assigned an Account Manager. For transfers under £25,000, you can use TorFX’s online service, available 24/7. For larger transfers, you’ll need to contact your Account Manager to arrange the details.

You’ll enter your transfer details, including the amount, currency, and recipient information, and view the latest exchange rates. Once you confirm the details, you can send your transfer. TorFX also offers a convenient mobile app that allows you to check live exchange rates, arrange transfers, and track payments on the go.

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Key features

• Attractive live exchange rates
• Purchase currency and lock in exchange rates ahead of time
• Rate alerts
• round-the-clock trading and transfers
• Dedicated account manager support
• Frequent market updates
• Forward and spot contracts, and market orders

Exchange Rates

TorFX doesn’t charge transfer fees, but it incorporates a fee into the exchange rates it offers. This fee is a margin or markup added to the mid-market rate (also known as the interbank rate), which you might see on Google or currency platforms like XE.com. The mid-market rate is often considered one of the fairest rates available. This markup is how TorFX and similar companies generate revenue.

Although TorFX asserts that its rates are competitive and its markup is lower than that of banks, it’s important to note that the rate you receive is not the mid-market rate. Even without a transfer fee, this mark-up could increase the cost of your transfer.

TorFX supports over 40 global currencies, including major ones like USD, GBP, EUR, and AUD. While this is a solid range, it’s worth noting that it falls short of the 50 currencies offered by competitors such as Wise.

Transfer Limits

Need to send a large sum of money at once or make multiple payments in a short period? Understanding transfer limits is essential. TorFX doesn’t impose a maximum transfer limit, allowing you to send substantial amounts. However, there are some restrictions on the amount you can transfer online in a single transaction. Here are the key transfer limits to be aware of:

For TorFX online transfers, you can send between £100 and £25,000. For amounts exceeding this limit, you’ll need to contact your Account Manager to arrange the transfer. With the Regular Overseas Payments service, you can transfer between £500 and £10,000.

Transfer Speed

When sending money overseas with TorFX, transfer times can vary based on the destination, receiving bank, and currency. The company states that many transfers arrive on the same day, or within up to two working days for more distant locations.

Pricing

TorFX does not charge any upfront transfer fees or additional fees. However, it’s important to note that receiving or correspondent banks involved in the transfer may impose their own fees. While TorFX doesn’t charge upfront transfer fees, international transfers are not entirely free. To determine the true cost of a transfer, you’ll need to consider the exchange rates offered by TorFX. The company does not display exchange rates on its website; instead, you must request a quote or a callback to get this information. This can make it challenging to quickly compare prices with competitors.

Experts suggest that TorFX tends to offer more competitive exchange rates for larger transactions, such as those related to overseas property purchases, compared to smaller or regular payments.

Recommended for

TorFX is well-suited for those handling larger currency transactions, such as business expenses or overseas property purchases. This is because, without transaction fees (which are typically calculated as a percentage), TorFX can offer a more competitive deal for larger transfers.

TorFX may also appeal to businesses and individuals looking to optimize their currency exchange by timing the market for favorable rates. The use of forward contracts and market orders can help with this. Additionally, TorFX’s high-quality customer service and dedicated account managers could be particularly helpful for first-time money transfer customers who need more information and support with their transactions.

Legitimacy

TorFX is a reputable and established company with years of experience in the industry. In the UK, it is authorized and regulated by the Financial Conduct Authority (FCA). Additionally, it holds a Level 1 rating from Dun & Bradstreet, a leading credit rating agency, indicating it is considered to be of minimal risk. It’s helpful to consider customer feedback when evaluating TorFX. On TrustPilot, TorFX holds an ‘Excellent’ rating of 4.9/5 based on over 6,000 reviews from real-life customers.

Security

When selecting a service for international money transfers it’s crucial to evaluate the security features provided, especially if you’re transferring large amounts or using the service frequently. Given that you could be sending substantial sums across the globe, ensuring that the service is secure, regulated, and protected is essential.

The good news is that TorFX provides several security features to safeguard your details and funds. For starters, it employs a system called safeguarding, which keeps your money separate and protected from the company’s other funds. This measure helps ensure that your funds remain secure in the event that TorFX faces insolvency or if one of its partner banks encounters financial difficulties. Additionally, TorFX employs TLS encryption to protect your data on its website and mandates two-factor authentication for account logins.

Customer Support

Customer support representatives are ready to assist you. New account holders are immediately assigned an account manager who provides guidance and support as needed. If you request a currency quote or additional information on TorFX’s website, an account manager will typically respond via email or phone on the same day. Additionally, you can reach out to customer services by emailing info@torfx.com or calling if you’re unable to contact your account manager.

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Bottom line

TorFX provides convenient currency transfer services, including one-off and regular remittances, as well as large transfers for business or overseas property purchases. Although TorFX’s exchange rates may not be the most competitive for smaller amounts, there are no transaction fees. The service is also notable for its exceptional customer support.