TorFX Review ~ All You Need To Know About Transferring Money With TorFX

Alongside customer service, an array of money transfer options and competitive transactional fees and exchange rates for people and companies, TorFX is the obvious choice for those transferring funds regularly. Focused on bank transfers, TorFX automatically assigns an account manager to your account for registering whether by telephone or through the TorFx website.

It’s best if you have bigger amounts, for example, £ 4000 GBP/€4500 EU/$9500 AUD. £ 25,000 or $50,000 AUD to transfer or sums that you would like to regularly transact that eventually add up to larger transfer amounts.

Please note, TorFX may not be the correct option for your requirements under certain conditions. For instance, for lower quantities with no minimum transfer amounts and if you’re comfortable doing almost everything online, then P2P suppliers (such as TransferWise and CurrencyFair) will be a lot cheaper in most cases to send money abroad. Compare TorFX however for larger international money transfers as they are more competitive than the proven non-P2P services.

Another consideration is choosing a service that has headquarters in your time zone and ideally nation of residence due to the intrinsic benefits of service and safety. Because TorFX is pretty telephone centered and has branches in the UK and Australia, there is a significant benefit in selecting TorFX for clients in Europe and Asia who are in the same time zone during TorFX office hours.

What are TorFX Rates and Fees?

Services such as TorFX have three primary methods of making money.

  • The exchange rate offered
  • Fixed fees
  • Hidden costs

Let’s talk about TorFX exchange rates

By covering their expenses and prospective profit through their foreign currency exchange rate, TorFX keeps things simple and straightforward. For each transaction, there are no set charges. In addition to the exchange rate, there can be fees associated with banks and other third parties.

To determine their margin, you must begin with the initial price they give you and compare it at a specific stage in time with the interbank or mid-market level (which is mainly the highest feasible price) between two currencies.

TIP: Note that the larger the amounts and the more over a period of time you transfer–the better the exchange rates they can offer.

What about their fixed transfer fee amounts? Zero fixed fees

Fixed fees + exchange rates add up for comparison:

International Money Transfer Companies like TorFX – 0.5%-1.8% (variable on the amount and currencies involved + there may be some additional fees)

  • Banks – 3%-7%
  • PayPal – 6%-8%

TorFX Hidden Costs Explained

TorFX does not conceal any costs, but it should be noted that banks can add their charges at both ends.

Some cash transfer businesses can offer lower fees which is dependent on their network and agreements they have in place. TorFX has local bank accounts in Australia and the United Kingdom, so if you’re operating outside these nations, it might be worth checking with your bank before starting a transfer with TorFX to ascertain what the rates and fees are for lower quantities.

Overall, these fees are trivial especially when transacting large amounts.

Note: Have an open conversation about your present and future needs when you talk to a “Personal Account Manager.” There are many benefits to creating a connection with that person apart from sometimes securing lower fees.

For example, as with any international transfers business, the banks may trigger delays meaning your account manager can assist on your behalf by dealing directly with the banks to speed up the entire process.

Is it Easy to Sign up for TorFX?

Yes, it’s easy signing up with TorFx and it can be done by choosing one of these two routes:

Free quotes (this is a great option in case you still have questions that need answered)

Open an online account

Get a FREE quote:

Just fill in the fundamental form information they provide.

In the form, you’ll provide the quantity of money you send, your email address and a valid phone number.

This is intended for those who prefer to avoid going online, but as described below, it provides you complete access to their online system.

That, in our experience, will lead to a quick call from TorFX. This is where TorFX can shine for some individuals, in my view, and where it varies from most other companies.

To get an understanding of the quantities you send, a “Personal Account Manager” will begin by answering a few questions. It’s also an excellent chance to ask any questions you might have. So make sure you have some questions ready to ask.

As far as getting a quote goes, just like with any other money transfer service you need to be fully registered before they can guarantee a rate on a specific amount. Registration is up to you but to meet regulatory requirements, it can take a few minutes, a few hours or a day or so.

They will give you an email after your request has been processed to finish the sign-up process and you will feel much more confident and safe being in their system by this stage.

Importantly, they ensure the price they give you up to $50k / Approx once you’re prepared to transact. £ 25k) This guarantee is not provided by all providers and can be a major benefit when your money is sent from your bank account to theirs–which can take up to 3 days. Up to $50k / Approx. £ 25k you already need to have funds in their bank account before they will transact on your behalf.

You will still end up with the same access after sign-up as you do when you open an online account.

How to Open a TorFX online account

Initially, there is a four-step method for those who would rather not talk to someone and prefers registering over the internet.

Just have to go online and complete these simple 4 steps:

  1. Account
  2. Details
  3. Security
  4. Confirm

This establishes the username and password of the application and some of the basics need to open your account.

Business accounts allow larger amounts of £100,000 online in the UK but you need to go through your account manager if you are resident in Australia.

Essentially, you’re still going to end up speaking with a personal account manager after all and you’re likely to end up talking to them.

It is often quite simple to set up an account with any such service, but for some it is not. For instance, you can readily switch on the phone at any time with an personal account manager allocated to your.

Is TorFX a Good Choice for Me?


As mentioned previously, its personalized service is the largest distinction between TorFX and most others. This service may be the justification for choosing TorFX over others.

From signing up to interacting with banks abroad and regularly structuring transfers – every aspect of the international money transfer can be easily managed.


TorFX is especially powerful when it comes to coping with companies as there are many more compliance problems and laws that make it very helpful to have a personalized experience.

In addition, they also provide sophisticated facilities such as:

  • Spot Contracts
  • Forward Contracts
  • Market Orders (limit and stop loss)

These kinds of services allow companies to handle the risk of currency and cash flow when they work in different currencies.

They also offer companies the ability to transfer up to £100,000 online 24/7 in the UK. In Australia, however, you will have to do this via your account manager.

When they might not be the best service?

TorFX’s focus is on delivering bank beating competitive rates. They do this very well plus they provide a great customer service, especially via the Telephone.

But as with all services, they can’t be the best at everything. So here are two situations where TorFX might not be the best service for you:

If you send small amounts, the service might not be as cheap as the P2P providers

The transparency on the exchange rate you’ll get over $50,000/Approx. £25000

For lower quantities ($7000 USD/£4000 GBP/€4500 EU/$9500 CAD AUD) and if you are pleased to do all by yourself online, other cash transfer businesses can offer lower fees and exchange rates.

In terms of transparency, you will be able to see the price you receive before committing yourself to the transaction. For quantities over $50,000/Approx, however, you’re going to have to go through your account manager.

Ironically, this may effectively be a disguised blessing as you maybe able to negotiate a slightly lower fee.

NOTE: After you’ve done the online process, contact your account manager to see if rates or fees can be lowered.

Are TorFX Reviews Trustworthy?

If you search for TorFX customer reviews, you will discover that most reviews out there about TorFX are overwhelmingly favorable.

Trustpilot, for instance, averages the results and reports that TorFX services is “excellent” based on 837 results with a 9.2 score out of 10.

I am quite convinced that these reviews are trustworthy, considering that comparable findings are reflected in all the other tested locations. This is the highest rating of any service that we seen, but that doesn’t make them THE perfect money transfer service.

If you really want to learn about a service or a product you should read their negative reviews. You know, the one and two star rating reviews. That’s where we usually learn a lot from.

We studied all the one and two-star reviews, which make up just 2.6 percent of the complete reports which is a fairly tiny sample of 22 reviews in total to best comprehend where the issues may exist.

And here’s some data:

  • Better Rate (41%)
  • Slow to get money (14%)
  • Poor Service (9%)
  • Bank Fees (14%)
  • Problems with Registration  (4%)
  • Other (18%)

Most individuals were satisfied with the rates provided by TorFX, but about 1 percent of individuals who took the time to leave a review thought they could do better by using other company.

It’s pretty hard to compare for very large amounts though because TorFX isn’t as transparent when it comes to what rates you get when you do a transfer as other comparable companies because you need to go through your account manager.

But remember, as we already said, if you’re happy to do everything online, there are better options for than TorFX for little amount of cash transfer.

TorFX can be a good option for most individuals who simply want to save money on cash transfers and do it as easy and fast as possible. (especially if you transfer large amounts of money)

However, there may be some better choices to send money internationally especially in smaller amounts.

Is TorFXs Online Trades and Currency Transfers Fast?

We normally view both ends when we look at the speed of any money transfer service, including your bank sending the cash to your TorFX current account.

The time they need to make a transfer is a tiny component of the whole process, and the transfer speed of the entire transaction has much more to do with both sides of the accounts than with anything else.

TorFX mention that while the amount of time a transfer takes can depend on several things like:

  • the currency
  • destination
  • receiving bank

…the funds should be in your account on the same day or within no more than two working days for most countries.

If you include the time it takes to get money into your TorFX account, for most services, a total of 3 to 6 working days will be about right and typical.

Just remember, If the receiving bank you are using is not in the UK or Australia, it may add an additional day.

Is TorFX Safe and Secure to Transfer Money?

Short answer. Yes.

TorFX is regulated in the UK by the Financial Conduct Authority otherwise known as the FCA and in Australia by the ASIC which virtually guarantees safety and security, given the high standard of security and regulation required by these two countries.

This company manage large sums of money every year. We’re talking in excess of 3 Billion pounds in foreign exchange and international payments per year meaning they offer true global reach in the marketplace.

Their company at the end of the day is focused on making sure that people like you get their cash securely to the other end of the globe.

Last notes on reviewing TorFX

As money transfer providers go TorFX is a clear leader in this business sector. If you’re looking for an easy setup and you’re one of those who like to build relationships that will help you smooth the process of sending money anywhere on the globe, then TorFX is your best option for money transfer.

  • AUS/NZ and Asia – to get a quote online or by phone
  • UK and Europe – to get a quote online or by phone

On the other hand, if you’d rather not talk to someone because you’re not a people’s person or shy and want to save on smaller amount money transfers, then in this case, maybe you’d like to look at other companies online platforms providing this type of service.

One thing is for sure though … you’re going to pay less for your transfers than using any bank!

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