TorFX International Money Transfers – BER Review
In this guide we take a look at TorFX exchange rates, customer service and user ratings, so you can see how they compare to other providers.
TorFX is a leading provider of foreign exchange services, offering very competitive currency exchange rates for international money transfers and an unrivalled personal service to private individuals and companies with a foreign currency exchange requirement. TorFX is based in the United Kingdom and Australia.
26 customer reviews
TorFX – Great Rates & Top Service – UK and AU based
Ever felt foreign exchange was a tricky subject to get your head around? We provide some quick and easy options to help you through the process of exchanging currency here.
There are essentially two ways to handle the behemoth of information available to you in the world of foreign exchange conversion:
- Do your own research by visiting comparison websites like this one and read the guides that can help you determine the type of transaction, understand the variations in fees and rates, and help you to reach a conclusion as to which organisation best suits your particular case and ultimately, who should you contact to execute the exchange with – be it your bank or an fx specialist.
- Engage an established foreign exchange specialist to help you with your requirements. Customers are often much happier and more confident with this option, as not only are rates and fees generally superior to that of the familiar big banks, but there is more focus on client service and satisfaction.
TorFX is an example of an FX specialist organisation which is fast emerging as a serious competitor to mainstream banks for foreign exchange related services. So what makes TorFX such a safe and proven name for foreign exchange requirements?
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TorFX – Who are they and how do they save you money?
The TorFX Australia team are based in Queensland and provide a great dedicated service and competitive exchange rates both when trading online and over the telephone.
The TorFX UK team are based in London and Penzance and process in excess of 3 billion Pounds in foreign exchange and international payments per annum. They are known for both the quality of their customer service and exchange rates.
Contact TorFX and inform them you visited Best Exchange Rates and they will offer you very competitive, if not the ‘Best Exchange Rates’, when making an international money transfer or payment overseas for both individuals and businesses.
Best exchange rates
TorFX will also focus on value for the money being transacted. Their exchange rate guarantee is a mark of their confidence in the best rates they procure for customers. For identical deals, any exchange rate quote you receive from a competitor, if shared to TorFX by an email within 5 minutes, will be bettered.
Widest range of currencies
With 60 of the top international currencies, TorFX covers them all. Rather than having to run to multiple providers, the sheer gamut handled by them gives you the peace of mind of dealing with a single provider.
Quick money transfers
The knowledge that your money transfer will happen in a stipulated time can be reassuring. With transfer timelines that fall between 1 to 2 days for most of the major currencies, there is no room for any worry about delayed receipts.
Time it takes for TorFX to receive funds from you
| From | Time |
|---|---|
| Australia(AUD) | 1 day |
| Canada (CAD) | 1-2 days |
| Europe (EUR) | 1-2 days |
| Hong Kong (HKD) | 1 day |
| Japan (JPY) | 1-2 days |
| New Zealand (NZD) | 1 day |
| Singapore (SGD) | 1 day |
| USA (USD) | 1-2 days |
| UK (GBP) | 1 day |
Time it takes for the funds to reach your recipient
| From | Time |
|---|---|
| Australia(AUD) | 1 day |
| Canada (CAD) | 1-2 days |
| Europe (EUR) | 1-2 days |
| Hong Kong (HKD) | 1-2 days |
| India (INR) | 2 days |
| Japan (JPY) | 1-2 days |
| New Zealand (NZD) | 1 day |
| Singapore (SGD) | 1 day |
| Thailand (THB) | 4 days |
| USA (USD) | 1 day |
| UK (GBP) | 1 day |
Free transfers
TorFX does not charge fees for any transfers you do above $250. That itself translates to extremely cost effective transactions when the exchange rates themselves are so competitive. When dealing in transfers greater than $100K, you will benefit from margins that go down by as much as 0.7%.
ASIC authorised
TorFX is authorised and regulated by ASIC. This means that TorFX complies with all legal obligations to operate in a fair and orderly manner. In other words, when you use TorFX to handle your foreign currency transfers, you can relax in the knowledge that your money is safe and totally secure.
Completely transparent
Everybody deserves transparency, fairness and better value when it comes to their money. When transferring funds between accounts in foreign countries, it’s important to have visibility on both sides of the transaction. TorFX is a foreign exchange service you can trust; it has maximum transparency – whether you are at the sending or receiving end of a money transfer.
Market updates and notifications
TorFX sends market updates including major currency movements, news and economic data on a regular basis. This service is free and has no obligation.
Personalised service
TorFX ’s approach to customer service is what sets it apart from its competitors. Over and above the competitive pricing and the value for your money, it is the uncompromising service levels that make them stand apart.
Right from the initial query through each step of the transaction, TorFX ’s account managers get involved in understanding each customer requirement and executing it all to its completion. Every case is different and treated as such.
In the complex world of foreign exchange, handholding a customer and their transactions are of utmost importance. Treating every transfer as a relationship extends beyond getting the best exchange rate. Ensuring the transfer is done smoothly and satisfactorily, and effected in the set timeline and the client feedback taken have been standard steps in a TorFX relationship.
Ease of transacting
With TorFX , there is no need to worry about how you are going to move money between foreign bank accounts. Each transaction is quick and easy and the process is simple and swift. TorFX accepts currency exchange instructions online or by telephone. TorFX clearly explains the process and provides a dedicated service representative to assist you with every step of the process.
Get a free quote
With the above advantages, TorFX also extends to you another one – a free quote to get you started. All you need to do is to specify your requirement and the prompt response is enough to get your foreign exchange transaction on the way. Dedicated account managers take the time to understand your requirements, keep an eye on the markets for you and offer guidance to ensure a quick and seamless transfer.
Modus operandi – how does the transfer process work?
Opening an account is free and can be done by completing an online application form. For safety, TorFX will call you to verify your identity. When you need to do a transfer, a sales representative will inform you about the current exchange rates and receive your order confirmation. Then you’ll and be asked to give details of the currency, amount and beneficiary account before sending your funds to your TorFX client account. After the funds have cleared, your foreign currency with the best exchange rate is immediately sent to your beneficiary account. TorFX notifies you when the funds have been received into the destination account.
With offices in Australia, UK, Europe, USA and South Africa, TorFX offers a wide selection of trading platforms, with different options available for business and personal trading. With a background as Australia’s leading foreign exchange services expert, TorFX has a track record of having worked extensively with both corporates and individuals alike.
To summarise:
After you register with TorFX Australia or TorFX UK the steps to transfer are as follows:
1. TorFX will call you to verify your identity and set up your online account, you can then monitor the rate in real-time.
2. When you are ready to do your transfer you simply login into the TorFX website and enter the details (Currency, Amount & Beneficiary Account) and then transfer the FROM amount to the TorFX bank account.
3. TorFX then send the money to the beneficiary foreign currency account at much better rates than you would get using your own bank.
4. TorFX notifies you when the funds have been received into the destination account.
No Cash or Cheques, only Credit Cards Accepted
TorFX does not send cash or allow cash to be paid into its account. Using cash will result in the payment being stopped and the return of funds involves a lengthy process that includes a formal identification process.
TorFX does not accept cheques under any circumstances, for any currencies.
TorFX Exchange rates
TorFX deals with more than 60 global currencies with very competitive rate margins and generally offers the best or close to the best exchange rates in the market. If you register with TorFX using the this promo coupon link for you region your account will be allocated to the lowest FX margin group.
As with all foreign exchange providers their exchange rates get better the more you send, with margins often going under 0.7% once you are sending over GBP 50K.
TorFX do not charge Transfer Fees.
TorFX has one fees when using their online platform where you can send as little as £100 on a fee-free basis.
Occasionally, third-party banks may deduct a fee from your transfer before paying your recipient. This fee may vary and TorFX receives no portion of it. If you’re concerned, simply talk to one of the TorFX team members to discuss your transfer as you may need to send extra to account for any possible bank imposed fees.
TorFX Connecting Currrency 
Browse our customer reviews and ratings for TorFX, you can also use our TrustPilot rating browser for TorFX.
TorFX write a daily currency report for BER which you can read here – TorFX Daily Currency Report
Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.