TorFX is a renowned money transfer operator with specialized services to accommodate specific needs. While it’s an ideal choice for many, it may fall short in certain situations. We discuss all of it in our TorFX review — scroll down to find out whether it's the right choice for you!
About TorFX
With almost two decades of experience under its belt, TorFX boasts an impressive reach and a stellar team of exchange experts. The firm is headquartered in Cornwall, UK, and is a member of the Association of UK Payment Institutions with partnerships with leading global institutions, including PwC and Barclays Bank.
TorFX is distinguished from the crowd with many specialized services to underscore large transfers, including for emigration, buying a property, or business investments. Dedicated account managers armed with the help of over 500+ currency experts help customers minimize costs and losses while providing peace of mind — certified by an almost perfect Trustpilot score.
TorFX Review at a Glance
| 💳 Pay-in Options | Bank Transfer |
| 🏧 Pay-out Options | Bank Deposit |
| 💶 Min. Transfer Amount | USD 200 |
| 💷 Max. Transfer Amount | No caps, USD 30,000 limit on online transfers |
| 💱 Currencies Supported | 40+ |
| 👥 Number of Customers | 325,000+ |
| 🔐 Trustpilot Score | 4.9/5 |
| 📝 Number of Reviews | 5,318 |
| 🌍 Available in | 120 countries |
| 💬 Languages Supported | English |
| 📍 Headquarters | Penzance, Cornwall |
| 📃 Established | 2004 |
| 🌏 Offices | UK, Europe, Australia, Singapore, USA, and South Africa |
| 👥 Number of Employees | 500+ |
| 📈 Private/Public | Private |
| 🏆 Award(s) | International Money Transfer Provider of the Year (2016, 2022), Best Customer Service in (2016, 2017, 2019, 2020, 2021, 2022) by Moneyfacts Consumer Awards |
| 👮 Regulators | FCA |
How TorFX Works
TorFX is a currency broker working with over 500 currency experts, which means instead of running the transfer through bank accounts, they buy and sell currencies on behalf of the clients and transfer the money internationally.
Top TorFX Features
TorFX offers a variety of specialized services in international transfers. Here are the top three features you can benefit from while using this provider:
Recurring Payments
TorFX offers a Regular Overseas Payments service, through which senders can set up recurring payments for purposes like mortgage payments or pension withdrawals to be made automatically.
The service is applicable for payments between USD 600 and USD 12,000 per month over a minimum of a 6-month period, and senders can set up multiple payment plans at once. It is also possible to secure an exchange rate beforehand to avoid surprises. As with any transfer with TorFX, no commissions or additional transfer fees are involved.
Business Health Check
TorFX assesses your business model and plans before you begin transferring with them. This free service includes identifying rooms for improvement, making better plans for managing risks, discussing the best currency transfer options per their individual requirements, and creating a bespoke international payment plan.
Specialized Services
TorFX’s strongest value proposition is its specialized services allowing individuals to transfer large sums abroad for specific purposes of emigrating and buying a property. Within the scope of the service, TorFX communicates all legal requirements to safely transfer funds, which comes in handy in cases where you don’t speak the language or can’t find a trustworthy local representative.
What We Like and Dislike About TorFX
TorFX can be a hit or miss; it all depends on your particular needs. Here is a rundown of the operator’s strengths and weaknesses:
| Why should you use TorFX? | Why shouldn't you use TorFX? |
| No transfer caps — as long as you submit the appropriate documents, there is no limit on transfers. | A tedious signing-up process — TorFX is not a regular operator for senders to get a quick look at the rates to compare. Newcomers are expected to submit personal information, including proof of address or passport number just to set up an account and check the rates. |
| Dedicated account managers — TorFX’s customer help has a good reputation. Someone reaches out as you submit an inquiry, and as long as you are happy with the terms, they walk you through the whole process. | Not ideal for small transfers — the profit margin on exchange rates tends to be higher for smaller transfers. |
| A number of transfer options — TorFX allows clients to maximize profit and minimize the cost of their transfers with a range of options, including spot contracts, forward contracts, and market orders. | Only supports bank transfers — which means there isn’t a way to avoid unexpected fees. |
| Advanced business solutions — the firm acts more like a partner rather than a transfer operator for its business clients. | |
| Able to transfer 24/7 — you can send transfers under USD 30,000 abroad around the clock all week. |
TorFX is an excellent operator for facilitating large money transfers and supporting business operations. Its specialized services are geared towards undertaking large sums and legal obligations rather than quickly resolving small transfers at a low cost.
What Do Users Have to Say About TorFX?
TorFX gets an approval stamp from both review sites like TrustPilot, Redditors, and other forums. The feedback is overwhelmingly good, and when it isn’t, the company is quick to respond publicly to clarify the situation.
Users particularly praise the fast response of account managers, making the process as seamless as possible. As expected, the service is popular among clients transferring large sums. Users are also quite content with the speed of the platform and the rates they are receiving.
On the flip side, there are a number of negative ratings expressing that their efforts are a bit too “pushy.” The most common complaint is about delayed transactions, however, the company often states that these are due to compliance issues or client neglect in submitting documents. The takeaway is that non-straightforward transfers and refunds do take time; users should be prepared for occasionally slow communication.
What Are TorFX’s Exchange Rates, Fees, and Costs
TorFX operates with a no-fee policy, but don’t expect a completely free transfer. Here’s a rundown of all fees involved, including those that are hidden.
| Exchange markup | Varies between 0.5% – 2% |
| Transaction fees | 0% |
| Bank transaction fees | Varies |
Exchange Rate Markup
Money transfer providers with a no-fee policy like TorFX make a profit by adding an additional cost on top of mid-market exchange rates, which is often referred to as “real” exchange rate. This way, senders would get a slightly poorer exchange rate with their transactions. The margins vary by operator, but they are rarely higher than that high street banks offer. TorFX’s exchange markup varies between 2.71% for transfers of about $1000 and 1.91% for larger transfers.
TorFX's margin rates vary depending on the currencies involved and the transaction amount. Unfortunately, they don’t openly disclose the rate markups, but you can get a rough idea by comparing it with the rates you can get from independent sources.
Transfer Fees
TorFX operates on a no-fee policy, meaning there aren’t fixed or markup fees associated when for example you want to send money from the USA to the Philippines; regardless of the amount or the currencies involved. A certain fee is collected through poorer exchange rates instead.
Additional Costs
Though not intentional, senders can occasionally get unexpected fees with their transactions through TorFX. Depending on the countries involved and the transfer sum, banks on either end may charge a fee — but the firm has contracts with several banks and clients can avoid this by using only one of them for their transfer.
TorFX Fee Transparency
The fee structure of TorFX is quite transparent; senders can compare the custom rate they are given with the mid-market rate and discuss your custom quote with a representative to understand the breakdown. The fees depend on the transfer and tend to be smaller for larger sums.
Top Currencies and Destinations for Sending Money With TorFX
TorFX has an impressive reach of 120 countries and operates services for 40+ currencies — but the number of originating countries is quite limited, which includes the UK, US, Canada, and Australia. Sending money to countries like Spain, South Africa, or the UK with TorFX is faster and cheaper as the firm has offices and bank connections across the UK, Europe, Australia, Singapore, the USA, and South Africa. Other top destinations include:
What Type of Transfers Can You Make With TorFX?
TorFX supports various transfer types to accommodate different sender needs while protecting the value of the transfer.
Spot Contract: This is the standard foreign exchange method involving purchasing/selling the currency for immediate transfer. It uses the current rate at the time and is the best option for urgent transactions.
Forward Contract: With a forward contract, senders can fix an exchange rate to perform the transfer at a future date, and this is the ideal option for regular payments.
Market Orders: With differing order types, senders can target specific exchange rates.
Limit Order: Clients can specify an exchange rate, and TorFX will do the transfer automatically when the desired rate is achieved.
Stop Loss Order: By setting a worst-case rate, clients can avoid the risk of an exchange rate suddenly falling.
Does TorFX Offer Business Money Transfers?
TorFX offers a round-up business plan — from handling work-related transfers to a full-on health check procedure, there’s more on offer than many competitors. Like individual clients, businesses are assigned an account manager and given a custom exchange rate.
Firms can transfer up to USD 120,000 24/7 without any obstacles, mitigate currency challengers with risk-management solutions, and get a free evaluation of their international payment approach while enjoying competitive exchange rates and a range of transfer options.
What Are TorFX’s Payment and Withdrawal Options?
Unfortunately, TorFX only supports bank transfers, and regardless of the transfer type, all are deposited and withdrawn from a bank account. As per the compliance regulations, the senders can only use the bank accounts in their name.
How Long Will It Take to Receive Money Using TorFX?
Depending on the currency and amount of the transfer, TorFX transfers typically take between 1-3 business days, although users report receiving much faster most of the time. Note that so-called exotic currencies generally take longer than heavily used currency pairs such as USD-EUR.
Large transfers that require verification as per FCA requirements also take longer than smaller sums. If the compliance flags the transfer, the firm may ask for further supporting documents and prolong the process.
When compared to bank transfers, TorFX stacks up well — but if you prioritize speed overall, it's more sensible to opt for providers like Wise or Xe Money Transfer.
Is TorFX Safe to Use?
TorFX is regulated by the UK’s Financial Conduct Authority and Australia’s Australian Securities & Investments Commission and is audited by PwC, boasting a perfect credit score from Dun and Bradstreet. It has a liquidation plan in place to protect clients’ funds in case the company goes out of business. With an impressive set of credentials, the firm guarantees the safety of your transfers regardless of size.
As per the regulations, TorFX is required to safeguard your money by holding them in a separate client account than their business account. In case of an unannounced delay, clients can trace their transfer through the Operations Team and may request a refund if they are no longer happy with the transaction terms.
TorFX uses a TLS encryption system and two-factor authentication to protect client data, which verifies personal details before clients can access services or make account changes.
TorFx Support Options
TorFX’s top-notch customer service is one of its strongest aspects. The care starts with the custom rate inquiry and continues with an account manager assigned specifically for you. While it may feel overbearing for smaller transactions, TorFX gives peace of mind for your large transfers.
| Contact Numbers | Personal Transfers: 0800 612 9625Business Transfers: 0800 612 6028 |
| Support Email | [email protected] & online form |
| Live Chat Support | No |
| Supported Languages | English |
| Support Options | Phone, email, and FAQs |
How to Get Started With TorFX to Send and Receive Money
TorFX managed to create a safe, informed, and streamlined process to send money abroad. The process is slightly longer and more demanding than other providers, but it’s still reasonable in speed and requests. Here’s a step-by-step breakdown;
How to Send Money With TorFX
Step 1: Sign up
Step 2: Set up your transfer
Step 3: Pay for your transfer
Step 4: Track your transfer
How to Receive Money Using TorFX
The transfer is deposited directly to the recipient’s bank account as it’s the sole transfer option. If something doesn’t seem right, the recipient should contact the sender for them to reach out to their account manager.
Does TorFX Have a Mobile App?
TorFX has a free mobile app compatible with iOS and Android operating systems, with respective ratings of 4.3/5 and 3.9/5. With the app, customers can do the following on the go:
Track the transfer status,
Set rate alerts and check live rates,
Manage transfers,
Change account information
Store currency in a multi-currency wallet.
Despite having a few glitchy updates, TorFX’s app generally receives decent user feedback. The interface appears to be modern, sleek, and easy to navigate. Additionally, if you would like to know more, we created the following guide on the best money transfer apps so you can compare them.
TorFX Alternatives
As ideal as it is for certain types of transactions, TorFX does not suit everyone’s needs. For different priorities, there are faster, cheaper, and safer operators.
TransferGo: gets the job done in minutes without being complicated. Users can simply sign up, check the rates, and send the transfer to be in the receiver’s bank account with a few clicks — unlike TorFX, which uses a tedious account creation process with waiting times between 1 to 3 business days.
WorldRemit: specializes in smaller transfers and has very low transaction caps. It's one of the best options to avoid the unfavorable rates TorFX offers for under a certain amount.
Western Union: offers several pay-in and withdrawal options, as opposed to TorFX’s sole bank transfer option, including cash-only transfers and payments via direct debit.
