TorFX Review

TorFX UK and TorFX Australia provide similar international money transfer services for personal customers.
 

What TorFX offers

• International money transfers.
• Forward contracts.
• Limit orders.
• Stop loss orders.
• Regular transfers.
• Dedicated account managers.

International money transfers - Use Spot Contracts to carry out transfers at existing TorFX exchange rates.

Forward contracts - Lock in exchange rates for up to two years.

Limit orders - Target better than existing rates for transfers in the future.

Stop loss orders -  Limit the risk of exchange rate drops by setting a worst-case rate. 

Regular transfers - Automate regular transfers according to your convenience.

Dedicated account managers - Deal with a dedicated account manager through the course of your partnership with TorFX.
 

What TorFX doesn’t do

• Travel card.
• Digital wallet.
• Cash pick up.
• International bill payments.

TorFX score

TorFX could increase its score for services to individuals by offering travel cards and digital wallets, as well as by adding more payout methods.

TorFX UK and TorFX Australia provide specialized services for business clients. TorFX prides itself on partnering with businesses to help reduce currency costs and manage future currency fluctuations.
 

What TorFX offers

• Spot contracts.
• Forward contracts.
• Limit orders.
• Stop loss orders.
• Multi-currency wallets.
• Dedicated account managers.

Spot contracts - Make use of existing TorFX exchange rates to transfer funds via Spot Contracts.

Forward contracts - Lock existing exchange rates for up to two years.

Limit orders - Target rates that are better than existing rates. TorFX carries out your transfer automatically when the rate reaches the desired mark.

Stop loss orders - Protect yourself from negative movements in exchange rates by fixing worst-case rates.

Hold multiple currencies - Business customers can hold different currencies. When receiving money and paying foreign suppliers in the same currency, this will reduce the number of times the currency needs to be exchanged.

Dedicated account managers - Get expert advice and market insight from your dedicated account manager.
 

What TorFX doesn’t do

• Accounting integration.
• Online seller solutions.
• Unique multi-currency receiving accounts.
• FX-optimized travel card.

TorFX score

The TorFX score for business services reflects the absence of solutions for online sellers, multi-currency accounts and accounting integration capabilities. This should however not take away from their dedication to business partnerships.

TorFX fees

TorFX UK and TorFX Australia do not charge any fees for personal or business transfers.
 

TorFX exchange rates

TorFX rates include nominal margins that are applied on top of existing interbank/mid-market rates. Their exchange rate margins are lower than 1% and can vary depending on the volume of transfers and currencies. In addition, the company provides a  "Rate Improver" guarantee, through which it matches or beats better rates that its clients might find elsewhere.
 

Are there additional TorFX fees?

There are no additional fees that TorFX charges. However, you might be subject to intermediary bank fees if you make your payment in a currency other than GBP or AUD. This is because TorFX has foreign currency denominated bank accounts located in the UK and Australia.
 

TorFX score

While TorFX provides highly competitive exchange rates, it could do even better in this section by making its exchange rate margins completely transparent.

What TorFX does well

Sign up process - Register in minutes - online or over the phone. You need to provide some basic information. You might also need to verify your identity and address.

ID verification - Usually takes less than one business day.

Transfer speed - After receiving your money, the transfer can take 1 - 2 days. However, it can take longer for some exotic currencies. 

Phone transfers - Customers may initiate transfers by speaking with their account managers over the phone. This can add comfort to individuals and businesses who prefer the personal approach.

Payment methods - Pay via a bank transfer, or a GBP- or EUR-denominated debit card. Residents of the UK may also pay via CHAPS, BACS and cheques.

TorFX app - The TorFX app is available through Apple App Store and Google Play Store for personal customers who register through the TorFX UK website.
 

Where TorFX could improve

Minimum transfer amount - The minimum transfer amount is £100. If you're setting up regular transfers, they need to be between £500 and £10,000.

Online transfer limits - Personal customers from the UK can carry out transfers of up to £25,000 online. For business customers, the limit is £100,000. Personal customers who use TorFX Australia can transfer up to $50,000 online. To carry out transfers over these limits, customers need to speak with their account managers.
 

TorFX score

TorFX scores above average in this section. It can do even better by improving turnaround times for transfers and eliminating or reducing the minimum transfer amount limit.

What TorFX does well

Supported registration countries  - You may register with TorFX from Australia, Botswana, Canada, China, Croatia, Czech Republic, Denmark, countries in the European Union, Hong Kong, Hungary, Israel, Japan, Mauritius, New Zealand, Norway, Poland, Romania, Russia, Singapore, South Africa, Sweden, Switzerland, United Arab Emirates, the United Kingdom or the United States.

Supported destination countries and currencies - TorFX supports transfers to over 120 countries, in more than 60 currencies.

Customer support - Provides customer support via email, phone social media.
 

Where TorFX could improve

More languages - The TorFX UK and TorFX Australia websites are only in English. The company provides customer support only in English as well.

More local settlement accounts - Increasing its number of local settlement accounts can help customers bring down costs involved in making international SWIFT payments from outside of the UK.
 

TorFX score

Providing multilingual website access and customer support, as well as adding new local settlement accounts, would work well for TorFX's score in this section.

What TorFX does well

Regulated

• TorFX UK (Tor Currency Exchange Ltd,) is authorised by the Financial Conduct Authority (FCA).
• TorFX Australia (TorFX Pty Ltd.) is regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Australian Securities and Investments Commission (ASIC).

Trustpilot reviews

• TorFX UK rates as Excellent, scoring 9.6 out of 10, with around 3,500 reviews.
• TorFX Australia rates as Excellent, scoring 9.6 out of 10, with around 1,200 reviews.

Safety of funds

TorFX holds client money in segregated bank accounts.
 

Where TorFX could improve

Exchange rate margin transparency

The margin/markup that TorFX adds on existing exchange rates is very nominal, and customers find out what rates will apply on their transfers in advance. However, showing the real exchange rate and the margin that applies would make its pricing completely transparent.
 

TorFX score

TorFX does well in this category. The only downside is that its exchange rates are not completely transparent, meaning customers have to figure out on their own how much margin they end up paying.