TorFX Review - Money Transfer Costs and FXcompared’s rating

TorFX Transfer Fees and Costs

TorFX does not charge fees on international money transfers, although the exchange rate it offers does vary based on the customer’s exchange needs and chosen time.

The rate offered is typically between 2-4%, which is cheaper than most banks, although not as cheap as some competitors.

For customers that need to make regular or ongoing transfers, TorFX offers an automated payment service. This allows customers to set up a payment plan, which gives them the choice of locking in an exchange rate ahead of time or converting the currency at the exchange rate available there and then. This enables customers to secure the best deal available rather than risk higher fees for future transfers.

The minimum transfer amount supported by TorFX is £100 online or £2,000 by telephone. The maximum amount supported online is £25,000, although customers can transfer more using the company’s telephone service.

TorFX makes money by buying its currencies at an improved exchange rate than that which it offers to its customers. While other providers charge additional transfer fees, TorFX works off small margins, which allows it to provide more competitive exchange rates than most others in its field.

Usability

TorFX’s website is straightforward and intuitive to use. First-time users will be required to sign up, although regular users can stay logged in, which is a helpful feature. 

Signing up for the first time is a typical process, requiring an email address and password before following steps to build their account. This mostly involves pairing the user’s TorFX account with their bank or other revenue source – a vital step in the money transfer process.

The platform includes 24/7 support for customers. It also offers a dedicated account manager for every client, business or personal, and displays the contact numbers for each office clearly at the top of the page.

TorFX’s website notes that business customers can connect their account to an automatic notification system. This system allows customers to opt-in to an SMS notification following the delivery or receipt of a payment.

Mobile product

TorFX also offers a mobile app, which can be used on iOS and Android on smartphones and tablets. The app is free to download and doesn’t charge for any in app purchases. Once it’s downloaded, all the user needs to do is log into their account.

The app is sophisticated, and credit needs to be given to TorFX for creating a system that generally offers the same features as its website. It’s easy to navigate and transactions can be made and confirmed on the go, just as easily as on a computer.

TorFX’s app is one of the highest-rated in its category on Apple’s App Store. Many of TorFX’s competitors have struggled with bugs in the initial release of an app. While these have largely been fixed, their ratings on iOS and Android stores has suffered. This is not the case with TorFX, who appear to have got it right the first time. On Apple’s App Store, TorFX’s app is currently rated 4.4 out of 5, while on the Google Play store, it has a rating of 4 out of 5.

Trustworthiness & Reliability

TorFX holds a first-class rating from Dun & Bradstreet, which is not easy to come by. They are regulated by the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) in Australia.

The company currently employs over 70 employees and has over 50,000 clients across their business and personal range of accounts. The firm provides segregated bank accounts for all its clients, complying with FCA rules that pertain to the safeguarding of client assets on an individual basis.

Business product offering

TorFX offers a range of services to personal clients and businesses. Its foreign exchange transaction services help clients manage their foreign currency transfer needs. TorFX also provides risk management services, including a range of tools that can help a business manage its exposure to financial risk. These services include forward contracts, limits and stop loss order options, which help secure the best exchange rates for currency transfers. TorFX also offers market analysis services to help businesses make the best decisions about their currency exchange requirements.

Business clients can make regular, ongoing business payments for employee payroll, service fees, or royalties. TorFX also offers the ability to set up automated payment plans at a commercial rate that is free of charge to those who are already signed up. This specialised service is offered to customers that need to transfer between £500 to £10,000 a month, for a minimum period of six months. Businesses are also able to establish several automated payment plans at once.

TorFX provides its business customers the ability to send money abroad using three distinct options— spot rates for immediate transactions, which can be executed at the most favourable rate that the dedicated foreign exchange dealer can find. It also provides forward contracts to lock in favourable rates and execute the transaction at the time of the business client’s choosing. Finally, limit orders are provided to help clients specify their preferred rates.

Similar to individual customers, business clients are able to choose automated payment plans for their ongoing business payment needs. Automated payment plans can save time and money, and can be used for a variety of ongoing company payment needs, including employee salaries, vendor supplies and services, or any other type of scheduled payment.

Product Coverage & Service

TorFX was founded in 2004 and has grown steadily in Australia and the UK since that time. The company now boasts an annual turnover of over £1.2bn as well as over 50,000 clients across the personal and business spectrum, earning it one of the best reputations of any money transfer company in the world.

The company handles clients from across the planet and deals with nearly 60 separate currencies, which is almost double the amount offered by most money transfer organisations.

TorFX’s Regular Overseas Payments service is applicable for recurrent transfers as low as £500 and up to £10,000. On a fee-free basis, TorFX’s online platform allows for transfers as low as £100. Depending on location, TorFX aims for transfers to complete on the same day or in no longer than two days.

TorFX is prepared to help its customers find the most competitive exchange rates and provide support in the event they need assistance with their transaction. In addition to its currency transfer expertise, TorFX provides daily news updates. Business customers can also benefit from risk management guidance.

TorFX prioritises English as its language of choice.

Customer Feedback & Satisfaction

TorFX is one of the most highly-rated companies in the market, prioritising exceptional customer service throughout its various client interactions — either personally or on its online platforms. The firm employs more than 100 people and was named the winner of the Cornwall Business Awards in 2017, something its UK office is very proud of. Notably, TorFX has also been named a four-time winner of the Consumer Moneyfacts’ ‘International Money Transfer Provider of the Year’ award from 2016 to 2019.

The company has more than 90% positive feedback from clients across various review sites, many of them making up their 50,000 strong client base.

With nearly 3,000 reviews on TrustPilot, and nearly 200 on ReviewCentre — two of the most popular client review platforms in the UK — there are more TorFX client reviews online than almost any other foreign exchange service. As TorFX is only based in two countries, this is rather impressive. We would comment on how effective the company is at dealing with complaints, although there doesn’t seem to be many of them to cite.

TorFX’s rating TrustPilot and ReviewCentre is excellent (9.3/10 and 4.6/5, respectively). That means that well over 95% of clients who submitted their reviews recommend TorFX’s services.

Customer Help & Assistance

TorFX’s customer service is considered friendly, professional and leaps and bounds ahead of many of their competitors. At the time of writing, it does not currently offer live chat on its website, but the company is active on social media channels and is responsive to emails.

An FAQ section is provided on the website and doesn’t require a login to access. At the time of writing, the FAQ only contains 10 topics. However, if a question is not addressed on the site, TorFX highlights that it is open to requests by email.

Due to the company having two offices, each one holds its own customer services line, dedicated to customers in that country. As TorFX is present only in English speaking countries, this poses a difficulty for those who don’t have English as their first language.

Pricing Transparency

TorFX provides its customers with the opportunity to receive a free quote. Provided the customer submits their name and email address on the website’s online form, the quote can be provided without the need to register.

Outside of its quoted exchange rates, TorFX does not charge a fee or commission. Details of its fee policy are clearly laid out in a specific ‘Compare our Rates’ section of the website, where the company’s rates are compared to those of high street banks.

TorFX Review: Our Verdict

With excellent customer ratings, a dedicated support team and account managers and an easy-to-use platform, TorFX is a strong choice for medium to large international money transfers. 

It offers favourable rates for these transfer sizes compared to banks, and does not charge additional fees. However, for those wishing to send smaller amounts, other platforms may be a better option.