TorFX Review - Exchange Rates & Fees Calculator and FXcompared’s score

FXcompared Score 4.3/5 Great
TorFX
Rating based on expert reviews by FXcompared
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Rating based on expert reviews by FXcompared
Last updated | November 9th, 2019

TorFX was established in 2004 and has been listed in the Sunday Times Virgin Fast Track 100 as one of the UK's fastest-growing private companies in 2008 and 2010, as well as being named the ‘Best European Currency Broker’ by Overseas Living Magazine in 2010.

TorFX continues to grow driven by its focused on offering a high level of customer service. It is licensed as a money transmitter by HM Revenue and Customs, and is a member of the UK Money Transmitters Association.

Individuals who need to transfer money internationally for any number of reasons, including buying a property, moving overseas, sending money abroad to family or friends, or making regular overseas payments are typical customers for TorFX.

TorFX homepage snapshot

TorFX has received the highest level of creditworthiness, a Rating 1, from Dun & Bradstreet and customers reviews on Trustpilot are also very strong.

 

TorFX Fees and exchange rate

FXcompared Score 3.6/5 Good
TorFX
Rating based on expert reviews by FXcompared
Go to TorFX

TorFX Fees and exchange rate

Competitiveness on FXcompared for low value transfers e.g. sending GBP200
TorFX is sometimes competitive on lower value transfers
2/5
Competitiveness on FXcompared for medium value transfers e.g. sending GBP10,000
TorFX is competitive for medium value transfers
4/5
Competitiveness on FXcompared for high value transfers e.g. sending GBP250,000
TorFX is competitive for high value transfers and it is a focus on its business
5/5
Does FXcompared have direct access to the pricing
FXcompared received pricing directly from TorFX
1/2
Is it possible to lock in future exchange rates
Customers can fix the exchange rate for up to a year in advance
1/1

TorFX provides its currency transfer service based on the customer’s exchange needs and chosen time. This allows customers to fix the currency exchange rate for up to two years, helping them to lock in the best exchange rate possible at any given time. The company uses an exchange rate of 2-4%. This is cheaper than most banks, but not as cheap as some of their competitors.

For customers that need to make regular or ongoing transfers, TorFX offers an automated payment service. TorFX customers can then set up a payment plan and choose between converting the currency at the exchange rate offered there and then, or if they like they can lock in an exchange rate ahead of time to secure the best deal.

They also charge no fees on international transfers which sets them apart from their competitors. The minimum transfer amount is £100. By telephone over £2,000 is the minimum payment, but online its anything between £100 and £25,000.

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.

TorFX will offer you

 

  • Dedicated account manager
  • Fee-free transactions anywhere
  • Great rates
  • 24/7 customer support

Currencies Direct Products for Online Sellers

There are a number of reasons for transferring money abroad today. Individuals may need to pay for education fees, send money to family or friends, purchase real estate for a permanent move, or for a second home or a vacation home. Currencies Direct can help them find the best currency transfer rates and the best method of sending money abroad, all while offering ongoing support and easily-accessible customer service.

About Currencies Direct

Currencies Direct was founded as a privately-owned company in 1996 and is still privately maintained today. It opened its first office in Torrevieja, Spain, then opened offices in South Africa and Mumbai. In 2005 it was added to the London Sunday Times Fast Track 100 list, and the following year it was a finalist in the National Business Awards. The first Currencies Direct US offices were opened in 2007 in Georgia, and that year it was a finalist in the Fast Growth Business Awards. By 2011 there were 12 offices spread across the globe, and in 2012, the company launched a partnership with national banks in Spain, making it easier to open accounts. It was also recognized as a Global Growth Company by the World Economic Forum in 2012.

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Ease of use

FXcompared Score 5.0/5 Excellent
TorFX
Rating based on expert reviews by FXcompared
Go to TorFX

Ease of use

Easy to understand website
Straightforward to use and fairly self explanatory
2/2
Simple sign up process (number of steps)
Sign up, link your account and make a transfer
2/2
Easy to setup a transfer once registered
Both single and repeat transactions are simple to manage
2/2
Provider offers a service that our users often sign up to
TorFX is often used by FXcompared customers
2/2
Mobile notifications available on completed transfers
SMS notifiications on delivery or receipt of payment
2/2

TorFX’s website is straight forward to use and fairly self-explanatory. Being able to stay logged in is helpful, but first-time users will be required to sign up. This is similar to many other websites on the internet. First, the website requires users to create a login that consists of an email address and password.

Then all the customer need do is follow the steps to ‘build their account’. This is simple enough and mostly involves pairing the user’s TorFX account with their bank or other revenue source.

Their platform offers various options and 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.

torfxapp.png

TorFX mobile app

Whether you want to talk through your options with our team or move money on the go in a couple of clicks, you’ll always get great exchange rates and five star customer service.

 

Mobile product

FXcompared Score 5.0/5 Excellent
TorFX
Rating based on expert reviews by FXcompared
Go to TorFX

Mobile product

Easy to use mobile website
If you want to use the website on mobile, it works well
2/2
Easy to use mobile app
Easy to navigate and make transactions on the go
2/2
Can transact in the app
Can transact on the app as easily as on the website
2/2
Range of in-app product offering
The app offers most of the features of the website
2/2
App store rating
Both Apple and Google Play rate the app 4+
2/2

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 by computer. In 2019, however, this type of mobile service is expected by customers.

TorFX’s app is actually one of the highest-rated on Apple’s App Store. Many of TorFX’s competitors have struggled following the release of an app. Where these competitors listened and fixed the bugs, their ratings on iOS and Android stores has suffered. This is not the case with TorFX who seem to have got it right first time. Using the Apple App Store as an example, TorFX’s app is currently rated 4.2 out of 5. On the Google Play store, it has attained a rating of 4.3 out of 5.

Credibility & Security

FXcompared Score 5.0/5 Excellent
TorFX
Rating based on expert reviews by FXcompared
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Credibility & Security

Fully licensed and authorised
Fully licensed by the Financial Conduct Authority
4/4
Total amount transferred for their customers
The Currencies Direct Group transferred £7.5bn last year
3/3
Business revenue
TorFX is part of the Currencies Direct Group which had total revenue in 2018 of £78.5m
3/3
Year on year growth
Over 20% year on year
1/1
Number of employees
537 people in the Group as of the end of 2018
1/1
Head office location
Headquartered in Penzance and London, United Kingdom
1/1
Branded search performance
Strong performance and easy to find online
1/1
How long has the company been a partner of FXcompared
FXcompared has worked with Tor for over 10 years
2/2
How long has the company been established?
TorFX was established in 2004
3/3
Quality of financial backers
TorFX is part of the Currencies Direct Group which is private equity backed
2/2
Private or public company
TorFX is a Private Limited Company and publishes full company accounts in the UK.
1/1

TorFX has holds a first-class rating from Dun & Bradstreet, this 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

FXcompared Score 2.9/5 Average
TorFX
Rating based on expert reviews by FXcompared
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Business product offering

Distinct offering for business
Offers a range of Business specific services
3/4
Broader product set for business
Services include regular payments and automated payment plans
2/3
Specialised team to support businesses
TorFX has a specialised business team
2/2
Receivables product options
TorFX does not have a receivables product
0/1
Marketplace seller product offering
TorFX does not have a marketplace sellers product
0/2

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

FXcompared Score 3.8/5 Good
TorFX
Rating based on expert reviews by FXcompared
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Product Coverage & Service

Number of sending and receiving countries
TorFX handles almost 60 currencies worldwide
3/4
Number of available languages
English language support and information only
1/2
Pay in options
Bank transfer, cheques and debit cards are ways to pay in
2/4
Pay out options
Option to pay out to bank accounts
2/2
Additional services
Additional services around recurring payments and locking in future rates
2/2
Minimum send amount
Small value transfers can be sent online with TorFX
2/2
Maximum send amount
High value transfers can be made via TorFX
2/2
Speed and options for speed of transfer
TorFX state 48 hours, but customers frequently report completion within hours
1/2

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

FXcompared Score 5.0/5 Excellent
TorFX
Rating based on expert reviews by FXcompared
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Customer Feedback & Satisfaction

Customer help including onboarding
TorFX has a dedicated team helping customers through the onboarding process
2/2
Ease of transfer
It's is relatively easy to make a transfer via TorFX
2/2
Exchange rates
TorFX offers competitive rates and customer service
2/2
Fees
TorFX does not charge fees on a money transfer
2/2
Solving issues
The dedicated account and dealer teams are readily available to solve issues.
2/2
Online/mobile experience
The website and app are both simple to use and informative
2/2
Customer service
Considered friendly and professional
2/2
Overall experience
Over 95% of clients who submitted their reviews recommend TorFX's services
2/2

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 Support

FXcompared Score 4.5/5 Excellent
TorFX
Rating based on expert reviews by FXcompared
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Customer Support

How good is the help section on the website?
Limited FAQ's, but they encourage email questions
2/2
Is there live online support?
There is no live chat, but social media is responsive
0/1
Is there email support - and to customers and non customers?
Email support is well reviewed
1/1
Is there phone support ?
Dedicated Customer Service numbers in 2 countries
2/2
Is the company easy to contact?
Email, phone and social contacts are provided
1/1
Are FAQs and support available in more than one language?
Support available only in English Language
1/1
Is there an FX dealer to support customers
TorFX has a full dealer team to support transactions and answer questions
2/2

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.

Transparency

FXcompared Score 3.8/5 Good
TorFX
Rating based on expert reviews by FXcompared
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Transparency

Is there an explicit exchange rate margin in the total cost of transfer?
TorFX does add a margin into the cost of the transfer
1/2
Are the fees easy to understand?
No fees or commissions, other than the margin on exchange rates
2/2
Does the company combine fees and exchange rate or clearly broken out?
TorFX charge a margin on all transfers and fee free transfers.
2/2
Is a real time quote available without registering?
No need to register, but you neeed to provide your email
1/2

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.

Alternatives to TorFX

Currencies Direct
Rating based on expert reviews by FXcompared
Go to Currencies Direct
WorldFirst
Rating based on expert reviews by FXcompared
Go to WorldFirst
OFX (UK)
Rating based on expert reviews by FXcompared
Go to OFX (UK)

Compare Other Currency Rates

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Compare to quote from your bank >


Other International Money Transfer Quotes

OFX (UK)

?
Est. 1998

OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

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Amount Received
USD $12,783.53
GBP £163.73
saved vs. banks

Currencies Direct

Bank Beating Rates

Call us0203 018 1318

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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Amount Received
USD $12,804.25
GBP £179.73
saved vs. banks

Moneycorp

?
Est. 1979

One-off payments | Regular payments | Great rates | Safeguarded customer funds

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Amount Received
USD $12,849.56
GBP £214.73
saved vs. banks

Global Reach (formerly FC Exchange)

Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

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Amount Received
USD $12,830.14
GBP £199.73
saved vs. banks

RationalFX

?
Est. 2005
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
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Amount Received
USD $12,836.61
GBP £204.73
saved vs. banks

WorldFirst

?
Est. 2004

Transparency and security | Great customer feedback rating from Feefo

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Amount Received
USD $12,881.93
GBP £239.73
saved vs. banks

Western Union Business Solutions

The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.
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Amount Received
USD $12,752.46
GBP £139.73
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Currency Solutions

Currency exchange specialists ranking No.1 on Trustpilot for the past two years

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Amount Received
USD $12,841.79
GBP £208.73
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Smart Currency Exchange

Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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Amount Received
USD $12,836.61
GBP £204.73
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Rates From The Average UK High Street Bank

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

More InfoLess Info
Amount Received
USD $12,520.46
No saving vs. banks

PayPal

?
Est. 1998

Shop with PayPal and you’ll still earn your points, airmiles and cashback. Fees are shown as part of the overall exchange rate.

More InfoLess Info
Amount Received
USD $12,493.53
No saving vs. banks

Frequently Asked Questions

Key questions for TorFX money transfers

Can I trust TorFX?

Yes, TorFX is a completely legitimate and safe foreign exchange company based in the UK and Australia. It is regulated by the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) in Australia. It currently has over 50,000 personal clients and is rated ‘excellent’ on TrustPilot.com.

How does TorFX make money?

The main source of income for TorFX is through margins on exchange rates, whereby a marginal profit is made from each transaction and transfer. As opposed to many other providers, however, TorFX doesn’t charge additional fees on top of their exchange rate.

How do I use TorFX?

To use TorFX, a customer needs to complete the following steps:

  • Register online through its secure website
  • Transfer the funds, even to international clients.
  • Log in
  • Secure an exchange rate online with an account manager
  • Enter the recipient’s account details.
  • Transfer the funds, even to international clients.

How long will my money transfer take with TorFX?

The average transfer time for TorFX is 48 hours. According to reviews, however, this is just a generic timescale and transfers have been known to complete within a matter of hours.

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Why you can trust FXcompared's reviews

FXcompared's goal is to help you find the best money transfer provider for your needs. 

We have been comparing money transfer companies longer than anyone else (over 10 years) and work with the leading money transfer providers across the globe.

We have deep knowledge and relationships across the sector including our own data and intelligence arm allowing us to provide the level of in-depth reviews we have offered here.

We have had a long-term relationship with TorFX (over 10 years) which allows us to access their exchange rate and fees information and we have many checks in place to ensure this is accurate. Partnerships with providers likes TorFX help us provide our site and services free of charge to our users.

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.