TorFX Review - Money Transfer Costs and FXcompared’s rating

TorFX Transfer Fees and Costs

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.

Usability

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.

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 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.

Trustworthiness & Reliability

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

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.