TorFX International Money Transfer Review 2023

TorFX, is a leading provider of international money transfer services. With a track record spanning nearly two decades, TorFX has garnered a loyal customer base and a reputation for offering competitive rates, top-notch security, and excellent customer support.

In this review, we’ll dive deep into the nitty-gritty of all TorFX’s features, discussing the service’s pros and cons, fees and rates, customer service, speed, security, and all the rest. We’ll also compare TorFX to its competitors and explore alternative services, equipping you with the information you need to decide on the best provider for your international money transfer needs. So, buckle up and let’s dive into the world of TorFX.

Who are TorFX?

Founded in 2004 by entrepreneur Jon Beddell, TorFX has come a long way to establish itself as a leading provider in the international money transfer industry. Headquartered in Cornwall, United Kingdom, the company experiences exponential growth, setting up over 20 additional offices to cater to the diverse needs of both private and business clients across the globe.

The company has established a strong presence in multiple countries, including Australia, where it launched TorFX Pty Ltd. in 2013 to cater to the Asia-Pacific region. Over the years, TorFX has helped individuals, businesses, and online sellers transfer more than £10 billion across borders annually.

Throughout its nearly two-decade journey, TorFX’s achievements allowed it to collect a number of prestigious awards and recognitions. Some notable accomplishments include winning the Moneyfacts Consumer Award for “International Money Transfer Provider of the Year” consecutively from 2016 to 2020, and a 5-star rating for Outstanding Value in International Money Transfers by Canstar from 2018 to 2022. These accolades speak volumes about the provider’s commitment to delivering exceptional value and top-level service to its customers.

At the heart of TorFX’s success lies its dedication to helping clients achieve their financial goals, whether it’s buying property overseas, managing international business transactions, or simply sending money to loved ones abroad. The company achieves this by offering competitive exchange rates, low fees, and tailored solutions to cater to individual customer needs.

What sets TorFX apart from the competition is its personalized approach to money transfers. Each client is assigned a dedicated account manager who provides excellent support throughout the transfer process. These account managers offer expert guidance on market trends, foreign exchange rate fluctuations, and strategies to manage currency risk, ensuring that clients make informed decisions when transferring money internationally.

TorFX Pros & Cons

	Pros	Cons
1.	Multiple payment options for UK bank holders – TorFX offers various payment methods, such as bank transfers, credit/debit cards, or checks, making it convenient for customers in the UK.	Higher exchange rates than similar providers – TorFX offers competitive exchange rates, but some competitors may occasionally provide even better rates depending on the specific currency pair and market conditions.
2.	Amazing customer service – TorFX is known for its exceptional customer service, including dedicated account managers and 24/7 support, ensuring a seamless transfer experience.	Regular payments have transfer limits – Although TorFX allows regular payments, they impose a minimum transfer limit on them (£500 or currency equivalent and a maximum transfer limit (£10,000 or currency equivalent).
3.	High Trustpilot rating – TorFX boasts an impressive Trustpilot rating (4.9 out of 5 stars), reflecting its high levels of customer satisfaction and reliability.	Limited exotic currency coverage – While TorFX supports over 40 global currencies, their coverage for exotic or less commonly traded currencies may be limited compared to some other providers.
4.	No transfer fees – TorFX charges no fees for transfers, making it a cost-effective option for international money transfers.	No option for instant custom quotes – TorFX doesn’t currently offer an instant custom quote feature on their website or app, which means customers need to sign up for an account to get a personalized quote for their specific transfer requirements.
5.	Global service coverage – TorFX provides services in over 120 countries, allowing customers to transfer money across borders with ease.
6.	Lots of experience – TorFX has been in the money transfer business since 2004, offering a wealth of experience and expertise to its customers.
7.	Fast money transfers – Transfers with TorFX are typically completed within 0-2 business days, ensuring funds reach their destination promptly.
8.	Exchange rate alerts option – TorFX offers exchange rate alerts, enabling customers to stay informed about market fluctuations and make well-timed transfers.
9.	Suitable for all types of money transfers – TorFX caters to various transfer needs, such as personal remittances, business transactions, or property purchases.
10.	No maximum transfer limit – TorFX does not impose a maximum transfer limit, allowing customers to send large amounts of money without restrictions.
11.	Tons of industry recognition – TorFX has received numerous awards and accolades, showcasing its commitment to excellence and customer satisfaction in the money transfer industry.

TorFX Key Attributes

• Founded: 2004
• Headquarters: Penzance, Cornwall, the United Kingdom
• Other offices: With more than 20 offices, TorFX has a global presence and is spread out in the UK, Australia, Europe, Singapore, South Africa, and the USA;
• Annual trading volume: In recent years, TorFX’s annual trading volume peaked at over £10 billion worth of international money transfers and currency exchange transactions;
• Number of employees: TorFX’s ever-growing team currently numbers over 550 employees, all highly skilled in banking and financial services and fluent in international money transfer regulations;
• Trustpilot rating: Currencies Direct and Send Payments aren’t the only two international money transfer services battling for the top spot on Trustpilot. TorFX shares a rating of 4.9 out of 5 stars alongside them;
• Number of clients: So far, TorFX has managed to satisfy the money transfer needs of more than 425,000 personal and business customers from all around the world. With that said, the company is mostly UK-oriented and a large chunk of its clients are based in the UK;
• Available countries: TorFX makes money transfer and currency exchange services available to over 120 countries on all continents;
• Number of currencies: Currently, TorFX offers support for more than 40 global currencies. Of course, all of the major currencies such as USD, AUD, EUR, GBP, CAD, JPY, and ZAR are included. Customers can also make transfers in some of the exotic currencies, such as AED, CNY, CZK, EGP, HKD, INR, MXN, PHP, RUB, and more;
• Minimum transfer limit: TorFX caps the minimum transfer amount each customer can make to £100 (or its currency equivalent). This is pretty low and makes the provider suitable for those who want to send small amounts of money across borders. Note that if you wish to set up automatic recurring transfers, the minimum transfer limit of each transfer is £500 (or its currency equivalent);
• Maximum transfer limit: TorFX customers who wish to make large money transfers will be happy to hear that the company doesn’t have a cap on its maximum transfer limit, so transfers of £1,000,000 are definitely an option. Note that if you wish to set up automatic recurring transfers, the maximum transfer limit of each transfer is £10,000 (or its currency equivalent);
• Transfer fee: Another highly appreciated characteristic of TorFX is their approach to transfer fees. The company doesn’t impose any, no matter the transfer amount, so customers can enjoy a cost-effective solution whenever they wish to send money abroad;
• Exchange rate markup: This is the only aspect of the money transfer process where TorFX charges a small percentage to make profits. The margin they add to the mid-market exchange rate varies between 1.9% for large transfers and 2.7% for small transfers;
• Sending money: With TorFX, customers can only use their bank account to fund their international money transfers. The only exception are owners of UK-based bank accounts who can use debit/credit cards or checks in British pounds (GBP) to pay for their money transfers;
• Receiving money: At the moment of writing, recipients receiving money through TorFX can only do so with a valid bank account. The company doesn’t offer cash pickup or mobile wallet money options;
• Payments flexibility: TorFX customers can use the company’s website or mobile app to initiate an international money transfer at any time. They can also call the company’s phone numbers and set up a transfer that way (this is actually the preferred way to initiate a money transfer if the transfer amount is a large one);
• Supported languages: Currently, TorFX’s website, mobile app, and customer support are available only in English;
• Regulated by: To ensure funds are always traveling through safe routes and customers’ details are kept confidential, TorFX is regularly inspected and authorized to conduct its services by several national-level regulating bodies. At the moment, they include:
  • The Financial Conduct Authority (FCA), which authorizes TorFX under the Electronic Money Regulations 2011 as an Electronic Money Institution (EMI);
  • The Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Australian Financial Complaints Authority (AFCA), which authorize TorFX with an Australian Financial Services Licence (AFSL) for money payment services;
• Mobile app: TorFX offers a solid option for every customer who is a smartphone owner to initiate and manage their international money transfer right from their pocket, wherever they are. Users can download the TorFX mobile app from Google Play (with a rating of 4 out of 5 stars) and the App Store (with a rating of 4.3 out of 5 stars);
• Awards: TorFX’s accomplishments have garnered a massive amount of appreciation from many financial magazines, international organizations, and award bodies. Here are only some of the top awards the company has under its belt:
  • Top 100 Companies with Fastest Sales Growth (Sunday Times Virgin Fast Track 100 – 2nd place in 2008 and 28th place in 2010);
  • Best European Currency Broker (Overseas Living Magazine – 2010 and 2011);
  • Most Dynamic Growth Business (Cornwall Business Awards – 2014);
  • Winner of Winners (Cornwall Business Awards – 2016);
  • Employer of the Year (Cornwall Business Awards – 2016);
  • Customer Focus ((Cornwall Business Awards – 2016 and 2017);
  • Best Value International Money Transfer (Mozo Gold Experts Choice Awards – 2016, 2017, and 2022);
  • International Money Transfer Provider of the Year (Moneyfacts Consumer Awards – 2016, 2017, 2018, 2019, 2020, 2021, and 2022);
  • Best Customer Service (Moneyfacts Consumer Awards – 2016, 2017, 2019, 2020, 2021, and 2022);
  • 5-Star Rating for Outstanding Value International Money Transfers (Canstar – 2018, 2019, 2020, 2021, and 2022);
  • Highly Commended Best Business FX Provider (Business Moneyfacts Awards – 2022).

TorFX Features

With TorFX, customers can choose between two types of accounts – a personal account and a business account.

Personal accounts are tailored for individual users and offer a hassle-free way to send money abroad for various purposes, including property purchases, emigration, tuition fees, family support, and similar needs.

Business accounts are designed for businesses of all sizes and facilitate international transactions for import/export, payrolls, overseas investments, large purchases, and other corporate needs.

Now, let’s take a look at some of the main features that make TorFX stand out from the competition.

• Rate Lock: TorFX allows customers to secure a favorable exchange rate for up to two years with a forward contract. This can provide peace of mind, especially in times of market volatility. The option is perfect for future international payments as it allows customers to effectively budget and safeguard their funds from negative market fluctuations;
• Regular Payments: If you need to make recurring international transfers, such as mortgage payments, rent, bills, or pension transfers, TorFX’s regular payments service can help you automate the process, saving you valuable time and effort;
• Spot Contracts: Ideal for immediate transfers, spot contracts secure an excellent exchange rate for you when you need to make a quick transfer at any given moment;
• Market Orders: An option when you want to target a specific exchange rate. There are two different options you can utilize here:
  • Limit Orders – You can set a target exchange rate higher than the current mid-market exchange rate, and TorFX will automatically initiate your transfer if your targeted rate reaches that level;
  • Stop Loss Orders – You can manage the risk of a sudden exchange rate drop by establishing a worst-case rate. This allows you to wait for better conditions while ensuring your transfer is protected if the situation deteriorates;
• Market Insight and Expertise: TorFX keeps customers informed about market movements and provides expert guidance to help them make informed decisions about their money transfers. Each client is assigned a dedicated account manager to assist them with all of their currency and money transfer requirements.

We’ve now covered everything that TorFX offers, so let’s move on to the nitty-gritty of how these features work and what they entail.

TorFX International Money Transfer Costs

In this section, we’ll break down the costs of using TorFX for your international money transfers. Providers in this industry often charge transfer fees, exchange rates, and other additional fees, so we’ll cover all that you may encounter below.

Transfer Fees

One of the key advantages of using TorFX is the absence of transfer fees. Unlike many other international money transfer services, TorFX does not charge fees for sending money internationally, no matter the transfer amount, making it an affordable choice for users looking to minimize their costs.

Exchange Rates

TorFX is known for offering competitive exchange rates, which are often more favorable than those offered by traditional banks. By closely monitoring market trends and leveraging their expertise, the company ensures that customers receive the best possible rates at the time of their transfer.

Given that, it’s important to note that the exchange rate you receive will include a margin, which is how TorFX makes a profit. The margin they add to the mid-market exchange rate varies between 1.9% for large transfers and 2.7% for small transfers.

Despite this, the rates remain competitive when compared to other providers in the currency transfer space.

Additional Fees

While TorFX doesn’t charge transfer fees, you may still incur additional fees, depending on the destination country and the receiving bank. These fees, which are commonly referred to as “correspondent bank fees” or “intermediary fees,” are generally beyond TorFX’s control.

To avoid any unpleasant surprises, we advise you to check with your receiving bank for any potential additional fees before initiating a transfer. TorFX’s dedicated account managers can also provide guidance on this matter, helping you navigate any potential costs associated with your international money transfer.

It’s essential to be aware of potential hidden fees charged by third parties so your relationship with TorFX remains uncompromised.

How Safe is TorFX?

When it comes to international money transfers, safety is a top priority. Therefore, we always explore the security measures employed by money transfer companies to ensure our readers’ funds and personal information are protected at all times while keeping the explanation straightforward and easily digestible for everyone who stumbles upon our reviews.

TorFX is a fully regulated entity, adhering to the strict standards set by financial authorities in the countries where they operate.

In the United Kingdom, for example, TorFX is authorized and regulated by the Financial Conduct Authority (FCA), which authorizes the company under the Electronic Money Regulations 2011 as an Electronic Money Institution (EMI).

In Australia, the Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Australian Financial Complaints Authority (AFCA) authorize TorFX with an Australian Financial Services Licence (AFSL), allowing it to conduct money payment services.

This means TorFX are held accountable to high regulatory standards, which helps to ensure the safety and security of their clients’ transactions.

TorFX has an experienced team of professionals dedicated to managing your transfers and ensuring a secure transaction process. Their expertise in the industry and commitment to customer safety help to minimize risks and maintain a high level of security.

Another key safety feature employed by TorFX is the use of segregated client accounts. This means that your funds are kept separate from TorFX’s operational funds. In the unlikely event of any financial difficulties on TorFX’s part, your money will remain secure and protected.

Additionally, TorFX is committed to safeguarding your personal information. They employ advanced encryption technology and secure servers to protect sensitive data from unauthorized access. By following all of the industry best practices, the provider ensures that your personal details remain confidential and secure.

How Fast is TorFX?

When sending money internationally, the speed of the transfer is often a crucial factor. With that in mind, here we’ll discuss the transfer times for TorFX to help you understand how quickly your money can reach its destination.

The transfer speed with TorFX largely depends on the currencies involved, the destination country, and the receiving bank’s processing times. In general, most transfers through TorFX are completed within 0-2 business days. However, some transactions may take longer, depending on various factors.

For example, if you’re purchasing a dream vacation home in another country, you’ll likely need to transfer a significant sum of money to complete the transaction.

With TorFX’s efficient transfer process, you can rest assured that your funds will reach the seller within a few business days, allowing you to close the deal and start enjoying your new property. However, this might take more than 2 business days, considering all of the implications a property purchase involves.

On the other hand, paying for overseas education can go through much faster. Imagine you’re a parent sending money to cover your child’s tuition fees at an international university. With TorFX, you can expect the funds to arrive within hours or after one business day. This will ensure that your payment is processed promptly and your child can focus on their studies without worrying about financial delays.

Corporate clients can also expect quick international money transfers, especially if all of their documents are verified and every necessary information is processed beforehand.

How to Use TorFX

Using TorFX for your international money transfers is a breeze, thanks to their user-friendly platform and straightforward process.

Below, we’ll walk you through the steps to send money internationally with TorFX, highlighting the simplicity and ease of use that makes this service so appealing.

• Step 1: Sign up for an account
  First, you’ll need to create an account with TorFX. Just visit the company’s website or download their mobile app, and then follow the prompts to register for either a personal or a business account, depending on your needs. The sign-up process is quick and simple, allowing you to start sending money in a flash.
• Step 2: Get a quote
  Once your account is set up, you can request a quote for your desired currency pair and transfer amount. TorFX will provide you with a competitive exchange rate quote, ensuring you get great value for your money.
• Step 3: Book your transfer
  After receiving your quote and agreeing to the exchange rate, you can book your transfer. At this stage, you’ll be asked to enter the recipient’s details, such as their name, address, bank account information, and other info related to the receiving country.
• Step 4: Fund your transfer
  Next, you’ll need to fund your transfer by sending the required amount to TorFX using your preferred payment method. This includes a bank account in all cases, but for bank account holders in the UK, it can also include a debit card, credit card, or check, depending on their bank’s supported payment options.
• Step 5: Track your transfer
  Once your transfer has been booked and funded, TorFX will handle the rest. You can track the progress of your transfer by accessing the “Transfer Progress” tab on your online account or the mobile app, staying informed every step of the way.

TorFX Customer Service

A crucial aspect of any international money transfer service is the quality of its customer service. We’re pleased to say that TorFX makes great efforts to do right by all of their customers. So, let’s highlight their commitment to ensuring a smooth and enjoyable experience.

One standout feature of TorFX’s customer service is the provision of dedicated account managers for each client. These experienced professionals are assigned to guide you through the entire transfer process and provide personalized assistance whenever needed. This level of support ensures that you have a knowledgeable and reliable point of contact for any questions or concerns.

TorFX understands that international money transfers can occur at any time, which is why they offer 24/7 customer support. Whether you need help in the middle of the night or during weekends, the TorFX team is available to provide assistance and ensure a seamless transfer experience.

Customers often praise TorFX for their responsive and helpful customer service. The support team is known for addressing inquiries promptly and providing clear, informative answers. This dedication to customer satisfaction helps to create a positive experience for users and instills confidence in the service.

TorFX offers several ways for customers to get in touch with their support team. You can reach them via phone or email, allowing you to choose the most convenient method for your needs. Below, we’re including their main office’s phone numbers:

United Kingdom:

• Personal Service Tel: 0800 612 9625
• Business Service Tel: 0800 612 6028
• Office: Tel: +44 (0) 1736 335 250
• Fax: +44 (0) 1736 369 435

• Office hours:
  • Monday – Thursday, 8:00 am – 7:00 pm GMT
  • Friday, 8:00 am – 5:00 pm GMT
  • Saturday, 9:00 am – 1:00 pm GMT

Australia:

• Customer Service Tel: 1800 507 480
• Office Tel: +61 7 5560 4444

• Office hours:
  • Monday – Friday, 8.00 am – 6:00 pm AEST
  • Saturday, 9.00 am – 1.00 pm AEST

New Zealand:

• Customer Service Tel: 0800 441 283

TorFX Cancellation Policy

In certain situations, you may need to cancel your TorFX international money transfer after booking it.

In such a case, you should either contact TorFX’s customer support or turn to your dedicated account manager as soon as possible. They will guide you through the cancellation process and advise you on any potential implications or costs associated with the cancellation.

• Potential Costs
  It’s essential to note that, depending on the status of your transfer and your contract type, you may face some costs associated with your cancellation. For instance, if you have a forward contract and the market has moved against your booked rate, you may be liable for any losses incurred by TorFX as a result of the cancellation.
  
  In cases where the transfer is still in progress and the funds have not been sent to the recipient, TorFX may cancel your money transfer at little or no cost. This will depend on the specific circumstances of your transfer, so make good use of your dedicated account manager and learn about all the risks you’re facing.
  
• Refunds
  In the event of a successful cancellation, any refunds will be processed according to TorFX’s policies and the original payment method used to fund the transfer. The refund timeline depends on your bank’s processing times, so it’s better to check with them for more information.

We recommend combing through TorFX’s cancellation policy, so you can be prepared for unexpected changes and make informed decisions about your international money transfers.

How Does TorFX Compare With Its Competitors?

In the world of international money transfers, there are numerous providers to choose from. In this section, we’ll briefly explore the uniqueness of TorFX and compare it to three of its competitors: Send Payments, Currencies Direct, and XE.

From the comparison tables below, we can clearly distinguish some original TorFX features that most of its competitors don’t offer. To name some:

• TorFX charges no transfer fees, making it an affordable choice for sending money internationally;
• They assign a dedicated account manager to each customer, providing personalized support throughout the transfer process;
• TorFX offers round-the-clock support, ensuring that help is always available when you need it;
• Their Trustpilot rating is exceptionally high, speaking volumes about their expertise and reliability.

TorFX vs. Send Payments

Feature	TorFX	Send Payments
Founded in	2004	2018
Trading Volume	Over £10 billion per year	AU$1 billion
Trustpilot Rating	4.9 / 5	4.9 / 5
Suitable for	Both small and large money transfers.	Both small and large money transfers.
Transfer Fee	No fee	No fee
Average Exchange Rate Markup	Added to the mid-market exchange rate and varies between 1.9% for large transfers and 2.7% for small transfers.	About 1% is added to the mid-market exchange rate.
Minimum Transfer Amount	£100 (or currency equivalent); (£500 for recurring money transfers).	AU$250 (or currency equivalent).
Maximum Transfer Amount	No limit (£10,000 for recurring money transfers).	No limit (AU$25,000 for recurring, daily transfers).
Transfer Speed	0-2 business days on average	0-2 business days on average
Dedicated Dealer	Yes	Yes
Countries Covered	Over 120 countries worldwide	Sending from almost 60 countries to more than 180 countries.
Currencies Covered	More than 40 global currencies.	37 different currencies at the moment.
Payment Methods	Bank account for all users; Bank account, debit/credit card, and check for UK bank holders.	Bank account, POLi, and PayID.
Receiving Methods	Bank account	Bank account
Cash Pick-Up Option	No	No
Instant Custom Quote	No. Quotes are available through email for registered users.	No
Business Features	Spot contracts, forward contracts, market orders, limit orders, stop-loss orders, rate alerts, and automatic payments.	Spot contracts, limit orders, stop orders, delayed contracts, and regular payments.
Flagship Debit Card	No	No
Mobile App	Yes	No
Cancellation Policy	Transfer cancellations are possible depending on the status of the transfer and the contract type. Cancellation and refund costs may incur.	Most money transfers can be canceled upon contacting Send Payments. Note that transfers that have been completed are seldom refunded.

Read our full Send Payments review.

TorFX vs. Currencies Direct

Feature	TorFX	Currencies Direct
Founded in	2004	1996
Trading Volume	Over £10 billion per year	£9.5 billion in 2021
Trustpilot Rating	4.9 / 5	4.9 / 5
Suitable for	Both small and large money transfers.	Large money transfers
Transfer Fee	No fee	No fee
Average Exchange Rate Markup	Added to the mid-market exchange rate and varies between 1.9% for large transfers and 2.7% for small transfers.	0.4% to 1.4% on mid-market rates.
Minimum Transfer Amount	£100 (or currency equivalent); (£500 for recurring money transfers).	£1
Maximum Transfer Amount	No limit (£10,000 for recurring money transfers).	£25,000 through the mobile app;£300,000 by placing a special request.
Transfer Speed	0-2 business days on average	12-24 hours within Europe; 24-48 hours for overseas transfers.
Dedicated Dealer	Yes	Yes
Countries Covered	Over 120 countries worldwide	Over 200 countries
Currencies Covered	More than 40 global currencies	Over 70 currencies
Payment Methods	Bank account for all users; Bank account, debit/credit card, and check for UK bank holders.	Bank account, credit/debit card, or check.
Receiving Methods	Bank account	Bank account
Cash Pick-Up Option	No	No
Instant Custom Quote	No. Quotes are available through email for registered users.	No. Quotes are available through email for registered users.
Business Features	Spot contracts, forward contracts, market orders, limit orders, stop-loss orders, rate alerts, and automatic payments.	Spot contracts, forwards contracts, limit orders, stop-loss orders, recurring transfers, digital multi-currency wallet, rate alerts, and API portal.
Flagship Debit Card	No	No. A card for international travelers is available through a third-party service (WeSwap).
Mobile App	Yes	Yes
Cancellation Policy	Transfer cancellations are possible depending on the status of the transfer and the contract type. Cancellation and refund costs may incur.	No

Read our full Currencies Direct review.

TorFX vs. XE

Feature	TorFX	XE
Founded in	2004	1993
Trading Volume	Over £10 billion per year	$115 billion in 2018
Trustpilot Rating	4.9 / 5	4.2 / 5
Suitable for	Both small and large money transfers.	Both small and large money transfers.
Transfer Fee	No fee	£2.00 under £250 (UK); €2.00 under €250 (EU); No fee for other sums.
Average Exchange Rate Markup	Added to the mid-market exchange rate and varies between 1.9% for large transfers and 2.7% for small transfers.	About 0.2% to 1.4% added to the mid-market exchange rate.
Minimum Transfer Amount	£100 (or currency equivalent); (£500 for recurring money transfers).	£1 (or currency equivalent).
Maximum Transfer Amount	No limit (£10,000 for recurring money transfers).	£350,000 (UK and EU); $535,000 (US); CAD $535,000 (Canada); NZD $750,000 (New Zealand).
Transfer Speed	0-2 business days on average	1-4 business days on average
Dedicated Dealer	Yes	Only for those transferring above $70,000.
Countries Covered	Over 120 countries worldwide	Over 130 countries
Currencies Covered	More than 40 global currencies	Nearly 100 global currencies
Payment Methods	Bank account for all users; Bank account, debit/credit card, and check for UK bank holders.	Bank account or credit/debit card.
Receiving Methods	Bank account	Bank account and cash
Cash Pick-Up Option	No	Yes
Instant Custom Quote	No. Quotes are available through email for registered users.	Yes
Business Features	Spot contracts, forward contracts, market orders, limit orders, stop-loss orders, rate alerts, and automatic payments.	Spot contracts, forwards contracts, market orders, digital multi-currency wallet, rate alerts, and API portal.
Flagship Debit Card	No	No
Mobile App	Yes	Yes
Cancellation Policy	Transfer cancellations are possible depending on the status of the transfer and the contract type. Cancellation and refund costs may incur.	Only for cash pick-up transfers when the cash hasn’t been collected by the recipient.

Read our full XE review.

TorFX Customer Reviews

Understanding what actual customers have to say about their experiences with a money transfer service is invaluable when assessing its quality and reliability.

Given that, let’s explore some common themes found in TorFX customer reviews, providing insight into the experiences of real users.

• Excellent customer service: Many TorFX customers praise the company’s exceptional customer service, highlighting their dedicated account managers and the helpful, responsive support team. This level of personalized service makes users feel well-supported and confident in their transactions;
• Competitive exchange rates: Customers appreciate the competitive exchange rates offered by TorFX, which often result in significant savings compared to traditional banks or other money transfer services. This value for money is a key factor in users’ overall satisfaction with TorFX;
• Fast transfers: Users often mention the speed of transfers with TorFX, noting that their funds typically reach their destination within the expected time frame of 0-2 business days. Fast transfers are crucial for many customers, and TorFX’s efficiency in this area is highly appreciated;
• Easy-to-use platform: Customers find the TorFX platform user-friendly and straightforward, making the process of sending international money transfers seamless and hassle-free. The ability to track transfers through the online account or mobile app is also a popular feature among users.

While the majority of customer reviews for TorFX are positive, there are occasional areas where users feel improvements could be made:

• Limited availability: Some customers have noted that TorFX is not available in all countries or for all currencies, which can be a drawback for those who need to make transfers to less-common destinations or deal with less frequently traded currencies;
• Minimum transfer amount: TorFX has a minimum transfer amount of £100 (or currency equivalent), which may be a limitation for some customers who need to send smaller sums of money.

Positive TorFX Customer Reviews

Great personalized customer service. This firm really has the best approach to customer service that I have encountered in the financial products market. Every time I call there is a human to guide me through what can be a very stressful time when money is whizzing through the banking system from account to account with a change in currency. Never had an issue & always the very best service & professionalism from James Rowe.

– Susan Burns

Excellent Service from beginning to end. We recently transferred money from the UK to Thailand. We were very nervous customers and dragged TorFX over the coals to verify their legitimacy. All staff, and in particular Josephine Ottaway went above and beyond to allay our concerns. Furthermore, having made a blunder on the bank details that I provided, TOR FX retrieved our funds and promptly redirected them to the correct account. Josephine held our hands from beginning to end and we cannot praise her and the team highly enough. Their rates were also excellent and so TorFX will be our currency transfer service of choice in the future.

– Robin Donovan

Money transfer to Europe. I had to transfer money to my European account for house purchase. I never used this kind of service and was pretty scared. It is nerve wracking – following the live pound rate and making a decision. But nonetheless I was put at ease and felt confident about the whole process. It went super smooth and quick. Simon Taylor was the person I dealt with. He was very professional, calm and efficient!

– Anita Baresa

A great example of true customer service! Matthew has been assisting us for nearly a year now with various transactions and we cannot praise his professionalism enough. He is diligent, a great communicator and his customer service skills are second to none. We could not have done this without his genuine care. thank you!

– Michael Helling

Negative TorFX Customer Reviews

Opportunistic brokers with non competitive rates. Found their rate to be worse than the banks interchange rate, which they said they aimed to beat. The account manager (with a friendly English accent to make you feel assured) tells you a few things about the markets which feels like making him look like he is acting in your best interests. They are acting in their own interests and you are financially better off accepting the bank’s interchange rate in most situations before accepting their quote. Their are also far cheaper options in terms of a platform elsewhere

– Phil Maguire

Actual TorFX rate is not as good as quotes/competition. TorFX staff were very helpful, you could securely get bank details for transfer from the App and payments were made swiftly. The App was only useful to see rates for transfers up to £25K and quotes needed to be given over the phone for higher amounts. Actual rate was not as good as earlier quotes (notwithstanding the rate changes daily), and I feel the margin was higher than applied by competitors such as Currency Direct.

– Mr Shanley

Beware of hidden charges. Some Forex vendors are able to make the payment from within the country you need the funds transferred to. TorFX forgot to mention the payment would be made from the UK (to Spain) so my Spanish bank charged me 100 EUR in fees. Might as well have made the transfer directly from my bank. When I complained–they agreed the commission was too high, promised to look into it, and here I am waiting.

– Alessandro

Transferring funds. I bought GBP just before Christmas to transfer urgently to London. It took 2 days to sort through some issues and then I was told they would be in the recipient’s account the next day. They did not arrive and when I called on 28/12, 1 week later, I was told the funds would leave immediately i.e. they had not been sent . When I emailed twice asking for an explanation I heard nothing – very poor service.

– Jill Karhan

TorFX Alternatives

While TorFX has many satisfied customers and offers a range of benefits, it’s essential to consider alternative money transfer providers based on your specific needs. Here, we’ll briefly mention Remitly, WorldRemit, and OFX as potential alternatives to TorFX and explain why they may be a better fit for some users.

Remitly

Remitly is a popular money transfer provider that focuses primarily on remittances. One of the main reasons some users might prefer Remitly over TorFX is its availability in more countries and the support for additional currencies. Remitly also offers an Express service for even faster transfers, which can be crucial for those who need to send money urgently.

WorldRemit

WorldRemit is another well-known money transfer provider that offers a broader range of services than TorFX, including cash pickup and mobile wallet transfers. These extra options can be advantageous for users who need more flexibility in how their recipients receive funds. WorldRemit also supports a vast number of countries and currencies, making it a more suitable option for those with diverse international transfer needs.

OFX

OFX is an established money transfer provider that specializes in larger transfers and offers fee-free transfers for transactions above a certain threshold. For users who need to send larger amounts of money, OFX can be a more cost-effective option than TorFX. Additionally, OFX offers a broader range of currency pairs, making it a better fit for those who need to exchange less common currencies.

Conclusion

Navigating the world of international money transfers can be a complex endeavor, but with TorFX as your trusted partner, you’ll find the process to be both seamless and rewarding. TorFX’s dedication to providing top-notch customer service, competitive exchange rates, and an easy-to-use platform sets the stage for a satisfying user experience.

Embracing state-of-the-art financial technology, TorFX ensures that your funds are transferred securely and efficiently across borders, all while offering a personalized touch through dedicated account managers. As a result, TorFX has earned the loyalty and trust of its customers, who appreciate the company’s commitment to delivering exceptional value and support.

Of course, it’s always wise to explore alternative providers based on your unique financial requirements and transfer needs. However, for many users, TorFX’s warm and engaging approach, combined with its savvy financial sharpness, makes the provider the go-to choice for international money transfers.

So, whether you’re a globetrotting individual sending money to loved ones or a business owner managing cross-border transactions, TorFX stands ready to empower your financial journey with a winning combination of expertise, technology, and a friendly, customer-centric attitude. Give TorFX a try and experience the difference for yourself.

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