TorFX Review

TorFX vs banks for international transfers

TorFX exchange rates are a little higher than digital focused money transfer companies. With this, they're significantly cheaper than sending money through a bank.

Cost Verdict:

For the cost and service on offer, TorFX is a fantastic option for sending money. Although, you need a quote, so they’re not entirely transparent.

Against a bank, where you wouldn’t get hands on service, you could pay around 3 to 5% less overall for sending money.

For a property purchase of £300,000, this is a difference of £9,000 to £15,000 overall.

We have picked a bank per country to compare. For more banks and details on how the cost of using a bank can impact a money transfer, check our bank fees page.

You can also compare TorFX pricing to other money transfer providers. With this, you will see exactly how much cheaper they are than using a bank through our comparison.

Why are people choosing TorFX?

With hands-on account management and access to a wave of knowledge, there’s a lot people like about TorFX.

So, why are people choosing TorFX?

• Property purchases: Moving abroad can be stressful. TorFX can take the sting out of this by moving the money between countries at the right time.

• Currency risk management: As part of large transfers, currency risk management can be useful. Those in need of forward contracts, or market orders, will often go for TorFX.

• Business transactions: Businesses use TorFX for things like mergers and acquisitions and regular payments. This includes management of currency risk options.

• Emigration: Moves for international students or retirees, or others, can be managed with TorFX. This includes moving finances, and setting up any regular payment needs.

• UK base: TorFX is best for UK users. Regulation and account management is UK based and runs on UK hours as well.

Why wouldn’t you choose them?

• Multi-currency spending: TorFX is not suitable for ongoing multi-currency management in the same way Wise would be. Those in need of multi-currency cards for spending should opt for a different company.

• Customers outside of the UK: The UK nature of the company means TorFX is not the best option for those elsewhere. Opt for a similar company, like Regency FX, if you’re coming from a different country.

Features

Large transactions

Sending large amounts of money is the biggest feature of the TorFX offering.

Everything offered by TorFX leads to big transfers, completed quickly and cost effectively.

The company will quote an exchange rate for the amount you want to send. They will also get an understanding of when it is best to send the money. You will also receive regular insights and alerts from an account manager on your currency pair. This helps build knowledge of the market and whether you are getting a good deal.

All transfers with TorFX are fee free, so just the exchange rate to pay; which can be negotiated.

Sending a large amount of money?

Make sure you're up to scratch with the ins-and-outs of big money transfers.

Read about large transfers

Currency risk

Currency risk options for personal and business customers are available with TorFX.

Spot contracts

For immediate transfers, these are an agreed exchange rate for sending money. In most cases these are what you would get with a company like Zing or Wise as well. They are just presented in a different way.

Forward contracts

Forward contracts are a great option if there are upcoming payments that will need to be made. Using a forward contract with TorFX you can fix an exchange rate for up to two years. Most other providers will only offer 12 months.

These are a contract and there is an obligation to fulfil them once the rate is agreed.

Market orders

If you know the exchange rate you want, TorFX can put in place measures to help achieve this.

Limit orders: This is a target rate higher than the current rate. Effectively targeting the best rate for your transfer. A transfer is made once this rate is hit.

Stop loss orders: These allow you to set the worst possible rate you want to send at. So if a rate falls, you can still protect your transfer against any further changes.

24/7 transfers and app support

While offering account management as standard, customers of TorFX can also make transfers through an app.

This is handy for some ongoing transfers or to send occasional money as part of a wider set of transfers.

We would say, TorFX probably isn’t right for you if you just want to send regular, smaller amounts of money. There’s more cost effective options out there, like Zing.

Business payments

Business transactions can be carried out with TorFX.

The core benefits of the service like currency risk, no fees and app access makes them a great choice. You will also get a business account manager, which isn’t available everywhere.

In terms of other options, like payment gateways, invoicing or expense management - TorFX is not the right option. You’ll need a proper business solution for that. Airwallex is a great all round choice.

However, for needs like paying staff or import / export transfers, TorFX is a solid option.

Receiving money

TorFX is a company specializing in sending money.

If you need to receive money, TorFX is likely to not be the best option - a multi-currency account usually is.

Our guide on receiving money from abroad will help decide on the best option available.

Limits

TorFX is built for big transfers, they say from £100 to £10 million. Also, they say there is no maximum limit.

For big transfers, out of the UK specifically, they are a great option.

Transfer speed

Transfer speeds can be difficult to pin down, because the nature of each transfer is slightly different. Also, where there are large transfers, timeframes can be a little longer.

Transfers are also impacted by when you send and the currency pair involved with the transaction. Often, commonly used routes are quicker. For example, transfers from the UK to EUR are generally much quicker than say UK to Kenya.

TorFX says funds should arrive on the same day for common routes, or within 2 days for others.

You can also use the customer service option to check on the status of a transfer as well. Perfect for bigger transfers you want to ensure are moving forward.

Regulation and safety

TorFX is a regulated currency broker in the UK and as such there’s a number of points to consider in as part all safety and regulation.

Customer service

As with all currency brokers, TorFX has customer service at its heart.

It’s easy to call or email, and account managers (even ahead of sign up) are happy to chat through options with you.

Once submitting for a quote, there will be some call backs to discuss the transfer in more detail. These aren’t really sales calls, more information gathering and options for you.

Against self-managed options the accessibility of the TorFX team is a major plus point.

This is reflected in Trust Pilot reviews. They show plenty of positive feedback for the support offered by the TorFX team.

Not keen? There’s other options