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TorFX Reviewed

Security, Fees and How and Why

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Four months ago, I moved to Australia. Unfortunately, when I initially moved I hadn’t done much research on transferring and converting my money, and ended up losing a ton to bank fees and poor exchange rates after I set up my Australian bank account and started moving money.

Fast-forward to a few months later, and I found a much better way to transfer my money – called TorFX.

A designated money transfer service with competitive exchange rates and most importantly – no hidden fees to transfer money abroad. I recently sold my car back at home and want to transfer the $5,000 I got for it to my Australian bank account.

My experience with TorFX was seamless, convenient and quick.

I just wanted to share the process so that other expats don’t make the same mistake I did when I first moved!

You might also like our Full Review.

Getting a Quote

If you want to get a quote before signing up so you can compare services, it is really easy. I just entered my current money type (USD) into the type of currency I want to exchange it into (AUD), then provided my contact details to be contacted by an account manager with a live quote so that I know exactly what exchange rate I’m getting.

Once I was satisfied with the exchange rate, I signed up for a free account.

How it works

  1. Sign up for a free account online at your specific location. (Also see what rate you get).
  2. Once you are registered, you will be assigned an account manager who will keep you updated on current exchange rates so you know when the best time to transfer your money is to get the best rates. To activate your account, you have to send your account manager proof of your address (utility bill/bank statement/etc.) and a photocopy of your passport or driver’s license (you can just take a picture with your smartphone) via e-mail. You don’t always need to provide a lot of this information if you are based in Australia.
  3. Then your account is activated, you can send any amount between $200 – $25,000 (in up to 30 different currencies) all online from either your bank account to TorFX who will then convert the currency and deposit it into the designated account. For transfers over $25,000 (if you are planning to buy a house, for example), simply speak to your account manager over the phone and they’ll take care of the whole process for you. That’s it! Your money will be available in 1-2 business days!
sign up webpage of TorFX


TorFX requires a mobile number that they can send a 5-digit pin number to in order to activate your account. As well as proof of address and identification. Once activated, you can monitor all activity online from your account 24/7.

transferring money details on TorFX


The customer service is what really makes TorFX stand out (aside from the saving money part, of course). Reading all of the amazing reviews about how helpful, reliable, and friendly the account managers are is a big part of what made me decide to give this service a shot since it was my first time using a money transfer service and I wasn’t really familiar with the process. They made it very quick and easy, guiding me through the entire process, keeping in constant contact via e-mail to ensure everything was going smoothly and always available to answer any questions I had. Their response was always prompt via e-mail, but if for some reason I needed to get ahold of them immediately I knew I could call their 24-hour support team (which I never had to do, but it was just an added bonus knowing I could).

how to verify your identuty on TorFX


If you want to get great exchange rates possible, avoid giving your money away to in bank fees, and trust that your money is being transferred safely and securely – then TorFX is definitely a good way to go! 

FAQs about TorFX

Over the years we have personally helped many travellers and expats to transfer money and we have learned A LOT to hopefully help you.

We have personally had an excellent experience transferring money but the reviews of others is also extremely good which is how we ended up using them in the first place.

In our opinion all companies like TorFX are ridiculously safe partly because they are regulated by the financial regulators of those countries.

In the case of TorFX, which has physical offices in the UK and Australia, they have to meet the regulations in those countries including the FCA (Financial Conduct Authority number is 517320) in the UK and ASIC in Australia (AFS Licence number 246838)

The other thing to consider is that TorFX has been trading since 2004. As you can imagine with a business like this trust is everything and money missing would mean a business like this would get shut down pretty quickly so it is in their own best interests to provide a secure service.

It really does vary depending a lot on the amount you are sending. The key is to working out the total cost is to look at the fees charged plus the exchange rate offered. TorFX is “fee free” and the exchange rate offered is designed to be super competitive – that after all is the basis for their business model. Costs typically range from 0.5% to 2% but can be lower or higher and this does depend on the amount and the country you transact between.

Sorry we cannot be more specific but we would encourage you to sign up and make a transfer. Before you commit to the exchange rate offered you can compare for yourself. It is an awesome feeling to see how much money you are saving anyway!

While transferring $5000 we compared banks and a few other competitors and found a remarkable difference between the banks and the money transfer companies – like 3.5% – 5% difference including the fees. We also compared several transfer companies at the same time and found little difference in the exchange rate offered but it is interesting to note that as you increase the amount you are sending the percentage difference between bank rate and .

TorFX is already “fee free” so you could say they always have a promotion going.

Verification can be done electronically (and practically immediately) as would often be the case with someone living in Australia or the UK however as we found in our review if you are from overseas there is a few more steps to take.

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