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TorFX Review

6 Things You Need to Know Before Signing up with TorFX

woman calling on a cellphone with laptop in front with the text TorFX Review - Is it Right for You?

So you want to transfer money overseas – but is TorFX your best bet?

Read on to find out, including the reviews of others!

We have used TorFX ourselves but wanted to provide more of the good and the bad of TorFX so you can save even more money on your international transfers.

Before we get into details, let us roundup the pros and cons of using TorFX.


  • Great customer service, ease of setting up and transacting
  • Lets you transact both online and over the phone
  • Competitive exchange rates, especially for larger transactions
  • Has offices in Australia and UK which serve Asia and Europe


  • Slower in some situations
  • Smaller transactions are comparatively expensive
  • Not regulated in Canada and the USA (use OFX instead for these countries)

TorFX is a leading money transfer company with offices in Australia and the UK known for its customer-focused service. It offers both phone-based and online money transfer services.

When you sign up with TorFX, you are assigned a personal account manager, who will hold your hand through the setup and transaction process. This is particularly significant for those who intend to make larger transactions as we will discuss in a moment.

Most importantly, you can also get a quote before you transact.

The Truth Is…

TorFX is may not always be your best choice.

For example, if you are happy to do everything online, need to transfer relatively small amounts (less than $10,000 AUD/ 5000 GBP/ 6000 Euro), and want to simply save as much money as possible, you may want to consider Wise (formerly TransferWise) which tends to be cheaper for small amounts. Also, check our Wise (formerly Transferwise) Review.

Where TorFX Shines

For larger amounts (more than a few thousand and definitely greater than $10,000) the costs of using full-service providers such as TorFX become very competitive and there are other important advantages, especially customer service which can be surprisingly important.

That said, even below $10,000 TorFX still has very competitive rates – much better than a bank. So if you are the type of person who simply wants to get a rate much cheaper than a bank and have someone assigned to help you with registering and transacting – TorFX is likely a great option for you.

When selecting a service, you should also look for a provider that has offices in your country of residence or at least in your time zone. TorFX has offices in Australia and the UK, so it makes a great choice for customers living in these countries and also for those in similar time zones – like Asia and Europe. If you are from North America we recommend OFX which has offices in Canada and the USA as well as Australia and the UK.

6 Things to Know

1. TorFX Exchange Rates and Fees

TorFX makes money through margins on exchange rates. Unlike many banks and other services, TorFX does not charge any fixed fees in addition to the exchange rate. On average, the total cost of transfer, i.e. exchange rate+fixed fees, for TorFX is 0.5%-2%, while for banks it is 3%-7% and for PayPal it is 6%-8%.

If you transfer larger amounts or use their service more frequently, you can expect better rates. There are no hidden costs, but the participating banks may charge some fees. You can save on these bank fees if your bank is located in Australia or the UK, because TorFX has bank accounts in these countries.

Get a Quote Here:

Key takeaway: Start with a free quote and you will get to ask a lot of questions BEFORE signing up – this provides lots of peace of mind. It is also good to discuss with your personal account manager what you want to do which will help make the entire process go smoothly and help to get you a great rate.

2. TorFX Sign up

TorFX gives you two options.

Importantly, you can also get a quote before you transact.

2.1 Free quote

If you need a free quote and some quick answers, you simply need to fill in your details in the form above. Once you do that, you will get a call from a TorFX personal account manager. They are quite quick with this. The manager will ask you a few questions related to the amount you intend transferring. After this, you will get a mail to complete the sign up process. From there you can log in and use their online platform at any time if you prefer.

After you complete the set up, TorFX guarantees the exchange rate they offer up to $50k. This is a huge advantage as it covers the fluctuations while your funds are transferred from your account to theirs. Not all providers offer this guarantee. However, for transactions exceeding $50k, you first need to transfer funds to their account to get a fixed quote.

2.2 Online account

If you prefer to get the ball rolling online you can although (like most services) TorFX will likely need to speak to you at some point. You can transfer up to $50k using their online trading platform, but for larger transactions you will still need to call up the personal account manager although you can log in at any time.

In the UK, TorFX allows business accounts to transact bigger amounts of up to £100,000 online. However, in Australia, you will need to go through an account manager even with a business account.

a screenshot of web page of torfx with instructions how to open an account

Key takeaway: For the most part, setting up an account with TorFX is pretty easy. Just choose what you want to do first. In case you face any hurdles in meeting the regulatory requirements, you can get in touch with your personal account manager for assistance and they will also contact you if needs be.

3. When TorFX is Your Best Option?

Apart from saving you lots of money over banks, TorFX has some other strengths.

3.1 Customer service

In our experience and from the reviews we analysed below, TorFX is top shelf when it comes to providing personalized service. Right from the initial set up, organising transactions and (according to some reviewers) sometimes even liaising with banks if required to ensure smooth transactions, TorFX helps at each step of the process.

3.2 Businesses

TorFX makes a great choice for businesses, because there are more regulatory issues involved and having personalized service makes things easier.

It also offers advanced trading options for businesses including forward contracts, market orders and spot contracts. These types of services help businesses hedge their risk when they are dealing in multiple currencies. Moreover, for the UK business clients, they allow online transactions of up to £100,000.

4. When TorFX isn't Your Best Option

TorFX sets itself apart from other providers by offering bank-beating rates and exceptional customer service. However, it may not be your best option in certain situations, such as when:

You have to transfer smaller amounts. In this case, other providers like Wise (review) prove cheaper (also see “The Truth Is…” above).

Once you log in, you will be able to see the exchange rate you get, however, for amounts greater than $50,000 you will need to go through the account manager. This is not always a bad thing, because account managers may offer you a better rate than what you see online.

Key takeaway: While online trading may seem more convenient, speaking to your account manager may actually reduce the costs.

5. What the Reviews Say?

What’s the real story? After using TorFX personally and being really happy with their service we wanted to go deeper to uncover the good, the bad and even the ugly based on other people’s experiences through their reviews so you can be best informed.

As with all the services we feature (for different reasons) you will find that most reviews are overwhelmingly positive.

Trustpilot averages the reviews and finds TorFX to be “excellent” with a 4.9/5 rating based on almost 5000 reviews. This is truely a remarkable achievement when you consider that the next best services are around the 4.5/5 mark and most banks struggle to get 2/5.

I am pretty confident these reviews are trustworthy, given that all the other review sites reflect similar results.

5.1 Reviewers - Liked

People have a lot of good things to say about TorFX, no wonder they enjoy such high ratings on all review sites. Let us check out what people like the most about doing business on TorFX.

5.1.1 Efficient customer service

People love the fact that the moment they register with TorFX, they are allocated an account manager, who holds their hand through the entire process. Almost every review we came across spoke highly of the professionalism and efficiency of the account managers.

People find it much convenient to just call up and talk to a human than having to write emails, interact with online systems or call up customer care with long waiting times.

The account manager helps with everything, right from explaining the requirements for account opening to communicating the best exchange rates and completing the transaction.

5.1.2 Competitive exchange rates

Most people are happy with the exchange rates they got on TorFX. Some of them claim that they saved hundreds of dollars by choosing TorFX over their bank.

The actual exchange rate you get depends on several factors including the currency and amount. If you are making a large transaction there are higher chances that you will get a better deal. Also, if you convert GBP to AUD or USD, the markup will be much lower compared to smaller currencies.

5.1.3 No transfer fee

Unlike banks, TorFX does not charge any transfer fees. Most people are attracted to TorFX for the same reason, and of course, because of the competitive exchange rates. They find it more transparent and straightforward because there are no admin and hidden fees involved.

5.1.4 Security

People find assurance in the fact that TorFX is FCA and ASIC approved. They also like that they adhere strictly to all regulations and double check all facts before proceeding with the transaction.

5.2 Reviewers - Did Not Like

Although few in number, it is the complaints — the one and two star reviews — where a lot can be learned. To best understand where the problems may arise we looked at all the one and two star reviews, which make up just 2.6% of the total reviews.

* Some reviews had multiple points but for these we tried to choose the dominant issue

5.2.1 Exchange Rates

Ironically most people are actually happy with the rates in the five star review, but about 1% of people who left a review felt they could do better elsewhere. Perhaps this is because it is hard to compare because TorFX is not as transparent with the rate you get as other similar services since you have to go through your account manager.

In general though, as we have discussed there are better options for smaller amounts if you are happy to do everything online.

5.2.2 Slow to get money

TorFX promises to transfer funds on the same day, at the most two days in case of exotic locations. However, some people have a different story to tell. They claim that it took much longer for their funds to reach the destination. Some of them were asked to submit additional documents such as bank statements and passport copies after the funds were transferred to TorFX. This, according to them, caused a lot of delay and inconvenience.

Taking a closer look at these issues, we realize that in almost all these cases, delays can be attributed to regulatory compliances, fraud-control measures, and delays on the part of participating banks.

5.2.3 Poor service

This one really came as a surprise to us. The majority of reviews we studied appreciated the personalized services offered by dedicated account managers. However, some people were not too pleased with the way their issues were handled.

5.2.4 Bank fees

One of the biggest selling points of TorFX is that they do not charge a transaction fee like the banks do. They only charge a margin on the exchange rate. However, many reviewers claim that they had to pay fees over and above the exchange rate. Some customers had to pay hundreds of dollars in fees.

It needs to be understood that these fees were charged by the participating bank and no part of it went to TorFX. Also, there is no bank fees involved if the transacting bank is in UK or Australia, because TorFX has their bank accounts in these countries.

5.2.5 Problems with Registration

Clients are required to submit a set of documents and fill some forms before they can start trading. Some people find the registration process complicated and they think the compliances are too rigid. They are asked to provide documents that are not too easy to come by.

5.2.6 Other

Some reviewers complain that online transactions are limited to 25000 GBP/ $50000 AUD and that they need to call up their account manager for making bigger transactions. (Worth pointing out that this can be an advantage)

Key takeaway: For the majority of people who simply want to save a lot of money on transfers and do it as easily as possible TorFX may be a great choice. If however you highly value controlling the process and want to squeeze every tenth of a percent out of the transaction there may be better options.

How Fast is TorFX?

Speed is vital when it comes to fund transfers, because you don’t want to wait too long and lose out on opportunities. According to TorFX, the transfer speed depends on various factors such as the currency being transferred, and destination and receiving banks. They claim to transfer funds to your account on the same day or within two working days for exotic destinations.

It is important to note that the speed is largely affected by the time your bank takes to transfer funds into your TorFX account and the time it takes for the funds to reach the destination bank and reflect in your account. Taking all this into account, it may take a total of 3 to 6 days for the funds to reach your account.

Key takeaway: It may take longer for the funds to reach your account if the sending bank is not in the UK or Australia.

How Safe is Your Money with TorFX?

TorFX is regulated in Australia by ASIC and the UK by the FCA, which means they adhere to highest standards of security. The fact that they process payments worth more than 3 billion pounds a year shows the trust people place in them.

Key takeaway: As far as is reasonable to tell, TorFX is as safe as any other money transfer service in the market and because they have to meet regulations in Australia and the UK you can be pretty confident you money is safe.

Bottom Line

TorFX is a great choice for those looking for easy setup, personalized service, and competitive rates. You can transact online or through your personal account manager, either way, you can stay assured that you will get a better deal than what your bank will offer.

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