TorFX Review

7 Things You Should Know Before You Sign Up.

Review of TorFXSummary

  • Top ranked customer service at every step
  • Not always the least cost 
  • Pro transfer options

In a moment you are going to find out if TorFX is the best option for your needs.

(I’ll also show you how you can save potentially thousands $$$’s or £££’s no matter which money transfer company you choose.)

But wait there’s more 🙂 and this is important.

This is not your average “TorFX is wonderful” kind of review.

In many situations TorFX is a clear leader (especially when you value or need customer service), but I am also going to uncover situations where TorFX is NOT your best option and point you in the right direction to who might be.

Real Reviews

We also dig deeper on real customer reviews, particularly the negative ones, where we uncover what is important to you.

Here is the good, the bad and even the ugly, so that you can decide.

Disclosure: This post contains affiliate links. For more information, see my disclosures here.


  • Top ranked customer support – you’ll be assigned a dedicated account manager (UK, Europe and Australasia)
  • High end support for both personal and business transfers 
  • Flexible transfer options (offers forward contracts, spot contracts, and market orders)


  • No service for those in USA and Canada
  • £150/$200 minimum transfer 
  • Bank-to-bank or card-to-bank transfers only

Jump Links

  1.       When it Works and When it Doesn’t
  2.       The Real Transfer Costs
  3.       How to Make TorFX Work Best
  4.       How Fast is TorFX?
  5.       What Reviews Really Say
  6.       Is Your Money Safe with TorFX?
  7.       Verdict

Look for “Things to Know” at the end of each point

1. When it Works and When it Doesn’t

1.1  When it Works

1.1.1 You’re based in Aus/NZ, Asia, UK/Europe and want to send money worldwide

Choosing your best option ideally starts with a service that has offices in your timezone and ideally country of residence because of the inherent service and security advantages.

Given that TorFX is very telephone oriented and has offices in the UK, Singapore and Australia there is a slight advantage to choosing TorFX for customers of Europe and Australasia who are in the same time zone during TorFX office hours.

AUS/NZ and Asia – Get a quote online or by phone

UK and Europe – Get a quote online or by phone

If you are based in the Americas – OFX (review) is our suggested alternative.

1.1.2 You want flexible transfer options

TorFX makes business and personal transfers fit your needs through their personalised service business and partly because they are extremely flexible in the way they can transact. 


  • Your business has to pay people overseas each month they can structure the transactions to work best for your business.
  • Sold a house overseas and you want to transfer funds to a new country within certain timeframes.

Spot Contracts

If you’re looking to transfer money immediately (in a couple of days), TorFX can help you secure a great exchange rate.  

Forward Contracts

With forward contracts, you can secure a rate for your international transfers for up to 2 years. This protects your funds against market fluctuations.

Market Orders

Eyeing a specific currency pair only? On TorFX, you can opt for a limit order or a stop loss order to reign in risks from surging or falling exchange rates.

1.2 When it Doesn’t Work

1.1.1 You want to do everything online

First it is important to point out, as amounts increase, particularly above £4000 GBP/€4500 EU/ $9500 AUD you will likely want and often need a telephone call to assist with making your transfers go smoothly (this usually is usually because of limits your bank enforces) – TorFX excels at this.

However below £4000 GBP/€4500 EU/ $9500 AUD, most transactions can be done online without any assistance. Online transactions can be done relatively easily and sometimes more inexpensively through alternate services (although TorFX is no slouch).

1.1.2 You want cash payouts

Like most of their competitors who focus on large transfers, TorFX only supports bank-to-bank or card-to-bank transfers only.

However, if you’re looking for alternate payout methods such as cash transfers or mobile wallet transfers, check out WorldRemit (review).

Before we get too far – See if TorFX can do what you need:

Thing to Know 1

When you speak to a “Personal Account Manager” have an open conversation about your needs now and in the future. Apart from getting a good rate, there are also advantages to developing a relationship beyond what you might expect.

2. The Real Transfer Costs (including hidden costs)

Services like TorFX have three main ways they can make money.

  1. Fixed Fees       
  2. The Exchange Rate Offered
  3. Hidden Costs

2.1 Fixed Fees

TorFX doesn’t charge any fixed fees. Instead, they keep things simple by adding a margin on the exchange rate they offer (interbank exchange rate).

2.2 The Exchange Rate Offered

To figure out their margin you have to start with the base the rate they offer you and compare it with the interbank or mid-market rate between two currencies at a particular point in time. 

For comparison how fixed fees + exchange rates add up:

2.3 Hidden Costs

TorFX does not hide any costs, however it is important to note that banks at both ends can charge fees. 

TorFX has local bank accounts in Australia and the UK, so if you are working outside of these countries it may be worth checking with your bank what they will charge, especially for smaller amounts.

Thing to Know 2

The next section shows you how to register online (slightly quicker) or by phone (more personalised) based on the region where you live!

3. How to Make TorFX Work Best

You can set up transfers easily online (24x7), on the TorFX app (24x7), or via phone.

Register and set up your transfer with these 3 steps.

3.1 Open an account

You can register for a TorFX account online or over the phone in minutes. In either case you’ll be asked whether you’re opting for a personal or business account (you can’t make business transfers from a personal account and vice versa).

AUS/NZ and Asia – Get a quote online or by phone

UK and Europe – Get a quote online or by phone

For those who would rather not speak to someone initially, when you click on those links you will find there is a simple four step process which aims to essentially get you to the same place quicker.

This sets up the account username and password and some of the fundamentals need to open your account.

Next you get a call from TorFX so they can understand your needs (very prompt response in my experience and another reason to love TorFX).

3.2 Talk to your Personal Account Manager and secure a rate

A “Personal Account Manager” will start by asking a few questions to get an idea of the amounts you are sending. This is also a great opportunity to ask any questions you may have.

After having your questions answered they send you an email to complete the sign-up and account verification process and by this point you will feel a lot more confident and comfortable with their system.

You can arrange transfers of any size with your Account Manager over the phone or via email. If you’d rather do it by yourself, you can always log in to your account online or initiate a transfer via the TorFX app.

Quick Notes:

  • Personal account holders can transfer online 24/7 up to £25,000 GBP or $50,000 AUD
  • Business account holders can send up to £100,000 online in the UK/Europe. However in Asia/Australia/NZ you need to go through your account manager for those extra large transfers.

3.3 Fund your transfer

Once you zero in on a suitable rate – either by checking online or by speaking to your Personal Account Manager – fund your transfer from your bank account or with a supported debit card (TorFX supports Sterling-nominated Visa debit cards. Also includes Solo and Switch branded cards.)

Here are the timelines to fund your transfer for different transfer options on TorFX

Spot transfers: Prompt funding is important if you want your immediate transfer to go through on time for spot transfers

Forward contracts: For forward contracts, please make sure that your funds reach TorFX at least one business day before the settlement (or transfer initiation) date specified on your contract note.

Thing to Know 3

Sometimes your Account Manager can get you a better rate than what’s listed on the website. So, contacting them after checking the exchange rate online can reduce costs.

4. How Fast is TorFX?

Your transfer speed on TorFX depends on the following:

  • Your location and the destination country
  • The currency pair selected
  • When you initiate the transfer
  • Verifications and security checks

Typically, it takes about 1-3 days for your money to go through once you set up the transfer. For exotic currencies, it can take up to 4 days.

Card payments are processed faster than bank payments. However, your card issuer may charge a convenience fee, which can potentially drive up the cost of the transfer.

And, when you initiate your transfer can also affect the transfer speed. TorFX can only handle your money during normal banking hours.

Thing to Know 4

If the sending bank you are using is not in the UK, Europe or Australia, it might take an extra day given that you need to send money to a TorFX account in those countries. 

5. What Reviews Really Say

TorFX is rated 4.8/5 on Trustpilot with over 3,400 reviews.

An exceptional 88% of the reviewers had an “Excellent” experience while 8% had a “Good” experience transferring money with TorFX.

They loved the smooth registration and transfer experience as well as the excellent advice provided by their account managers.

However, 2% of the reviewers had a bad experience with the service and we were keen to know why.

We dug through all the negative reviews to give you the real picture and the top issues we uncovered were

5.1 Transfer delays

Some TorFX users were thrown off by unexpected transfer delays, and we agree that it can be concerning when a large amount of money is on the line.

3 Top tips to avoid delays

  1. Understand transfer speeds can be slower for exotic currencies
  2. Initiate personal transfers from personal accounts and business transfers from business accounts
  3. Fund your transfer from a bank account in your name (instead of a third party account holder)

5.2 Unexpected deductions

TorFX doesn’t charge any hidden fees, but the sending or receiving banks at either end may charge some processing fees.

For larger amounts these are going to be negligible. However below £4000 GBP/€4500 EU/ $9500 AUD, these amounts can start to become a factor. Banks typically charge £10 to £20 / $15 to $20 at each end.

5.3 Poor exchange rates

Some users were dissatisfied by TorFx’s exchange rates for their transfers.

In our experience, TorFX has provided bank-beating rates for those large transfers. Your Account Manager can also be helpful for getting an even better rate.

Thing to know 5

If you want arguably the best service in the industry, simply transfer larger amounts to lower your total costs. However if you are always going to send amounts below £4000 GBP/€4500 EU/ $9500 AUD you can likely save some additional money on fees and do things 100% online here

6. Is Your Money Safe with TorFX?

TorFX is regulated by the FCA in the UK and ASIC in Australia. They also have an Australian Financial Services License.

But there’s more.

TorFX holds your funds in separate accounts and never merges it with their operating funds. Moreover, Barclays Bank Plc is the custodian of clients accounts at TorFX and the company’s own accounts are audited by PriceWaterhouseCoopers to ensure complete compliance.

TorFX also uses industry-leading TLS encryption to safeguard your data on their website. And, they employ two-factor authentication to make sure all the actions on their app and website are indeed initiated by you.

So it’s safe to say that your money is in good hands.

7. Verdict

For those seeking who want a smooth setup and looking to build a relationship with someone to make things happen as easily and cost effectively as possible, TorFX is a clear leader.

AUS/NZ and Asia – to get a quote online or by phone

UK and Europe – to get a quote online or by phone

However if you would much rather not have to speak to someone and want to save every penny on smaller transactions there are most likely better services for you.

Either way your transfers will certainly be much cheaper than your bank.

Happy Transfers!

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