TorFX offers convenient currency transfer services ranging from one-off and regular remittances, right through to large transfers for business or overseas property purchases. While TorFX exchange rates are not the most competitive for smaller transfer amounts, there are no transaction fees. It also comes with stand-out customer service.
Pros
- no maximum limit on money transfers
- excellent customer service scores
- competitive deals for larger transactions
- forward contracts and market orders available
Cons
- relatively limited number of currencies bank transfers only
- must wait for email or call for pricing quote
- less competitive for smaller money transfers
Payment options
Bank transfers only
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TorFX is a UK-based currency exchange and money transfer service which is regulated by the Financial Conduct Authority under electronic money (e-money) regulations.
TorFX was set up in Penzance, Cornwall back in 2004. It has since grown to become a leading money transfer service, handling more than £10 billion of currency transfers for its customers every year.
It has an excellent Trustpilot rating of 4.9 out of 5 from over 7,700 reviews – the highest scoring provider for customer service at our Best Money Transfer Apps.
TorFX features at a glance
TorFX offers an online, phone and app-based money transfer service for personal and business customers. To be able to transfer currency, you’ll first need to register and open an account.
TorFX can offer money transfers in around 40 currencies, including US dollar, euros, Canadian dollar, Japanese Yen, Polish Zloty and Australian dollar.
The minimum money transfer is £100 and there is no maximum limit. For regular money transfers the minimum limit is £500 and the maximum is £10,000.
Money transfers are only possible via bank transfer with TorFX. Funds can take up to two business days to arrive at their destination account – but can equally arrive on the same day. The time taken will depend on the particular currency and the destination country.
For smaller online transactions you can send money 24/7 on TorFX’s website or through its mobile app. You can review your transfers and track payments on the app.
However, for larger transactions (£25,000 or more) you will need to contact one of TorFX’s account managers. This is because there are likely to be extra checks before your money transfer can go ahead, to comply with money laundering rules and regulations.
Customers at TorFX will be given three options for money transfers:
- spot contract: transfer money immediately at TorFX’s exchange rate offered at the time
- forward contract: fix an exchange rate now for a money transfer up to two years in the future (this can serve to minimise risk for large transfers and lock in advantageous rates ahead of time)
- market orders: this is a way of trying to get the best possible exchange rate for your transaction when you don’t need to complete the money transfer in the immediate future. With a limit order, you can tell TorFX of your target exchange rate and it will automatically complete your money transfer once the rate hits this level. Alternatively, with a stop loss order, you give instructions to TorFX to complete a currency conversion at a particular ‘worst case’ level when a rate is moving against you. This acts as a hedge against even bigger losses when an exchange rate could potentially fall even lower.
If you are a TorFX existing customer and you refer a friend who goes on to make a money transfer through the provider, you’ll both receive a £50 Amazon voucher.
TorFX pricing
There are no fees to open or manage an account with TorFX. Neither are there any transaction fees on money transfers. Instead, it makes its money by adding a margin to the currency exchange rates it offers. But this can mean it is not as transparent for customers to see how much a money transfer is costing them.
TorFX also doesn’t show its exchange rates on its website, you need to request the transfer and ask for a quote or a call back. This means it can be difficult to compare prices quickly with competitors.
Experts suggest TorFX tends to be much more competitive on its exchange rates for larger transactions, particularly for overseas property purchase, for example, compared to smaller one-off and regular payments.
TorFX customer service
TorFX is renowned for its high quality customer service. It has a customer phone line open from 8am to 7pm Monday to Thursday and from 8am to 5pm on Fridays, and 9am to 1pm on Saturdays. There is also an email address.
The postal address is: TorFX Pz360, St Mary’s Terrace, Penzance, Cornwall, TR18 4DZ.
If you request a currency quote or more information on TorFX’s website, an account manager will email or call you back, typically on the same day.
How secure is TorFX?
TorFX is regulated by the FCA as an e-money provider. But it is important to note that this means customers don’t have protection for their funds held with TorFX under the Financial Services Compensation Scheme (FSCS).
However, TorFX explains that the safety of customers’ money is ‘hugely important’; it keeps client accounts apart from its own funds and uses stringent compliance procedures.
It also holds the highest level of business creditworthiness from business credit agency Dun and Bradstreet. You can find out more about security measures at the TorFX website.
Who should use TorFX?
TorFX is likely to suit those carrying out larger currency transactions, such as for business expenses or a property purchase overseas. That’s because, as TorFX doesn’t charge transaction fees (usually calculated as a percentage), the deal can be more competitive overall for larger transfers.
TorFX may also suit businesses and individuals who want to maximise the value of their currency exchange by timing the market and transacting when the exchange rate is favourable. TorFX can facilitate this by use of forward contracts and market orders – see above.
The quality customer service and use of account managers could also be attractive to first-time money transfer customers, who may need more information and help with their transaction.
What do customers say about TorFX?
TorFX has won a number of consumer and business awards, including Moneyfacts Money Transfer Provider of the Year 2022 and Moneyfacts Best Customer Service 2022. It also has an excellent 4.9 out of 5 rating on the consumer review website Trustpilot, from more than 7,700 reviews (July 2024).
As part of this review, we sent an email to TorFX’s general enquiry address and a detailed and full response was sent within an hour.
TorFX customers on Trustpilot say:
“Perfect, no hassle transaction. Never had a problem with TorFX. Always very obliging and helpful. I have every faith in this company and would readily recommend to anyone who wants to transfer cash overseas.”
“I want to thank our account manager Hannah for the fantastic and courteous service provided for our real estate transaction. The money arrived at their bank in BG within 4 hours of being sent. That was amazingly fast, and I really appreciate her time, effort, and patience. We will definitely make use of TorFX again.”
“TorFX provided a currency exchange service. It was reliable and trustworthy. They provided a lot of clear information both before, during and after the transaction. I recommend their services, especially for a first time user of forex services.”
Pros and cons of TorFX money transfer service
Pros
- no transaction fees. Customers pay for TorFX’s service through the exchange rate they are offered (TorFX builds its own margin into the rate). This makes for more straightforward pricing
- no maximum transfer limit. The lack of limits is convenient for those needing to make large money transfers. You’ll have to speak to an account manager for transactions above £25,000 and you may need to supply extra ID and documentation
- flexible and convenient. Send and receive currency online and through the app 24/7, (including making regular payments) subject to maximum limits
- quality customer service. TorFX ranks well for its service and is easy to contact.
Cons
- less competitive rates. As TorFX builds its margin into the exchange rate it offers on money transfers (instead of charging upfront transaction fees) it rates are likely to be less competitive than other providers. This can also make it more difficult to compare the deal you’re being offered against other providers in the market
- no online quote. You’ll need to submit your request online and wait for a quote on the rate and cost of your specific money transfer (there is no pricing calculator available online)
- bank transfers only. You can only send currency via bank transfer with TorFX, so no debit or credit card payments, which offers less choice about how you pay
- expensive for small transfers. Due to the charging model of TorFX it can work out more costly for small currency transactions.
