Helping over 425,000 people send money abroad, TorFX is a popular choice for personal and business customers.
The company recently won the People’s Choice award at the 2024 Good Money Guide Awards and is known for its competitive exchange rates, flexible transfer options, and personalised service.
In this review, I’ll explore TorFX’s key features, pricing, security measures and more to help you decide if it’s the right choice for your international money transfer needs.
TorFX Key Features
Here’s a breakdown of TorFX main features for businesses.
Competitive Exchange Rates
TorFX offers highly competitive exchange rates, often better than those provided by banks. The service operates on smaller margins, ensuring customers get rates closer to the interbank rate, maximising the value of every transfer.
Flexible Transfer Options
TorFX offers flexible transfer options to suit a variety of needs and preferences:
1/ Phone Transfers: Customers can arrange transfers over the phone with their personal account manager. This option provides tailored guidance and ensures clarity for every transaction.
2/ Online Transfers: The TorFX Online platform allows customers to send money 24/7. Ideal for transfers below £25,000, it offers features such as monitoring transfer history, setting up rate alerts, and managing account details.
3/ Forward Contracts: Lock in current exchange rates for future transfers, protecting against currency fluctuations.
4/ Market Orders: Set a target exchange rate, and TorFX will execute the transfer automatically when the market reaches your desired rate.
These options ensure customers can transfer funds conveniently, securely, and at competitive rates, whether managing one-off payments or planning for future currency needs.
Fast and Reliable Transfers
Transfer times depend on the currency and destination but are generally processed within the same day or up to two working days for exotic currencies, ensuring funds reach their destination quickly and securely.
Diverse Currency Support
TorFX supports over 40 global currencies with no maximum transfer limit. Customers can transfer amounts as low as £100 or as high as £10 million, catering to small and large requirements.
Regular Overseas Payments
TorFX offers a Regular Overseas Payment service tailored to customers who frequently need to transfer funds abroad. This option is ideal for recurring payments such as:
✅
Mortgage or rental payments abroad
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Pension transfers
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Overseas salaries or tuition fees
This service is designed for transfers between £500 and £10,000, allowing customers to automate payments, saving time and ensuring consistency in meeting their obligations abroad.
Dedicated Account Management
Upon registration, customers are assigned a personal Account Manager. This dedicated support provides guidance, updates on market movements, and assistance executing transfers, ensuring a smooth and informed process.
TorFX Pricing and Fees
TorFX stands out for its transparent and cost-effective pricing structure, offering significant savings compared to banks and other money transfer providers.
❎ No Transfer Fees: Customers avoid typical transfer costs, allowing them to send money internationally without additional charges.
💸 External Fees: While TorFX does not charge fees, external charges may apply, including intermediary fees for transfers processed through the SWIFT network and receiving fees. Customers are advised to check with the recipient’s bank for potential charges, which vary depending on the banks, countries, or currencies involved.
TorFX Pros and Cons
| ✅ Pros | ❌ Cons |
|---|---|
| No Transfer Fees | No FSCS Coverage |
| Supports Over 40 Currencies | Doesn’t Offer A Cash Pickup Service |
| Fix exchange rates up to 2 years in advance | Limited Travel Money Services |
| Dedicated Account Managers | Minimum Transfer Amount of £100 For Online Transfers or £500 for Regular Payments |
| Facilitates Regular Payments | |
| Fast Transfers Usually Within 2 Working Days | |
| No Maximum Transfer Limits |
TorFX Customer Feedback
TorFX has received constantly positive feedback from customers, earning 4.9 out of 5, based on 8170 reviews, on Trustpilot, 4.6 out of 5 based on 74 reviews on the Apple App Store and 4.8 out of 5 based on 759 reviews on the Google Play Store.
Common customer comments include strong praise for its efficiency, ease of use, and competitive exchange rates. Many customers highlight the helpful and responsive customer support. The transfer process is often described as fast, and pricing is transparent.
Customers also appreciate the mobile app’s smooth functionality, ease of use, and overall reliability for sending money internationally.
However, despite the positive feedback, some users reported issues with transfer rejections, unclear fee structures, and delays in customer service responses.
Other customers experienced problems with funds being credited to the wrong accounts or discrepancies in the amount received. The TorFX app reviews alsomention login difficulties, poor notifications, and app design flaws, such as resetting currency preferences.
TorFX Security Measures
TorFX prioritises the safety and protection of client funds and personal information through advanced security measures:
- Segregated and Safeguarded Accounts: Client funds are held in separate accounts and safeguarded under regulatory requirements, ensuring complete protection beyond the £85,000 FSCS cap.
- Fraud Prevention: The Confirmation of Payee (CoP) system verifies recipient account details, reducing errors and protecting against fraud, including Authorised Push Payment scams.
- Regulatory Compliance: As an FCA-regulated Electronic Money Institution (EMI), TorFX adheres to strict financial standards.
- Transparent Processes: Transfers require explicit customer confirmation, ensuring no unauthorised transactions.
However, it’s important to note that TorFX isn’t covered by the FSCS.
TorFX Recent Updates and Recognitions
TorFX has garnered significant recognition for its exceptional service in the money transfer industry. From 2016 to 2022, the company was awarded International Money Transfer Provider of the Year at the Moneyfacts Consumer Awards, highlighting its sustained excellence and competitiveness in the market.
In addition, TorFX was repeatedly honoured with the Best Customer Service award in 2016 and 2017, and from 2019 to 2022, it has outshined over 100 companies across 26 categories. This achievement underscores TorFX’s commitment to delivering outstanding customer support with personalised assistance from dedicated Account Managers.
Most recently, TorFX won the People’s Choice award at the Good Money Guide Awards and was also Highly Commended for Best Service from a Business FX Provider at the Business Moneyfacts Awards 2023, further solidifying its position as a leading provider in both personal and business foreign exchange services.
Conclusion
In conclusion, TorFX offers a range of valuable features, including competitive exchange rates, flexible transfer options, and fast, reliable service.
With a strong focus on customer satisfaction, TorFX stands out for its personalised account management and transparent pricing structure, making it a solid choice for personal and business transfers.
While it excels in many areas, such as offering no transfer fees and safeguarding customer funds, some users have reported issues with the mobile app and occasional delays in customer support. It also has a minimum transfer amount of £100, which may make it unsuitable for smaller transfers.
Overall, TorFX’s industry recognition and consistent customer feedback highlight its reliability as a money transfer provider.
Disclaimer
The information provided in this article is for informational purposes only and should not be considered financial advice. While we strive to ensure the accuracy and reliability of the content, it is important to note that individual circumstances vary, and the suitability of financial products or services will depend on your specific situation.
Before making any significant financial decisions, including choosing a money transfer provider, we strongly recommend consulting a qualified financial adviser who can provide personalised guidance tailored to your needs. TorFX’s services and any comparative insights discussed herein should be evaluated in the context of your unique requirements and objectives.
We do not accept responsibility for any decisions made based on the information provided in this article. For more detailed advice, please seek professional assistance.
FAQs
Yes, TorFX is generally considered safe for transferring money. The company follows stringent security measures, including safeguarding client funds in segregated accounts and employing strong encryption to protect transactions.
TorFX is generally trustworthy, with a solid reputation and multiple awards, including International Money Transfer Provider of the Year at the Moneyfacts Consumer Awards from 2016 to 2022.
TorFX is generally better than a bank for international money transfers. Unlike most banks, TorFX offers competitive exchange rates, no transfer fees, and a more personalised service through dedicated account managers, which can save you money and provide more guidance. Banks typically have higher costs, less favourable exchange rates, and slower processing times. TorFX also offers more flexible options for larger transfers, making it a more cost-effective and efficient choice.