TorFX is an online money transfer service and currency brokerage that works with both personal and business clients. It was established in 2004 and is based in Penzance, United Kingdom.
Recent years have seen enormous leaps in the online currency exchange and money transfer space, as new financial technologies have made affordable international transactions a reality.
Let’s take a closer look at TorFX and check out its money transfer services.
Pros and Cons of TorFX
- Award-winning money transfer service
- No transfer fees, no matter how much money you send
- Assigns you a dedicated account manager
- Support for dozens of currencies, including rare currencies
- $200 minimum transfer amount
- Limited payment options
What Does TorFX Offer?
TorFX provides online money transfers 24 hours a day, seven days a week. You can also arrange transfers over the phone with the help of your dedicated account manager. Additionally, the company offers currency exchange brokerage services, including market orders, stop contracts, and forward contracts. However, these features mainly appeal to investors and business customers.
As of March 2021, customers have one payment option for online transfers: paying through their bank. TorFX makes payments easy to manage but compared to some competitors, TorFX is limited.
Despite this minor drawback, TorFX shines in many other areas. With the TorFX app, you can:
- Arrange regular or recurring payments
- Purchase currency when rates are good for future use
- Set rate alerts to know when the market reaches a target exchange rate
As of March 2021, TorFX allows customers to send and receive funds in 26 currencies, including:
- British pound (GBP)
- Euro (EUR)
- U.S. dollar (USD)
- Canadian dollar (CAD)
- Australian dollar (AUD)
- Japanese yen (JPY)
- Chinese yuan (CNY)
- Israeli shekel (ILS)
- Russian ruble (RUB)
- Singapore dollar (SGD)
Other currency options may be available if you don’t see your currency of choice in TorFX’s default list. If you need assistance, you can get personalized attention from customer service by email or telephone six days a week (Monday-Saturday).
What to Expect on the Site
TorFX has a professional, easily navigable website. You can also access money transfer services through the company’s mobile app, available on Google Play and App Store.
To set up a new account online, TorFX has a simple four-step process:
- Enter your email address and create a password.
- Supply the requested personal information: your name, date of birth, address, and occupation. You will also have the option of opening a joint account with another person, who will also have to supply the same details.
- Enter your mobile telephone number to receive a PIN.
- Enter the PIN you received to activate your account.
Before you can complete a transfer request, TorFX will also verify your identity. To complete this step, you only need to scan your passport or another accepted document, like a national identity card. TorFX only delivers funds to bank accounts, so you will also need your recipient’s account details to complete your transaction.
One other important note: The name on your TorFX account must match the name on the bank account you’re using to pay for the transfer. This means it isn’t possible to use TorFX to send money abroad and arrange for a third party to pay for it.
TorFX does not add transfer fees to any of its transactions. Instead, the company earns its revenue by marking up the interbank exchange rate it pays when obtaining international currencies through financial market contracts. So, if transaction fees are one of your primary considerations, then TorFX could be a good fit.
The company does not specify its markup, stating only that it works off “smaller margins than most.” In any case, TorFX’s exchange rates are competitive, and the service offers better value than banks, even on small transactions.
What People Are Saying About TorFX
As of March 2021, TorFX has an excellent Trustpilot rating, with an impressive aggregate score of 4.8 out of 5 stars on nearly 3,800 customer reviews:
- 88% give TorFX 5 out of 5
- 96% give TorFX 4 out of 5 or higher
The Bottom Line
With no transfer fees and competitive exchange rates, TorFX is a solid option for personal transfers of $200 or more. TorFX is an especially good option for higher-value transactions, as more advantageous exchange rates apply alongside the no-fee transfer policy.
All in all, TorFX is worth considering as you look into the best money transfer services.