Discover why TorFX is a reliable option for sending money abroad, especially for sending large sums to the UK, US and Australia.
TorFX is a great choice if you are planning to move abroad or buy property abroad.
It has been operating for 16 years and has transferred over £6 billion worldwide. It is a trusted brand that stands out for its excellent customer service, offering a dedicated account manager who can be contacted by phone and online.
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In this TorFX review, we will explain:
- Who is TorFX?
- How to send money abroad with TorFX
- What currencies can you send or receive
- Why is TorFX reliable
- Advantages and disadvantages
- TorFX app
- Pricing and exchange rates
- Business services
Who is TorFX?
It has offices in the US, Europe, the UK, Australia, India and South Africa. They have been recognized as one of the best money transfer providers and have won the “International Money Transfer Provider of the Year” award at the Moneyfacts Consumer Awards in 2016, 2017, 2018, 2019 and 2020.
We know you want to get the most out of your money, so it’s important to know if TorFX offers competitive exchange rates. Unfortunately, this makes it easier to understand how much they charge, as you have to open an account with them to view the rates online. You can also call them to find out the rates over the phone or fill out an inquiry form on their website and they will get back to you.
In general, TorFX’s rates are 0.5% to 2.5% above the market rate. Banks charge 3% to 6%, while other foreign exchange providers charge more than 6%. The more money you send through TorFX, the more competitive the rate will be.
For smaller amounts, up to £1,000 ($2,000), TorFX isn’t very competitive and isn’t in our top five providers. TorFX is good. If you’re sending larger amounts, it’s one of the providers that offers the best rates.
How long does it take to receive money with TorFX?
They’re fast. For many currencies, the money can be in your bank account the same day, while for others, it can take a few business days after the money is deposited. As with any provider, speed depends on where you’re sending the money and how you pay.
For example, if you pay by bank transfer, the money may take a few days to reach TorFX, and the time limit will not start until they receive it. Make sure you account for these types of delays when sending money.
The TorFX registration process makes it easy to create an account and transfer money. Here’s what you need to do.
You can apply for a TorFX account online via the website or by phone; they will guide you through the process.
Once you have registered your account, you will be assigned a dedicated account manager to provide advice.
If you would like to send money, you can do so online, via the app, or by contacting your account manager. You will need to provide the details of the person you wish to send money to, including their name, address, and international bank details. For a.detailed visual guide to making a transfer with TorFX, watch our video It’s helpful. very
TorFX limits – how much can I transfer?
If you’re looking to transfer a large amount of money, TorFX is a great option. They claim to have no maximum transfer limit, so if you have the money to transfer, TorFX can help. However, there are some limitations.
- They only offer a “Standard Overseas Payment” service for transfers between £500 and £10,000 ($1,000 – $20,000).
- The minimum amount to send is £100 (or $200).
- You can send between £100 and £25,000 (or $50,000) online.
- For individual amounts over £25,000 (or $50,000), you’ll need to call
- TorFX and speak to your account manager.
For businesses with capital of more than £50,000 (or $100,000) you should call TorFX and speak to your account manager.Is TorFX trusted?
4.8/5 star rating on Trustpilot
The answer is yes.
The good news is that TorFX is fully regulated in the UK by the Financial Conduct Authority (FCA), which means it has to comply with strict rules and regulations. The company claims to process over £6 billion worth of transactions annually, which is an impressive figure.
The TorFX mobile app allows you to access its many services from your smartphone. You can make currency transfers, check exchange rates, buy currency in advance, set exchange rate alerts, add new recipients, and update your account information.
We reviewed reviews on the Apple App Store and Google Play for ease of use. Opinions were mixed; some users on both platforms said the app was easy to use, while others said it could be more intuitive. However, the app received a fairly good rating, with a rating of 4.4 out of 5 on the App Store and 4.3 out of 5 on Google Play.
TorFX requires certain information if you want to create an account and send money abroad.
- Your first and last name, and contact information.
- Official documents proving your identity.
- Is the account for personal or business use?
They will not be able to complete your transfer until your identity is verified.
If you are submitting a photo ID, you must include the following:
Your photo (high-quality image required)
Your first and last name
Your date of birth
Expiration date (must be valid)
The two lines of letters and numbers at the bottom of the document
If you are submitting proof of address, you must include the following:
Your first and last name
Your full current residential address (within the last three months)
They must see the entire document, including all four corners.
The document must be registered in the state where your account is registered.
Additionally, if you want to send money, they will also need additional information, such as:
- The amount you are sending
- The countries of origin and destination of the transfer
- The currencies in which the money is being sent
- The name and address of the person sending the money
- The bank account details of the person sending the money
- The bank details you provide vary by country. You will need to provide a sort code or routing number, and the Sometiyou’llou account will need to provide a SWIFT code or IBAN (international bank account number).
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