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 known for its excellent customer service, offering a dedicated account manager who you can contact 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
- Which currencies can you send or receive
- Why is TorFX reliable
- Advantages and disadvantages
- TorFX app
- Prices and exchange rates
- Services for businesses
Who is TorFX?
TorFX is a UK-based foreign exchange company with over 450 employees worldwide. It offers money transfer services to individuals and businesses.
They have 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 their fees, 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 currency exchange providers charge more than 6%. The more money you transfer with TorFX, the more competitive the rate will be.
For small amounts, up to £1,000 (US$2,000), TorFX is not very competitive and is not in our top five providers. TorFX is good. If you’re sending large 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 most 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, it can take a few days for the money to reach TorFX, and you won’t start counting until they receive it. Make sure you account for these types of delays when sending money.
TorFX’s sign-up 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 their website or over the phone; they will guide you through the process.
1 Once you’ve registered your account, you’ll be assigned a dedicated account manager who will provide you with advice.
2 If you want to send money, you can do so online, via the app, or by contacting your account manager. You’ll need to provide the recipient’s information, including their name, address, and international bank details.
For a detailed visual guide to making a transfer with TorFX, check out our video. It’s very helpful.
TorFX limits – how much can I transfer?
If you’re looking to transfer a large amount of money, TorFX is a great option. They state that they don’t have a maximum transfer limit, so if you have money to transfer, TorFX can help you. 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 you can send is £100 (or $200).
- You can send between £100 and £25,000 (or $50,000) online. For lump sums over £25,000 (or $50,000), you’ll need to call TorFX and speak to your account manager.
- For UK businesses with a balance over £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 in transactions annually, an impressive number.
They also have over 50,000 individual clients and over 5,000 business clients. Trustpilot users rate TorFX highly, giving it a score of 4.8 out of 5. Moreover, they receive the highest credit rating (Tier 1) from Dun & Bradstreet, a credit rating agency that rates businesses, which guarantees their security. Is the TorFX app easy to use?
Is the TorFX app easy to use?
martphone. You can make currency transfers, check exchange rates, buy currency in advance, set up exchange rate alerts, add new recipients, and update your account information.
We reviewed the reviews we received 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 score 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 name and contact information.
- Official documents that verify your identity.
Whether your account is for personal or se.business u
Your transfer cannot be completed until your identity is verified.
If you are submitting a photo ID, it must include the following:
1 Your photo (high-quality image required)
2 Your name, surname
3 Your date of birth
4 Expiration date (must be valid)
5 The two lines of letters and numbers at the bottom of the document
If you are submitting proof of address, it must include the following:
1 Your name, surname
2 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 money
- The currencies in which you are sending money
- The name and address of the person you are sending money to
The bank account details of the person you are sending money to
The bank details you provide vary from country to 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).
