Discover why TorFX is a reliable option for sending money abroad, especially for 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.
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?
They have offices in the US, Europe, the UK, Australia, India and South Africa. They have been recognised as one of the best money transfer providers and have been awarded ‘International Money Transfer Provider of the Year’ at the Moneyfacts Consumer Awards in 2016, 2017, 2018, 2019 and 2020.
Generally, TorFX 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 through TorFX, the more competitive the rate will be.
For smaller 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 are sending larger amounts, it is one of the providers that offers the best rates.
How long does it take to receive money with TorFX?
They are quick. For many currencies, the money could be in the bank account on the same day, whereas for other currencies, it can take a couple of business days after your funds have cleared. Like any other provider, the speed depends on where you send money and how you pay.
For example, if you pay by bank transfer, the money can take a few days 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.
- Once you register your account, you will be assigned a dedicated account manager who will provide you with advice.
- If you want to send money, you can do so online, via the app, or by contacting your account manager. You will need to provide the recipient’s information, including their name, address, and international bank details.
For a detailed visual guide on how to transfer money 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 the funds 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 and £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 transaction value of over £50,000 (or £100,000), you should call TorFX and speak to your account manager.
Is TorFX trusted?
4.8/5 stars 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.
What’s more, it boasts over 50,000 individual clients and over 5,000 business clients. Trustpilot users love TorFX, giving it a score of 4.8 out of 5. It also has the highest credit rating (Tier 1) from Dun & Bradstreet, a credit rating agency that rates businesses, which guarantees its security.
We analyzed 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 score of 4.4 out of 5 on the App Store and 4.3 out of 5 on Google Play.
- Your name and contact information
- Official documents that prove your identity
- Regardless of whether your account is personal or for business use
Your transfer cannot be completed until your identity is verified.
If you are submitting a photo ID, it must include the following:
- Your photo (high-quality image required)
- Your name, surname
- 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, it must include the following:
- Your name, surname
- 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, when you want to send money, you 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 recipient
- The recipient’s bank account details
The bank details you provide vary by country. You will need to provide the sort code or routing number, and the account must provide a SWIFT code or IBAN (International Bank Account Number).
