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 outside your home country.
With 16 years of experience, it 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?
- What currencies can you send or receive?
- Why is TorFX reliable?
- Advantages and disadvantages
- TorFX app
- Pricing and exchange rates
- Services for businesses
Who is TorFX?
TorFX has offices in the United States, Europe, the United Kingdom, 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.
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 smaller amounts, under around £1,000 ($2,000), TorFX isn’t very competitive and isn’t in our top five providers. TorFX is a good option if you’re sending large amounts of money; it’s one of the most competitively priced providers.
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 processed. 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 the processing time does not begin until it is received. Be aware of these types of delays when sending money.
- Once you have registered your account, you will be assigned a dedicated account manager who will provide you with support.
- 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 make a transfer with TorFX, watch 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 claim to have no maximum transfer limit, so if you have the money you need, TorFX can help. However, there are some limitations.
- They only offer a “Regular International Payment” service for transfers between £500 and £10,000 (US$1,000 – US$20,000).
- The minimum amount you can send is £100 (or US$200).
- You can send between £100 and £25,000 (or US$50,000) online.
- For lump sums over £25,000 (or US$50,000), you’ll need to call TorFX and speak to your account manager.
For UK businesses with transaction volumes exceeding £50,000 (or $100,000), you should call TorFX and speak to your account manager.
Is TorFX trusted?
It has a 4.8 out of 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 regulations. With strict rules and regulations, the company claims to process over six billion pounds worth of transactions every year, an impressive number.
Furthermore, it boasts over 50,000 individual clients and over 5,000 business clients. TorFX enjoys an excellent reputation on Trustpilot, with a rating of 4.8 out of 5. It also receives the highest credit rating (Tier 1) from Dun & Bradstreet, a business rating agency, which once again emphasizes 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 4.4 out of 5 stars on the App Store and 4.3 out of 5 stars on Google Play.
- Your name, surname and contact details
- Official documents that prove your identity
- Regardless of whether your account is personal or for business use
They will not be able to complete the transfer until your identity is verified.
If you are submitting a photo ID, it must include the following:
- Your photo (high-quality image)
- 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 current residential address (within the last three months)
Additionally, when 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 being transferred
- The name and address of the person you are sending the money to
- The bank details of the person you are sending the money to
The bank details you provide vary from country to country. You will need to provide the sort code or routing number and the account number. Sometimes you will need to provide a SWIFT code or IBAN (International Bank Account Number).
