Discover why TorFX is a reliable option for sending money abroad, especially for large sums to the UK, US, and Australia.
TorFX is an excellent choice if you’re planning to move abroad or buy a property abroad.
It has been operating for 16 years and has transferred over £6 billion worldwide. It’s a trusted brand that stands out for its excellent customer service, offering a dedicated account manager who can be contacted by phone and online.
In this TorFX review, we’ll explain:
- Who is TorFX?
- How to send money abroad with TorFX
- What currencies can you send or receive
- Why trust TorFX?
- Advantages and disadvantages
- TorFX app
- Prices and exchange rates
- Business services
Who is TorFX?
TorFX is a specialized foreign exchange company based in the UK 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 the best money transfer provider and won “International Money Transfer Provider of the Year” 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 difficult to calculate how much they charge, as you must open an account with them to view exchange rates online. You can also call them to check exchange rates over the phone or fill out the inquiry form on their website, and they will get back to you.
In fact, TorFX’s exchange rates are between 0.5% and 2.5% higher than the market rate. Banks charge between 3% and 6%, while other foreign exchange providers charge more than 6%. The more money you transfer with TorFX, the more competitive the exchange rate. For small amounts, under £1,000 (USD 2,000), TorFX isn’t very competitive and isn’t among our top five providers. However, TorFX is a good option. If you send larger amounts, it’s one of the most affordable providers.
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 other currencies, it can take a few business days after the funds are credited. As with any provider, the speed depends on where you send the money and how you pay.
For example, if you pay by bank transfer, it may take a few days for the money to arrive. Be sure to account for these 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 through their website or by phone; they’ll guide you through the process.
- Once you’ve created an account, you’ll be assigned a dedicated account manager to provide guidance.
- To send money, you can do so online, through the app, or by contacting your account manager. You’ll need to provide the details of the person you want to send money to, including their name, address, and international banking details.
Watch our video for a detailed visual guide on “How to Make a Transfer with TorFX.” It’s very helpful.
Discover why TorFX is a reliable option for sending money abroad, especially for large sums to the UK, US and Australia.
TorFX limits – how much can I transfer?
If you want 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 and £20,000).
- The minimum amount you can send is £100 (or £200).
- You can send online for lump sums between £100 and £25,000 (or £50,000).
- For lump sums over £25,000 (or £50,000), you will need to call TorFX and speak to your account manager.
- For UK businesses with 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 worth of transactions annually, which is an impressive figure.
It also has over 50,000 individual clients and over 5,000 businesses. TrustPilot users love TorFX, with a score of 4.8 out of 5. It also has the highest credit rating (Tier 1) from Dun and Bradstreet, a credit rating agency that rates businesses, ensuring its security.
The TorFX mobile app allows you to access its many services via your smartphone. It allows you to make currency transfers, check exchange rates, buy currency in advance, set exchange rate alerts, add new recipients, and update account information.
In terms of ease of use, we analyzed reviews on the Apple App Store and Google Play. Opinions were mixed; on both platforms, some users noted that the app was easy to use, while others noted that it could be more intuitive. However, the app received a fairly good rating, receiving 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 prove your identity
- 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, it must include the following:
- Your photo (high-quality image required)
- Your name, 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, it must include the following:
Your name, last name
Your full current residential address (within the last three months)
They will need to see the entire document, including all four corners.
The document must be registered in the state where your account is registered.
In addition, when you want to get a photo ID, you will also need additional information, such as:
- The amount you are sending
- The countries of origin and destination of the transfer
- The currencies sending the money
- 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 from country to 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).