Registered as Tor Currency Exchange Ltd in 2004, TorFX has grown tremendously becoming one of the top money transfer companies. It serves both personal and business customers with dedicated and tailored product offerings in money transfers space. TorFX has a supportive customer service team, competitive exchange rates across the 60 currencies it supports and has a clean online transfer platform.
On the flipside, TorFX is relatively expensive for customers transferring smaller amounts of money to their family and friends. The fact that TorFX has a transfer limit of £25,000 has been a source of frustration among customers looking to transfer bigger amounts.
TorFX’s business model is quite unique as far as exchange rates and business fees are concerned. The rates are transparent and much more competitive compared to banks.
When compared to banks that charge 3-7% and PayPal that charges 6-8%, TorFX comes as a relief to people sending money to different parts of the world.
The rapid expansion TorFX has gone through, has seen the company establish offices in the United States, South Africa, Australia, China and mainland Europe in addition to their United Kingdom offices.
TorFX supports 60 currencies both exotic and standard and you can send to more than 110 countries. Apart from the product differentiation between personal and business, there is no difference in service from one region or country to another. The TorFX website is in English which makes it easy to follow for English speaking customers, but the lack of other languages may make it hard for non-English speaking customers to interact with the site.
The target customers for TorFX are businesses and persons looking to send money to their families and friends worldwide. This customer segmentation has seen them develop products that are targeted to individual needs such as buying property abroad, emigration, regular payments, and sending money home. On the business front, they have products that help business owners ramp up productivity and cut costs, especially when buying products or paying contractors and employees abroad. Let us take a look at their pros and cons.
TorFX transfers are designed to meet the needs of its target market. All transfers are deposited in the recipient's bank account. The following are the different types of transfers you can make on TorFX.
You can make all these transfers on the go using the TorFX App
Once you set up the transfer account, it can take anywhere between 1-3 days to complete your TorFX transfer. This depends on the country you are sending from and the destination, the currencies involved, the time of the transfer, verifications, and security checks.
Transfers involving exotic currencies can take even up to 4 days for the money to get to the recipient's account.
Compared to banks, TorFX is faster even on less frequented remittance routes. It also stacks up really well against some of the top money transfer operators like WordRemit, Xoom, WorldFirst, OFX and TranferWise.
Unlike other money transfer services, TorFX has only one way of paying for your transfer, through the bank. The account from which you pay for the transfer must be in your name for the payment to be accepted.
This limitation in payment methods and in particular the use of bank transfers partly explains why it takes a little longer for TorFX to complete your transfer.
Whether you are a business owner or someone looking to send money to your family and friends, you’ll find a lot of use cases for TorFX.
Business – TorFX can facilitate your international business and better your relationship with service providers and business partners through the following avenues:
Through forward contracts, you can plan your supplier and contractor payments by locking in the exchange rate to minimise rate volatilities.
Personal Transfers – When sending money to your family and friends, or investing in assets, TorFX gives you personalised services over and beyond the conventional money transfer services.
TorFX is authorised to operate as an Electronic Money Institution as provisioned under Electronic Money Regulations 2011 and a member of the Association of UK Payment Institutions (AUKPI). In addition, the firm is a Financial Conduct Authority (FCA) regulated entity in the United Kingdom. In Australia, TorFX is regulated by the Australian Securities and Investments Commission (ASIC).
Part of the requirements of the regulations is to ensure client accounts are safeguarded and maintained separately from business accounts. Barclays Bank Plc is the custodian of all clients accounts at TorFX. The company’s accounts are audited by Price Waterhouse Coopers.
As an established market leader, TorFX has won the trust of 50,000+ private clients and more than 5,000 businesses, helping them transfer their funds and make international payments in excess of 6 million pounds per year.
In terms of regional presence, TorFX has expanded its operations by opening up regional offices in mainland Europe, the USA, South Africa and Australia in addition to its UK offices. This geographical spread combined with its team of 450+ skilled employees helps serve the rest of the world (110 countries) through world-class transfer options.
On the web, TorFX uses TLS encryption to safeguard clients data as they interact with its website. The green padlock on the left side of the TorFX URL is evidence that the website is secure. Other security measures in place include two-factor authentication to verify clients details before letting them access certain services or make changes to their account details.
On Dun & Bradstreet, a credit rating agency, TorFX has a level 1 rating. This means the organisation is creditworthy and has a minimum risk level. Most of the information about the company is available on its website and includes an FAQ section that answers most of the questions customers have.
On Trustpilot and social media, clients praise TorFX for its efficiency, consistency in offering quality service and affordable money transfer solutions. The fact that TorFX doesn't charge any transfer fees is a major talking point online.
At the time of publication, Trustpilot reviews totalled 3,130, 87% of which were categorised as ‘Excellent’ and 8% as ‘Great’.
The 2% of customers who rated the company as bad and the 1% who gave TorFX a poor rating cited the thorough document verification process, and fees charged by sending and receiving banks as a turn off to them transferring money through the platform.
From 2016 to 2019 TorFX has continuously bagged the International Money Transfer Provider of the Year award by Moneyfacts Group, a personal finance data provider. In addition, the TorFX has won the Best Customer Service twice in a row, putting it ahead of 100 companies spread across 26 categories.
TorFX has streamlined its money transfer platform giving customers a simple way to send money to their families and make international payments. The following is an easy to follow process on how to get started.
How to Send Money Using TorFX?
How to Receive Money Using TorFX?
The payout option on TorFX is a direct bank deposit in the recipient’s account. Depending on the amount and jurisdiction, you could be asked a few questions by the bank officials to ensure that the money is not part of proceeds of crime or money laundering.
TorFX has a mobile app available as a free download on Google Play for Android devices and App Store for devices running on the iOS platform. Using their mobile application, you can manage your currency transfers around the clock and secure exchange rates. Other app-based services include:
On Google Play, the app has 71 reviews and a consolidated rating of 4.3. On App Store, the TorFRX Money Transfer App has 24 reviews and a rating of 4.5.
Transfers can be cancelled at any time by getting in touch with the customer service team. However, transfers in progress may take a bit of time to be recalled depending on the stage they have reached. For completed transfers, the recipient bank will get an instruction to recall the transaction from its end if the funds have not already been withdrawn.
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