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Nigel Fox has years of experience in senior management positions, having previously worked at Rio Tonto, Peter De Savary, and the Combined Universities in Cornwall among others. Nigel has been at TorFX since 2008, and in his current role as Managing Director he oversees the company’s day-to-day operations to ensure they are best placed to achieve their business goals.
Moneytransfers: Can you explain how TorFX helps individuals and businesses send money abroad and how your platform differs from traditional banks?
Nigel Fox: We offer international bank-to-bank currency transfers, helping individuals and businesses move money around the world swiftly, securely and at excellent exchange rates.
The range of requirements we support is extremely varied, with customers using us for things like purchasing foreign property, paying international school fees, emigrating, and managing import and export invoices.
There are two main areas where we differ from traditional banks – cost and service.
With us, customers receive highly competitive exchange rates and avoid the transfer fees applied by other providers. They also benefit from the one-to-one support of a dedicated Account Manager. Whether they decide to arrange their transfers online, through our app or over the phone, they always have a currency expert on hand to help them make the most of their money.
Additionally, we offer specialist solutions that aren’t available through traditional banks, including the ability to fix and target exchange rates and the option to buy currency in advance to use at a later date.
MT: What impact has the COVID-19 pandemic had on the foreign exchange industry and how has TorFX adapted to the changing landscape?
NF: The COVID-19 pandemic created unprecedented upheaval and no industry escaped unscathed.
For us the crucial thing was having a robust strategy in place to ensure our customers experienced no disruption to service and were able to use us with the same confidence they always had.
The shift to working from home was a challenge initially, but one our staff rose to meet.
The currency market experienced dramatic movements in both 2020 and 2021 in response to the evolving nature of the pandemic, but we worked hard to keep our customers up to date with the latest shifts and made sure they had access to all the tools and insights they needed to make informed decisions about their currency transfers.
International lockdowns meant we saw requirements change, with transfers for things like international property purchases declining, but smaller payments to friends and family increasing and new markets emerging.
We were really pleased to be able to return to the office in 2022, but the pandemic proved we can adapt to any situation.
Brexit remained a key catalyst for the currency market until the conclusion of the transition period, but in 2020 the COVID-19 pandemic overshadowed Brexit and started driving swings in exchange rates.
MT: How has Brexit impacted currency exchange rates, and what do you see as the future of the pound sterling?
NF: Brexit triggered extreme volatility from the off, with the results of the EU referendum sparking historic currency movements and a spike in trading activity.
Brexit remained a key catalyst for the currency market until the conclusion of the transition period, but in 2020 the COVID-19 pandemic overshadowed Brexit and started driving swings in exchange rates.
I think it is true to say that Sterling has largely been on the back foot since Brexit but this new opportunity needs to be embraced and there is now a real chance for the government to invest to obtain a competitive edge.
MT: What do you make of the recent volatility in the currency market?
NF: The UK political upheaval of 2022 pulled the Pound from pillar to post and left the currency under pressure.
So far this year the cost-of-living crisis, soaring inflation, the threat of recession and a strong US Dollar are conspiring to keep the Pound subdued. However, if the UK can avoid a technical recession in 2023 and inflation starts to ease, the Pound could bounce back later in the year. There are robust economic foundations to build on – we need to see vision, a bold plan for strategic growth and a rapid timeframe to achieve this.
MT: How do you see a potential escalation in the Russia-Ukraine war affecting the wider market?
NF: An escalation in the Russia-Ukraine war is likely to drive up demand for safe-haven currencies, like the US Dollar, and have a correspondingly negative impact on higher-risk currencies.
MT: How do you see the currency exchange and remittance industries evolving in the next 5-10 years, and how is TorFX preparing for these changes?
NF: Over the last decade we’ve seen the number of currency transfer providers rise, and the focus on digital-self servicing increase.
We feel that the uniquely personal level of service we provide sets us apart from our competitors, but we understand that our customers want the flexibility to transfer on their terms. We’re investing heavily in our people and technology to make sure our customers have access to first-class digital products without losing the personal support they rely on.
Any individual or business with currency requirements should take the time to research different providers. They should check reviews on platforms like Trustpilot, verify that the provider they’re looking into is authorised by a relevant regulatory body, like the Financial Conduct Authority, and that they offer the right service for their requirements.
MT: Are there any upcoming trends or innovations in the foreign exchange industry that you are particularly excited about and how might they impact TorFX?
NF: Rather than talking about innovations in our industry as a whole, I’d like to talk about an upcoming development in our business that we’re really excited about – our multi-currency debit card.
With our card customers will be able to spend in over 200 countries at great exchange rates, withdraw money from ATMs and track their spending in our app. It will be a fantastic additional product for our existing customers and allow us to support customers with very different needs to those we’ve worked with to date, so watch this space!
MT: What advice would you offer to individuals or businesses looking to send money abroad and how can they ensure they are getting the best exchange rates and lowest fees?
NF: Any individual or business with currency requirements should take the time to research different providers. They should check reviews on platforms like Trustpilot, verify that the provider they’re looking into is authorised by a relevant regulatory body, like the Financial Conduct Authority, and that they offer the right service for their requirements.
When it comes to getting the best return on a currency transfer there’s no substitute for talking through your requirements with an expert. They can keep you informed of the latest movements in the currency market so you can pick the best time to move your money.
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