TorFx Review

TorFX is a currency broker and international payments provider. The company has specialised in international money transfers since 2004. They can help individuals and businesses transfer money, make payments or purchases abroad, and save money on currency conversions.

While the company only has a few offices in a couple countries, they convert many different currencies. They are known for facilitating many different kinds of transfers quickly and for fair rates.

    Date Founded:
    2004
    Provider Type:
    Forex Exchange
    HQ Location:
    Penzance, UK
    Regulators:
    ASIC, Central Bank of Ireland
    Mobile Friendly:
    Yes
    Mobile App:
    Yes
    Languages Available:
    English
    Transfer Options:
    Online
    Withdrawal Options:
    Bank
    Payment Options:
    Bank Transfer, Debit Card
    Regular Payments:
    No
    Supported Currencies:
    AUD, BHD, BWP, CAD, CHF, CNY, CRC, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, KES, KWD, LKR, MUR, MXN, NOK, NZD, OMR, PHP, PLN, QAR, RON, RUB, SAR, SEK, SGD, SVC, THB, TRY, TTD, UGX, USD, XCD, ZAR
    Support Options:
    Telephone

    What are their exchange rates?

    TorFX doesn’t charge any upfront fees, but they do charge a margin on the mid-market exchange rates. These hidden costs vary depending on the currency being sent and the volume of the transfer.

    When transferring between major currencies such as GBP to USD, the markup will be approximately 1.3%. If you need to transfer less commonly used currencies, the rate can come up to almost 2%.

    What TorFx costs to use?

    Because TorFX charges no upfront fees, it is an excellent option for many smaller transfers. They do carry a minimum transfer size requirement, but smaller transfers are still good with TorFX. When you start sending much larger transfers, the good rates TorFX offers lose out to competition such as OFX which can charge markups as low as 0.4% for, especially large transfers.

    Let’s look at their rates for sending money from the UK (GBP) to the US (USD) as an example.

    Money Sent (GBP) Money Received (USD) Midmarket Rate
    500 622.02 630.21
    1,000 1,244.02 1,260.41
    2,000 2,490.58 2,520.83

    *These rates are only applicable at the time of writing and are subject to change at any time.

    How do I transfer money with them?

    The first step to sending money online with TorFX is registering an account with them. Setting up an account with TorFX is slightly more difficult than it is with other money transfer companies. That being said, it should still only take around 10-15 minutes. You’ll need to fill in some specific information such as your occupation.

    After your account is set up, you’ll need to find the recipient. This simply involves filling in their name and contact details. Other than that, you’ll just need to fill in the information for where the recipient will receive the money.

    After all the above information has been filled out, you just need to pay TorFX for your transfer. Once the transfer is paid for, they’ll handle the rest. Transfers are relatively fast with TorFX, taking only a day or two to be completed.

    What other products do they offer?

    TorFX’s flagship services are their currency exchange and international transfer services. Apart from this, the company offers a few other services.

    TorFX helps businesses by matching them with funders. They do this through their “Funder Finder”, which helps small and medium-sized enterprises find the type of funding that is most appropriate for them. They also help businesses of these sizes optimize their international payments processes in order to get better rates while minimizing risk.

    They also offer client bank accounts with the help of Barkleys Bank Plc.