TORFX Review – International Money Transfers & Rates

What Is TORFX?

TORFX is a leading money transfer company in the UK. It helps people and businesses with international money transfer services. TORFX began in 2004, and since then, it has built a name for great customer service. The company offers you good exchange rates for your money transfers. You also get a personal touch because an account manager will help you with your money transfer needs.

It is approved by the Financial Conduct Authority (FCA). This company is also a part of the Financial Services Compensation Scheme (FSCS). So, you can feel sure that your money will be safe. TORFX has helped more than 325,000 people send money to other countries. You can send money to places like Australia, the United States, Europe, and South Africa.

How Does a TORFX Account Work?

Opening a TORFX account will not cost you anything. Here is what you can look forward to:

• You can sign up on the website or by using the mobile app.
• You will get help from a personal account manager.
• You can ask for a free quote if you want to find out the exchange rate for your money transfer.
• You can choose to lock in an exchange rate.
• You send a bank transfer to TORFX.
• After that, TORFX will finish the money transfer and send it to the person you want to give money to.

You can use TORFX when you need to make large transfers one time, or if you want to send money overseas often. A lot of people use it when they need to move money for property, pay for school fees in another country, or when their business has to deal with invoices from other countries.

What Currencies and Destinations Can You Transfer To?

TORFX supports major currencies, including:

More than 60 kinds of money work here. The top places that people go to are:

• United States
• South Africa
• Europe
• Australia
• New Zealand
• Canada
• United Arab Emirates

What Are TORFX’s Exchange Rates Like?

TORFX gives you good rates when you make larger transactions. The rates change every day because the market is always moving. But, you will often get better rates at TORFX than you get at most banks.

They also allow you to use market orders, such as:

• Limit Orders – You pick the exchange rate that you want to get.
• Stop Loss Orders – These help keep you safe if the exchange rate drops.

These tools work well for people who want to send a lot of money. They are also good for those who need to make international money transfers more than one time.

Does TORFX Charge Transfer Fees?

TORFX does not charge a transaction fee for most currency transfers. This is good for people who want to make a money transfer. Some banks and other services may have a fee for this, but you can save money with TORFX.

While TORFX does not have any transfer fees, some banks that get the money may still charge you a fee when you get it. This often takes place when you send money to the United States or South Africa.

Money Guides

Helping You Borrow Money at the Right Price

Compare Now

Is There a Minimum or Maximum Transfer Limit?

TORFX is set up to help with larger transactions. There is no official maximum transfer limit at this time. Here are the usual transfer bands:

This is not the best place to send or get small amounts if it is under £100. For smaller amounts, you can look at better options like PayPal or Wise.

What Payment Methods Can You Use?

You can fund your TORFX money transfer via:

• Bank transfer (UK Faster Payments or CHAPS)
• Debit card (is good for small and fast transactions)

In the UK, there are two main ways to pay. A bank transfer lets you send money fast from one UK account to another. A debit card is easy to use for daily things or when you want to pay quick. A bank transfer and debit card are both safe. You can pick the one that is best for you.

Unlike some other money transfer companies, TORFX does not let you pay with PayPal. You also cannot use Google Pay or Apple Pay. At this time, there is no way to pay by credit card.

After you make the payment, your personal account manager will keep you updated. They will help you track payments and tell you what is going on at every step. If you have a question or want to check on your payments, you can get in touch with your account manager any time.

What Is the TORFX Mobile App Like?

The TORFX app is available for iOS and Android phones. You can use the app to do things like these:

• Ask to get a free quote.
• Check the latest exchange rates.
• Manage your international transfers.
• Speak with your account manager.
• Upload your ID or any needed documents.
• See or go over your transfer history.

The online platform works well when you use it on your computer. But the app is better if you need to look at payments when you are not at your desk. This is good for people and businesses that travel a lot.

How Long Do TORFX Transfers Take?

Transfer speeds can go up or down based on where you send the money and when you send it. Most international transfers are done in one to two business days.

Bigger deals or deals you do for the first time can take more time. This is because there are checks to see who you are. To get the best result, you need to give the right details for your account.

What Type of Customer Support Does TORFX Offer?

TORFX is known for giving the best customer service in the money transfer business. You will get your own account manager. This person will be there to help you and answer your questions. It is not common to get this level of customer service in the international money transfer world.

You can reach the customer service team via:

• Phone
• Email
• Live Chat
• Talk with your personal account manager

TORFX has won several awards from Moneyfacts for their good customer service. Many people feel happy with what they get. The team is in the UK and Australia, so you always get help in English. They stay open most hours in the day. This makes it easy for you to contact them when you need help.

How Does TORFX Rank on Trustpilot?

TORFX has a lot of good customer reviews on Trustpilot.

• Rating: The rating is 4.9 out of 5.
• Stars: It gets 5-star reviews from over 6,000 people.
• Common Praises: A lot of people say the transfers are fast. The staff is helpful and you can always count on them.

Can Businesses Use TORFX?

Yes. TORFX gives expert business services that include:

• The company helps with bulk international payments.
• The team offers hedging strategies for FX risk.
• It manages regular overseas payroll for businesses.
• They provide forward contracts to lock in a rate.
• You will also get rate alerts and market analysis to help make good choices.

Many UK companies use TORFX when they have to deal with larger transactions. It helps them keep their margin safe when they buy stock from other countries.

For businesses that send much money to other countries often, this can be a good idea.

Who Regulates TORFX?

TORFX is regulated by several official bodies:

• FCA (Financial Conduct Authority) – This is the UK group that watches over financial companies.
• AFS Licence (Australia) – You need this if you want to do business in Australia.
• Financial Services Compensation Scheme (FSCS) – This helps to keep the money of clients safe.

The company follows all anti-money laundering laws. It checks who you are before you use it. There is regular monitoring too. This makes your money safe when you use currency transfers.

What Are the Pros and Cons of Using TORFX?

Here is a quick look at where TORFX can be a good choice, and where it may not be the best option.

Who Should Use TORFX?

TORFX is a great option if:

• You are doing larger transactions. The amounts are over £5,000.
• You care about customer service. You want help when you need it.
• You want to track payments and keep up with them.
• You may buy a property in another country or want to use the money for a business.

TORFX may not be ideal if:

• You are sending smaller amounts that are under £100.
• You want the money to go to a mobile wallet or have it ready as a cash pickup right away.
• You like to use the self-serve platforms like Wise or Revolut.

Money Guides

Helping You Borrow Money at the Right Price

Compare Now

Are There Any Customer Complaints About Large Transfers?

TORFX usually gets good feedback from people. But, there are some who share warnings or feel concerned. This often happens with large transfers. Here are the main things they talk about:

1. Verification Delays

When you send larger transactions, such as £10,000 or more, TORFX has to follow the law and do extra checks. Some people say that this can make the process slower for them.

• You may have to give some extra ID documents.
• They will check where the money is coming from.
• A person will look at the transfer and then say yes or no.

These steps are needed to follow FCA anti-money laundering rules. But, they can make it take more time for your first transfer to go through.

2. Bank Processing Delays

TORFX sends money fast. But sometimes, banks that get the money can slow it down. This can happen in the United States or South Africa. If you send larger amounts, banks may check the payment longer. They want to make sure everything is right before they let the money go through.

Customers will need to wait 1–3 business days for the transfer to go through. It is best to not start a transfer just before weekends or public holidays.

3. Limited Automation

Unlike other apps like Wise or Revolut, TORFX gives you account managers to help. Some people want to do everything with a digital app. They think this is a small downside, especially if you need to send big amounts many times.

4. Exchange Rate Fluctuations

TORFX lets you hold a rate once you agree to it. Some people say that if you wait for too long before you book a market order, you may not get the rates you want. This is not just with TORFX. You should remember this when you make currency transfers.

5. No Weekend Transfers

Customers who want to send a lot of money over the weekend may feel upset. This is because the transfer will not go through outside of business days. TORFX works only during normal working hours. So, if you need your money to get there fast, you should plan ahead.

FAQs About Using TORFX for International Money Transfers

Explore Money Guides

Helping You Borrow Money at the Right Price

Compare Quotes