How to Receive Money from Overseas Using TorFX
By the end of this article you should have a much better idea of how to receive an international money transfer with TorFX.
When it comes to receiving money from overseas, TorFX can save you money. But it can be a confusing process if you haven't done it before. Dedicated currency providers like TorFX provide money transfer services at lower fees and better exchange rates than banks or PayPal. This means you can end up with more money in your account.
How to receive money from overseas through TorFX
1. Create a TorFX account
You will need to be a customer of TorFX to use their services. You can easily apply for a TorFX account online and it shouldn’t take longer than ten minutes.
Here’s how you can set one up.
- Register and fill in your personal details online.
- You will need to provide your full name, date of birth, address, occupation, email and a contact number.
- A TorFX account manager will work with you to complete the registration process.
- In some cases you may need to provide additional verification details like proof of address or a passport.
2. Get TorFX receiving bank account details
If you are transferring US dollars back to Australia, you’ll need to get the TorFX US dollar bank details. Likewise, if you are transferring Euros back to Australia, ask for TorFX EUR bank details.
3. Transfer the foreign currency to TorFX
Once you have the TorFX receiving bank details, you can provide these to the person sending you the money from overseas. They will then transfer their foreign currency to TorFX in their country.
4. Receive your Australian Dollars
TorFX will notify you once they have received your foreign currency and you can finalise the transaction and exchange rate over the phone or online. The Australian Dollars are then transferred to your local bank account.
How long it typically takes
Depending on the country you’re receiving money from and the currency the sender is using, funds will normally be deposited into your bank account within 1 – 2 working days. This can sometimes be as fast as the same day.
How much it costs
- TorFX does not normally charge any fees to senders or recipients for money transfers.
Will you have to pay any fees as the receiver?
As the receiver, you may pay receiving bank fees. International money transfers sent to or from an overseas bank may be subject to commissions, fees and other charges applied by your bank. These are typically deducted by the overseas bank from the funds paid to you.
*All details shown above are correct as of August 2020.
Advantages of receiving money from abroad with TorFX
- Creating an account is quick and easy — it can be done online or over the phone.
- Transferring money is a simple and straightforward process.
- They are a large money transfer provider, handling over £3 billion of transfers a year.
- They provide dedicated services to both individuals and businesses.
- Send and receive money in over 60 currencies.
- Much better exchange rates than banks and PayPal.
- TorFX do not charge any fees.
Disadvantages of receiving money internationally with TorFX
- There is a minimum transfer amount of £100 (around $175 AUD) for one-off payments and £500 (around $900 AUD) for recurring payments.
Related video: TorFX review
Additional information for receiving money with TorFX
There are a lot of numbers and information you hear about when it comes to international money transfers. Below there are extra details you might need for receiving money and the things you don't.
TorFX IBAN number
IBAN is an account format used by European banks. Australian banks do not use this format and an IBAN is not required to send money to a bank account in Australia via TorFX. Other parties with an IBAN field on their overseas payment form can simply leave this field blank. This only time you might need this is when you're receiving money from Europe using TorFX.
TorFX routing number
If the other party requests a National Clearing Code, Routing Number, BSB Number or Sort Code, you should use the first six digits (bank and branch codes) of your account number for which you wish to receive the payment into. For example, if the account number is 01-0123-0123456-00 use 010123.
Currency exchange rates for TorFX
- The currency exchange rate the sender will get does vary from moment to moment.
- They will get the up-to-date, dynamic rate when they are booking the transfer.
Further TorFX information from The Currency Shop
- TorFX aims to provide the sender with the best rate.
- Each customer gets a dedicated account manager who can help them with every aspect of their transfer and who will monitor currency markets on their behalf.
- They can fix exchange rates for up to two years in advance for a small fee, using a “forward contract”.
- Limit orders and stop loss orders are also available for sophisticated currency exchange needs.
- TorFX allows the sender to setup regular, recurring overseas payments.
- They send out daily market updates on the current state of the currency exchange marketplace.
To find out more specific information about TorFX, you can refer to our TorFX review.
TorFX does not check payment details.
If payment details are incorrect it may result in an unsuccessful transfer or the wrong account receiving funds. It is pivotal that you provide the correct details to the person making the payment. This will save time for both parties and ensure you receive your payment without any issues.
Why ask the sender to use TorFX, rather than their bank?
You might wonder why your sender wouldn’t send money via their bank instead of a dedicated money transfer provider and the answer is a simple one — cost. These currency exchange specialists are able to give better exchange rates and lower fees than banks, resulting in you receiving more.
For example, here’s how much more you will receive if your sender transfers money via TorFX rather than a couple of popular Australian banks.
Converting £3,000 GBP to AUD
- With TorFX, you get the most money with $5,453 AUD.
- With ANZ you get $5,226 AUD — $229 AUD more expensive.
- With CommBank, you get $5,224 — $231 AUD more expensive.
Converting £30,000 GBP to AUD
- With TorFX, you get the most money $54,530 AUD.
- With ANZ, you get $52,761 AUD — $1,769 more expensive.
- With CommBank, you get $52,237 AUD — $2,293 more expensive.
*All details shown above are correct as of August 2020.
If your sender uses a dedicated money transfer service like TorFX, WorldFirst, TransferWise, OFX or another currency exchange provider, they could save you hundreds of dollars on a transaction. To see how much they could save, get them to take a look at our free online comparison tool.
And that’s it! That is everything you need to know about receiving your money from overseas using TorFX. Here at The Currency Shop, we want to give you the right information to help you and the sender save money and help you make an informed choice for all your currency exchange needs.
The next time you or someone else needs to send money internationally, check how much you can save using our money transfer comparison tool. If you’ve still got questions we’re here to help, so feel free to give us a call on 1800 004 930.