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 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.

  1. Register and fill in your personal details online.
  2. You will need to provide your full name, date of birth, address, occupation, email and a contact number.
  3. A TorFX account manager will work with you to complete the registration process.
  4. 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.
  • Receiving bank fees — this is not to say that your Australian bank won't charge you a fee for receiving international funds. You're best to research this before the transfer occurs.

*All details shown above are correct as of November 2017.

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.

Board of foreign exchange rates from AUD to other currencies

TorFX disclaimers

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 £2,000 GBP to AUD

  • With TorFX, you get $3,482 AUD.
  • With ANZ, you get $3,338 AUD  — $144 AUD (4.1%) more expensive.
  • With Commonwealth Bank, you get $3,322 AUD, $160 AUD — $20 (4.6%) more expensive.

Converting £20,000 GBP to AUD

  • With TorFX, you get $34,922 AUD.
  • With ANZ, you get $33,514 AUD — $1,408 AUD (4%) more expensive.
  • With Commonwealth Bank, you get $33,317AUD — $1,606 AUD (4.6%) more expensive.

*All details shown above are correct as of November 2017.

If your sender uses a dedicated money transfer service like TorFX, WorldFirst, TransferWise, OFX, HiFX 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.

Summary

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.

Compare other ways to receive money from overseas

The best deal for you

TransferwiseRead ReviewTotal (AUD)$13,920.02Exchange Rate0.7217Transfer Fees$63.85Transfer Time1-2 DaysLearn MoreTotal (AUD)$13,920.02Rate Updated 05:20AM 14/11/2018GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7217 will cost you $13,920.02 which includes a fee of $63.85

About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review

Pros

  • Clear and transparent exchange rates fees
  • The online experience is first class
  • Like the banks, they are regulated by ASIC and registered with AFSL
  • Constantly bringing out new innovative products

Cons

  • There are currently a number of global currencies they do not currently support
  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers

More trusted money transfer options

Provider Exchange Rate Transfer Fees Transfer TimeTotal (AUD) Rate Updated 05:20AM 14/11/2018
TorFXRead ReviewTotal (AUD)$13,925.80$5.78 more expensive Exchange Rate0.7181 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,925.80$5.78 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7181 will cost you $13,925.80 with no fees.

About TorFX

TorFX are particularly good taking care of customers over the phone but using their website isn't the easiest to use. They don't charge a flat fee which is great but it's important to consider their exchange rates. While, they don't offer fantastic rates for small amounts under $2000 , TorFX offer exceptionally good exchange rates for larger transfers to the UK, New Zealand, South Africa and Europe.

Pros

  • No transfer fees
  • Highly competitive exchange rates
  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
  • Available range of transfer options

Cons

  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better
XERead ReviewTotal (AUD)$13,937.01$16.99 more expensive Exchange Rate0.7175 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,937.01$16.99 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7175 will cost you $13,937.01 with no fees.

About XE

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer. Click here to read the full review

Pros

  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.

Cons

  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.
WorldFirstRead ReviewTotal (AUD)$13,939.81$19.79 more expensive Exchange Rate0.7174 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,939.81$19.79 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7174 will cost you $13,939.81 with no fees.

About World First

World First was founded in 2004 in the UK and has grown rapidly with offices now in the U.S., Canada and throughout Asia. They consistently receive strong customer reviews and in a recent study, 98% of their clients said they would use them again.World First have a strong online offering, particular for businesses selling online. They do provide local support as well with offices in Sydney. Click here to read the full review

Pros

  • Low fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments

Cons

  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available
HIFXRead ReviewTotal (AUD)$13,939.81$19.79 more expensive Exchange Rate0.7174 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,939.81$19.79 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7174 will cost you $13,939.81 with no fees.

About HiFX

HiFX are one of the biggest money transfer companies in the world. Their parent company Euronet is listed on the NASDAQ and recently acquired Xe.com. They are particularly useful for individuals doing regular transfers overseas. HiFX provide competitive exchange rates no matter how much is being transacted. Their $50 minimum transaction size and flat fee makes them a great option for any international payment. Locally, HiFX have Australian offices in Sydney, Melbourne and are expanding to the remaining capital cities. Click here to read the full review

Pros

  • Fantastic bank - beating exchange rates
  • Low fees for transactions less than $10, 000
  • No fees for transactions of $10, 000 or more
  • High security transfers regulated by ASIC and FMA
  • Fast and easy for personal or business accounts

Cons

  • Only electronic bank transfers accepted
  • Limited exotic currencies
WorldRemitRead ReviewTotal (AUD)$13,988.24$68.22 more expensive Exchange Rate0.7151 Transfer Fees$3.99 Transfer Time1-2 DaysGet discounted rate $13,988.24$68.22 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7151 will cost you $13,988.24 which includes a fee of $3.99

About WorldRemit

WorldRemit are particularly good for transfers under $10,000 to destinations across Asia, Africa and South America. Sending money online is significantly easier than using companies like Western Union or Moneygram and their exchange rates and fees are clear and transparent. With 2 million users, WorldRemit has a focus on improving access to remittances for the billions people worldwide who don’t have access to banking. Because of this, WorldRemit has a number of ways to both make and receive transfers. They concentrate on servicing individual needs as opposed to businesses. Click here for the full review

Pros

  • They have a great network in Asia and Africa and number of receiving options like cash-pick up or bank transfer.
  • They are clear about their exchange rates and fees
  • No minimum amount

Cons

  • Maximum transfer sizes for every transfer
  • No support for business customers
  • They are not licensed to provide financial advice.
OFXRead ReviewTotal (AUD)$14,046.92$126.90 more expensive Exchange Rate0.7119 Transfer Fees$0.00 Transfer Time1-3 DaysGet discounted rate $14,046.92$126.90 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7119 will cost you $14,046.92 with no fees.

About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.

Pros

  • Better exchange rates compared to banks
  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service

Cons

  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers
ANZRead ReviewTotal (AUD)$14,388.49$468.47 more expensive Exchange Rate0.6950 Transfer Fees$0.00 Transfer Time1-2 DaysGet discounted rate $14,388.49$468.47 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.6950 will cost you $14,388.49 with no fees.
ANZ International Money Transfer is a secure and fast way to transfer money overseas.

Pros:

  • Fast transfers
  • Safe and secure
  • No fee for transfers under $10 000 via Internet banking

Cons

  • $12 fee for transfers under $10 000 via Internet banking
  • Poor exchange rates
  • 24 hour hotline not available
Commonwealth BankRead ReviewTotal (AUD)$14,687.67$767.65 more expensive Exchange Rate0.6814 Transfer Fees$12.00 Transfer Time1-2 DaysGet discounted rate $14,687.67$767.65 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.6814 will cost you $14,687.67 which includes a fee of $12.00
Commonwealth Bank provides secure and easy transfers to over 200 countries and more than 30 currencies.

Pros:

  • Fast transfers+ Easy transfers
  • Security guarantee covers any losses from unauthorised transactions

Cons

  • $6 fee for transfers under $1000 via Internet banking
  • $12 fee for transfers under $1000 via Internet banking
  • Poor exchange rates