When it comes to receiving money from overseas, TorFX can save you money. Dedicated currency providers like TorFX provide money transfer services at lower fees and better exchange rates than banks or PayPal, so you end up with more 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. They can easily apply for a TorFX account online and it shouldn’t take longer than ten minutes.
Here’s how they 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 Your 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 their EUR bank details.
3. Transfer the Foreign Currency to TorFX
Once you have their bank details, you will have to transfer your foreign currency to them
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.
Learn More About TorFX
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 and can 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 — International money transfers sent to or from an overseas bank may be subject to commissions, fees, and other charges applied by that bank. These are typically deducted by the overseas bank from the funds paid to you..
*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 — the sender can do it 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.
- The person sending the money can speak to a personal account manager who can assist with their transaction.
- They provide dedicated services to both individuals and businesses.
- The sender can make transfers online.
- 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.
Further Information on Sending Money Internationally with TorFX
View 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 guarantees to provide the sender with the best rate.
- They will get 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 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.
- 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.
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.
As an example, here’s how much more you will receive if they send 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, World First, Transferwise, OFX, HiFX or another dedicated 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 — 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.
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