Is TorFX safe? [AU]

TorFX is a specialist currency broker, offering international payments and currency risk management solutions to individuals and businesses. If you’re considering using TorFX for an international transfer, you probably have one question on your mind: is TorFX trustworthy? This guide covers all you need to know.

Quick Summary

  • International transfer and currency services available via brokers
  • TorFX holds an Australian Financial Services (AFS) license
  • Account verification, security questions and password required
  • Regulated business services with award winning customer service
  • TorFX holds the highest possible credit rating with Dunn & Bradstreet

Is TorFX safe?

Sending money with TorFX is safe. We’ll move into the details of exactly how TorFX keeps customers and their money safe in just a moment. First, let’s start with an overview of some key facts and figures about TorFX:

Regulators: Licensed and regulated by ASIC and AUSTRAC, and other global regulators as required by law

Established in: 2004

Customer numbers: 325,000

Volume of transfers: 6 billion AUD/year

TorFX is regulated by the Australian Securities and Investment Commission (ASIC) and holds an AFS license. It’s also regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC).

Additionally, companies like TorFX need to be licensed and regulated according to local laws in any other country in which they operate. Examples include the FCA in the UK, FINTRAC in Canada, or the Bank of Spain.

How is TorFX regulated?

Tor Currency Exchange Ltd, trading as TorFX, is a registered business in Australia and holds an AFS license. Under the Anti-Money Laundering and Counter Terrorism Financing Act TorFX is regulated by AUSTRAC. It’s also a member of the Australian Financial Complaints Authority (AFCA).

TorFX brokers are able to offer general advice to customers about the products and services they offer. This advice is about the way products work, or the options available, rather than being specific, personal financial advice.

TorFX must also be overseen by global regulators in the other countries it works in around the world. Global financial services companies have to comply with a broad range of rules around the processes they use to keep customers safe, how they train their staff, and how much capital they must retain in order to protect customers in case they run into financial difficulties. All in all, these rules make it safe for customers to use regulated financial service companies, even for complex or high value transactions.

Is TorFX safer than traditional banks?

TorFX is licensed in a slightly different way to regular banks – but it’s a safe company to use for international money transfers. Using a specialist service like TorFX can also mean you get a better range of currency management products and a better exchange rate when you convert currencies.

Customer reviews on Trustpilot

It’s safe to say that TorFX customers leave pretty enthusiastic reviews on Trustpilot, pulling in a near perfect review score. Here’s a summary of what they say about TorFX:

Provider Number of reviews Score (out of 5) Rating
TorFX 4,000+ 4.9 Excellent

Where customers have left negative reviews for TorFX, a common theme is that TorFX account managers have requested additional documents for security and legal compliance reasons. This has caused payments to be delayed, and meant that the customer’s account is locked until verification checks have taken place. While that can be deeply frustrating, especially when high value payments are involved, TorFX will take these steps to ensure customers are ultimately kept safe, and to comply with law. A bank would likely have to do the same.

TorFX security measures

TorFX takes steps to keep customers safe. There are stringent verification procedures in place to make sure customer accounts and transactions are secure. It’s useful to know that TorFX holds the highest possible level of creditworthiness through a top credit rating agency. That means there’s minimal risk of any problems arising with your funds or payment.

When you set up your account you’ll need to take a variety of security steps including verification, confirmation of your phone number and setting a password and security questions.

Is TorFX legit?

TorFX is a large global organisation, managing extremely high volumes of payments and currency risk management products. Services are offered online, but also through dedicated brokers, which means you can always talk to someone if you have questions.

Many TorFX customers are businesses and individuals sending high value payments – they trust TorFX’s strong reputation, which is backed by their high credit rating.

Is TorFX safe to transfer money?

TorFX is a safe provider to trust with your international payments. Once your payment has been arranged, you’ll send the money to TorFX, and in most cases they’ll pass it on to the recipient immediately.

Is TorFX safe for large amounts?

Sending a large amount with TorFX is safe.

TorFX has a maximum online transfer amount of 50,000 USD for private clients. There’s no upper limit on how much you can transfer by phone and many customers use TorFX for high value transfers for themselves or their businesses. Offering high value payments by phone only means a broker is able to go through thorough verification checks prior to the payment being processed.

The verification processes in place vary based on both local laws and the laws in the destination country. That means you may need to provide additional documents, even if you’ve been through verification steps already with TorFX. Understanding in advance what paperwork may be required can help the process move more smoothly, and avoid any unnecessary delays in getting your money moving.

Is TorFX business account safe?

Sending a business payment with TorFX is safe, and can mean you pay less in fees compared with using your regular bank.

Can you get scammed on TorFX?

Criminals do prey on victims through a range of financial service providers – meaning it’s possible you’ll get scammed on TorFX, just as it is possible a fraudster may target you via your regular bank account. However, staying safe from fraud will usually only take a few simple steps. TorFX recommend that customers think carefully before sending a payment, and consider questions like:

  • Can I prove the recipient is who they say they are?
  • Why does that person suddenly need money? Is it a genuine request?
  • Why do I need to send money to release a bigger payment?
  • Why am I being asked to pay a tax I’ve never heard of?

Can I avoid falling victim to fraud?

Taking simple precautions is all you usually need to prevent fraud and avoid scams. Take a few moments to consider and challenge if you’re asked to send money or hand over personal data – if you’re being pressured to act fast that’s a red flag. Anyone who is making a genuine payment request will be able to provide you with proof of their identity if you have doubts, and give a full explanation of what you need to pay and why.

If you think you’ve been the victim of fraud, contact your local police and report the issue to TorFX.

Is your personal data safe on TorFX?

TorFX is committed to keeping customer personal data safe by complying with the Australian Privacy Principles covered in the Privacy Act. There’s a thorough privacy policy available which covers all the details of how information may be collected and used, and which types of data collection or use can be prevented by customers.

In broad terms, TorFX collects data directly from customers, from third parties like verification agencies, and through technological means – such as collecting user IP addresses. This customer information is used in a variety of ways, including:

  • To process payments and manage your account
  • To comply with all relevant legislation
  • To communicate with customers
  • To market new services to customers
  • To improve service provision

This type of data collection and use is pretty standard – most banks and financial service providers will do roughly the same.

What personal data does TorFX collect?

Let’s look at a few of the types of data TorFX might collect:

  • Contact information – your name, address, email
  • Financial information – your bank and card details, credit checks
  • Verification information – your government issued ID and proof of address
  • Information about your recipient – their bank details and name
  • Technological information – your IP address, browser and device type

Depending on how you set up your account and the services you need to access, TorFX may collect additional personal data. For example, background checks must be carried out to open some account types, and users who connect with TorFX through social media may give permission for TorFX to access their contacts.

Any customer data collected by TorFX is held for as long as legally and practically required. This can mean your data is retained for 5 – 7 years after you close your TorFX account.

How to get started on TorFX?

Open a TorFX account online, in the TorFX app, or by calling their customer service team. Here’s how to create an account online:

  1. Open the TorFX desktop site or app
  2. Select Open an Account
  3. Confirm if you want a business or personal account
  4. Enter your email address and create a password for security
  5. Follow the onscreen prompts to enter your personal information including phone number
  6. You’ll receive a PIN by SMS, enter this to proceed
  7. Confirm your identity – a verification process may be required
  8. Review all the details and you’re done

The exact verification steps required will depend on the type of account you’re opening. In most cases you’ll need to provide government issued photo ID to prove your identity, and in some cases proof of address is also required. The TorFX team will talk you through any documents they need to see to make sure the process goes smoothly.

Conclusion

TorFX is regulated in Australia by ASIC and AUSTRAC, and also covered by authorities overseas including the FCA and the Bank of Spain. There’s a personal broker service which means that customers can always talk through high value transactions or complex currency risk management products in advance.

TorFX holds the highest available credit rating with credit agency Dun & Bradstreet, and follows a range of security protocols to ensure that sending payments is safe for customers.

By Ileana Ionescu Updated February 11th, 2022