TorFX ScreenTorFX are particularly good taking care of customers over the phone or email but using their website isn't the easiest option when compared to OFX or TransferWise.

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.

Given their strong personal service and exchange rates on very large transfers, we've found them to be a very good option when sending more than $100,000.


Everything You'll Need to Know Before Using TorFX

In this review, we’ll cover:

 Pros and Cons

 TorFX fees and charges

Using TorFX: How does it work?

 Final Verdict


TorFX Website



  • Dedicated account managers and personalised service
  • Easy to get an online quote with no obligation to proceed
  • No transfer fees for international currency transfers​



  • Cannot pay via cash or cheque
  • Hard to find answers to basic questions via their website – no FAQ
  • Delays of transfer due to technical or admin issues are rare but can cause a hassle
  • Exchanging currency comes with potential risks – including market fluctuations beyond your control


Related Video: The 2018 TorFX Review


Learn More About TorFX

Go to TorFX site


TorFX fees and charges

1. Transfer Fee   2. Exchange Rate Margin 
TorFX has no hidden charges or direct fees, although, in some cases, fees may be incurred for a foreign exchange contract. Also, a small fixed transaction fee may apply for transactions less than AUD 10,000  (or the foreign equivalent). Even though they may not charge you fees, be aware that the financial institution that holds the recipient’s account may charge a fee to deposit your funds.

TorFX operates local bank accounts in many currencies, which means deposits are usually free of charge when you use online banking.

The minimum online transfer amount is AUD 200, with the maximum up to $25,000 – in over 30 currencies. Depending on where you plan to send it, transfer times are usually within 1 day. Transfers over $25,000 can be discussed with a personal Account Manager, via the TorFX telephone service.

Depending on whether your needs for foreign currency exchange are for business of personal, TorFX has an offer of zero transfer fees for personal exchanges. Their exchange rates can vary but are excellent for larger amounts above $50,000

Alternatively, you can click here and use our exchange rate comparison engine. You can see TorFX exchange rates and compare them to the Big 4 banks and other money transfer companies.

Using TorFX 

Using TorFX: How does it work?

To make a transfer with TorFX, there 3 steps

  1. Set up your account – Thankfully, you only have to do this once. You'll have to register your details like name, address email and provide some identification.
  2. Make your transfer – You'll need to enter the bank account details of the person you are transferring the money to. This is also when you lock in the exchange rate
  3. Pay for your transfer – Before the money is transferred overseas, you'll need to pay for it. All companies offer their bank account details for a direct bank transfer. Most companies offer Bpay and some even allow you to pay using a debit or credit card.

If you would like a more in-depth guide on how it works, click on these guides:

How to Transfer Money to a Bank Account Overseas Using TorFX

How to Receive Money from Overseas Using TorFX

Related Video


Final Verdict

They are particularly useful for individuals doing regular transfers overseas. European expats are often fans of TorFX because of their exchange rates, service and extensive banking network – both in Australia and the UK.

The Currency Shop says:

  • They are particularly useful for European expats and small businesses.
  • TorFX has a minimum transaction size of $250 and do offer competitive exchange rates, particularly for larger amounts of money, above $50,000
  • Use our comparison table to compare foreign exchange rates, fees and services of other providers.

Related Link: Click here to visit the TorFX website 


Learn More About TorFX

Go to TorFX site


Frequently asked questions (FAQs)

TorFX is a British company that is privately owned. In 2008 and 2010, the company was listed in UK’s Sunday Times Virgin Fast Track 100 as one of the UK’s fastest growing private companies.

TorFX are regulated by ASIC. Their Australian Financial Service Licence is 246838. Find more information here.

It all starts with an application to register as a TorFX client – a fairly easy process that involves completing the registration form online or over the phone. Once your personal details have been verified, your account manager calls you to say hello – and asks about your funds transfer needs.

You can decide to trade online or via phone and with  support staff available to answer any questions your might have – 24/7 – it’s convenient and friendly.

Once you arrange your funds transfer, you are asked to pay in the relevant sale currency, then your purchased currency is directed straight to the nominated back account of your recipient.

Currency is usually transferred to the recipient account within 1 to 2 working days, but this timeframe does depend on the currency involved, as well as the country you are sending to. Transfer times are also affected by standard banking cut-off times.

To comply with international anti-money laundering regulations, TorFX only accepts funds from a bank account in your name – a name that must match your account name with TorFX.

Payments from most savings accounts can take up to 3 business days and there must be cleared funds in your account in order for the transfer to be successful.

To transfer funds inside Europe, you must provide a correct IBAN for your transfer. IBAN stands for International Bank Account Number.

TorFX does not charge any direct fees. Although, in some cases, fees may be incurred for a foreign exchange contract. Even though they may not charge you fees, be aware that your recipient’s bank may charge a fee to deposit your funds.

No. You can arrange transfers from credit cards by withdrawing funds from your credit card into another account – and then transferring with TorFX. But be aware that cash advances do attract associated fees. Depending on your credit card provider, you may gain some loyalty reward points but check the reality of the costs involved with your card issuer.




Related Link: Click here to visit the TorFX website


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Helping You Save Money on Currency

Buying travel money or transferring money overseas can be expensive and confusing. So how do you make the best choice and get the most out of your money?

An easy way is to use a comparison table for either international money transfers or currency exchange. These tables list and compare the banks with other large foreign exchange companies.

We’ve also put together tons of helpful videosguides and reviews that will help you make the right decision. You can work out a cheaper way of converting currency while still keeping your money safe.