Learn more about TorFX and whether they are good option for sending money overseas.
The company was established in 2004 to provide foreign exchange and international payments to companies and individuals. Today, TorFX has more than 240 staff working across the globe, including Australia, South Africa, the UK, India, the US, Spain, Portugal and France.
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.
We’re most interested in how safe TorFX is, how they work and when you should use them. In this article, we’ll explore:
How safe and secure is TorFX
TorFX Fees and Charges
How to send or receive money overseas through TorFX
Is TorFX a good option to transfer money overseas?
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
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.
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.
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.
AED, AUD, BHD, BWP, CAD, CHF, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HRK, HUF, ILS, INR, JPY, KES, KGS, KWD, LKR, LTL, MAD, MUR, MXN, NOK, NZD, OMR, PHP, PLN, QAR, RON, RUB, SAR, SEK, SGD, THB, TRY, TTD, UGX, USD, XCD, ZAR
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.
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
Exchanging currency always comes with some potential risks – including market fluctuations beyond your control.
Delays of your transfer due to technical or admin issues are rare but can cause a hassle, so it’s wise to check with your provider to check their time-frame guarantees and customer service support.