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TorFX Money Transfer Review

Quick FactsPros and Cons
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Established: 2004.


International Clients: ✓ Accepted (Int. Phone Number)


Currencies Offered: 59


Minimum Transfer: £100  (UK) /  €100 (EU) / $100 (USA) / AU$100 (Australia)


Trading via: Online Platform or Telephone.


Offices In: UK, Australia


Regulation: ✓ Financial Conduct Authority (UK), ASIC (Australia)


Fees: No Fees worldwide


Client Reviews: More than 1,500, mainly on TrustPilot.


Client Rating: 9.4 / 10


Website: www.torfx.com

Awards
MoneyFacts Customer Service Award   (2016. 2017)
Cornwall Business Awards – Winner of Winners (2017)
Sunday Times Fasttrack 100 awards, 2nd Place (2008), 23rd Place (2010)
Credit Level 1, Dun & Bradstreet
Best European Currency Broker, Overseas Living Magazine, (2010, 2011)

Our Rating: 93.2%

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Pros

50,000 Personal Clients
Luxurious Expat Awards
Staff of over 100 Traders
9.4 / 10 Rating by Clients
Fast-Growing Company
Barclay’s Bank Accounts
New and Improved Website!

Cons

Offices only in UK and Australia
Mobile App for Android Only
Smaller Trading Volumes than Top 3 Companies


Our Rating: 93.2%

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Company Information and Credibility


Company size:  

Tor Currency Exchange LTD. was founded in 2004. The company is growing steadily in Australia and the UK, demonstrating annual turnover of over £1.2 billion. The company boasts over 50,000 active clients and manages to serve them well, earning them one of the best reputations found among any money transfer company.

TorFX holds no debt and enjoys a perfect Level 1 credit rating by Dun & Bradstreet. TorFX has more than 100 employees and is the largest independent employer in Penzance. With excellent service offered to clients all around the world, TorFX is may be becoming the best company to consider for your next international currency transfer.

Tor’s strongest point is their staff. The company’s UK branch is based in Cornwall. Unique surroundings and a supportive working environment have created a high staff retention rate and resulted in the company winning the Cornwall Business Award for Best Employer.


Regulated By: 

Financial Conduct Authority (UK), ASIC (Australia).


Awards: 

TorFX has won several prestigious industry awards, attesting for the quality of the business, and the services provided to clients:

MoneyFacts Customer Service Award   (2016. 2017)
Cornwall Business Awards – Winner of Winners (2017)
Sunday Times Fasttrack 100 awards, 2nd Place (2008), 23rd Place (2010)
Credit Level 1, Dun & Bradstreet
Best European Currency Broker, Overseas Living Magazine, (2010, 2011)

Conclusion: 

TorFX is growing fast, but that doesn’t mean that the customer experience is suffering. The company knows how to build integrity, always maintaining and improving the core service that has fueled their meteoric rise.

Credibility Rating

 


It must be noted that TorFX was accused of links with Crown Currency Exchange which collapsed and left clients unpleased. The accusations lead a journalistic overview by Tony Levene from the Guardian, which found discovered the two were separate companies with the same seed funding, and the FCA which researched through the allegations maintained TorFX on its authorised status. It’s been  almost 7 years since these allegations were raised and there was no testimony towards any misconduct on TorFX’s behalf since then. 


 

Client Feedback


Research:

With over 1,500 reviews on TrustPilot, and more than 150 reviews on ReviewCentre, two of the most popular client reviews in the UK, there are more TorFX client reviews online than almost any Foreign Exchange firm in existence.

The rating on these two platforms is astonishing: 9.5 / 10 on TrustPilot, and 4.6 /5 on ReviewCentre. That means that well over 95% of clients who submitted their reviews recommend TorFX’s services.


Positive:

The absolute vast majority of review are highly positive, and focus on the following areas:

  • Excellent guidance which leads to saving
  • Superb exchange rates (clients say 2-4% better than banks)
  • Hassle-Free transfer process
  • Quick to arrive transfers
Negative:

Since reviews are so positive, it took us a while to find complaints. The ones we did find were:

  • Specific times where the online system was down
  • Specific scenarios where money didn’t arrive where it was supposed to arrive

Conclusion:

When we analyse the complaints that we discovered, we can’t really take them into consideration. The fact the online system was down or inaccessible to one person, in one specific date, doesn’t mean much. Same goes for complaints about money sent to the wrong destinations – this is one isolated incident, and we don’t know what happened behind the scenes.

Overall, from everything we read, their service is nothing short of exemplary.

User Rating

 


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Exchange Rate & Fees


Research:

Fees: No fees on international transfers at all.

Exchange Rates: With the website’s new design it’s easier than ever before to receive a free quote. Just visit it, leave your email, telephone number, and name, and the amounts you want to transfer. You will receive a quote based on these figures directly to your email.

Like with other commercial money transfer companies – quotes are flexible. The more you transfer, the lower the rate is.

If we look at some of the testimonials, we can read about saving of 2-4% in exchange rates. That means saving 2-4% of the gross total funds exchanged, and represents an incredible saving, especially on larger transfers.

Limits: The minimum transfer amount is £100 which means small remittance payments are definitely possible using their online platform. You can transfer £2000 and up over the phone, and between £50 and £25,000 using their online service.


Conclusion:

TorFX’s clients are extremely happy with the exchange rates that were provided to them in 99% of the cases. There are no fees. TorFX will help individuals and businesses save money compared to banks.  The only downside is a rather high minimal transfer.

Exchange Rates & Fees Rating

Global Reach & Service


Research:

  • Dedicated Dealer: Yes.
  • Offices: UK, Australia.
  • Ways to approach: Email form on the site, Call back form on the site, and International phone number,
  • Translations: Spanish and German online platforms.
  • Accepts clients: Globally.
  • Currencies Handled: 59
  • Client reviews: Extremely happy with all aspects of service.

Conclusion:

TorFX is not the most localised foreign exchange firm in the world, having a single office in the UK and a single office in Australia, but they make up for that with a large team of 100+ dedicated dealers, and 24/7 international phone numbers.

It handles clients from across the globe, as well as the vast majority of currencies in existence. 59 is almost double of the “standard amount” offered by most money transfer firm.

Requesting a callback and signing up is super easy and intuitive with their new website. The site has a refreshed layout since the late 2015, and is now far more intuitive and adapt to more devices. Over the years TorFX has been recognised for its first-class customer service on a number of occasions, with the company recently winning International Money Transfer Provider of the Year and overall Best Customer Service at the 2016 Consumer Moneyfacts awards.

Global Reach Score

Additional Functionalities


Personal:

  • Market Orders.
  • Rate Watch.
  • Limit Orders.
  • Forward Contracts.
  • Assisting in opening bank accounts abroad in countries like Australia, New Zealand, Canada and the USA.
  • Repatriation of funds as a result of selling overseas purposes, including checks.
  • Regular transfers.
  • A superb payment system including multiple payments.

Businesses:

  • Risk management service for businesses.
  • Daily updates on the market.

TorFX offers quite a complete offering of FX options and payment options. The unique value proposition it offers that others don’t is the assistance with opening foreign bank accounts. Their assistance can save a lot of hassle and money, and very recommended for immigration / expatriation purposes.

Level of advocacy: The company’s dedicated team of currency experts contribute 350+ years of experience in managing the diverse foreign exchange requirements of both corporate and private clients.

Additionally: The firm also offers up to date currency updates on its blog, chosen as a top currency blog on our Currency Blog Awards page. All registered clients will be entitled to receive the daily updates directly to their email boxes.


App:

Unlike the previous design of the site which was not friendly at all, the new design is mobile friendly, and very easy to navigate on mobile.

A money transfer app is now available only for UK and Australian clients and only in Android.


Conclusion:

Vanilla offering when it comes to limit orders and forwards, same as other companies would, but the business risk management team, and the help with opening foreign bank accounts, keeps them elevated from the average foreign exchange firm.

Special Features Score

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31 comments

  1. llolyboy82

    took them 2-3 days to transfer a bit less than 2 k to canada… pretty good now i am looking for even quicker service… if not will use again FTW :>

    Posted on November 12, 2014
  2. Adam Lauren

    Transferred money from France to the UK. I felt the service is beyond my expectations, and the dedicated staff was helpful. When I compared their quote with what the banks have offered me, it proved to be money saving.

    Posted on April 30, 2015
  3. Anthony Berry

    Hi
    I spoke to somebody regarding transferring money to the USA, unfortunately i can not find the contact details. Could you please quote me the rate for transferring $3024 to a bank in the USA.
    A.Berry

    Posted on August 20, 2015
    • compare

      Hey Anthony, we at moneytransfercomparison would be happy to assist you, but we’re not the ones you should address. You could click on “Get Free Quote” to get to TorFX’s website, and fill in your details to get a callback. Please do let us know if TorFX helped you transfer at affordable rates, and how much you liked the service. Other company reviews are readily available on our website.

      Take care, Staff.

      Posted on August 20, 2015
  4. Mark Pearce

    I ve used torfx twice in the last 7 years
    sent £48,000 to germany and their rate was £700 better than barclays
    send £39,000 to dubai and £350 better than Coutts

    so when i needed to send £37,000 to eire in euros, they seem the natural choice

    Funds would be there the same day

    made the transfer, but foolishly never asked for a rate to do where i was and time constraints on my part.

    Next day my customer phoned up to query non receipt of funds and also the exchange rate..

    Torfx gave me 1.354

    when i phoned to query they said todays rate was 1.34, an online broker was quoting 1.373 and i phoned my own bank who quoted 1.363

    and also said that yesterday their rate never dropped below 1.36!!

    i asked them why the funds hadn’t been received in Eire and was never given a reply

    asked what happened to the bank beating rates advertised on their website
    reply was if your bank is prepared to do a transaction for virtually no profit what should we better them when we only made £500 from your transaction
    eventually offered me £175 if i remove my review from their website

    i said i wasn’t that cheap and would rather leave it there if it stopped someone else from doing a deal with them.

    FCA regulated but FCA complaints procedure not

    take care and check their offered rate with your bank

    Posted on December 14, 2015
    • compare

      Hello Mark,

      Thank you for sharing your experiences with us.

      This is something that happens quite often – currency firms are giving clients “honeymoon rates” for their first transfer or two, which are lower than the usually rates, and then if the client is not haggling, they widen their spread. We did not expect it from a great company like TorFX which has so many positive reviews. Not only from clients but also within the money transfer affiliation industry. We will be sure to ask them about it, and if we’ll gather more evidence this is something they normally do, it will affect their rating on our website.

      In their defense we can say that making GBP500 on a 37,000 transfer represents a markup of just below 1.5%. Definitely not a good markup, but not every different from the markup you’ll get with other companies without speaking to them and negotiating. This markup is usually represent a saving of at least 30% in comparison to banks, that won’t go below the 2% mark so easy for an individual.

      It must also be stated that for the time being we are keeping our review with the same rating and level of recommendation, but of course keeping this comment live and seeking for similar cases on forums, client rating platforms, or via speaking directly with clients. Thanks for the time you took to compile your review and I’m hoping my reply was satisfactory.

      MoneyTransferComparsion – Staff

      Posted on December 14, 2015
  5. Safiq Khan

    I have used TorFx to trnafer money to my son in New Zealand and I have found they are the most competitive, reliable and committed to the schedule.
    Most importantly their customer service peronnels are in Australia and provide an excellent top of the class service .

    Monique is an excellent customer service agent

    Posted on December 19, 2015
    • compare

      Thank you Safiq for your feedback. TorFX indeed show excellent satisfaction with clients.

      Posted on December 23, 2015
  6. richard

    I had a quote from Torfx for a large transaction over 100k. Foolishly I checked with other currency companies and found I could get far better rates.
    I told Torfx that I could get better elsewhere and would not be using them, they advised the verbal agreement with them is legally binding and i have no choice.
    I am very annoyed as I have used them several times and on this occasion I feel I have been completely shafted. They made no efforts to resolve the matter just threats of legal action if i do not go ahead with the transaction.

    Posted on May 4, 2016
    • compare

      Richard, thank you so much for your feedback.
      Very disappointing to hear the quote was sub-par in comparison to other companies, and that did not try to make amends with you.

      I would like to clarify a bit more about how the money transfer process works to explain what I believe happened here.

      A large percentage of the bigger trades (100,000) are sealed over the phone. As they told you, if you give any transfer a go verbally, it is 100% legally binding.
      The reason is that the transfer gets into process immediately after your confirmation , before you have funded it, even. In order for TorFX or any other company to stay profitable, they need to either have large foreign currency reserves, or buy the currency on-the-spot from the bank, on the current interbank spot-price rate. If they WAIT until you funded the transfer, the rates could go against them, and their income would be extremely volatile. It will also open up a window of opportunities for the client to fund the transfer whenever the rate is optimal (for him) within these 3-5 days … So, TorFX, as any other company on the market, executes trades promptly after they have been confirmed via telephone.

      The thing is that confirming a trade should be a very clear process. The dealer should ask you directly whether you want to execute for this price. It’s a VERY different thing from being quoted to a certain price. You can ask the trader to play a recording on the conversation to you, and it is reasonable to believe you have indeed confirmed it… Tor Currency have been in the business for eternities, they are very experienced and (seemingly) very professional.


      How to avoid such mishaps in the future?

      1. Be cautious during phone conversations and avoid confirming trades you are not 100% positive about.
      2. Ask for the trader to apply the rates on the online system and that you would confirm it there whenever you like it (he will apply the MARGIN that was agreed with you, so the quote will change with the currency fluctuations).
      3. When you speak to the dealer over the phone with the hope of haggling the price down, tell him you are shopping around! and that you are looking for a rate that you can compare to money transfer company X.

      I would be extremely pleased if you could supply some additional data about your case:

      — Was it communicated to you when you spoke to the dealer that confirming the quote verbally is legally binding?
      — Would you say that they used any pushy selling tactics when they quoted you?
      — What’s the quote you were offered with, and what was the official rate at the moment.
      — Which other companies have you been in contact with, and how much did they quote you (and what was the official rate at the moment).

      Normally, I would have approached my contact at these companies to ask them to chime in and resolve the issue, but verbal agreements are a very sensitive topic and no company would give you any slack about them, unless you are confident you have not approved the trade.

      Hope this will prove to be helpful. We appreciate your feedback very much, and if we will hear repeating complaints about this topic with TorFX we shall downgrade their score, plain and simple.

      Posted on May 5, 2016
  7. michael

    dreadful service unhelpful account manger unresponsive the website crashed several times scary when they are dealing with your money..decided to use transferwise much better and worked quickly and with good customer care.. avoid tor fx bit like a dart board hit or miss!!

    Posted on May 17, 2016
    • compare

      Micheal thank you so much for your feedback. That’s upsetting to hear. So far the reviews of TorFX have been glowingly positive and your comment and the one above it are the first really negative comments we heard about the company. We would be extremely pleased if you could provide more details about the transaction, who is the account manager who was assigned to you, and any other concrete detail we can use to approach TorFX and ask them about it.

      Obviously it is difficult for us to weigh in 2 negative responses about Tor Currency in comparison to hundreds of positive ones you can discover online, so we really want to delve into it and speak to them directly.

      Thanks!

      Posted on May 17, 2016
  8. HL

    I transfer funds quite frequently, usually in the order of $12-$20K per contract, and have used other FX firms previously.

    I have made just a single transfer with TORFX, and found that the spread is far more favorable than other providers, although this could be a function of a “honeymoon” rate. I have found that funds transferred through TORFX do seem take longer to reach the beneficiary than other FX companies.

    I have found the customer service to be excellent, and I especially like having a dedicated account manager rather than whoever happens to be sitting at the trading desk.

    All in all, I would use them again, and would recommend them based on the favorable spread. Due to the slightly longer time to transfer, they do require a bit of planning, and I probably wouldn’t want to send time sensitive payments using this platform.

    Posted on September 29, 2016
    • compare

      Thank you for your feedback HL. Truly detailed and helpful.
      We believe that the rates will remain favorable, based on our experience.
      If you see that the spread is widening for some reason, you can always call them up and discuss that.

      The payment’s timing to reach its destination really depends on when you sent it (which day, and what time), and between which countries.
      Based on our experience with them, it should not take more than 24h between a trade is funded, to the time it should reach its destination.
      According to what we know – since all FX companies rely on banks to make the actual payments, their timing is somewhat similar.
      In fact, all the large foreign exchange companies use the exact same banking partners. If your experience says otherwise please let us know.

      Thanks again for the helpful review.

      Posted on September 29, 2016
      • HL

        I’ve executed a number of further trades with TorFX both online and via telephone. Their spread remains highly favorable.

        I’m still experiencing some volatility in the length of time funds reach beneficiary accounts. As you said sometimes it’s around a day, and sometimes as long as 3 business days – perhaps a quirk of time zones and when receiving banks do their batching?

        Still all in all I continue to highly recommend this platform.

        Posted on January 31, 2017
  9. Clive Monk

    The exchange rate given by Torfx was extremely poor, giving them almost 5% on the market rate. If I had known I would have used ofx and saved myself hundreds of pounds.

    Posted on September 29, 2016
    • compare

      Thank you Clive for your feedback. We have been referring clients over to TorFX for some time and we have never witnessed a 5% margin with any deal.
      Not even smallish deals using very exotic currencies. We would like to verify your claim with TorFX. Could you add your details here as a comment or contact us via the About Us page? That would be very much appreciated. We definitely aim to feature the best companies and reading through hundreds of feedbacks and testing the platform ourselves, we have concluded TorFX offer excellent margins.

      Posted on October 1, 2016
  10. Ayodele Olusola

    Does Torfx extend its services to Nigeria , one of the African countries ? When I went through the countries you are operating, I couldn’t locate my country Nigeria . In your reply, let me know if I can transfer money from USA to my account in Nigeria .

    Posted on October 9, 2016
    • compare

      Hi Ayodele, I am afraid they do not send money to Nigeria. Sorry! Nigeria is very problematic, as you probably know. Most companies do not wish to handle this country due to the high amounts of fraud. You can try Azimo and other more remittances oriented services who do handle NGN. Cheers.

      Posted on October 13, 2016
  11. Andy

    Had an account with them some time but only used it sporadically for small sums in past years. Then made one large transaction recently and quickly realised that the firm had taken great strides on procedures and building customer confidence. I was helped with advice all the way by Adam including discussions on exchange rate trends and got the confidence that he was always on the ball. Made the transfer and the money was in my account the next day. Absolute reliable confidence-inspiring service. Recommended.

    Posted on October 28, 2016
    • compare

      Thank you Andy, we appreciate the great, detailed, feedback. Could you share more details about your transfer and the kind of rates you were getting?

      Posted on October 31, 2016
  12. Mary Joy Parducho

    We use torfx and transfer money in philippines last nov 1 but until now the money sent hasnt arrive and i need it today…. should have use other cimpanies if i had known it will take time here.

    Posted on November 4, 2016
    • compare

      Thank you for your valuable feedback. From our experience with TorFX they are very prompt. When was the transfer actually funded? Was it booked on Nov 1 but funded later on? That can explain it.
      Also, please bear in mind Philippines usually take longer than destinations like Europe, North America or Australia because of higher risk/fraud associated with the region.

      Posted on November 5, 2016
  13. Toshi

    Hi there I have a question, do you have anyway to send money from india to uk and receive same day?

    Posted on January 8, 2017
    • Compare - MTC Admin

      The “same-day” receiving will depend on the timing in which you booked the transfer and funded it, and time differences between UK and India.
      If you have booked the transfer and funded it instantly (say via debit card, if it a small online transfer via TorFX) at time where both UK and Indians banks are open,
      you may receive it on the same day (but you need to call them up and ask them).

      Currency transfer services like TorFX aren’t speed-oriented, Toshi. It’s all about the saving.

      Posted on January 9, 2017
  14. Buletin Elezi

    Do not trust TorFX. Avoid.

    TorFX promised they would beat bank rate but in reality I ended up paying more. Italian bank charges 1% and TorFX promised to charge 0.5% spread on a €200k transaction. Transferred EUR into TorFX client account and to my surprise TorFX quoted rate with a 2% spread vs market rate. A complete rip off. This was just after the elections on 8th June and to avoid further market volatility I reluctantly agreed to convert at a worse rate of 2% charge than having to send EUR back to Italian bank and resend back to UK via the Italian bank.

    Queried why 0.5% was quoted and 2% was charged. TorFX response -“market has been extremely volatile over the past few days primarily due to political uncertainties and we have been quoting the best rates that we can from the market”. Clearly not answering the question. When prompted that I’m not querying the market rate but the spread ToX quoted (0.5%) and charged (2%). No explanations.

    Posted on June 19, 2017
    • Compare - MTC Admin

      I am in contact with Mr. Elezi and speaking to industry expert to understand whether TorFX have actually done something which is morally wrong or that the market volatility that day indeed forced them to widen their margin. What I can say for now is that I believe TorFX have not breached any contract, because the deal wasn’t booked until Mr. Elezi’s confirmation of it based on a 2% margin.

      Posted on July 20, 2017
  15. Alfonso Salazar

    Be careful. I joined Torfx because I wanted to transfer my savings from NZ to Philippines. I just started a new job here and I didn’t want to lose money in the currency exchange doing the transfer directly through my bank. ISSUE 1 – The agent didn’t send me a quote or gave me an estimate about what was the exchange rate. In XE.com NZ$ to PHP was at 1 to 37.74 and they gave me 36.73. If I would have known this was the exchange rate I would have done the transfer directly to my bank in Philippines. Too bad for me to trust them that they were doing better than that. ISSUE 2 – The Agent didn’t advise me that if you transfer more than a certain amount it is a “High Risk Transaction” due to money laundry policies so your money will be put “on hold” until you proof that you didn’t get your money illegally. So I had to proof them sending my bank statements that I got my savings working legally but really it was a hustle because I had to explain every thing in the statement. Bad customer experience again. I thought they had their own way of checking that instead of asking me. ISSUE 3 – They called me several times to verify my bank details, amount, etc.. but every time they called me I had to verify my data birth etc.. It was annoying after the first time. ISSUE 4 – Timing was an issue as I had to wait 10 days until I got all the things verified and my transaction got submitted to my bank in Philippines. ISSUE 5 – As I really need my saving to pay my expenses here and there was a lot of delay I asked if they could just send my money back to my NZ bank and they told me that there is a fee for doing that. Great response. At least you could say sorry for not telling you all of these issues when you want to transfer money and apologize. Not a good experience but I haven’t tried any other exchange company so hope not all of them are like this one and communicate clearly all the important things that the customer should know before transferring the funds to them.

    Posted on July 26, 2017
    • Compare - MTC Admin

      Thank you for your comment. Some of the issues you raised will be shared with every other regulated broker. For instance having to verify your DOB each time you are giving orders on the phone – this is just to protect your own data. They are obligated to follow a certain identification procedure (required by law, that is). Same goes for their requirements to get identification proofs for Anti Money Laundering Laws. Again, to comply with the law they have to go through those specific procedures, else why would they make it more difficult for you to initiate a transfer? Same procedures over at XE.com (which is a HiFX white label).

      Regarding the rates – are you certain you have compared the rates correctly at exactly the same time? Rates tend to fluctuate, so if there has been a few hours in between there could be errors. In any case we will look into it. Cheers.

      Posted on July 26, 2017
  16. Karu

    Alfonso Salazar –
    I read the comments made by him.
    There are rules against money laundering.
    Can’t this issue be sorted out before the customer makes commitments? i.e.Checking the documentary evidence by TORFX for source of funds?

    Posted on July 27, 2017
    • Compare - MTC Admin

      Absolutely. They do need to know what’s your inquiry before asking for documents, so it makes sense they would ask for that after filling out their lead form, right?

      Posted on July 28, 2017

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