Pros and Cons
- 50,000 Personal Clients
- Luxurious Expat Awards
- Staff of more than 100 Traders
- Moneyfact’s IMT provider of the year 2016 - 2020
- 9.4 / 10 Rating by Clients
- Fast-Growing Company
- Barclays Bank Accounts
- Industry leading market updates
- New and Improved Website!
- Offices only in UK and Australia
- Smaller Trading Volumes than Top 3 Companies
If you’re having such questions as is TorFX safe? Is TorFX UK and TorFX Australia the same company? Does torfx.com have a good online system? How long has it been in operation? How does TorFX compare with WorldFirst? Which is better XE Vs. TorFX? This TorFX review will help you understand the added value the company has over its competitors, as well as its pitfalls.View Review Rating Summary
Is TorFX Safe?
TorFX UK, official – Tor Currency Exchange Ltd, was founded in 2004. The company is growing steadily in Australia and the UK, transferring over £7.5 billion annually for its clients . The company boasts over 50,000 active clients (with over 325,000 happy clients having utilised TorFX to date) and manages to serve them well, earning it one of the best reputations of 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 may be the best company to consider for your next international currency transfer.
Tor’s strongest point is its 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 have resulted in the company winning the Cornwall Business Award for Best Employer. The dealer staff has more than 100 years of FX experience combined.
MoneyFacts Best Money Transfer Provider 2016-2020
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)
TorFX has been on a constant trajectory of growth since its inception, but that doesn’t mean the customer experience is suffering. The company knows how to build integrity, always maintaining and improving the core service that has fuelled its meteoric rise, with the customer at the heart of everything that it does. TorFX is extremely safe to use.
Accusations of ties with Crown Currency Exchange
It must be noted that TorFX was accused of links with Crown Currency Exchange. A brokerage that collapsed and left clients unhappy. The accusations led to a journalistic overview by Tony Levene from the Guardian, which discovered the two were separate companies and controlled independently but had the same seed funding. The FCA then researched the allegations and maintained TorFX’s license as an authorised payment provider. It has been 9 years since these allegations were raised and there has been no testimony towards any misconduct on TorFX’s behalf since then.
Do Clients Like TorFX? TorFX Reviews from Across The Web
With over 3,400 reviews on TrustPilot, and more than 190 reviews on ReviewCentre, two of the most popular client review platforms in the UK, there are more TorFX money transfer reviews online than almost all Foreign Exchange firms in existence/
The rating on these two platforms is astonishing: 4.8 / 5 (Excellent) on TrustPilot, and 4.5 /5 on ReviewCentre. That means that well over 95% of clients who submitted their reviews recommend the service of Tor FX.
We have also collected nearly 30 client experiences on our site. The majority of these recommend TorFX and report a great experience. In the last year we have seen multiple positive reviews of TorFX with clients enjoying easy transactions to Spain and Canada. Some users have even commented they’re surprised to see negative comments as they’ve been using TorFX for a long period, never encountering any issues.
When we look at the vast majority of the complaints we have collected, they make little sense. The fact that the online system was down or inaccessible to one person, on one specific date, doesn’t mean much. The same applies for a user who complained about a payment which was returned to them for compliance reasoning. Frustrated that TorFX allowed their account to be opened but wouldn’t process a payment to a certain beneficiary. All regulated providers will conduct KYC checks on account opening as well as AML/fraud checks on every payment you make – this security is a positive thing.
The few complaints that gave us concern were clients who responded on our website and we’ve looked to address these with TorFX directly, but in any case we’re talking about a few private cases out of thousands of online testimonials. When agreeing to any FX transfer be sure to understand the spread applied and exactly what costs you’ll incur.
Overall, from everything we read, TorFX’s service is nothing short of exemplary.
XE Vs. TorFX Money Transfer
One of the most popular queries by our readers is how does TorFX money transfer service compares with that of XE.com, the money transfer giant that has recently merged with HiFX and owned by Euronet Worldwide. The answer is that while the two services are pretty much alike in terms of offering and rates, and XE has the size advantage; with the being said – TorFX has demonstrated excellent service for much longer, and has unique circumstances which lead us to think they provide the best service in the industry. If you require high value transfers, we know you can rely on TorFX’s excellent dealer team, while with XE we don’t know enough about their staff to say that. XE vs TorFX is definitely a good comparison and we believe the best way is to sign up with both companies and compare the level of service and exchange rates they are offering at the moment.
WorldFirst Vs. TorFX Money Transfer
WorldFirst is one of our favourite companies in the money transfer space, and it has a really unique offer. As you can see on our WorldFirst review, the company has committed to exchange rates of 0.5% FX margin for all clients (with large volume transfers getting as low as 0.15% spread). That is an offer which is difficult to surpass, but it doesn’t mean a fairly large company like TorFX can’t compete. TorFX rates depend on the volume of your transfer, the currencies involved, the market conditions, and also – competing offers. So they may offer a better rate if you approach them. Additionally, while WorldFirst offers excellent service, TorFX is still our #1 service level choice. Hence, it is worthwhile signing up with both companies (it’s seamless and fast) instead of trying to decide whether to use TorFX vs WorldFirst.
OFX Vs. TorFX
The third comparable company to TorFX we have to write about is OFX.This publicly traded company with 20bn in annual turnover is remarkably larger than TorFX and has provided excellent service for just as long. In other ways, the two companies are pretty similar. Our bottom line is the same as for the two other companies we have compared – TorFX is up to par with all three, and instead of making OFX vs TorFX considerations, simply sign with both and see which one gets you more comfortable and offers a better rate. Particularly if you’re looking to make a large transfer.
TorFX’s Exchange Rate & Fees
Fees: No fees on international transfers at all.
Exchange Rates: With the website’s new design it’s easier than ever to receive a free quote. Just go to the website and enter your email, telephone number, name, and the amounts you want to transfer. You will receive a quote based on these figures directly to your email.
If we look at some of the testimonials, we can read about savings of 2-4% in exchange rates. That means saving 2-4% of the gross total funds exchanged, and represents incredible savings, 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 £2,000 and up over the phone, and between £100 and £25,000 using the online service.
TorFX handles a diverse range of clients, from those who are sending small remittances back home, through property purchasers, to large corporations that move millions between currencies each month.
Global Reach & Service
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.
TorFX is not the most localised foreign exchange firm in the world, with a single office in the UK and a single office in Australia, but it makes up for that with a large team of 100+ dedicated dealers, and international phone numbers.
This is precisely what we would expect from a top-notch company. Local agents everywhere that are ready to step in and assist clients, regardless of where they are in the world, or where they are sending money.
The company handles clients from across the globe as well as the vast majority of currencies in existence. Its 59 currencies handled is almost double the “standard amount” offered by most money transfer firms.
Requesting a call-back and signing up is very easy with the intuitive TorFX website. Since it was revamped in late 2015, it’s been much easier to use and adapts to more devices. Over the years TorFX has been recognised for its first-class customer service on a number of occasions, with the company winning International Money Transfer Provider of the Year and overall Best Customer Service at the 2016-2020 Consumer Moneyfacts Awards.
- Market Orders
- Limit Orders
- Rate Watch
- Forward Contract
- Repatriation of funds as a result of selling overseas properties, including checks
- Regular transfers
- A superb payment system that includes multiple payments
Risk management service for businesses.
Daily updates on the market.
TorFX has quite a complete offering of foreign exchange and payment options. TorFX’s assistance can save a lot of hassle and money and is highly recommended for immigration and expatriation purposes.
Level of advocacy: The company’s dedicated team of currency experts contributes 350+ years of total 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, which was chosen as a top currency blog on our Currency Blog Awards page. All registered clients will receive daily updates by email.
Unlike the previous design of the site, 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, in both Android and iPhone versions.
It’s a vanilla offering when it comes to limit orders and forwards, very similar to other companies, but the business risk management team, and the assistance with opening foreign bank accounts, makes TorFX a cut above the average foreign exchange firm.