TorFX Review: Bespoke International Money Transfers

By 
Russell Gous
Last Edited Jul 24, 2024

Should I Use TorFX?

Pros:

  • Experienced and Professional Staff (100+ Traders),
  • Strong Corporate FX Desk
  • Many Industry Awards (MoneyFacts IMT Provider of The Year)
  • Barclays Bank Accounts
  • Very Experienced in Money Transfers for Immigration, Property and Relocation
  • Highly Positive Experience Reported by Clients
  • Fast-Growing Company
  • Industry-Leading Market Updates
  • Expertise in Australia-NZ-UK-EU Transfers (With Local Offices)

Cons:

  • Geared Towards Clients with Large-Sum Requirements
  • Mobile App Can be Laggy

Services Offered by TorFX

Transfer Money Abroad to a Bank Account  + 6

Official Website:

Our Opinion

Having met, and used, many money transfer firms ourselves over the past decade, we can confidently say that TorFX is among the friendliest in the industry. Their unique location in Cornwall contributes to a high staff retention rate and, like us, you should have the opportunity to establish a strong rapport with your personal account manager. This makes TorFX an excellent choice for businesses and individuals with regular transfer needs. TorFX exudes a charming, old-fashioned vibe, underpinned by award-winning customer service centred on genuine relationships and care for their clients. Such an approach becomes particularly beneficial when transferring large sums overseas, ensuring that you can directly contact a dedicated staff member.

Click here to visit TorFX.

Overall rating93.4%
  • star-100
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Updated on Aug 27, 2023
Aggregated User Votes
thumbs-up4565
thumbs-down166

Current Rates?

🏆 17 Industry Awards (2010-2021)

Where is TorFX Available?

Is TorFX Safe? Is TorFX Reliable?

Regulated by: Financial Conduct Authority (UK) ASIC (Australia)
Company Size

TorFX UK, officially– Tor Currency Exchange Ltd, was founded in 2004. Having traded now for nearly 20 years, the company continues to grow steadily in both the UK and Australia, and their group transfers over £10 billion in foreign exchange every year. The group boasts over 50,000 active clients (with over 425,000 happy clients having used them to date) and manages to serve them well, earning one of the best reputations of any money transfer company in the industry.

TorFX holds no debt and enjoys a perfect Level 1 credit rating by Dun & Bradstreet. Its business model is low risk and they never speculate on the currency markets. When you book a trade with TorFX, the firm simply enters into the exact same trade with their banking partner. Due to buying currency at wholesale rates from the banks, TorFX is able to offer clients a significantly better rate than if they approached a bank directly. The only exception to this being large corporations who can negotiate a good rate amongst both dedicated providers and banks.

Tor’s strongest point is its staff. Unlike the majority of UK currency brokers who are based in London, the company’s UK branch is 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. With over 100 employees, TorFX is the largest independent employer in Penzance, and the dealer staff has more than 100 years of FX experience combined. Now in 2023, the firm has been safely assisting clients to move their money overseas for nineteen years straight, always adhering to strict money laundering and compliance obligations.

Awards

Good Money, Best Currency Forward Contract (2023)

MoneyFacts, Highly Commended Best Business FX Award (2022, 2023)

MoneyFacts, Best International Money Transfer Provider (2016, 2017, 2018, 2019, 2020, 2021, 2022)

MoneyFacts, Customer Service Award (2016, 2017, 2019, 2020, 2021, 2022)

Cornwall Business Awards, Winner of Winners (2017)

Overseas Living Magazine, Best European Currency Broker (2010, 2011)

Sunday Times Fasttrack 100 Awards, 2nd Place (2008), 23rd Place (2010)

Credit Level 1, Dun & Bradstreet

Conclusion

TorFX has been on a continuous and steady trajectory of growth since inception and now employs over 100 members of staff. It has a strong balance sheet and has the highest credit rating possible from the commercial analytics company Dun & Bradstreet.

With a track record of nearly 20 years and an excellent level of service offered to clients all around the world, TorFX has regularly demonstrated its ability to conduct money transfers safely and efficiently. What’s more, their personal touch ensures that customers can make the transfer stress free and get in touch with a real human should they need it. The company has built a high level of integrity by continuing to deliver on its services, and always being approachable to clients.

The company is also one of the most transparent when it comes to its FCA obligations and the security of client funds. Their page is easy to digest, explains scenarios when money is safeguarded and when it is not, and even directs users to the FCA, where further detail is provided.

All things considered, TorFX has demonstrated it is a safe and reliable money transfer provider for longer than 95% of existing incumbents on the market.

92% Credibility Score.

TorFX FAQ & Review Overview

About this Review & FAQs

This TorFX review of Tor Currency Exchange Limited (or Tor Currency Exchange Limited PTY in Australia) explains all the details involving the company’s international money transfer and business fx services. We will delve deep into the safety, security and reputation of TorFX and will look into how the company compares with its direct competitors (we will be comparing TorFX vs XE Money Transfer, TorFX vs WorldFirst, TorFX vs OFX and TorFX vs Wise).

Tor FX Review FAQ

+ Who is TorFX?

TorFX is a UK-based company with offices in Australia, which was established in 2004, and boasts a perfect credit score from Dun and Bradstreet, as well as more than 50,000 active clients - corporate and private. It is not a massively sized currency broker but it prides itself in providing an exemplary service.

+ Is TorFX well regulated?

Yes.TorFX is an authorised payment service by the Financial Conduct Authority, and ASIC.

+ How does the process work?

The process is simple and efficient. Sign up with TorFX through our Get Quote button, get a quote for the transfer you're interested in making, approve the quote and fund the transfer through a bank transfer to a bank account in your name on behalf of TorFX (which cannot be used for any other purpose than making this payment), and enjoy your grand saving against banks and competitors.

+ Can you fund your international transfer through a debit card?

Yes, but fees will be higher, and hence it's recommended to fund transfers through a domestic bank transfer (in your own currency).

+ How do I book a transfer?

After signing up and being assigned with your own currency trader, you could book the transfer via phone, email or online (through TorFX Online or TorFX app).

+ Does TorFX offer hedging tools such as Forward Contracts?

Yes, as well as many other FX hedging tools. It offers them for both private and business clients.

+ Are there transfer limits with TorFX?

Minimum amount is £100 (or 100 euro, dollar, Australian dollar, Canadian dollar, etc.) and there is no upper limit. Large corporations use the service to transfer millions each year.

+ Can I get a free money transfer quote from TorFX?

Yes, click here.

+ Does Tor Currency have relations with collapsed firm 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 11 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

Research

With over 6,800 reviews on TrustPilot, and more than 190 reviews on ReviewCentre, two of the most popular client review platforms in the UK, there is a more than large enough sample to make a genuine assessment about TorFX based on what existing clients have had to say.

The rating on these two platforms is superb: 4.9 / 5 (Excellent) on TrustPilot, and 4.5 / 5 on ReviewCentre, one of the best review scores in the industry. Over 97% of clients who submitted their reviews online recommend the service of TorFX. Two other money transfer firms receive a 4.9 / 5 rating on Trustpilot: Currencies Direct from an impressive 9,500+ reviews, making them our no.1 rated provider on MoneyTransferComparison, and Currency Solutions, but their score is based on 2,500 reviews – a significantly smaller sample than TorFX.

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.

Advantages +7
The absolute vast majority of TorFX client reviews are highly positive, and focus on the following areas:
  • Excellent guidance that leads to savings
  • Superb exchange rates (clients say 2-4% better than banks)
  • Hassle-free transfer process
  • Quick to arrive transfers
  • Reassurance of a real person on the phone
  • Professional and friendly service
  • Stress free experience
Disadvantages -2
Since the reviews are so positive, it took us a while to find complaints. The ones we did find were as follows:
  • Complaints that payment was returned due to AML
  • Delays to Payments”

 

Conclusion

When we look at the majority of TorFX reviews which were negative, they were around compliance checks and payments not being made for AML purposes. Some users have complained about payments which were returned to them for compliance reasons – they were 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 that is made – this security is a positive thing. Other users were required to send through more documentation (e.g. an invoice or proof of payment) in order for their tranfer to be processed and this caused a delay of multiple days. The toing and froing of having this documentation requested, getting it from elsewhere and sharing it with the payment provider can be frustrating but as an FCA authorised firm, TorFX is certainly not alone with this type of criticism.

The few complaints that gave us concern were clients who responded on our website. We’ve looked to address these issues directly with TorFX..  Before agreeing to any FX transfer, be sure to understand the FX spread applied and exactly what costs you’ll incur. If you aren’t happy with the FX spread, compare it with other money transfer companies and get an idea of whether the rate would be better or worse elsewhere.

In any case, we’re talking about a small proportion of complaints out of thousands of positive online testimonials. Through our detailed analysis, we can’t see any other company which is as highly praised for the staff’s ability to make their customers feel at ease and ensure a stress free experience. With the best TrustPilot rating in the industry, it’s fair to say the overwhelming majority of TorFX clients are left feeling extremely happy. Overall, from everything we read, TorFX’s service is nothing short of exemplary.

98% Client Feedback Score.

TorFX vs Competitors?

TorFX vs XE Money Transfer

One of the most popular queries by our readers is how does the TorFX money transfer service compare with that of XE.com, the FX giant that merged with HiFX and is 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, 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. They brought over some experienced FX dealers through the HiFX merger but XE Money Transfer prefers to direct its customers, particularly private clients, to their online platform. Only business customers wanting to trade options with XE will be appointed a dealer. TorFX is much more suited to those wanting to trade by telephone with an account manager they can build a relationship with. i XE vs TorFX is definitely a good comparison and we believe the best way to compare is to sign up with both companies and see the level of service and exchange rates they are offering at the moment for yourself.

TorFX vs WorldFirst (Business Transfers)

The first major difference to be highlighted is that WorldFirst is only available to businesses – private clients will have no interest in this comparison as WorldFirst ceased its private client business in early 2021. As you can see on our WorldFirst review, the company has committed to exchange rates of no more than a 0.75% FX margin for all clients (with large volume transfers potentially getting a lower spread). It’s a good offering for smaller transfers but it doesn’t mean a fairly large company like TorFX can’t compete, especially when sending larger volumes.

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 tight spreads, TorFX is still our #1 choice for customer service.  You have to factor in that with guidance from TorFX, you may time your transfer better and achieve a better rate. 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 on reviews alone. Finally, it’s well worth highlighting the TorFX rate guarantee – if you can prove you’ve achieved a better exchange rate elsewhere for exactly the same trade, TorFX will match the rate.

TorFX vs OFX

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. Headquartered in Australia, it competes with TorFX Australia as one of the leading money transfer providers down under.

In many 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 but potentially offers the best customer service of all..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 vs Wise (TransferWise)

The comparison between Wise vs TorFX is quite distinct since the two firms occupy different niches in the money transfer industry. TorFX prioritises service and the establishment of a personal relationship with your account manager, while Wise is a wholly online service. Businesses and individuals who transfer large sums might gravitate towards TorFX, especially if they’re looking to leverage currency hedging tools such as forward contracts. Naturally, when transferring substantial amounts, having a dedicated account manager can be advantageous, particularly if any issues arise with the payment.

On the other hand, although Wise doesn’t assign dedicated dealers to clients, it uses a fixed fee structure based on the currencies being converted. For those sending smaller amounts, Wise often offers some of the most competitive fees in the market. The choice between Wise vs TorFX largely hinges on individual needs. Given the distinct services provided by each company, our money transfer reviews should give you a comprehensive impression of both. In this case, it might not be necessary to register with both entities.

TorFX’s Exchange Rate & Fees

Research

Fees:  No fees on international transfers at all.

Exchange Rates:

With the website’s simple interface it’s easier than ever to receive a free quote. Just go to the website and enter your email, telephone number, name, and the amount you would like to transfer. You will receive a quote based on these figures directly to your email.

We’ve analysed the testimonials, and we can see that many clients reported savings of between 2-4% in exchange rates, compared to banks. That means saving 2-4% of the gross total funds exchanged, and represents significant savings, especially on larger transfers.

TorFX also has an exchange rate guarantee. If you can prove another payment provider has offered a better exchange rate, for the same time and the same trade, TorFX will match this rate.

Limits:

The minimum transfer amount is £100 which  means small remittance payments are definitely possible using their online platform. You can transfer £between £100 and £25,000 using the online service and make transfers of £2,000+ over the phone, with no maximum upper limit .

TorFX handles a diverse range of clients, from those who are sending small remittances back home, through property buyers, to large corporations that move millions between currencies each month.

Conclusion:
    • TorFX’s clients are extremely happy with TorFX’s exchange rates that were provided to them in 99% of the cases. There are no fees. The firm will help individuals and businesses save money compared to banks. The company has implemented a reasonable business process for telephone dealing at trades of £2,000 and over. Anything less can be sent online as long as it’s above £100.
92% Fees, Exchange Rates.

Global Reach & Service

Research:
Dedicated Dealer: Yes.
Offices: UK Australia Singapore

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, with a single office in the UK and a single office in Australia. However, considering the overwhelming majority of TorFX’s clients are indeed from these two countries, it ensures that almost every client has access to a local support agent. With a large team of dedicated dealers in both the UK and Australia, it’s fair to say TorFX prefers to ensure it does a strong job in the territories it operates. This is precisely what we would expect from a top-notch company. Local agents that treat each customer with the unique requirements they have.

The company can also deal with clients from across Europe and with the ability to handle up to  59 currencies, this is almost double the “standard amount” offered by most money transfer platforms. Though this still lags behind moneycorp who offer a truly impressive 120.

Requesting a call-back and signing up is very easy with the intuitive TorFX website. Since it was revamped, 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  at the 2016-2023 Consumer Moneyfacts Awards. As well as the overall award for Best Customer Service every year in the same period, bar 2018.

91% Global Reach, Availability, Service Score

Additional Functionalities

Research:

Market Orders

Limit Orders

Rate Watch

Forward Contract

Repatriation of Funds

Overseas Property Specialist

Regular transfers

Businesses:

Risk Management

Daily FX Updates

Tailored Hedging Strategies

24/7 Transfers

App:

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. *See how it compares to the best money transfer apps.

Conclusion:

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. TorFX’s personalised assistance can save a lot of hassle and money and is highly recommended for businesses and expats with complex requirements. All in all, the company’s dedicated team of currency experts contributes 100+ years of total experience in managing diverse foreign exchange requirements.

Additionally, the firm also offers up-to-date currency updates on its blog, which was chosen as a top currency blog as part of MoneyTransferComparison’s Currency Blog Awards. All registered clients will receive daily updates by email should they opt-in.

94% Added Values Score
TorFX Scoreboard
93%
93 of 100 1 review
  • Credibility Score - 92%
    92%
  • Client Feedback Score - 98%
    98%
  • Fees, Exchange Rates Score - 92%
    92%
  • Global Reach, Availability, Service Score - 91%
    91%
  • Added Values Score - 90%
    90%

TorFX Review Summary

TorFX is an industry veteran with more than 20 awards won since its inception. Thousands of its current and past customers have left highly positive reviews on platforms like TrustPilot where TorFX boasts a 4.9/5 rating, among the highest of all financial institutions on the platform and top 3 for money transfer service providers. We have no doubt in our mind that the TorFX brokerage in UK, EU and Australia is highly professional and has the experience, expertise, and willingness to handle business and private consumers who need to move significant volume of funds internationally.

It’s easy to sign up with Tor FX and it’s an overall very friendly and easy process for beginners and finance professionals/corporations alike, providing a genuine value-add compared to banks and other less experienced providers.

 

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