TorFX Money Transfer Review 2019

Trading via: Online Platform Telephone
International Clients accepted
Established: 2004
Currencies offered: 59
TorFX is one of the most highly rated companies in the market. With a service oriented approach that can be found in everything they do. The firm employees more than 100 traders in their offices, and have been awarded Winners of the Cornwall Business Awards in 2017. This fast growing company has more than 90% positive feedback from clients, boasting more than 50,000 personal clients.
93.4% Editorial rating.
Aggregated reviews
Level of Satisfaction
Industry Awards
Minimum transfer:
Fees & Rates: No Fees worldwide.
REGULATION: Financial Conduct Authority (UK) ASIC (Australia)

Review Table of Contents

Is TorFX Reliable?
  • > About the Company
  • > Awards
  • > Conclusion
Do Clients TorFX? Reviews From Across the Web
  • > Research, Pros and Cons
  • > Conclusion
TorFXs Exchange Rate & Fees
  • > Research: Fees, Guarantee, Exchange Rates, Limits
  • > Conclusion
Global Reach & Service
Additional Functionalities
The Overall

Is TorFX Reliable?

Regulated by: Financial Conduct Authority (UK) ASIC (Australia)
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 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.


MoneyFacts Best Money Transfer Provider 2016-2019

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 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 fuelled its meteoric rise.

91% Credibility Score.



Accusations of ties with Crown Currency Exchange

It must be noted that TorFX was accused of links with Crown Currency Exchange which 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 with the same seed funding, and the FCA which researched the allegations maintained TorFX’s license as an authorised payment provider. It has been almost 7 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 2,900 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 client reviews online than almost any Foreign Exchange firm in existence.

The rating on these two platforms is astonishing: 9.3 / 10 on TrustPilot, and 4.6 /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 over 15 client experiences on our site. Just over two thirds were satisfied clients, while 5 of them made complaints (one of which was amended and the comment was removed at that client’s request). In the last year we have seen multiple positive reviews of TorFX.

Advantages +4

The absolute vast majority of 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
Disadvantages -3

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

  • Specific times where the online system was down
  • Specific scenarios where money didn’t arrive where it was supposed to arrive
  • Excessive margins and “honeymoon rates”

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 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.

The few complaints that gave us concern were clients who responded on our website, but we’re talking about 4 private cases out of thousands of online testimonials.

Overall, from everything we read, TorFX’s service is nothing short of exemplary.

98% Client Feedback Score.


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 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.

  • 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

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.


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 and intuitive with the new TorFX website. The site was revamped in late 2015, and is now far more intuitive and adapted 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 2016-2019 Consumer Moneyfacts Awards.

91% Global Reach, Availability, Service Score

Additional Functionalities

  • 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.

94% Added Values Score

The Overall

TorFX Review Summary
Table of Contents

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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 :>

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.

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


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… Read more »

Michael P

Great company to work with overall but sometimes they take a little too much to send the money. I know that many factors might be involved and all that but just as a warning for people who want to send money that will arrive in 24 hours or less, check before you do the transfer and see what the account manager will tell you. Other than that, everything is pretty smooth.

Anthony Berry

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.

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… Read more »


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!!


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.… Read more »

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.

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 .


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.

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.


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

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… Read more »

Tracey Farrow

This TorFX client made a complaint, and TorFX were quick to make amends. Due to the client’s request we have deleted her comment, being “irrelevant”.

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 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… Read more »


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?

John Smith

Admin: This negative comment was removed to do lack of response by the person who left it. It was too vague and non-specific.


I used Torfx recently to transfer a total of around 60,000Euro – the main contact at Torfx (James) was very helpful and would have given a better rate if I transferred the full amount in one go with him but after comparing Torfxs on-line rates I decided to transfer in 10,000Euro chunks as I was unsure of the risk to the total amount if the company was to collapse during the short period that my money was in their account (typically a few hours in my case). Being prudent, I initially transferred a tester amount of 200Euro to make sure… Read more »

Michael Folkens

I found the customer service to be less than helpful. Once they get you signed up you have to keep chasing them with any queries you have as they won’t answer emails in a timely manner. This was frustrating because I had a limited time window to get my account up and running to transfer funds from Japan. As a new customer I did have a few questions as a lot of money was involved by our standards, but maybe for them only the really big fish get the best customer service.

Mathias Herz

Surprised to see a bunch of negative comments about TorFX, especially their customer service. But maybe things differ depending on the person of contact that you have.

For me the service is exactly what I need. I started using them when I was living in Australia (referred by a friend) and now, after 3 years and living back in Germany, I still use them with no problems. Maybe I’m just lucky 🙂

Alexander Moravsky

I am really surprised to see negative feedback about Torfx. I had a very positive experience with them and their customer service. I would recommend Torfx based on my experience.


I used TorFX for a while as they did offer decent exchange rates, however some serious problems arose which meant I was not longer comfortable using them. Number 1 problem was the inability to get hold of anyone outside normal business hours so if you have a problem with your funds after 5pm their time or on weekend then you are out of luck. Even during office hrs you may not be able to reach anyone. I did have reason to call at one time and just reached an answering machine saying my financial adviser was away with no advice… Read more »

Courtney Carter

I would have preferred a bit more hand-holding once I started setting up an account. I’ve never done an international money transfer before and didn’t know about it too much. I would have appreciated more basic instructions. But indeed, after you get used to the process, everything is pretty simple. Recently completed my third transfer with them and everything was ok.

Pippa Mcfadyen

Used Tor FX to transfer money to Spain for a property and as you can imagine over thee last month the rates have fluctuated considerably. James at Tor Fx was fantastic and called me most days to discuss. In the end we locked In 4 transactions at different times with only a 5% deposit (other asking 10%) to spread the risk and so glad we did as when we had the full funds the rate was 1.08 and we had got 1.11.
Brilliant customer service.

David Ewing

I travel to different countries for poker tournaments several times a year and need to transfer $6,000-$12,000 every time. Another player heard me complaining about my bank putting ridiculous holds on my funds and told me to try torfx. As long as I plan ahead to give it a few days to be safe, I’ve had the money transferred at a fair enough rate with no problems.

Tara M.

We have really high bank fees in Canada for everything including money transfers. I used to use cheque cashing places to send money internationally but switched last year to Torfx. The helpful staff and rates are keeping me happy!

John Pounder

I think I have been royally shafted by TorFX. Last Tuesday (27th August 2019) at 9.30 they gave a rate well below what the markets were showing on a conversion of Pounds to Turkish Lira. On my screen I was looking at a rate over 7.1 but they insisted they could only get just over 6.9. So the trade was this: -164,500.00 GBP +1,146,926.90 TRY I have been advised by another company, WorldFirst that they would have traded at 7.1267. That would have given a vastly different outcome. I.e: 1,172,342.15 This means I lose: £3579.00. Also they say it will… Read more »


Dear Sir/Madam, we are migrating from Qatar to Australia and willing to take our savings with us. We have realized that the bank option would not be the best, therefore we are interested in Money Transfer alternatives. I thought choosing the company with offices in Australia (TorFX) would be the best, in case any misunderstanding arrises – its easier to deal locally then internationally. As well, we are looking for the best deal. Which company would you recommend if we are planning to transfer our savings – about 50 000 euros. Would it be better to go with local currency… Read more »

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