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
- 9.6 / 10 Rating by Clients
- Fast-Growing Company
- Barclays Bank Accounts
- Industry leading market updates
- New and Improved Website!
- Smaller Trading Volumes than Top 3 Companies
- Headquarters outside of London
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.
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. With the company’s UK branch being 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 2016-2021
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 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
With over 3,700 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 90% of 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 online recommend the service of 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.[/mtc32_block]
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 to a user who complained about a payment which was returned to them for compliance purposes – 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.
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.
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 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; 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. If much of the HiFX staff remained in the merger then they are likely to be highly experienced but as far as we are aware, no money transfer provider retains its talent as well as TorFX. 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 fixed exchange rates of a 0.5% FX margin for all clients (with large volume transfers getting as low as a 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 tight spreads, TorFX is still our #1 service level choice. You have to factor in that through the guidance of 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.
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, 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 vs Wise.com (TransferWise)
TransferWise vs TorFX is more of a unique comparison – the two firms hold very different roles in the money transfer industry. Whilst TorFX is all about service and building a personal relationship with your account manager, TransferWise is a completely online service. Businesses and individuals moving large volumes are likely to prefer TorFX, particularly if they are interested in utilising currency hedging through tools such as forward contracts. Naturally, when moving large sums it can be much better to have a dedicated account manager on hand should anything go wrong with the payment too. Whilst TransferWise does not provide clients with a dedicated dealer, it operates with a fixed fee structure that is based on the currencies you’re converting – if you’re sending small amounts then TransferWise will provide some of the fairest fees available on the market today. The question of Transferwise vs TorFX very much depends on your requirements. As the services of these two companies are suitably different, we think you can get enough of a feel for both companies from our money transfer reviews and in this instance it probably wouldn’t be worthwhile registering with both.
TorFX’s Exchange Rate & Fees
Fees: No fees on international transfers at all.
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.
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 platforms.
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 and overall Best Customer Service at the 2016-2021 Consumer Moneyfacts Awards.
Repatriation of funds as a result of selling overseas properties, including cheques
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 100+ 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 as part of MoneyTransferComparison’s Currency Blog Awards. All registered clients will receive daily updates by email should they opt-in.
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.
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.