TorFX Money Transfer Review

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.

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

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

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.

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!

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.

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.

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?

Hi John Smith, could you provide more details about your transfer? The reason I am asking this is because we have encountered several companies who trash about their competitors pretending to be clients and we want to be certain that it is indeed a valid complaint. Anything you would say and want removed from the public message will be removed, just provide some additional details to us so we can understand you are indeed a client who used TorFX. Additionally, the compliance team of any company (including TorFX) can delay a transfer for either just or unjust reasons, at the end of the day they report to higher authorities (view our page about AML). If we had more details we could have voiced our opinion and/or transfer that complaint over to TorFX to hear what they have to say about it.

Hello Joe, and thank you for your comprehensive and well-written review. We concur with your conclusions. We also appreciate your cautious approach, we believe it is indeed the best way around dealing with financial providers (even if in TorFX’s case the client accounts are segregated, meaning that if they go out of business, it will not have any impact on the money you sent them to fund a transfer). Thanks!