TorFX Money Transfer Review
This fast growing company has more than 90% positive feedback from clients, and it boasts more than 50,000 personal clients.
Pros and Cons
- 50,000 Personal Clients
- Luxurious Expat Awards
- Staff of more than 100 Traders
- 9.4 / 10 Rating by Clients
- Fast-Growing Company
- Barclay’s Bank Accounts
- New and Improved Website!
- Offices only in UK and Australia
- Mobile App for Android Only
- Smaller Trading Volumes than Top 3 Companies
Review Table of Contents
Is TorFX Reliable?
Do Clients TorFX? Reviews From Across the Web
TorFXs Exchange Rate & Fees
Global Reach & Service
Is TorFX Reliable?
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 is may be becoming 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 2018
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.
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 on its authorised status. 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 1,500 reviews on TrustPilot, and more than 150 reviews on ReviewCentre, two of the most popular client reviews 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: 9.5 / 10 on TrustPilot, and 4.6 /5 on ReviewCentre. That means that well over 95% of clients who submitted their reviews recommend TorFX’s services.
We have also collected right about 15 client experiences on our site. Just over 2 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).
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.
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 an 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 £50 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 corporates 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 24/7 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 the 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 recently winning International Money Transfer Provider of the Year and overall Best Customer Service at the 2016 Consumer Moneyfacts Awards.
- Market Orders
- Limit Orders
- Rate Watch
- Forward Contract
- Assistance in opening bank accounts abroad in countries like Australia, New Zealand, Canada and the USA
- 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 offers quite a complete offering of FX options and payment options. The unique value proposition it offers that others don’t is the assistance with opening foreign bank accounts. 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 managin 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 and only for Android.
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.