TorFX 2024

Registered as Tor Currency Exchange Ltd in 2004, TorFX has grown into one of the top money transfer companies. It serves both personal and business customers with dedicated, tailor-made product offerings. TorFX has a supportive customer service team, competitive exchange rates across the 60 currencies it supports and has a clean online transfer platform.

It is worth noting this provider is relatively expensive to use for transferring smaller amounts of money. However, TorFX does not have a maximum transfer limit which is good news for customers looking to transfer larger sums of money overseas.

​Visit ​TorFX

TorFX exchange rates, fees & costs

TorFX's business model is quite unique as far as exchange rates and business fees are concerned. The rates are transparent and much more competitive compared to banks.

  • Transfer Fees– TorFX doesn't charge any fixed fees
  • Exchange Rates– The company gets its revenue from the exchange rate spread between interbank rates and the rate it charges its customers. TorFX charges between 1.91% for larger transfers and 2.71% for smaller transfers of about $1000.
  • Other Fees– TorFX has no hidden fees. The only fees you have to watch out for are those charged by sending and receiving banks. To minimise them, use TorFX contracted banks both in the host and destination country.

When compared to banks that charge 3-7% and PayPal that charges 6-8%, TorFX currency transfer comes as a relief to people sending money to different parts of the world. Keep reading to find out more details on TorFX reviews.

Top countries to transfer to with TorFX

The rapid expansion TorFX has gone through, ant the company established offices in Europe mainland and the following countries: Australia, India, Japan, Nepal, Philippines.

TorFX supports 60 currencies both exotic and standard and you can send to more than 110 countries. Apart from the product differentiation between personal and business, there is no difference in service from one region or country to another. The TorFX website is in English which makes it easy to follow for English speaking customers, but the lack of other languages may make it hard for non-English speaking customers to interact with the site.

Pros and Cons of using TorFX

The target customers for TorFX currency transfer are businesses and persons looking to send money to their families and friends worldwide. This customer segmentation has seen them develop products that are targeted to individual needs such as buying property abroad, emigration, regular payments, and sending money home.

On the business front, they have products that help business owners ramp up productivity and cut costs such multi-currency accounts, especially when buying products or paying contractors and employees abroad. In this TorFX review, let us take a look at their pros and cons.


  • No Transfer Fees: Irrespective of the amount you are sending, TorFX won't charge you any transfer fees.
  • Customised offerings: TorFX serves both businesses and individual customers with tailored products that address their unique needs.
  • Multi-Currency Support: With support for over 60 currencies both exotic and regularly traded, TorFX ensures that you can send money from your host country to the destination without losing money changing from one currency to another.
  • Flexible Transfer Options: TorFX understands the challenges businesses and individuals go through when sending money. To make the process a little easier, the provider offers transfer options such as spot contracts for immediate transfers, forward contracts for future transfers, and market orders for targeted rates.
  • Customer Support: You can reach TorFX customer support through email and phone from Monday to Saturday.The team is knowledgeable and always willing to help with the different issues that crop up during money transfers.


  • Higher Thresholds: The $200 minimum may lock out individual customers who send small amounts and gifts to their loved ones.
  • Limited Transfer Payment Options: When paying for your TorFX transfer, you are limited to using a bank transfer and the account should read your name else the payment will be declined.
  • Costly Smaller Transactions: When transferring amounts under $2000, the exchange rates can be quite unfavourable.

Types of transfers you make with TorFX

TorFX transfers are designed to meet the needs of its target market. All transfers are deposited in the recipient's bank account. After the TorFX review, the following are the different types of transfers you can make on TorFX.

  • Spot Contracts – If you want to make immediate transfers, TorFX will get a good spot rate for you. This covers all 60+ currencies.
  • Forward Contracts – Customers who plan to make a transfer in the future without exposing their money to volatile exchange rate movements, can secure a rate today on TorFX that stays on for the next two years.
  • Market Orders– These types of transfers target a specific currency pair exchange rate. You may target a rate above the current rate through a limit order or use a stop-loss order to control the risk of a falling exchange rate.
  • 24/7 Transfers – Using a TorFX Online account, you can make quick transfers at any time of day.

You can make all these transfers on the go using the TorFX App.

How long will it take to receive money?

Once you set up the transfer account, it can take anywhere between 1-3 days to complete your TorFX transfer. This depends on the country you are sending from and the destination, the currencies involved, the time of the transfer, verifications, and security checks.

Transfers involving exotic currencies can take even up to 4 days for the money to get to the recipient's account.

Compared to banks, TorFX is faster even on less frequented remittance routes. It also stacks up really well against some of the top money transfer operators like WordRemit, Xoom, WorldFirst, OFX and Wise formerly know as TranferWise.

What payment methods can I use?

Unlike other money transfer services, TorFX has only one way of paying for your transfer, through the bank. The account from which you pay for the transfer must be in your name for the payment to be accepted.

This limitation in payment methods and in particular the use of bank transfers partly explains why it takes a little longer for TorFX to complete your transfer.

Why use TorFX?

Whether you are a business owner or someone looking to send money to your family and friends, in this TorFX review, you'll find a lot of use cases for the company.

Business – TorFX can facilitate your international business and better your relationship with service providers and business partners through the following avenues:

  • Business Funding – Through Funder Finder, an alternative business financing platform, TorFX links you to a wide variety of funding choices depending on your unique needs. You'll get funders for invoice financing, cash flow loans, export financing and other niche finance products.
  • International payment for suppliers
  • Simple ways to pay your freelancers and contractors in different countries
  • Business Health Check -TorFX conducts a free review of your international payment approaches, process streamlining and risk management, designing of bespoke international payment plans among other services.

Through forward contracts, you can plan your supplier and contractor payments by locking in the exchange rate to minimise rate volatilities.

Personal Transfers– When sending money to your family and friends, or investing in assets, TorFX gives you personalised services over and beyond the conventional money transfer services.

  • Buying Property Abroad– TorFX currency transfer gives you competitive transfer rates when sending large amounts, $10,000 and beyond, and the best currency transfer options.
  • Emigrating -If you are moving out of your home country for leisure, work or even retirement, TorFX ensures that your money is transferred at the best time, using the best transfer option and a favourable exchange rate. This helps you avoid inconveniences and incurring losses changing from one currency to another.
  • Sending Money Home – If you are repatriating your foreign income or moving your pension back to your home country, you need a solution that ensures your money moves safely at the best rates and in good time. TorFX has your back on this journey.
  • Sending Regular Payments– Whether you are sending school fees, mortgage payments or receiving pension instalments from abroad, TorFX gives you a $0 transfer fee solution for recurring payments, saving you hundreds of dollars you'd have otherwise paid through banks.

Can I trust TorFX?

TorFX is authorised to operate as an Electronic Money Institution as provisioned under Electronic Money Regulations 2011 and a member of the Association of UK Payment Institutions (AUKPI). In addition, the firm is a Financial Conduct Authority (FCA) regulated entity in the United Kingdom. In Australia, TorFX is regulated by the Australian Securities and Investments Commission (ASIC).

Part of the requirements of the regulations is to ensure client accounts are safeguarded and maintained separately from business accounts. Barclays Bank Plc is the custodian of all clients accounts at TorFX. The company's accounts are audited by Price Waterhouse Coopers.

As an established market leader, TorFX has won the trust of 50,000+ private clients and more than 5,000 businesses, helping them transfer their funds and make international payments in excess of 6 million pounds per year.

In terms of regional presence, TorFX has expanded its operations by opening up regional offices in mainland Europe, the USA, South Africa and Australia in addition to its UK offices. This geographical spread combined with its team of 450+ skilled employees helps serve the rest of the world (110 countries) through world-class transfer options. All this means that sending money abroad will save you on fees, for example sending money from USA to Australia will be much cheaper than using a traditional bank account.

On the web, TorFX uses TLS encryption to safeguard clients data as they interact with its website. The green padlock on the left side of the TorFX URL is evidence that the website is secure. Other security measures in place include two-factor authentication to verify clients details before letting them access certain services or make changes to their account details.

On Dun & Bradstreet, a credit rating agency, TorFX has a level 1 rating. This means the organisation is creditworthy and has a minimum risk level. Most of the information about the company is available on its website and includes an FAQ section that answers most of the questions customers have.

What users have to say about TorFX?

When it comes to TorFX reviews on Trustpilot and social media, clients praise the company for its efficiency, consistency in offering quality service and affordable money transfer solutions. The fact that TorFX doesn't charge any transfer fees is a major talking point of the online TorFX reviews.

At the time of publication, Trustpilot TorFX reviews totalled 3,130, 87% of which were categorised as ‘Excellent' and 8% as ‘Great'.

  • Affordable Transfers- With $0 transfer fees, most clients found TorFX to be a money-saving transfer service.
  • Professional Customer Support- The customer support team at TorFX always handles clients respectfully and offer them meaningful solutions based on their queries.
  • Customised Solutions- The tailored solutions for businesses and individual clients make TorFX a real solution provider instead of just a barebone money transfer service.

In the TorFX reviews, the 2% of customers who rated the company as bad and the 1% who gave TorFX a poor rating cited the thorough document verification process, and fees charged by sending and receiving banks as a turn off to them transferring money through the platform.

From 2016 to 2019 TorFX has continuously bagged the International Money Transfer Provider of the Year award by Moneyfacts Group, a personal finance data provider. In addition, the TorFX has won the Best Customer Service twice in a row, putting it ahead of 100 companies spread across 26 categories.

How to send and receive money?

TorFX has streamlined its money transfer platform giving customers a simple way to send money to their families and make international payments. The following is an easy to follow process on how to get started.

How to Send Money Using TorFX?

Step 1: Sign up. There are two ways you can sign up for an account in TorFX: by getting a free quote or opening an online account. When getting the quote, TorFX links you up with a personal account manager who helps you through the process by asking you a few questions.

Opening an online account, on the other hand, is a 4-step process which in the end gives you a user name and password. You can do this online or on the phone.

Step 2: Setting up your transfer. Here, you fill in the details of where you want to send the money and cross-check that the information is correct.

Step 3:Pay for your transfer. The payment option available is a bank transfer from an account that is in your name.

Step 4:Track your transfer as it heads to the recipient.

How to Receive Money Using TorFX?

The payout option on TorFX is a direct bank deposit in the recipient's account. Depending on the amount and jurisdiction, you could be asked a few questions by the bank officials to ensure that the money is not part of proceeds of crime or money laundering.

Does TorFX have a mobile app?

TorFX has a mobile app available as a free download on Google Play for Android devices and App Store for devices running on the iOS platform. Using their mobile application, you can manage your currency transfers around the clock and secure exchange rates. Other app-based services include:

  • Tracking your transfer status
  • Changing account information
  • Setting rate alerts
  • Checking exchange rate movements

When it comes to TorFX review on Google Play, the app has 71 reviews and a consolidated rating of 4.3. On App Store, the TorFRX Money Transfer App has 24 reviews and a rating of 4.5.

Can I cancel my transfer?

Transfers can be cancelled at any time by getting in touch with the customer service team. However, transfers in progress may take a bit of time to be recalled depending on the stage they have reached. For completed transfers, the recipient bank will get an instruction to recall the transaction from its end if the funds have not already been withdrawn.

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