TorFX Review 86

Currencies
50+
Regulation
FCA (UK), ASIC (Australia)
Speed
2-3 Days

Company Information

TorFX is a leading foreign exchange money service with an estimated £3 billion in money transfers conducted every year. The company employs 300 people across Europe, the United States, Australia, the United Kingdom and South Africa. To date, some 50,000 personal clients have utilized TorFX services, and some 4,000 corporate clients have transferred funds with TorFX. The company is authorized by the FCA (Financial Conduct Authority) to provide money transfer services in the United Kingdom and is licensed by HM Revenue & Customs. 

The company operates a wide range of safe and secure money transfer services, with protected accounts as verified by the Payments Service Regulations (FRN 900706). Recently, TorFX was awarded the Moneyfacts Consumer Award for International Money Transfer Provider of the Year in addition to the Best Customer Service. Price Waterhouse Coopers (PWC) are the auditors and Barclays Bank PLC are the bankers for TorFX. TorFX is also a member of the Association of UK payment institutions (AUKPI). The company is based in Penzance, Cornwall, and it is registered in Wales and England with the following company registration number: 5193147

How TorFX Works

To get started with TorFX, simply open an account. This international money transfer service is easy to use. It is possible to register personal details over the phone, or online. Professional customer support representatives are always on hand to offer assistance. An account manager is immediately assigned to new account holders to offer assistance and guidance wherever needed. The moment a money transfer is ready to be confirmed, the exchange rate will be validated and the order will be executed. The online service of TorFX is available to all transfers under £25,000, and this runs around-the-clock. Full transparency, credibility and priority is given to money transfers. The 4-step process requires the following actions to be completed: Register an online account, get a rate, purchase currency, and complete the transfer.

Who Should Use TorFX

There are two primary categories of users for TorFX. The first is personal money transfers and the other is business money transfers. There are many reasons for personal money transfers, including purchasing property abroad, sending money to friends, relatives or government agencies, travel funds, immigration, repatriation of funds, ongoing payments, and the like. For business purposes, it is possible to send regular overseas payments using TorFX services. These include service fees, royalties, or wages for business dealings. Commercial rates are available on all regularly scheduled payments, for any amount between £500 and £10,000 per month. The minimum required period of business money transfers is 6 months.

Exchange Rate & Fees

Exchange rates and fees for TorFX services are available upon request. This is true of personal money transfers and business money transfers. This international money transfer company believes that all money transfer should be free, so it does not levy any charges beyond the exchange rate that is quoted. There are no transfer fees, and it offers a competitive exchange rate. To get an exchange rate however, it is necessary to apply for a free quote by inputting the sell currency and the buy currency, and a few personal details.

Is TorFX Safe & Reliable

TorFX is 100% safe and reliable to use. It has high ratings from users on TrustPilot, and it has tens of thousands of personal clients and over 4,000 business clients. It is fully authorized to operate by the FCA (Financial Conduct Authority), and is registered in Wales and England with company license #519-3147. Additionally, it holds a certificate of registration for money laundering regulation compliance by HM Revenue & Customs. The company has been operational since 2004. It currently holds a Level 1 rating from Dun & Bradstreet – one of the world’s foremost credit ratings agencies. This indicates that the company has a low level of risk and maximum creditworthiness. All funds held at TorFX are guaranteed secure.

How Much Does It Cost to Use TorFX

It is free to transfer funds internationally with TorFX; the only cost will be the exchange rate that is levied on transactions. Registration at TorFX is also free.

Transfer Speed

TorFX has a policy of transferring funds as quickly and painlessly as possible for the sender and the recipient. The time taken to transfer currencies depends upon the particular currency, the destination of the funds transfer, and the receiving bank. Provided all these aspects are straight, the funds transfer can be completed within a day, with a maximum of 2 working days for exotic destinations like India, South Africa, Brazil, Mexico etc.

TorFX Customer Support

Customer support is available via social media Websites (G +, YouTube, LinkedIn, Facebook and Twitter). There are also several other ways to get in touch with customer support, including general inquiries at the Penzance, Cornwall address. The telephone number for TorFX is +44 (0) 1736-335250. The fax number is +44 (0) 1736-369435. Operating hours are from Monday through Thursday from 8:30 AM – 7 PM. On Fridays, the business is open from 8:30 AM through 5:30 PM. Saturday hours of operation are from 8:30 AM through 2 PM. Email support is also available to users by completing an online form. Clients can also request a quote by calling the FREE quote number at 0800-612-9625.

Special Features

There are several special features available with a TorFX account. These include the option of a personal account (free transfers, bank beating rates and guaranteed security) or a business account (24/7 trading, personal account manager and a tailored approach). In both cases, quotes can be requested. A useful app is available for currency transfers lower than £25,000 for iPhone and iPad users. The friend referral scheme offers a £50 gift card for Amazon, and there are regular market updates available as a complimentary service to clients.

Clients Feedback

TorFX has a rating of 9.5/10 on TrustPilot from 2,076+ reviews.

Bottom Line

TorFX offers competitive rates and effective service for online currency transfers. Customer support is readily available, for personal and business purposes. The company has been operational for over 13 years, and is trusted by thousands of clients around the world. This is evidenced by a stellar rating on TrustPilot.

Pros

  • Registration is free
  • Mobile money transfer option available
  • All transactions can be conducted online
  • Award-winning money transfer services
  • £50 refer a friend gift card from Amazon

Cons

  • No information on transfer costs, or Forex charges unless a specific quote is requested
  • There have been instances of money not arriving on time, or where it was supposed to arrive