TorFX Review

TorFX is a well-established company providing money transfer services since 2004. The company is headquartered in the UK and has offices in mainland Europe, Australia, Singapore, the USA, and South Africa. Today TorFX offers a range of money transfer and currency conversion services.

But is TorFX actually worth it? Is the company sufficiently good when it comes to convenience, customer service, and value for money? And most of all, is it the right fit for you?

These are all reasonable questions to ask, especially given the many alternatives currently available on the market when it comes to currency exchange, conversion, and money transfer. And this is why we've decided to address these concerns in this detailed review of TorFX.

We'll go through everything you need to know about TorFX, including how it works and whether it's a good fit for your needs.

About TorFX

TorFX is a money transfer and foreign exchange company that offers excellent customer service and competitive rates. In addition, they don't charge a flat transfer fee, making them perfect for large transfers.

TorFX offers a range of foreign exchange services, including spot contracts, forward contracts, limit orders, and market orders. They also provide a range of international money transfer services, including regular payments, one-off payments, and forward contracts.

Among other interesting facts about TorFX, it's worth pointing out that the company is on track to process north of 7.5B GBP per year (9.5B USD), they've served over 325,000 personal and business customers, and they've won numerous awards including the UK's International Money Transfer Provider and Best Customer Service for the years 2016, 2017, 2018, 2019, 2020, 2021, and 2022.

In this article, we'll go through what we like about TorFX and what we don't like, as well as provide you with all the information you need to determine whether they're the right service for your money transfer needs.

How does TorFX work?

Getting started with TorFX is simple and fast. You just need to follow three quick steps before using the platform to make money transfers. 

  1. Complete your registration with TorFX online or over the phone. Your Account Manager will then call you to introduce themselves and go over all your needs once your information has been verified. From this point on, you can choose to make your transfers independently online or over the phone with the help of your dedicated account manager. TorFX's account managers are notoriously known to be professional and ready to answer any questions about foreign exchange, currency rates, and how to get the most out of your money.
  2. Transferring money with your account manager's help will require you to first confirm the exchange rate with them before proceeding with the transfer. 
  3. As soon as your transfer is booked, you'll receive a contract note outlining the transaction details and a payment request in the selling currency from TorFX. 

TorFX also gives you the ability to transfer up to £25,000 ($30,000) in complete autonomy by simply logging into your account. You can either do this on a computer or your Apple or Android device with one of their mobile apps.

Below we have compiled a list of additional Pros and Cons to help you determine whether TorFX is the right service for you.

Pros of using TorFX

1. Step-by-step personal support - you will be assigned a dedicated account manager who will assist you through every stage of the transfer process.

2. Highly competitive rates - TorFX offers some of the most competitive rates on the market, especially for large transfers.

3. Support for both individuals and businesses - whether you're an individual or a business, TorFX can cater to your needs.

4. No transfer fees - that's right, there are no fees regardless of the amount you're looking to transfer!

5. Excellent customer support - TorFX offers email and phone support, so you can always get in touch if you need assistance. From 2016 to 2022, the company has been awarded Best Customer Service at the Moneyfacts Consumer Awards.

6. Peace of mind - with over a decade of experience under their belt, you can be assured that your money is in good hands with TorFX. The company processes north of £7.5B ($9.5B) per year, holds the highest credit rating with Dun & Bradstreet, and are authorized as an Electronic Money Institution (EMI) by the FCA.

7. Range of transfer options - TorFX provides customers with various transfer options to fit their individual needs to help them get the most out of every transfer. These options include spot contract, forward contract, limit order, stop-loss order, rate alerts, and regular overseas payments.

8. Rate improver guarantee  - If you get a better quote from another money transfer provider with whom you have an open account, you can show that to TorFX. They will make sure to offer a lower price than the competition.

Cons of using TorFX

  • There is a minimum transfer amount of $200.
  • TorFX will only accept money from a bank account in your name to comply with anti-money laundering laws.
  • If you're transferring less than $2,000, their spread can be too high.
  • Their website doesn't offer a live exchange rate calculator. To access the live exchange rate calculator, you'll need to log in to your online account.
  • Their customer service (aka account managers) can become a bit too persistent after signing up to their platform.

Detailed TorFX Review

Now that we've looked at TorFX's process, pros, and cons, in the following section, we'll learn more about TroFX's reputation, how previous clients evaluated its services and features, and whether those are appropriate for your specific needs.

Reputation, Track record, and Trust/Safety

TorFX's philosophy is always to ensure the safety of its customers' funds and data. For starters, TorFX holds the highest credit rating with Dun & Bradstreet. Furthermore, TorFX is authorized by the Financial Conduct Authority as an Electronic Money Institution under the Electronic Money Regulations 2011

Barclays Bank Plc is responsible for safeguarding and maintaining all TorFX clients' accounts segregated, while Price Waterhouse Coopers audit the company's accounts.

TorFX is a market leader, having won the confidence of 325,000+ individual and business clients to help them transfer their money and make worldwide payments of over 7.5 billion pounds each year.

Value for money

TorFX makes money by buying currency at a slightly better exchange than they sell to their customers. What makes TorFX more competitive than other major high street banks is the smaller margins they pass on to their customers making them a more desirable and cost-effective alternative.

Remember that although TorFX won't charge you a dime for transferring your funds anywhere in the world, they also only accept payments from a bank account in your name. This means that your bank could charge a small bank-to-bank transfer fee which is out of TorFX's control.

And finally, TorFX established a rate improver guarantee, which allows you to request a better exchange rate if you get offered a better quote from another money transfer provider with whom you have an open account. TorFX will match and beat that price for you.

Ease of use

Sending money with TorFX requires creating a new account, logging onto the web app at or on the mobile app, entering your recipient details, and clicking on "transfer."

Alternatively, you can work your way through the entire process with the help of your dedicated account manager who will gladly help you secure the best rate and get the most from TorFX's international money transfer service.

Customer support

Many customers who have left reviews on Trustpilot about TorFX have praised their customer support and the professional and courteous approach in which account managers guided them through every stage and were available to answer any questions they may have.

As a testament to its superior customer service, the company has won the Best Customer Service award at the Moneyfacts Consumer Awards for the years 2016 through 2022.

Contact details

  • TorFX Support (UK): +44 (0) 1736 335250
  • TorFX Support (AUS): 1800 507 480 or +61 7 5560 4444
  • TorFX Support (NZ): 0800 441 283

You can also contact support via email at

Processing time

Once you've created your TorFX account, your transfer could take anywhere between 1 and 3 days to complete. This is determined by the origin country and destination of the transfer and other factors such as currencies involved, time of the transaction, verification requirement, security checks, etc.

TorFX states that even for more exotic currencies, the funds should be in your recipient's bank within no more than 3 working days.

TorFX Fees & Features

As stated several times across this review, TorFX makes money by buying currency at a slightly better rate than it sells to its customers. Therefore, no transfer fees are being charged to TorFX customers.

Additionally, to accommodate different types of customer needs, TorFX has set up a range of transfer options, including:

  • Spot contracts - better suited when you need to make a quick transaction with the best exchange rate possible).
  • Forward contracts - better suited for future international money transfers by locking a favorable exchange rate for up to 2 years before your transaction).
  • Market orders - these are divided into limit orders and stop-loss orders.
  • Market insights - with the expert support of your account manager, you'll get regular updates on the latest currency news helping you lock the best exchange rate for your next transfer.
  • 24/7 transfers - good for transfers up to £25,000 or $30,000 without the help of your account manager.

TorFX Customer Reviews

On the review site Trustpilot, TorFX has received a 90% excellent rating among more than 5,000 reviews. An additional 6% of these reviews indicate great service, followed by less than 4% of customers who rated TorFX poorly.

Most of the positive reviews highlight the friendly and professional account managers that help customers identify the best exchange rates, book the transfer and assist during each stage of the process while maintaining the admin and communication to a minimum.

The only few negative points customers emphasized were related to TorFX not being able to proceed with the transactions of a few customers due to them not fulfilling their minimum legal requirements. 

Overall, TorFX has received more positive reviews on Trustpilot than negative ones. And with all the awards they have received over the years, we believe all of their positive reviews are well-deserved.

Is TorFX right for you?

Choosing the best international money transfer company is a time-consuming process that requires careful study and analysis of a range of factors. For example, you need to think about how much you're sending, how quickly you'd want it sent, the importance of getting the best exchange rate, etc. We hope that by reading this TorFX review, you were able to better understand all of these elements.

Below, we will give our final recommendations on when to use TorFX and when it is better to look for alternatives instead.

Final Verdict

With almost two full decades of international money transfer experience, numerous awards, more than 325,000 individual and business customers served, a first-class customer service, and a transparent fee-free transfer policy, TorFX stacks up really well against some of the top international money transfer services like Wise, OFX, CurrencyFair, and Currency Direct.

The only reason we've identified why TorFX may not be the best option is when individuals prefer to pay for their transfers in cash, cheques, or credit cards.


Does TorFX offer business solutions?

TorFX offers a range of products and services to businesses, designed to help you get the most out of international money payments. They offer currency accounts, forward contracts, market orders, limit orders, and a host of other products and services that can save your business money and make your international payments simpler.

With your TorFX Business Currency Account, you'll be able to pay suppliers, employees, and contractors overseas and make international purchases. Accounts can be opened in a range of currencies, including USD, EUR, GBP, CAD, and AUD.

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