TorFX Money Exchange

TorFX is different to banks in that they offer a specialist broker service for foreign currency transfers in over 30 currencies. With individual account managers, you receive a more tailored and efficient service that can also save you money. The minimum online transfer amount is AUD 200 with a maximum of AUD 25,000. Larger transfers can be made over the phone with the help of a personal account manager. TorFX is fantastic for those that make regular overseas transfers.

Company History

TorFX was established in the UK in 2004 to offer services for foreign exchange and international payments to businesses and individuals. Since then, TorFX has expanded globally, employing more than 240 staff across Australia, South Africa, UK, India, USA, Spain, Portugal and France. TorFX services over 100,000 customers worldwide and transacts over £3b per year.

Quick Overview

Product Name TorFX International Money Transfers
Min. Transfer Amount AUD 200
Transfer Methods Online, Phone
Transfer Options Regular payments, One off payments, Market orders, Forward contracts
Transfer Speed 1 day
Banking Partner TorFX
Customer Service Online, Phone 24/7

When to use TorFX

Personal foreign exchange

For individuals, TorFX can offer cost savings for international payments with competitive rates in 30 currencies through personalised customer service. Reasons for utilising TorFX include sending money to family in another country, receiving pension or paying mortgage. Other services offered by TorFX include assistance in purchasing property overseas, importing a vehicle or boat, and transferring assets when emigrating.

Business foreign exchange

With options to lock in rates for up to two years, TorFX can lower your company's foreign exchange risks and streamline turnover forecasting. These risk management services are in addition to support in managing regular overseas transfers for business invoices.

Why choose TorFX

TorFX customers can save up to 5% on rates offered by big banks. They can assist in picking the best time to process your transfer depending on currency rates so you get the best possible rate every time. As TorFX operate in many countries around the world, they offer fast and reliable service to customers with their developed infrastructure. You can also receive a free, no-obligation quote before signing up as a client on their website.

Security and Safety

TorFX was founded in the UK and is one of the fastest growing private companies due to it's trusted and secure measures. In Australia, TorFX is regulated by ASIC. Their Australian Financial Service Licence is 246838. For full licensing details see here. The foreign exchange market is volatile and currency risk can be a justified concern. TorFX offers transfer options such as Limit Orders and Forward Contracts to give added peace of mind and security against adverse changes in the market. These services provide added protection for your money. TorFX are committed to offering a complete service and that is why customers can receive free market analysis and have access to expert advice to make informed decisions.

How to send or receive money overseas using TorFX

Quick application

To commence using TorFX to send and receive money, you first need to register as a TorFX client by completing an application. You can either create an account for personal or business transfers. TorFX have made the application process simple allowing you to complete it online or over the phone. Information required includes:

  • Personal details
  • Source of funds
  • Currency exchange services required
  • Which currencies you want to transfer
  • Countries you will be sending payments to

After submitting the required information, your personal details are verified by the company and you are then assigned your own account manager who handles your transfer requirements and determines an agreeable rate.

24-hour customer service

As a TorFX client, you have the option of conveniently trading online or over the phone with a customer support team available 24-hours a day to assist.

Sending funds

When making a transfer, you first deposit your funds into your TorFX client account in the relevant sale currency. Due to anti money laundering regulations, credit card or cash deposits are not accepted. TorFX only accepts bank transfers from a bank account in your name which matches your TorFX client name. The advantage of transferring money with TorFX is their low minimum amount of $200 compared to some money exchange providers that only offer their services to customers transferring $1,000 or more.

When transferring money, you provide details of the recipient account and once funds have cleared in your client account they are instantly sent to the beneficiary.

Currency is usually cleared into the recipient account within 1 to 2 working days and is subject to the currency type, recipient's country and bank operating times.

What are the costs?

The best thing about TorFX is that creating an account is completely free. You receive a competitive exchange rate and unlike standard banks that usually charge fees for each transfer, TorFX offer free-of-charge transfer services and no commission. There are no direct fees however small fees may apply to foreign exchange contracts. There is no obligation to exchange once your account is created so you can use the service simply when you need it.

It is important to consider that the recipient's bank may charge fees at their end.

Price beat guarantee

TorFX offers a best rate guarantee against competitor exchange rates. This guarantee is based on you being registered with the competitor, the transaction is to be identical and you will be required to supply the rate to TorFX via email.