TorFX Review

TorFX is a currency broker (a type of a money transfer company) with a huge international presence. Judging by client experiences, it’s one of the most highly regarded money transfer companies in Australia.

This TorFX review provides an overview of its services, breaking down some of their biggest strengths and how they compare to other providers. By the end, you will have a good understanding of whether they are the right fit for your specific money transfer needs.

Generally speaking, we can confidently say that TorFX offers one of the best and friendliest services in the industry, alongside very competitive rates.

All customers are assigned a dedicated account manager from their award-winning team. This also makes them a great choice for businesses and individuals who need to make regular or high-value transfers, as you’re able to build a good rapport with your personal currency expert.

Pros and Cons

  • Dedicated Dealers – you’ll be assigned your own currency expert, from a pool of some of the friendliest staff in the industry
  • No Fees – TorFX charges no transfer fees for their transactions, in addition to offering bank-beating exchange rates
  • No maximum limits – one of a few reasons they are particularly well-suited towards large money transfers
  • Mobile app/online platform – Some reviews mention the mobile app being laggy, or their online platform being less intuitive than some competitor offerings
  • Exotic currencies – TorFX cannot handle trades to some exotic currencies
  • Intermediary fees – Payments to some destinations are charged additional fees by intermediary or receiving banks. This is not the fault of TorFX and these fees occur with any provider

About TorFX

Founded in 2002, TorFX has enjoyed continued and impressive growth for over 20 years. As of today, they have local offices across the UK, Europe, the USA, South Africa, and Australia.

Outside of the UK, Australia is by far TorFX’s biggest market. Australian customers benefit from access to a local team of dedicated dealers, with an office based in Queensland.

TorFX’s impressive awards cabinet includes a number of prestigious awards earned specifically for their performance in Australia. Canstar has awarded TorFX a 5-Star Rating for ‘Outstanding Value International Money Transfers’. No other currency provider has been awarded this accolade for five consecutive years.

TorFX is also a 3-time Mozo Gold Experts Choice winner for ‘Best Value International Money Transfers’, most recently receiving the award in 2022.

TorFX Currency Exchange Services

One off & recurring international transfers

Payments can be funded via bank transfer and are processed immediately. Online transfers are capped at 50,000 AUD for personal customers but there is no upper limit for transfers made over the phone.

Forward contracts

Forward contracts allow you to lock in an exchange rate for future payments for up to 2 years. This can be a great option for those purchasing a property overseas, as it provides financial certainty for the entirety of the contract.

Market orders

Market orders at TorFX offer two ways to target specific exchange rates. Limit orders allow you to automatically buy currency when your desired rate is achieved, and stop loss orders protect you from sudden drops in the exchange rate.

Bussines FX services

All the services listed are also available to business clients. TorFX also provides a health check service for businesses, where you’ll receive a bespoke plan designed to spot opportunities to cut costs and streamline your payment processes.

Is there a TorFX App?

Yes, TorFX has an app available on the App Store and Google Play for Australian and UK customers. The app allows you to secure exchange rates and manage your currency transfers 24 hours a day.

TorFX Fees & Exchange Rates

TorFX charges no fees for international transfers. With no hidden costs or commissions, your beneficiary should receive the exact amount quoted either online or by your account manager. The only exception to this is when an intermediary or beneficiary bank deducts a handling fee for the transfer. This markup will vary depending on the amount of money you’re sending and which currencies you’re converting. The higher the amount you wish to transfer, the lower the exchange rate markup is likely to be. Even the difference between a 5,000 AUD and a 10,000 AUD transfer can reduce the markup from 2.1% to 1.9% (rates based on AUDGBP or AUDUSD transfers, correct as of August 2023).

Comparatively, the majority of ‘big five’ Australian banks typically apply a fx markup in the region of 3.7-4.5%. Generally speaking, you can expect to save somewhere between 2-4% of the transfer total by using a specialist currency broker like TorFX instead of a traditional bank.

Other specialist providers offer similarly competitive rates to TorFX, some even may be slightly cheaper in certain instances. However, if you have proof of an alternative provider offering a better rate for a like-for-like trade, TorFX offers an exchange rate guarantee, so will match the competitor’s rate.

Is TorFX Safe?

In short, yes. TorFX is regulated locally by the ASIC (Australian Securities and Investment Commission) and possesses an Australian Financial Services License. They are also a member of the AFCA (Australian Financial Complaints Authority) and hold the highest credit rating available with global ‘corporate analytics’ giant, Dun & Bradstreet.

TorFX must comply with an extremely stringent set of rules and regulations, not to mention they carry similar accreditation across the UK and other territories they operate in. Customers should also take confidence from the fact TorFX have been trading for close to 20 years.

They are part of a group whose annual international transfers exceed AU$12 billion. During this time, they have served more than 425,000 customers, and have close to 10,000 verified reviews online.

TorFX Reviews

The overwhelming majority of TorFX reviews are extremely positive. As of November 2023, across 9,532 TrustPilot reviews, 91% have been five stars, which comfortably puts TorFX in TrustPilot’s excellent category. TorFX Australia accounts for just over 25% of these reviews, which is a great indicator for Australian customers of the service they can expect specifically within this territory.

TorFX’s ‘incredibly helpful staff’ stands out as a key theme across many positive reviews, while customers also praise the competitive exchange rates and seamlessness of processing transfers. Many customers also speak highly of the TorFX app, and some customers, despite only sending low amounts, were still extremely impressed with the level of service they received as what might be deemed as a ‘lower value’ customer.

From the very few negative TorFX reviews, these customers seemingly experienced problems during the initial verification and sign-up process, with the odd customer having delays with their payment. For the most part, a diligent verification process should be seen as a positive to customers.

TorFX has also personally responded to 100% of negative reviews, adding further insight into many of the issues that customers took umbrage with.

How Does TorFX Work?

Create an account

Once you’ve compared alternative providers and you’re happy with the TorFX rate for your specific transfer, you’ll need to register for an account.

You can start this process online and once you’ve submitted your form, someone will contact you to outline the final steps.

This is usually a pain-free process but as previously mentioned, you may need to provide some proof of ID to verify your identity for anti-money laundering purposes.

Confirm the details of your trade

Work with your account manager to specify your requirements and decide on whether you require any additional services.

Once you’ve decided it’s the right time to complete your money transfer, verbally lock in your rate and your account manager will enter you into a legal contract for the funds to be transferred.

If preferred, you can manage this step online or via the TorFX app for transfers up to 50,000 AUD.


Enter your beneficiary’s details

You’ll need to provide details like the recipient’s full name, bank name, bank address, and an international bank identification code such as BSB, IBAN, or a routing number, depending on the destination country.

Sit back

Then, just wait for the funds to be processed and delivered to the recipient’s account, which can be as quick as the same day for major currency routes.

Transfer Times

While most transfers are completed within 24-48 hours, some can take up to three business days, especially if the destination is more exotic and requires additional processing by the recipient’s bank.

TorFX vs Other Providers

Compared to OFX, another Australian-based company, TorFX stands out with its personal touch and extensive services. Against XE Money Transfer, TorFX shines with its dedicated account managers and award-winning service. Wise (formerly TransferWise), while offering competitive rates for smaller transfers, doesn’t provide the personalized service and advanced tools that come with TorFX.

When to Use TorFX for Money Transfers

TorFX is recommended for a wide range of money transfer needs, especially when sending larger amounts. For smaller transfers, less than 2,000 AUD, an app-based provider might be more cost-effective.

Our Verdict

TorFX has nearly two decades of experience in conducting money transfers efficiently and with a personal touch that is hard to find in the industry. Their easy sign-up process, value-adding proposition, and customer-centric approach make them a compelling choice for anyone looking to make international money transfers.