TorFX Review

Founded in 2002, TorFX has enjoyed continued and impressive growth for over 20 years.

As of today, they are part of the Currencies Direct group which has 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’.

A feat that no other currency provider has achieved 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.

One off international transfers can be funded via bank transfer and are processed by TorFX immediately.

Depending on where you’re sending money to, TorFX will route it via the most appropriate payment network. 

This could be SEPA to the EU or SWIFT to the rest of the world.

On top of instant transfers, TorFX offers a range of other currency tools that may help you to achieve a better rate or at least hedge against future currency movements.

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.

Certain types of orders at TorFX offer two different 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.

It’s also possible to set up recurring transfers, either with a rate locked in with a forward contract, or executed at the prevailing rate on the day.

Online transfers are capped at AU50,000 for personal customers and AU$200,000 for business customers but there is no upper limit for transfers made over the phone.

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.

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.

Admittedly, the ToFX service is much more heavily geared towards telephone trading but the app still rates a very good 4.5/5 and 4.3/5 on Apple and Android respectively.

Multiple users speak of it being “super simple to use” and an “easy way to transfer money overseas with better rates than the banks”.

Contrastingly, there are some users who report they experienced an “error code” but TorFX has promptly replied in an effort to fix the bug.

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.

The FX 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.

TorFX rates tend to be anywhere from 0.2% to 2%, depending on how it is you’re looking to transfer.

Comparatively, the majority of ‘big five’ Australian banks typically apply a fx markup in the region of 2.5-5%.

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.

In short, yes. 

TorFX is regulated locally by the ASIC (Australian Securities and Investment Commission) and possesses an Australian Financial Services Licence. 

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 also part of a group whose annual international transfers exceed AU$19 billion.

During this time, they have served more than 425,000 customers, and have close to 10,000 verified reviews online.

The overwhelming majority of TorFX reviews are extremely positive.

At the time of writing, across a combined total of 11,000+ Trustpilot reviews, the firm enjoys a market-leading 4.9/5 rating, which comfortably puts TorFX in Trustpilot’s excellent category.

TorFX Australia accounts for just over a quarter of these reviews, which is a great indicator for Australian customers of the service they can expect from the local Queensland-based office.

Most providers employ just one Trustpilot account globally, so we certainly appreciate the unique insights for Australia.

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.

While most transfers with TorFX 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.

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 personalised service and advanced tools that come with TorFX.

TorFX is recommended for a wide range of money transfer needs, especially when sending larger amounts.

When you’re sending a significant sum it’s much more important to have an account manager on hand should anything go wrong or you want to discuss methods that help you land more currency at the end of your deal.

It’s best to have a team of seasoned dealers who can expertly assist customers throughout the transfer process. And with 20+ industry accolades, including recognition as the international money transfer provider of the year and awards for outstanding customer service, TorFX certainly fits the bill.

But are there scenarios when TorFX is not such a good fit?

For smaller transfers, less than AU$10,000, the TorFX app is certainly simple to use but an app-based provider such as Wise will be more cost-effective. Their online-only service provides transparent fees that beat just about all other providers on low volumes.