TorFX Review (2024 Updated) Is it Safe & Legit?

Last Updated on April, 2024

For those of you who don’t know, TorFX has been one of the trusted transfer options (more than 16 years) to send money abroad in large fund transfers, especially in Australia, the UK, and the US. 

It works well for those who want to buy properties or move abroad. The service has garnered plenty of success and raving customer reviews for its dedicated account manager, who is reachable via their online platform or phone. 

You’ll get all of this paired with one of the best customer services with its highly personalized features. But should you use TorFX? 

Well, in this guide, we’ll find out whether you should consider TorFX for your international money transfers or not. So get ready to dive deeper and find all your answers in this detailed TorFX review. 

What is TorFX?

torfx online money transfer

TorFX is an overseas money transfer service that hails from the UK. The currency exchange specialist offers services across the globe to both individuals and businesses. 

TorFX has offices in the UK, the US, India, Australia, Europe, and South Africa. They are considered to be one of the top money transfer providers and were awarded for their efforts from 2016 to 2020 at the Moneyfacts Consumer Awards

TorFX Features and Services

Primarily, TorFX is an over-the-phone overseas transfer service. But they also have an online platform along with a mobile app that you can use for your transactions. 

With this, TorFX can serve different types of customers, whether they want to talk to someone or carry out their transactions on their own. 

The following are the features on offer by TorFX:

  • Forward contracts.
  • Spot contracts.
  • Stop losses
  • Limit orders
  • Rate alerts
  • Online platform/mobile app
  • Market analysis

These services are standard among most currency brokers. But they also offer some advanced features, including forward contracts and limit orders. 

These features come in handy when you are transferring large amounts of money. Adequately utilizing these tools can protect you from unfavorable rates. 

How Does TorFX Work?

a screenshot of how torfx works

Before you begin using the online service, it is best to compare the mid market rate with other money transfer services. Compare transfer fee, rates received, and transfer speeds to get a better picture and to determine if a service is for you or not. 

  • Once you have made your decision, you can sign up for your account if you have decided to use this service. 
  • You can go to their website and fill out the form. Someone from TorFX support will get in touch with you to finalize your application. 
  • You might have to provide them with more details if they can’t verify all your details (TorFX transfers money only after verification is complete). 
  • After opening your account, your personal account manager will provide you with the exchange rate markup and the best times to transfer money. 
  • When you are ready to make the transfer to lock in the rate, they will read a verbal script (they might ask you to make the transfer before locking the rate in).
  • You can also do this by using their mobile app. 
  • In the next step, you need to provide them with the details of your beneficiary (recipient’s account). The details will vary based on the destination. For example, in the UK, you have to provide the sort code and account number, while in the US, you have to provide the routing number and account number. You can ask your TorFX personal account manager for these details as well. 
  • Once TorFX has a hold of client funds and the exchange rate is locked in, they will make the transfer to the beneficiary. 

How Much Does it Cost to Send Money With TorFX?

Of course, everybody wants to get the most out of their money. Therefore, it is essential to know whether they offer competitive rates or not. 

It might not be that amusing to find out that the money transfer provider doesn’t make it easy for their customers to understand what they are charging for their services.

You often have to create an account before you can determine what their online rates are. But you can also make a phone call and ask TorFX about their foreign exchange rates. 

You can also fill out an inquiry form available on their website, and they will get in touch with you with the exchange rate. Generally, this exchange rate can range from 0.5% to 2.5% over the market rate. Moreover, banks charge around 3% to 6%, while other providers can ask for rates above 6%. 

For the lower amounts (under $2,000), TorFX is not very competitive. Therefore, TorFX might be a good option only if you’re looking to send large sums of money. 

TorFX Exchange Rates

a screenshot of torfx exchange rates

The TorFX exchange rate is better than that of high-street banks, and this is one of the advantages of using their services. 

Nevertheless, you might get better rates if you decide to go for another overseas money transfer service (you get what you pay for). 

But TorFX does offer top-notch services if you are willing to go for a slightly lower exchange rate. Just to get an idea, they offer:

Transfer volumeTorFX’s Exchange Rates (Margin)
GBP 5,0001.99%
GBP 20,0001.53%
GBP 50,0001.04%
GBP 500,0000.65%

As you can see, you will get a better rate for larger transfers. Most banks offer a rate ranging from 3% to 5%. So, you will end up getting pretty good rates for larger sums of money. 

How Long Does it Take to Receive Money Using TorFX?

TorFX is fast, and for many currencies, your money can appear in your bank account on the same day. Other currencies can take around a couple of days once the funds have been cleared. 

Just like any other provider, the transfer speed can depend on your payment destination and payout method. For instance, if you pay using a bank transfer, the payment will take a couple of days to reach TorFX. 

The clock won’t start until the European currency broker has your funds in their access. Therefore, you need to plan for such delays when you’re making international payments using TorFX. 

Sending Money Using TorFX

a screenshot of the types of torfx money transfers

They have a process to sign up, but it makes it easier for you to start sending money overseas using their services. Before making overseas transfers, you must apply for your account online on their website, or you can give them a call and go through the process over the phone.

  • After registering your account, one of their dedicated account managers will advise you regarding all your transactions. 
  • When you’re looking to send money, you can conveniently do it online or using their app (you can also do the same by getting in touch with your TorFX personal manager). 
  • You must provide them with the details about your recipient (this includes name, international bank details, address, etc).

Required Documentation to Send Money

When sending money using TorFX, you need to provide some details when creating your account with them and sending money abroad.

You need to provide:

  • Your full name, along with contact details
  • Government-issued ID documents for verification
  • Whether you are creating a business or personal account

TorFX can’t complete your transfer until your identification is verified

If you’re providing them with your photo ID, it must come with:

  • Your high-quality photograph
  • Your full name and date of birth
  • The expiration date of the photo ID
  • The two lines of numbers and letters (at the bottom of the photo ID)

The proof of address must come with:

  • Full name
  • Full current address (in the past 90 days)

They must see the entire document (including all four corners), and it must be registered in the state where your account is registered.  

Apart from that, you must provide them with more details when sending money:

  • The amount that you’re sending
  • Countries from/to you are sending money 
  • The currency pair you are using 
  • The name and address of the recipient and their bank account details 

The bank account details differ between countries. But you’ll need to provide them with a routing number or the sort code along with the account number. Sometimes, TorFX might ask you for an IBAN or SWIFT code as well. 

You must keep in mind that TorFX only accepts bank transfer payments, and they only pay in international bank accounts. 


Types of Transfers TorFX Offers

a screenshot of the types of currency options in torfx

TorFX offers different types of simple and flexible currency transfer options. Let’s have a look at each of them briefly:

1. Spot Contract

This type of transfer is excellent for immediate transfers and TorFX secures you with an excellent rate. 

2. Forward Contract

With a forward contract, you can budget effectively and keep your funds secure from any negative market movements for a couple of years (exchange rate locking) before making a transfer.

3. Market Orders

If you want to focus on a particular rate, you can use a market order. There are two kinds of a market order: limit orders and stop loss orders. 

Limit orders

If you want a specific rate, higher than the current rate, TorFX will automatically make the transfer when the market reaches that rate. 

Stop loss order:

You can control the rate risk of falling out of nowhere by setting a worst-case rate. You‘ll know that your transfer is safe and, hence, can wait for things to improve. 

4. Market Insight

With this transfer type, your dedicated manager will keep you informed with the latest news, and you can time your currency transfers effectively.

5. 24/7 Transfers

For convenient transfers, you can use TorFX online service to transfer up to GBP 25,000 quickly and easily. With your online service, you can check live rates and set alerts for rates. You can also track payments and transaction history 24/7.

How Much Can I Transfer Using TorFX?

One thing that you don’t have to worry about when using TorFX is transfer limits. According to TorFX, they don’t have any max transfer limits. Therefore, if you have the money, they can sort things out for you. 

But there are some other forms of limitations that you might consider (for more details, reach out to TorFX customer support): 

  • They offer regular overseas payments only for transfers between $1,000 and $20,000.
  • TorFX currency exchange minimum transfer limit is $200.
  • You can send between $200 and $50,000 online. 
  • For amounts over $50,000, you need to call TorFX and discuss the matter with your dedicated account manager. 
  • For businesses in the UK, for amounts over GBP 50,000 ($100,000 you must talk to your account manager. 

Is TorFX a Trusted International Money Transfer Service? 

a screenshot of the torfx app available on google play store

Yes, TorFX is a trusted international money transfer service. They are fully regulated in the UK by the FCA (Financial Conduct Authority). It means they have to follow strict rules to conduct their business.

According to TorFX, they have processed over GBP 6.5 billion in transactions annually (pretty impressive work there).

TorFX (owned by Currencies Direct) also has over 50,000 individual clients and over 5,000 business clients. Moreover, they have been serving customers since 2004. 

It means that they have been around for quite some time to be in the current market position (so there are no suspicious shortcuts here). 

TorFX Customer Reviews

TorFX is a customer-centric business that has won awards in 2016 and 2017 from the Moneyfacts Consumer Awards for the best customer service. 

A study conducted by Moneyfacts found that customers are highly impressed by the competitive rates that TorFX has to offer, and they love the hassle-free services that TorFX has. Most of the customers found TorFX’s account manager services very useful as well. 

Is TorFX Safe to Use?

As we‘ve already mentioned, TorFX is regulated by the Financial Conduct Authority in the UK. But what does it mean? It means that the company must segregate company money from client money. And the client accounts are safeguarded and ring-fenced. 

It means that TorFX can’t touch your money without your permission. They can’t use your money to pay their creditors. Consequently, you’ll get your total amount returned to you as client funds get full priority over other creditors. 

The only exception here is if the liquidation costs exceed the cash held by the business. In this case, the liquidator might recover from the clients funds. 

But to tackle this issue, TorFX has different procedures to ensure clients funds are calculated and checked against actual daily cash held. You can contact TorFX customer service to get more information on this. 

This is how regulated money transfer companies work in comparison to the high street banks that operate with Financial Services Compensation schemes

TorFX Business Services

a screenshot of the torfx business

TorFX also offers business accounts to its customers. And when you open a business account, you’ll get a dedicated personal account manager for this service as well. 

With your business account, you can process foreign payroll, manage import/export payments, and repatriate overseas earnings while dealing with currency exchange volatility and effectively protecting your profit. 

What TorFX Business Account Offers? 

With a TorFX business account, you’ll get:

  • No transfer charges or fees.
  • 24/7 transfers using TorFX Business Online.
  • Expert insights on your transfers and risk management guidance.
  • Highly competitive exchange rates. 

Is TorFX Legit?

We’ve already established that TorFX is one of the best when it comes to customer service and they don’t charge any transaction fee. They are excellent for large transactions and have won awards for their efforts. 

Moreover, TorFX is legitimate, and they have been in the business for several years. The business is regulated by the Financial Conduct Authority (FCA) and holds a Level 1 rating from Dun & Bradstreet, a leading credit rating agency. 

Is the TorFX App User-Friendly?

a screenshot of the torfx app

Let’s further our TorFX review and talk about their mobile app. With the help of their app, you can access their services using your smartphone. 

Using their app, you can make currency transfers, get foreign exchange rates, purchase currency in advance, add new recipients, update your account info, and set your rate alerts. 

When going through their app reviews on Google Play Store and Apple App Store, there are mixed reviews when it comes to the simplicity or user-friendliness of their app.

Some customers say their app is easy to use, but other users also say that there’s some room for improvement. However, on both stores, the TorFX app gets a pretty decent rating of 4.0 / 5 (Apple App Store) and 4.1 / 5 (Google Play Store).

TorFX Pros & Cons

TorFX is a pretty good choice for most international money transfers. But as with all international transfer services in the currency markets, there are a few pros and cons you might have to consider. 


When you sign up for your account, you will get a dedicated account manager to assist you through all your transactions. 
They have highly competitive exchange rates, especially if you’re looking to transfer large amounts.
TorFX offers individual and business accounts. 
The money transfer company doesn’t charge transfer fees, no matter what amount you enter. 
They provide excellent customer support with highly personalized service that you can access through email or phone in terms of timing your exchange.


The minimum transfer amount that TorFX has to offer is $200 (GBP 100). 
TorFX doesn’t have a user-friendly website. You have to sign up to get a quote (which is a bit of a hassle).
TorFX only accepts bank transfers in your name from a bank account (no other payment option available for receiving money).
Their rates can be incomparable if you’re making money transfers under $2,000 (GBP 1,000).
Not a great option for sending smaller amounts and exotic currencies (if it ain’t large transfers, TorFX ain’t good).

TorFX Alternatives

We have found some negative reviews as well. Most of them talk about the TorFX compliance department and the company’s unwillingness to open certain accounts. 

Moreover, the account managers tend to ask interrogation-like questions. According to some reviewers, TorFX’s intermediary fees are also on the higher side.

Now, to maintain high quality standards and the FCA badge, TorFX has to be strict about its account opening policy, and that’s exactly why their account managers ask strict questions. 

However, the intermediary fees are a bit out of the company’s control because of the involvement of intermediary banks, which take a small fee to process an international transfer. 

However, there are some alternatives available if you don’t want to use TorFX. These include the likes of CurrenciesDirect, OFX, WorldRemit, PayPal, and Wise

CurrenciesDirect is a good option because it also doesn’t charge any transfer fees and has a global reach. OFX is one of the oldest in the business, and it also offers larger transfers at rates that are better than those of banks. 

WorldRemit is excellent for cash pickups and a user-friendly website, while PayPal has a global reach and accepts a variety of payments. 

However, Wise is perhaps one of the best TorFX alternatives because it offers a real rate that is based on a mid-market rate. Moreover, Wise fees are a percentage of the total transfer amount, and it is very simple to use.


Other online bank reviews:

So, Is TorFX a Good Option for You?

To conclude this TorFX review, we suggest that before you finalize your decision, you compare different rates and fees. TorFX is an excellent option to consider only if you are looking to transfer large amounts, and that too in non-exotic currencies. 

They do offer quality customer service if you can live with slightly lower rates (but without any transfer fees), and this is one of the best features they have to offer. As they only deal with bank transfers, you can link your debit card to your TroFX account, too. 

So, the crux of this TorFX review is that the money transfer provider is reliable if you want an immediate transfer, but not until you have verified account details. 

Most of the negative reviews about their service come regarding no payout options and payment methods. However, if you want a reliable service to transfer large sums, go for TorFX

Frequently Asked Questions

Yes, your money is 100% safe with TorFX as they are regulated under FCA in the UK.

The rates offered by TorFX compared to traditional banks for international transfers may vary based on the timing of your exchange. It is recommended to consult with your personal manager for assistance in securing the best rates for your transfer.

TorFX does not charge any fees for international money transfers. However, they do not openly display their exchange rates. You can contact a dedicated account manager after creating an account to find out their current rates. In general, larger transfers may result in a lower foreign exchange rate, but transferring smaller amounts

Yes, all TorFX account holders receive a designated account manager who provides guidance for their transactions.

Yes, TorFX is regulated. In the UK, it is regulated by the Financial Conduct Authority (FCA).

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Allen Morning
I'm Allen Morning, with a background spanning over 15 years in international finance and education from Harvard and Stanford. I founded Currenciap with a vision to demystify and streamline global financial transactions. My journey in finance has fueled my commitment to creating a platform that is both user-friendly and efficient, making international finance accessible to everyone. You can find more about me here.

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