Learn why TorFX is a trusted option for sending money overseas, especially large amounts of money to the UK, US, and Australia.
TorFX is an excellent option if you plan to move abroad or buy property overseas.
It has been around for 16 years and has transferred 6 billion pounds globally. It is a trusted brand that excels in customer service, offering a dedicated account manager who can be contacted by phone and online.
In this TorFX review, we will explain:
- Who is TorFX
- How to send money overseas with TorFX
- Which currencies can be sent or received
- Why TorFX can be trusted
- Pros and cons
- TorFX app
- Costs and exchange rates
- Business services
Who is TorFX?
TorFX is a UK-based specialist currency exchange business with over 450 employees worldwide. It offers money transfer services to individuals and businesses.
They have offices in the US, Europe, the UK, Australia, India, and South Africa. They're recognized as a top money transfer provider and were awarded International Money Transfer Provider of the Year at the Moneyfacts Consumer Awards in 2016, 2017, 2018, 2019, and 2020.
How much does it cost to send money overseas with TorFX?
We know you want to get the most from your money, so it's essential to know if TorFX provides competitive exchange rates. Unfortunately, it doesn't make it easy to understand how much they charge, as you need to create an account with them before you can see online rates. You can also call them to get foreign exchange rates over the phone or complete an inquiry form on their website, and they'll contact you.
In geneTorFX'srFX's exchange rates are between 0.5% and 2.5% above the market rate. Banks charge between 3% and 6%, and other currency exchange providers charge 6% plus. The more money you transfer with TorFX, the more competitive the exchange rate.
For lower amounts, below around £1,000 ($2,000), TorFX is not very competitive, and don'tdon't make it into our top five providers. TorFX is good. You're sending more significant sums; they're one of the better-priced providers.
How long does it take to receive money with TorFX?
They are quick. For many currencies, the money could be in the bank account on the same day, whereas for other currencies, it can take a couple of business days after your funds have cleared. Like any other provider, the speed depends on where you send money and how you pay.
For example, if you're paying by bank transfer, the funds may take a couple of days to reach TorFX, and you won't start the clock until they have them. Be sure to plan for those types of delays when you send money.
How to send money with TorFX
TorFX's sign-up process makes it easy to create an account and transfer money. Here's what you need to do.
You can apply for a TorFX account online through the website or by calling them; they'll walk you through the process.
- Once your account is registered, you'll be assigned a specialist, dedicated account manager to provide advice.
- When you want to send money, you can do that online, through the app, or by contacting your account manaYou'llou'll need to provide details of who you want to send the money to, including their name, address, and international banking details.
For a detailed visual guide on “How to make a transfer with T “rFX,” watch our video. It's very helpful.
TorFX limits – how much can I transfer?
If you want to transfer a lot of money, TorFX is an excellent choice. They state that don'tdon't have a maximum money transfer limit, so you've got the money to transfer; TorFX can help. There are some limitations, though:
- They only have a “Regular Overseas Pa “ment” service for transfers between £500 and £10,000 ($1,000 – $20,000).
- The minimum amount you can send is £100 (or $200).
- You can send between £100 and £25,000 (or $50,000) online.
- For individual amounts over £25,000 (or $50,000), you must call TorFX and speak to your account manager.
- For UK businesses over £50,000 (or $100,000), you must call TorFX and speak to your account manager.
Is TorFX trusted?
4.8 / 5-star rating on Trustpilot
The answer is yes.
The good news here. TorFX is fully regulated in the UK by the Financial Conduct Authority (FCA), meaning it has to adhere to strict rules and regulations. The company says it processes more than six billion pounds in transactions every year—pretty impressive.
They also have more than 50,000 individual clients and over 5,000 business clients. People on TrustPilot really like TorFX, scoring them at 4.8 out of 5. They also receive the highest credit rating (Level 1) by Dun and Bradstreet, a credit agency that rates businesses, so you know they are safe.
Is the TorFX app easy to use?
The TorFX mobile app lets you access many of their services through your smartphone. You can make currency transfers, check foreign exchange rates, buy currency in advance, set rate alerts, add new recipients, and update your account information.
When it comes to simplicity, we looked at reviews on both the Apple App Store and Google Play. There were mixed views, with some users on both platforms saying that the app was easy to use and others stating it could be more intuitive. The app scored reasonably well, though, getting 4.4 out of 5 on the App Store and 4.3 out of 5 on Google Play.
The detyou'llou'll need you'reou're sending money.
TorFX does need some details if you want to create an account and send money overseas:
- Your full name and contact details
- Government-issued documents to prove your identity
- Whether your account is for personal or business use
They can not complete your transfer until your ID is verified.
If you are providing a photo ID, it needs to include the following:
- Your photograph – high-quality image required
- Your full name
- Your date of birth
- The expiry date (it must be valid)
- The two lines of letters and numbers at the bottom of the document
If you are providing proof of address, it needs to include the following:
- Your full name
- Your full current residential address (within the past three months)
They need to see the entire document, including all four corners.
The document must be registered in the state in which your account is registered.
In addition, when you want to send mothey'lley'll also need more details, including:
- The amount you're sending
- The country's sending money from and to
- The currencies you're sending money between
- The name and address of the person to whom you are sending money
- Bank account details of the person you are sending money
The bank details you'll need to provide will vary between countries. You'll need to provide the sort code or routing number, and the account Sometiyou'llou must provide a SWIFT code or IBAN (International Bank Account Number).