TorFX review: Money transfer service
- Number of Currencies
- 38
- Minimum Transfer Amount
- $200
- Pay By
- Bank transfer, Debit card
- Fees (Pay by Bank Transfer)
- $0
Our verdict
Get bank-beating exchange rates and no fees when you transfer with TorFX.
We signed up for an account with TorFX to see how they stack up against competitors. What attracted us was the promise of no transfer fees and its rate improver guarantee. It also offers a personal touch by providing you with a friendly account manager, in our case it was Craig Dwyer who gave helpful insights into the currency market.
Same-day local payments between AUD and NZD transfers (up to $100,000) is also really convenient for anyone making money transfers between those countries.
Similar to OFX, TorFX has forex tools such as forward contracts, market orders and stop losses to help manage your risk. Unlike Wise, TorFX excels when it comes to large transfers. Based on our experience, you'll get a competitive rate when transferring $5,000 or more and there's no limit on how much you send. However, we don't think TorFX is suitable if you're transferring less than $2,000 or want to exchange a less common currency. In this case, you will get a better exchange rate with XE.
- Good for getting a fair exchange rate and avoiding transfer fees.
- Good for fast AUD/NZD transfers.
- Not so great for transfers under $2,000, where you’ll get a less competitive exchange rate.
Details
Product details
| Product Name | TorFX |
| Pay By | Bank transfer, Debit card |
| Receiving Options | Bank account |
| Customer Service | Phone, Live chat, Email |
| Maximum Transfer Amount | Unlimited |
| Number of Currencies | 38 |
What I liked about TorFX
- No fees. TorFX doesn't attach any transfer fees to its transactions. Instead, it makes its money by adding a markup to its exchange rate.
- Same-day NZD/AUD transfers. If you're sending less than $100,000 between New Zealand and Australian dollars the whole transaction will take less than a day.
- Dedicated currency expert. TorFX assigns an account manager to help customers with the transfer process and will answer any questions you might have.
- No maximum limit. There is no upper limit on how much you can transfer, making it ideal for large money transfers.
- Forex tools. You can use forward contracts, limit orders and stop-loss orders to get the best deal possible.
What I didn't like about TorFX
- Limited currencies. TorFX does cover popular remittance currencies, but is lacking some of the more exotic currencies.
- Only supports bank transfers. You can only send to bank accounts and can't pay for the transfer with cash or card.
- Not great for transfers under $2,000. For smaller transfers, you'll often get a more competitive rate from rivals such as Wise. Although TorFX does allow for transfers as small as $200, you're not likely to be contacted to activate your account.
How competitive are TorFX's exchange rates?
While TorFX does apply a margin to its exchange rates, it claims to keep them as close to the mid-market rate as possible. TorFX also provides a rate improver guarantee to give you the most for your money. If you're looking to transfer above $5,000 then TorFX should be among the most competitive providers in the market.
Rate improver guarantee
TorFX will match any competitor's rate to make sure you get the most competitive rate in the market. You just need to:
- Register with TorFX.
- Show TorFX a screenshot or written quote of the better rate, including the date and time you received it.
Conditions do apply:
- You have to have an account with the provider you get the other quote from.
- TorFX can't beat the rate if it's better than the mid-market rate.
- This guarantee doesn't apply to transactions you've already agreed upon with TorFX.
What your TorFX transfer could look like
Complete the form and a representative from TorFX will call you back. If you complete the form on a weekend you'll get a call during a business day.
What are the ways I can send money abroad with TorFX?
TorFX only supports bank-to-bank transfers, meaning you won't be able to send to a mobile wallet or to a cash pick-up location. In saying this, TorFX does have a range of features to help you make a transfer, including:
- Spot contracts. Make an on-the-spot transfer.
- Forward contracts. Lock in a favourable exchange rate now and send your money up to two years into the future.
- Limit orders. Target a specific exchange rate, then TorFX makes the transfer when that rate is met.
- Stop-loss orders. Wait for a better rate, but lock in a worst-case rate should the market move against you.
- Business transfers. Experts can help your business control forex risks and protect your profits. Services include risk management as well as overseeing any regular overseas payments for your business invoices.
How to send money transfer online with TorFX
In order to make a transfer with TorFX you will first need to register for an account.
TorFX reviews and complaints
TorFX is rated as "excellent" on Trustpilot and have a score of 4.9 out of 5, based on 2,742 reviews. Positive reviews highlight their excellent customer service and competitive rates on large transfers. Negative reviews mention compliance policies, TorFX has to follow strict anti-money laundering regulations. It requires customers to verify their identity by phone as well as submit documents. TorFX responds to the majority of negative reviews with details on how to contact management and help the customer resolve their issue. 91% of customers rated the service 5 stars and 3% gave a score of 3 stars or lower.
TorFX has a lower rating on ProductReview.com.au as customers rated it 4.2 stars out of 5 based on 195 reviews. Here negative reviews also mention TorFX's compliance policies, while others praised the company's friendly & knowledgeable staff.
Is TorFX safe to use?
TorFX is an established international money provider that is regulated in Australia by ASIC and in the UK by the FCA. It also holds the highest credit rating with Dun & Bradstreet. As a group, they process over AU$10 billion per year in international payments and adhere to the highest standards of security.
- Security and regulation: regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC).
- Established: 2004.
- Number of customers: 325,000 personal and business customers.
- Reviews: Trustpilot gives TorFX a score of 4.9* out of 5, based on 2,742 reviews.
What payment methods does TorFX accept?
You can pay for your TorFX money transfer through a bank transfer. Unfortunately, you are unable to pay with cash or a card. Once you've confirmed your transfer with TorFX, you'll be given the bank account details to transfer your money to.
How long does an international transfer with TorFX take?
Typically it takes 24-48 hours for a transfer to reach the recipient's account. With some of the more exotic destinations and less frequently traded currencies, it can take up to two working days.
How does TorFX compare to other money transfer services?
Frequently asked questions
Your reviews
Rosie Finder
Writer
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John Basanes Finder
November 15, 2018
Hi Susan,
Thank you for reaching out to finder.
You may have the currency conversion in the bank if you wish but if you want to withdraw the amount in USD and have it converted outside the bank, that is also an option. You may reach out to currency exchange company that could help you convert the USD you have into AUD. Hope this helps! You may also give TorFX a call to ask for assistance in doing the conversion. Since TorFX accepts bank transfer as the option, you could do this by making the transfer from your bank to them.
Cheers,
Reggie
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JB
September 26, 2018
Hello,
I am wishing to send money to a relative in Singapore and am hoping to transfer an AUD amount to an account in England from my Commbank account (this will then by transferred to my relative’s bank in SIngapore as SGD. Do Australian banks such as the Commbank permit/provide AUD transfers to English banks?
thank you
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Nikki Angco
September 28, 2018
Hi JB,
Thanks for your message and for contacting Finder.
Yes, Commbank allows international money transfers to the UK. Simply visit the Commbank website and choose international money transfers from one of their website features through the Commbank app.
To send money from the UK to Singapore, here is a handy comparison of money transfer providers. Simply enter the amount to be sent and press calculate and it will show the transfer speeds and fees. Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you initiate a money transfer.
Best regards,
Nikki
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Krishna
June 08, 2018
I m looking for 2000$ aus to usd
Let me know by message on my phone 0430406143
Arnold
June 08, 2018
Hi Krishna,
Thanks for your inquiry
Please note that we are not affiliated with TorFX or any other company we feature on our site and so we can only offer you general advice.
It looks like you’re already on the right page for information about TorFX Foreign Exchange Services. To start using TorFX, please click the green ‘Go to site’ button located above to be redirected to their website. You may also want to contact TorFX directly for transactions or any questions you may have about their services.
Hope this information helps
Cheers,
Arnold
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Bill
February 12, 2018
Wow, your comparative rates listed here are 2 years old! Time to update them don’t you think?
Jonathan Choi Finder
February 26, 2018
Hi Bill, thanks for this flag. We have forwarded it to our team for immediate review.
Thanks,
Jonathan
Budram
August 05, 2017
I want to transfer around A$750 to India today What is the best exchange rate for today?
Arnold
August 05, 2017
Hi Budram,
Thanks for your inquiry.
Please note that Finder is a general information and comparison website.
To check for the current exchange rates TorFX has, you may click on the green ‘go to site’ button to be redirected to their site.
Hope this information helped.
Cheers,
Arnold
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Susan
November 15, 2018
Will need to convert USD currently held in a bank in Australia in a foreign currency account into Australian dollars