Wise Money Transfers
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Fact checked
TorFX is a business-oriented forex trading and money transfer company located in the world’s financial currency exchange centre, the UK. It offers extensive retail and business forex services.
Find out if TorFX is the right company for your international money transfer right here with Savvy. Compare transfer providers and exchange rates, then get your transfer underway today with Savvy.
*All product information is correct as of August, 2022.
TorFX was established in Cornwall in the UK in 2004 and now processes more than $10 billion a year in international money transfers. It consists of two separate entities: TorFX UK and TorFX Australia. Both provide both retail and business forex services through offices in the UK, Australia, Europe, the USA, South Africa and China.
International money transfers
Retail international money transfers to more than 120 different countries involving more than 40 currencies are TorFX’s main offering, although they do provide a platform for foreign exchange trading, too.
Transfer limits
TorFX has a minimum transfer limit of $200 but no maximum limit overall, so it’s often a good option for people wanting to make large transfers. However, transfers over $50,000 for personal clients, and $200,000 for business clients will have to be arranged through a business manager.
Speed of delivery
It may take from 2-5 business days for your transfer to arrive, as the SWIFT banking system is used for certain destinations. Transfers to more exotic destinations may take a little longer. If you require an instant money transfer, you may need to look elsewhere.
TorFX transfer fees
No fees are charged as a separate item cost. Instead, a markup is placed on the exchange rate. This markup will vary depending on the currency and destination of your funds.
Business transfers
Business transfers are TorFX’s main focus, with individual account managers provided for all business clients and highly customised solutions offered to international foreign exchange challenges. Some business transfer functions include:
Before sending money with TorFX, you’ll have to open either a personal or business account. You’ll need to provide your name and email address as the first step to setting up your account, which can be done either online or over the phone:
TorFX offers dedicated account managers to assist businesses with their forex needs, so if personal support and great customer service are high on your priority list, TorFX may be a good match.
For four years in a row from 2018 to 2022, TorFX won Canstar’s Outstanding Value Award, and it also has a 4.9 TrustScore and Trustpilot 5-star rating.
TorFX does not charge a transfer fee to send your money overseas. Rather, its fee structure is based on a markup on the exchange rate offered.
TorFX offers a price promise that if a competitor offers a better exchange rate, they will match it.
As TorFX is business transfer-oriented, it has a minimum transfer amount of $200, which may not be a suitable restriction for you.
The only way you’ll be able to pay for your transfer is by direct debit or BPAY from your bank account. No cash, card, or digital wallet payments are available.
There’s a maximum personal online transfer limit of $50,000 and $200,000 for businesses, although larger transfers can be arranged through business managers.
TorFX may not be the cheapest option for smaller transfers below $2,000; however, they offer very competitive rates for larger transfers.
OFX |
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Special Offer: 5 fee free transfers (saving you up to $75 in fees) + preferential rates for international money transfersMore details |
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Enjoy $40 bonus on your first money transfers of $250 & above! Use code*: SAVVY20X2 (Minimum transfer of AUD 250 Valid till 31st August 2023)More details |
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Xe |
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Xe is a 2021 Canstar Award Winner and offers the best exchange rates, low to no fees so customers save the most moneyMore details |
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Western Union Money Transfer |
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Send money to over 200 countries and territories across the world onlineMore details |
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Wise Money Transfer |
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Send money cheaper and easier with Wise with no hidden fees.More details |
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TorFX |
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Excellent exchange rates with no transfer fees. Trusted by over 325,000 customers. Awarded Canstar’s 5 star rating 2018-2021.More details |
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Currencyfair |
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Send money overseas at better exchange rates, with no hidden fees.More details |
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Remitly |
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Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countriesMore details |
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Revolut |
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Fast and easy, with super competitive rates across all major currencies. Join 25+ million customers saving on global transfers.More details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
If you decide to initiate a money transfer with one of the providers listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the provider offering that product.
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