TorFX Review

TorFX Review Summary

TorFX offers competitive rates and effective customer support. It has offices in the UK, Singapore and Australia. Every new customer is assigned a personal account manager. The staff is friendly and helpful, and they are always available to help. The company has received a high TrustPilot rating. TorFX is a foreign exchange provider that offers its clients the convenience of a one-stop-shop for international payments. Whether you're transferring a one-time amount or a recurring payment, the service offers the best exchange rate and the lowest transfer fees.

TorFX review
TorFX Features

TorFX Year Established

2004

TorFX International Clients

TorFX accepts international clients.

TorFX Age requirement

18 years

TorFX Currencies Offered

39 online

TorFX Minimum Transfer

200 USD

TorFX Transfer Fees

1.91%-2.71%

TorFX Office Locations

Headquarters in US, with subsidiary offices and certified agents literally across the globe.

TorFX Employees

100

TorFX Turnover

20,000,000,000 USD

TorFX Regulation

Financial Conduct Authority (FCA)

TorFX Fees

TorFX transfer fees are 1.91%-2.71%.

Fees with TorFX may vary per transfer, depending on method of sending, currencies and amount. Based on World Bank statistics, the fixed fee can be as high as 19 Pounds for 120 Pound transfer to Ethiopia (source).

Additionally to the fixed fees taken by TorFX, the World Bank Statistics reveal that an additional markup of between 1 and 4 per cent is incurred.

TorFX Client Rating

TorFX has a rating of 3.

Number of TorFX customers

325,000

TorFX Website

https://moneyaccounts.com/vs/torfx-vs-rabobank/

TorFX Supported Languages

Month Savings
January $100
February $80

TorFX Review

TorFX review
Pros and Cons of Transferring Money with TorFX

Most of the time money transfers with TorFX will be smooth. Each money transfer service have their own benefits and isses, so always weigh the pros and cons of sending money with TorFX money prior to submitting an application to TorFX.

Can you easily afford the TorFX fees, are the exchange rate costs reasonable with TorFX?

TorFX review
TorFX Advantages

  • TorFX has been in business over 4 years
  • TorFX is availble in many international countries.
  • TorFX offers a wide range of money transfer currency options.
  • TorFX offers phone support.
  • TorFX offers email support.
  • TorFX offers an Apple iOS mobile application.
  • TorFX offers an Android Google Play Store mobile app.

TorFX review
TorFX Disadvantages

  • TorFX does not offer PayPal as a payment method
  • TorFX does not offer Neteller as a payment method
  • TorFX does not offer Skrill as a payment method
  • TorFX does not offer a mobile wallet.
  • TorFX does not offer Home delivery for money transfers.
  • TorFX does not offer Cash pickups for money transfers.
  • TorFX does not offer Money orders.
  • TorFX does not offer Livechat support.

What Is TorFX?

TorFX is a financial service company, that offers its clients money transfer services.

TorFX was founded in 2004 by Jon Beddell and has offices in Cornwall, UK.

TorFX provides money transfer services to its 325,000 customers who are from all over the world including worldwide.

The Cornwall, UK TorFX business was founded in 2004 to deliver money orders locally and internationally.

Do TorFX Offer Money Transfer?

Money transfer businesses, or other financial corporations use EFT (electronic funds transfer) to send money across distances, large or small. That is to say that it is not actual money being sent, it is rather data that represents the amount being sent that the recipient can withdraw whenever they wish.

Is TorFX Trusted And Established?

TorFX is among the most recognized and reputable money transfer platforms. It has an exceptional track record and offers reasonable rates.

TorFX was established in 2004 in Cornwall, UK, and has been in operation for around 20 years TorFX have a head office in Cornwall, UK.

TorFX review
How much does it cost to send a TorFX Transfer?

TorFX money transfer exchange rates are quite minimal compared to banks and other money transfer providers. A minimal percentage is charged on top of the exchange rate as standard practice. TorFX only charges 1.91%-2.71%, when compared to other money transfer service providers.

TorFX review
How much can I send with TorFX?

The maximum transfer amount with TorFX is up to none (or its currency equivalent) online.

While TorFX charges a small percent of transfer fees, the brand offers reasonable exchange rates.

TorFX review
TorFX Money Transfer Terms and Conditions

When transferring money with TorFX, it is crucial to keep tabs on the following:

  1. TorFX Speediness. Often the need to money transfer may be urgent and time critical.
  2. TorFX Reliability and reputation. The safety of money and personal information can be a concern for those wanting to use international money transfer services to send money.
  3. TorFX Transaction charges. Transaction charges are important as the majority of customers wish to send money overseas without having to worry about paying excessive charges.
  4. TorFX Ease of use, and convenience. Your money transfer platform should be flexible and offer a good range of options and features, making it more convenient for customers to send money overseas.
  5. TorFX Customer service. Because one can often run into problems when transferring money. A money transfer platform with excellent customer service could solve a lot of problems. TorFX customer service should respond to your queries quickly and work with you to resolve any issues that you have.

TorFX review
How TorFX Compares To Other Money Transfer Companies

NameTorFXXE Money TransferWise Multi-Currency Account
Usedby325,00028000000011000000
Transfer Time1-2 business days1-4 business days1-2 business days
Min Transfer200 USDUS$1.001 USD
Max TransfernoneUS$500,000.00 (or equivalent)1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
Payment Methodschaps, swift, bacs, debit card, chequeBank transfer, credit card, debit cardBank transfer, debit card, credit card, SOFORT transfer
iOS Appyesyesyes
Android Appyesyesyes

TorFX review
TorFX Risk Warning

Any taxes or charges are payable in the destination country. costs may exist that are not paid through TorFX or imposed by TorFX. Your TorFX money transfer transaction may be cancelled if it is demmed to be connected with prohibited activities including all applicable laws regarding anti money laundering or counter terrorism financing laws. or the transaction is actioned through unauthorised use of your TorFX account.

TorFX review
TorFX Fees & Exchange Rates

Several money transfer platforms like TorFX charge money for every money transfer a customer makes through their platforms. Other than that, every time an individual exchanges money from one particular currency to another, the money transfer operator in this case TorFX may charge for a currency exchange.

TorFX review
TorFX Transfer Fees

A transfer fee is the sum of money that a money transfer operator like TorFX charges a customer for transferring money to a recipient. The amount charged depends on the operator charging it.

TorFX review
TorFX Exchange Rate Margins

Exchange rate margins are how TorFX, banks and other financial corporations make profit off their services instead of charging customers with commission fees.

When a bank or a money transfer service like TorFX quotes an exchange rate to a customer, they usually take the interbank rate and add an amount known as a margin rate. Check with TorFX to see what their exchange rate margin is.

TorFX review
TorFX Methods to Transfer Funds

A TorFX fund transfer is when someone sends money from their account to another person's account. Money can be transferred using different methods, e.g. online, via the phone, or a mobile app.

The methods to transfer funds are:

  • Manual EFT
  • Automatic EFT
  • Bill payment
  • Correction

TorFX enables users to transfer money using bank transfer, via none.

TorFX review
TorFX Currencies Supported

Money transfer operators that offer more currency options are beneficial because they make for reduced conversion fees. This way customers do not have to pay exorbitant conversion fees when transferring money.

TorFX offers every available world currency to its customers. We list the major TorFX supported currencies below.

TorFX Money Transfer Currencies
NameCurrencies
EUR, GBP, USD, CAD, AUD, NZD, JPY, ZAR, CHF, AED, BBD, BWP, BGN, CNY, HRK, CZK, DKK, XCD, FJD, HKD, HUF, INR, ILS, KES, MUR, MXN, MAD, TRY, NOK, PHP, PLN, RON, RUB, SGD, LKR, SEK, THB, TTD, UGX
AED, BDT, BHD, BTN, HKD, IDR, ILS, INR, JOD, JPY, KWD, LKR, MYR, NPR, OMR, PHP, PKR, QAR, RUB, SGD, THB, TRY, TWD, VND, BAM, BGN, CHF, CZK, DKK, EUR, GBP, HRK, HUF, NOK, PLN, RON, RSD, SEK, BBD, CAD, CRC, DOP, GTQ, HNL, JMD, MXN, TTD, USD, XCD, AUD, FJD, NZD, TOP, WST, ETB, GHS, GMD, GNF, KES, MAD, MUR, MZN, RWF, SLL, TND, TZS, UGX, ZAR, ARS, BOB, CLP, COP, GYD, PEN, PYG, UYU
AED, ARS, AUD, BDT, BGN, BWP, CAD, CHF, CLP, CNY, CRC, CZK, DKK, EGP, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW
ALL, ARS, EUR, BSD, BDT, XOF, BOB, BRL, BGN, BIF, USD, XAF, CLP, CNY, COP, KMF, CRC, HRK, CZK, DOP, EGP, ETB, FJD, GMD, GHS, GTQ, GNF, GYD, HNL, HUF, INR, IDR, JMD, JPY, JOD, KES, MGA, MWK, MYR, MXN, MAD, NPR, NGN, PKR, PYG, PEN, PHP, PLN, RON, RUB, RWF, SLL, ZAR, KRW, LKR, TSZ, THB, TND, TRY, UGX, UYU, VND, ZMW
AED, AUD, BGN, BRL, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, IDR, INR, JPY, MYR, NOK, NZD, PLN, RON, TRY, SEK, SGD, USD, ARS, BDT, BWP, CLP, CNY, COP, CRC, EGP, GEL, GHS, ILS, KES, KRW, LKR, MAD, MXN, NGN, NPR, PHP, PKR, RUB, THB, UAH, UGX, UYU, VND, XOF, ZAR, ZMW
AED, EUR, PLN, AUD, GBP, SEK, CAD, HKD, SGD, CHF, HUF, USD, CZK, NOK, ZAR, DKK, NZD
AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, FJD, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, UYU, VND, XOF, ZAR, ZMW
AUS, SGD, HKD, INR, MYR, EUR, GBP, USD, CAD, JPY, NZD
USD, AUD, CHF, EUR, HKD, JPY, BBD, BMD, BSD, DKK, GYD, INR, JMD, KYD, MXN, NOK, NZD, SAR, SEK, SGD, TTD, ZAR, GBP
AUD, BGN, CAD, HRK, CZK, DKK, EUR, HKD, HUF, INR, ILS, JPY, JOD, MYR, MAD, NZD, NOK, OMR, PLN, GBP, QAR, RON, SAR, RSD, SGD, ZAR, KRW, SEK, CHF, THB, TRY, AED, USD
AED, AUD, BND, CAD, CHF, CZK, DKK, EUR, FJD, HKD, HUF, IDR, ILS, INR, IRR, JPY, KRW, KWD, LKR, MAD, MXN, MYR, NGN, NZD, OMR, PEN, PGK, PHP, PKR, PLN, SAR, SCR, SDG, SEK, SGD, THB, TOP, TRY, TWD, USD, VND, VUV, WST, XOF, XPF, ZAR
EUR, GBP, USD, CAD

TorFX review
TorFX Transfer Options

TorFX offers the following transfer options:

TorFX Money Transfer Options Compared
NameTransfer Options
Bank deposit
Bank deposit
Bank deposit, mobile wallet deposit
Bank deposit, cash pick-up, home delivery, mobile wallet deposit.
Bank deposit, mobile wallet deposit
Bank deposit, mobile wallet deposit
Bank deposit, mobile wallet deposit
Bank deposit, cash pick-up (Philippines)
bank deposit, cheque, wire transfer, debit card, credit card
Bank deposit, cash pick-up, VISA & MasterCard, ATMs, mobile wallet deposit (depending on country)
Bank deposit
Bank deposit, cash pick-up , door-to-door delivery

Single Payments

’Single payments’ is a term used to recognize a one-time money amount from an allowance. For a single payment, the user may use a single credit card (or debit card) and have a single invoice.

Regular Payments

A regular payment is a highly economical and easy way to transfer money with TorFX. It is best suited for customers who have to transfer regular smaller amounts (usually three, four, or smaller five-digit amounts).

TorFX review
Who TorFX Services Are Available To

TorFX offers services for sixty different currencies across more than one-seventy countries.

The more global a money transfer operator becomes, the more reliable it is for people across the globe.

TorFX Country Restrictions

TorFX does not operate in the following countries :

  • Afghanistan
  • Aland Islands
  • American Samoa
  • Angola
  • Anguilla
  • Antarctica
  • Antigua and Barbuda
  • Barbados
  • Belize
  • Benin
  • Bhutan
  • Bonaire (including Sint Eustatius and Saba)
  • Bouvet Island
  • British Indian Ocean Territory
  • Burkina Faso
  • Burundi
  • Cape Verde
  • Central African Republic
  • Chad
  • Cocos (Keeling) Islands
  • Comoros
  • Congo
  • Democratic Republic of
  • Congo
  • Republic of
  • Cook Islands
  • Crimea
  • Cuba
  • Curacao
  • Djibouti
  • Equatorial Guinea
  • Eritrea
  • Faroe Islands
  • Fiji
  • French Guyana
  • French Polynesia
  • French Southern Territories
  • Gabon
  • Gambia
  • Greenland
  • Grenada
  • Guadeloupe
  • Guinea
  • Guinea-Bissau
  • Guyana
  • Haiti
  • Heard Island and Mcdonald Islands
  • Holy See (Vatican City State)
  • Iran
  • Iraq
  • Ivory Coast (Cote d'Ivoire)
  • Japan
  • Kiribati
  • Kosovo
  • Kyrgyzstan
  • Lao People’s Democratic Republic
  • Lebanon
  • Liberia
  • Libya
  • Macao
  • Mali
  • Marshall Islands
  • Martinique
  • Mauritania
  • Mayotte
  • Micronesia
  • Federated States of
  • Montserrat
  • Myanmar
  • Namibia
  • Nauru
  • New Caledonia
  • Niger
  • Niue
  • Norfolk Island
  • North Korea
  • Northern Mariana Islands
  • Palau
  • Palestinian Territory
  • Papua New Guinea
  • Reunion
  • Pitcairn
  • Rwanda
  • Saint Barthelemy
  • Saint Helena
  • Saint Kitts and Nevis
  • Saint Lucia
  • Saint Martin
  • Saint Pierre and Miquelon
  • Saint Vincent and the Grenadines
  • Sao Tome e Principe
  • Seychelles
  • Sierra Leone
  • Sint Maarten
  • Solomon Islands
  • Somalia
  • South Georgia and the South Sandwich Islands
  • Sudan (North and South)
  • Suriname
  • Svalbard and Jan Mayen
  • Syria
  • Tajikistan
  • Timor-Leste
  • Togo
  • Tokelau
  • Tonga
  • Turkey
  • Turkmenistan
  • Turks and Caicos Islands
  • Tuvalu
  • Vanuatu
  • Venezuela
  • Wallis and Futuna
  • Western Sahara
  • Western Samoa
  • Yemen
  • Zimbabwe
  • Crimea
  • Cuba
  • Iran
  • Libya
  • North Korea
  • South Sudan
  • Sudan
  • Syria

Certain countries are restricted because TorFX is not allowed to legally operate in those regions or it is not economically viable for TorFX to provide money services in these regions.

TorFX review
TorFX International Money Transfers

An International Transfer is when someone sends money from their account in one country to a bank account in another country.

Setting up your TorFX money transfer is quick and simple with the modern TorFX online platform.

Transferring money internationally used to be a tedious process 10 years ago but advances in software and the internet have made transferring money allot easier.

These days, you can send a money transfer with ease on the TorFX website.

The TorFX website includes useful and easy-to-access option for those who wish to track their money and monitor when it can be received, providing a safe and accessible option if you'd like to keep an eye on your transfer.

TorFX review
TorFX Minimum Money Transfer

Several money transfer companies do not have a minimum money transfer amount. Making it easy for their users to send small amounts of money. TorFX has a minimum transfer amount of 200 USD.

TorFX review
TorFX Maximum Money Transfer

Money transfer companies often do not have maximum transfer limits. For example, TorFX does not have a maximum transfer limit when the user is paying through phone. There is however, a none limit per transaction for online transfers.

TorFX review
TorFX Money Transfer Fees and Charges

These are the fees charged by TorFX and other money transfer companies (or other financial corporations) for transferring money. Several companies however, do not charge their users for transferring money. The only charges there are to pay are currency conversion charges.

TorFX review
How Long Does It Take to Get a TorFX Money Transfer

TorFX money transfers do not usually take very long. It normally takes less than 24 hours for a money transfer to complete between two accounts with the same financial corporation. While in the case of money transfers with money transfer services like TorFX, it can take a little as a few minutes. If the money is being sent overseas, it can take up to five days for the recipient to receive the money from TorFX.

TorFX review
TorFX PLC Status

If a company has the acronym PLC at the end of its name, it means that the business offers its shares to the public and is traded on a public stock exchange. This alone makes the company more reputable. TorFX is not a publically listed company. TorFX is a privately owned company.

TorFX review
TorFX Money Orders

The charges for issuing money orders with TorFX are 1.91%-2.71%.

TorFX review
TorFX Mobile Top Up

TorFX offers mobile top ups.TorFX mobile top ups are where a user can add credit to a recipient’s mobile phone number. The recipients number has to be local. These are normally processed within minutes, if not seconds.

TorFX COVID-19 Help

Some money transfer companies offer COVID-19 financial assistance. This may be in many forms including payment holidays, reduced interest rates and more options to pay. Check with TorFX directly to see what they are able to offer if you are adversely affected by COVID-19.

Who are TorFX Money Transfers Best For

There may be many reasons you are looking to action a money transfer with TorFX. These reasons can include debt consolidation, medical bills, student debt, collection agency debt, wedding costs, holidays, home repairs and repaying friends and family.

TorFX money transfers are best for people looking for looking for a reliable fast money transfer service.

TorFX Guide for Fast Money Transfer Approval

For TorFX to be able to process your money transfer application as quickly as possible make sure you have everything TorFX need. If you and TorFX need to go back and forth it may delay the TorFX application process. Make sure every piece of information you give TorFX is accurate.

Please note that you must have at least a minimum of one active bank account for TorFX to process your money transfer.

TorFX Application Time

Application time refers to the amount of time you have to wait for your TorFX registration to be approved. This should not take long, especially if you have nothing which should come up as red flag on the TorFX system.

TorFX Approval Time

It is the time it takes for TorFX money transfer operator to approve the money transfer being made. Depending on the situation this can take up to five days.

TorFX Funding Time

It is the amount of time it takes for the recipient to receive the money transfer. Once your TorFX money transfer has been approved the money should be in your account within four working days.

TorFX review
Things to Check Before a TorFX Money Transfer

Why more features are useful for modern life’s and why new challenger banks are starting to beat traditional banks.

Here are a number of important things to consider before considering TorFX money transfer:

  1. Reliability and safety
  2. Making preparations before the transaction
  3. Convenience
  4. Transfer and conversion rates
  5. The quality of the customer service offered

TorFX review
TorFX Customer Support

TorFX support should be there to help customers with their issues which includes answering their queries, guiding them through and difficult processes and issues when transferring money. TorFX customer support should troubleshoot any issues with you until you get to a resolution that you are happy with.

When getting a TorFX money transfer you will want to speak to a TorFX representative in a language that you are comfortable with. All your Money Transfer queries and issues should be resolved quickly.

TorFX review
Does TorFX Offer Live Chat?

Customers can reach out to TorFX through live chat to resolve TorFX money transfer account issues or difficulties with their TorFX account that they can't solve. Live chat, or live support is a real-time live chat feature used by customer support representitives allowing customers to instant message to and receive guidance from a trained agent regarding a your money transfer related query.

TorFX review
How does TorFX Compare with Other Money Transfer Companies?

When deciding upon a money transfer company like TorFX you will want to know how TorFX compares with other leading online money transfer companies. See how TorFX compares below.

  1. Visit TorFX alternative XE Money Transfer

    Used By: 280000000
    Currencies Available: 76
    Transfer Fees: none
    Payment Methods: Bank transfer, credit card, debit card
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$500,000.00 (or equivalent)
    Year Founded: 1993

  2. Visit TorFX alternative Wise Multi-Currency Account

    Used By: 11000000
    Currencies Available: 54
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 1 USD
    Max Transfer: 1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
    Year Founded: 2011

  3. Visit TorFX alternative Remitly

    Used By: 3000000
    Currencies Available: 63
    Transfer Fees: 0-3.99$
    Payment Methods: Bank transfer, credit/debit card
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$20,000.00
    Year Founded: 2011

  4. Visit TorFX alternative Wise

    Used By: 11000000
    Currencies Available: 54
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$1,000,000 (varies based on currency)
    Year Founded: 2011

  5. Visit TorFX alternative CurrencyFair

    Used By: 150,000
    Currencies Available: 17
    Transfer Fees: 0.45%
    Payment Methods: Bank transfer, debit card
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: £5.00 (or equivalent)
    Max Transfer: £10,000,000.00 (or equivalent)
    Year Founded: 2009

  6. Visit TorFX alternative Wise Business

    Used By: 11000000
    Currencies Available: 55
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 1 USD
    Max Transfer: 1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
    Year Founded: 2011

  7. Visit TorFX alternative InstaReM

    Used By: 130000000
    Currencies Available: 11
    Transfer Fees: 0%-1%
    Payment Methods: bank transfer, POLi payment (Australia), debit card (EU residents), ACH Pull (US residents), FPX (Malaysian residents)
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: $1 (minimum sending amounts could differ based on certain currency pairs)
    Max Transfer: No limit (different countries have regulatory limits on outward and inward flow of remittances originating from or to the country)
    Year Founded: 2014

  8. Visit TorFX alternative Scotiabank

    Used By: 25,000,000
    Currencies Available: 23
    Transfer Fees: none
    Payment Methods: Bank transfer, debit card, credit card, apple pay, google pay, Scotiabank Saddletone gift cards
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: none
    Max Transfer: 10000 USD
    Year Founded: 1832

  9. Visit TorFX alternative Skrill

    Used By: 120,000
    Currencies Available: 33
    Transfer Fees: none
    Payment Methods: Cash, bank transfer, debit card, credit card, e-wallet, cryptocurrency (depending on country)
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$1.00 (varies based on certain currencies)
    Max Transfer: US$2,500.00 / day (weekly and monthly limites also apply)
    Year Founded: 2001

  10. Visit TorFX alternative MoneyGram US

    Used By: 150000000
    Currencies Available: 46
    Transfer Fees: 0-1.99$
    Payment Methods: pay by card or directly from your bank account
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: none
    Max Transfer: 3000 USD
    Year Founded: 1940

  11. Visit TorFX alternative Xoom

    Used By: 250000000
    Currencies Available: 4
    Transfer Fees: 0$-40$
    Payment Methods: Bank transfer, debit/credit card, PayPal balance
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$10.00
    Max Transfer: 2999 USD/day, 6000 USD/month, 9999 USD/3 months
    Year Founded: 2001

TorFX review
TorFX Website and Mobile Apps

TorFX has a website available online but it may be useful to manage your TorFX account from your mobile device like your tablet or phone.

TorFX offers an Android mobile application on the Google Play store.

TorFX offers an Apple IOS mobile application for iPhones and iPads allowing TorFX to users to check their TorFX accounts on their iOS mobile devices.

TorFX review
TorFX Deposit and withdrawal Methods

TorFX offers the following Money Transfer payment methods: chaps, swift, bacs, debit card, cheque. All of significant bank systems are all acknowledged with TorFX.

TorFX offers ACH Payment which is used for direct deposit and debit transfers within the US. It is similar in nature to BACS (for the UK) and EFT (for Canada). Users can pay through bank transfer.

The recipient will receive the money in their bank account and can withdraw it using the method they prefer. They cannot, however, receive the money in the form of cash.

Take note that TorFX may charge additional commissions and fees when using certain payment and withdrawal methods. These fees may not necessarily come from TorFX.

TorFX review
Is My Money Safe With TorFX?

TorFX is a reliable, secure, and trusted option for sending money overseas. TorFX are registered and regulated with the Financial Conduct Authority (FCA).These regulatory licenses have strict rules that are enforced. These regulations safeguard the funds entrusted to them by TorFX customers.

TorFX review
TorFX Financial Regulation and Safety of TorFX Funds

Every business that wants to send money across borders (in excess of €3 million per month) must be licenced under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011, both of which were created by the UK government but executed by the FCA for UK residents.

Consumer credit, in simple terms, is credit offered to individuals so they can purchase goods or cover personal expenses. It does not cover long term investments such as purchasing property. It allows for a properly managed economy to function and further encourages economic growth.

Firms like TorFX that offer money transfer to retail customers are legally considered to be offering consumer credit.

A financial regulator ensures that consumers are protected, there is fair competition in the money transfer industry and the integrity of the Financial services industry as a whole is maintained.

Getting a money transfer with a regulated company is essential as it offers an increased level of protection than a money transfer from an unregulated one. This is because regulators are able to enforce strict rules and stop unscrupulous money transfer operators.

Laws differ on who can and cannot offer consumer credit in each country. Credit firms have strict rules that they must follow in order that they are legally allowed to transfer money to consumers. These laws are in place to protect consumers becoming trapped in a money transfer they can never pay off.

Be sure that TorFX is fully licenced as a money transfer company.

TorFX review
TorFX Payment Services Regulations and TorFX

The Payment Services Regulations Directive, is run by the European Commission in order to govern payment services and their providers across the European Union as well as the European Economic Area.

One of its goals has been to make foreign currency transactions transparent, much like currency payments. This is to protect consumers and businesses from being swindled.

What is the Financial Conduct Authority?

The FCA is a control body meant to license money transfer companies. Companies such as banks, Forex brokers, and money transfer operators are monitored the most. This is because they deal in situations that involve many intricacies, such as transferring money and offering loans, etc.

All reputable money transfer businesses that operate within the United Kingdom by law have to be registered and authorised as a payment institution by the Financial Conduct Authority (FCA) to comply with the Payment Services Regulations that were introduced in 2017.

Check TorFX is financially regulated. TorFX is regulated by the Financial Conduct Authority (FCA).

This makes sure that your Money Transfer agreement is above board and safe. In Addition, it Usually Means that TorFX Possess a responsibility of care to their clients.

Is TorFX Registered as a Money Service Business with HM Revenue & Customs

Financial institutions (which do not classify as banks) which convert and transmit money like TorFX are known as Money Service Businesses. While they provide services similar to banks, they are still not considered banks. They offer more varied product options to individuals looking to transmit or convert money.

Financial authorities tend to keep tabs on TorFX and other Money Service Businesses the most because the type of services they offer can leave them vulnerable to be used in financial crimes like money laundering. This is why it is crucial for them to be registered with the HM Revenue and Customs in the United Kingdom.

TorFX Segregation of Client Funds

TorFX as part of their regulation are required to segregate client funds from TorFX company funds and keep all client funds within a bank that is authorised as a credit institution by the regulator. All client funds should be kept in the most reputable third-party financial institutions such as Barclays or the Bank of America.

TorFX regulatory requirements mean that TorFX Money Transfer funds and your funds should be totally separate. TorFX cannot use any money that is still legally yours to conduct TorFX daily business like paying TorFX suppliers and costs. Your funds should be kept by TorFX in a segregated bank account.

TorFX Regulation Checklist

  • Check whether TorFX has authorisation to offer consumer credit
  • Check the type of activities that TorFX are allowed to conduct with their authorisation
  • Check the contact details, trading names and main business of TorFX list on their website and the regulator match.

TorFX Fraud Prevention Features

Fraud prevention is highly crucial when transferring money because once the money is gone, it's gone. Scammers most often gravitate towards money transfers. Lack of fraud prevention procedures can lead to loss of funds, or even identity theft.

TorFX goes to great lengths to protect your TorFX account from fraudulent use. We explain some of TorFX anti-fraud features below:

  1. TorFX has SSL encryption that protects the customer's private information.
  2. TorFX has cutting edge technology that monitors almost everything i.e. from logins to transactions.
  3. The TorFX platform has a bespoke monitoring system that helps to detect and prevents fraud.

Automated Transaction Confirmations

Having instant notifications turned on is not only convenient because the user is instantly alerted whenever there is a payment related activity on their TorFX account, as you are instantly aware of every TorFX transaction these notifications to your phone help you to keep tabs on any suspicious activity.

After conducting a transaction with TorFX, the TorFX accounts primary contact will receive a transaction confirmation confirming the transaction amount, rate exchange applied, and TorFX delivery instructions.

TorFX Monitors Your Account for Suspicious Transactions

TorFX has systems and controls in place to detect fraudulent activity and protect TorFX client accounts from misuse. If TorFX detect a questionable transaction on your TorFX account, TorFX will contact you to verify the transactions legitimacy to ensure your TorFX funds are safe.

How Does TorFX Make Money?

TorFX and other money transfer companies often charge their customers a certain amount of interest fees on every transaction made. The fees depend on the amount of money the customer wishes to transfer. TorFX also earn money via foreign exchange rates.

Money transfer companies like TorFX and banks need to survive, so they make money on interest from accounts and money transfers.

TorFX Frequently Asked Questions

We list some of the most frequently asked TorFX questions below.

Is there a limit to how much I can transfer with TorFX?

You can transfer up to none at a time.

When will I receive my TorFX transfer?

It normally takes 3-5 business days.

Is it possible to cancel my TorFX transaction?

If you need to cancel your transaction due to any reason, kindly contact us on this number 44 (0) 1736 335 250 .

How old do you have to be to sign up to a TorFX account

To signup to a TorFX account you will need to be at least 18 years old.

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Is TorFX a Scam?

TorFX have been in operation since 2004 and have over 325,000 customers and 100 employees. TorFX is not a scam.

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Sending money online with TorFX

Sending money with TorFX is a single process once you have registered and verified your TorFX account and payment methods.

  1. Go to the TorFX website
  2. If you have a TorFX account you can log in, otherwise you will need to create a new account.
  3. Decide how much you would like to send and where you want to send it to.
  4. Enter all the required information about the beneficiary, this might include their name, address, bank account details, and other personal data.
  5. Tell TorFX how the beneficiary wants to get their money. Eg. through a bank transfer, cash pickup, or via some other means.
  6. Agree to the TorFX exchange rate and any fees.
  7. Pay for your TorFX transfer.
  8. Enter your information and provide and supporting documentation to verify your identity.

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How do I receive money from a TorFX money transfer?

Depending on where you are located, you have a few options for how you can receive any money that has been sent to your TorFX account. Your options for receiving money depend on the information entered by the sender, the country you are in, the currency you are receiving, and some other factors. Some methods of receiving money may not be available to you.

Receive TorFX money directly into a bank account

Bank transfers are useful because not only are they safe, but the whole process is quick, and they offer the kind of flexibility no other method can. TorFX allows for a deposit directly into your bank, credit union or other financial account.

TorFX Cash Pickup

Some money transfer companies have agents around the world, and you will need to take identity documents to receive cash. Money is typically available within ten minutes of being sent. TorFX allows you to pick up money in person at a TorFX agent location.

TorFX Smart Money and mobile wallets

A mobile wallet virtually stores cash card details on a smartphone. These are quite convenient as they allow for users to make purchases at physical stores without needing to carry money.

TorFX Does not support mobile wallets.

TorFX Home delivery

It is a way for an individual to receive money without having to leave home. What this means is that any money you send can be received in person at a designated home address. The money is delivered by a local agent. TorFX do not offer home delivery money transfers.

When was TorFX founded?

TorFX was founded in 2004.

Is TorFX Any Good?

TorFX have a rating of 3 and are financially regulated, TorFX can be considered a good money transfer company.

Is it easy to close my TorFX account?

Its is easy to close you TorFX account. You will have to make sure any outstanding payments and fees due to TorFX are paid in full Before TorFX will fully close your account. Make sure when closing your account TorFX send you an official confirmation that your account is closed and no more monies are due to TorFX.

Does it take long to setup a TorFX account?

No, setting up a TorFX account can take a few minutes. You will need to provide some proof of identity and address. You should definitely be able to access all the features of your TorFX account in 1-3 days.

Where are TorFX based?

TorFX are based in Cornwall, UK

Countries where TorFX is legal?

TorFX is legally allowed to operate in over 40 countries.

How do I track a TorFX Money Transfer

You can track a TorFX money order by calling TorFX or by tracking the order online. Call TorFX number on 44 (0) 1736 335 250 . The TorFX automated phone system will take a few details and give you a status update. You can go online to the TorFX website and check the status of a money transfer at any time.

If you have a TorFX online account, log in and view your transaction history; If you do not have an online account, or if you are the receiver of the TorFX transaction, use the TorFX payment reference number on the TorFX website to check the status of the transfer.

Can I cancel my TorFX transfer?

The way that you cancel a TorFX transfer depends on how you created and sent the TorFX money transfer originally.

You may need to contact TorFX by phone on 44 (0) 1736 335 250 , through their website at www.torfx.com or via email [email protected]. Requests are typically processed within 30 days, and you may be charged a cancellation fee by TorFX.

If you made the TorFX transfer online, then you should log in, find the transaction in your transaction history and then cancel it on the 'Transaction Details' page. If you do not have a TorFX account, use the 'Track a Transfer tool to find the transaction and then cancel it on the Transaction Details page.

Double check the terms and conditions for cancelling a TorFX transfer on their website.

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