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A Comprehensive TorFX Review for 2022

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App Support: 10/10
Fees: 9/10
Features: 9/10
Currency Availability: 9/10
Ease of Use: 10/10
Customer Support: 10/10

Updated: November, 7, 2022


  • 24/7 transfers
  • No transfer fees
  • Competitive exchange rates
  • FCA regulated
  • 60+ currencies available
  • Free business health check
  • Cons

  • No 24/7 customer support
  • Costly smaller transactions
  • Only supports bank transfers
  • TorFX is one of the top money transfer companies in the UK that offer a wide range of services to both private individuals and businesses.
    This TorFX review will explain how the platform works, how much it charges, and whether it’s safe to use, so you can decide if this company is the right choice for your next transfer.

    What is TorFX?

    TorFX, which was founded in 2004, is a foreign exchange provider with offices in Europe, Australia, the US, and South Africa. Today, TorFX processes over £7.5 billion in international payments and foreign exchange every year.

    TorFX provides services to both businesses and private individuals for international money transfers. It may not be one of the cheapest ways to send money overseas, but the company is able to hold its own against some of the biggest names in the industry.

    How Does TorFX Work?

    TorFX offers money transfers on an International level, which you can carry out either through its online platform or its mobile app.

    The minimum transfer amount depends on the type of payment. 

    TorFX’s Regular Overseas Payment service, which you can use to set up recurring payments, supports transfers of between £500 and £10,000. If you need to make a one-off payment via its platform, you can send as little as £100.

    TorFX says it doesn’t have an upper transfer limit, but if you need to move more than  £25,000, you’ll have to reach out to its customer support team. 

    TorFx is a great choice for people moving larger amounts of money abroad. However, if you are transferring smaller amounts, Wise might be a better option—thanks to its fixed fee structure, this platform offers some of the lowest fees in the business.

    What type of transfers can you make with TorFX?

    TorFX only supports bank-to-bank transfers, meaning you won’t be able to send money to a cash pick-up location or a mobile wallet, but it does offer different types of transfers, including: 

    • Spot contracts: If you need to make an immediate transfer, there is an option to send on-the-spot transfers.
    • Forward contracts: You can lock an exchange rate for up to two years and use it for a future transfer to protect yourself from negative market movements.
    • Limit order: TorFX allows you to set an exchange rate that is higher than the current rate and will automatically make the transfer once the market reaches that rate. 
    • Stop Loss Order: Customers can set up a worst-case rate to protect their funds if the rate dips.

    Worth noting: If you’re looking for a company that offers both international money transfer services and a currency exchange marketplace, you can check out CurrencyFair.

    How To Set Up a TorFX Account?

    The sign-up process is simple and doesn’t take more than a few minutes. What’s more, you will be asked to provide less details than the information required when transferring money via bank account.

    To create an account:

    1. Go to TorFX’s website or open the TorFX app.
    2. Pick the type of account you want to open (personal or business).
    3. Create login details (enter a username, password, and email address).
    4. Confirm it’s you. You’ll receive a code you need to enter to proceed.
    5. Enter your details. You’ll be asked to provide your DOB, home address, and occupation. 
    6. Wait for a call from a TorFX account manager. They might ask for proof of identity, so it’s best to have your ID or driving licence near you.  

    Looking for TorFX alternatives:

    How Do I Transfer Money Using TorFX?

    You can start moving your money as soon as you get a call from your account manager. 

    They will tell you the current exchange rate and transfer the money per your instructions. You can also arrange a transfer that’s below £25,000 via the TorFX Online service, which you can use to move money 24/7. 

    TorFx will ask for bank account details to complete the transfer. The company will not accept transfers from a bank account that’s not in your name. 

    Depending on the currency, destination, and receiving bank, it can take TorFX payments between 1-2 business days to arrive in the recipient’s account.

    Worth noting: If you find the entire procedure confusing or overwhelming, you might be better off getting started with CurrencyTransfer as they have a demo account giving new customers first-hand insight into how the platform operates before they sign up.


    TorFX offers a wide range of personalised international payment and exchange services for its users, including:

    One-off and recurring international transfers

    You can use TorFX’s online service to make a quick, one-off international transfer between  £100 and £25,000 or use their recurrent transfer service to set up regular payments, starting at £500.

    Business services

    In addition to offering businesses the option to send and receive money overseas in a different currency, TorFX provides them with a free business health check

    As part of the health check, the company will review the business’ approach to international payments, as well as identify risk areas and areas where they could streamline their payments. TorFX’s business team will then advise them on what currency would best suit the business and come up with a personalised international payments plan

    That said, if you feel more comfortable working with a company dedicated solely to business clients, give WorldFirst a try.

    Multi-currency support

    TorFX supports over 60 global currencies and can transfer funds to more than 110 countries.

    Customised offerings 

    TorFX offers customised products for both its personal and business users. It assigns account managers to all customers, who guide customers through the transfer process and keep them informed about market movements.


    If you move abroad, your TorFX assistant manager will help you transfer your funds when the exchange rate is in your favour. 

    Sending money home

    If you sell a foreign property, move home from abroad, or liquidate foreign assets, your account manager can guide you in the process of moving your funds home. They will lay out your options, offer some tips on what you can avoid, and advise you when you can get the best exchange rate.

    Buying property abroad

    You can reach out to your account manager about market reports and the latest currency trends, which you can use to plan your property purchase. You might also want to consider the forward contract option that allows you to fix an exchange rate of up to two years. 

    You might be interested in: How to start investing in property.

    TorFX Rates And Fees

    TorFX doesn’t charge any transfer fees. Instead, it applies a margin to its existing exchange rates, which TorFX promises to keep as close to the best rate of exchange as possible.

    Compared to banks, which charge 3-7%, and popular services like Paypal, where you’ll pay 6-7%, TorFX offers highly competitive rates of between 2-4%. Still, the TorFX rate you’ll pay also depends on the amount. 

    TorFX typically offers a less competitive exchange rate for transfers under £500.

    Worth noting: If you’re a frequent traveller, you might want to consider opening an account with one of the best challenger banks in the UK for free ATM withdrawals and multi-currencies transfers.

    Customer Support

    TorFX has an exceptional customer support team, which you can reach via:

    • Phone: +44 (0) 1736 335250
    • Email: You’ll need to complete a form on TorFX’s website.
    • Post: You can send a letter to TorFX at Pz360 St Mary’s Terrace Penzance Cornwall TR18 4DZ.

    TorFX’s customer support team is available:

    • Monday – Thursday: 8:00am – 7:00pm.
    • Friday: 8:00am – 5:30pm.
    • Saturday: 9:00am – 2:00pm.

    TorFX Reviews From UK Consumers

    TorFX has an excellent 4.9-star rating on Trustpilot, based on over 5,500 reviews from UK consumers.

    Here’s what customers have said about its services:

    ‘It was easy to set up and they help you throughout the process. My account manager Ally, was really helpful and also informative with a really pleasant manner.’ – John Keith.

    ‘I have been a TorFx customer for a number of years and their service continues to impress. All their staff are friendly and professional and account manager James Rowe has been excellent. They have strong compliance, systems, and controls which is particularly reassuring if you are undertaking larger transfers. Competitive rates. Would thoroughly recommend.’ – Costar.

    ‘I used TorFX to complete the transfer of a large amount from a property sale in one country to use for one in another country. They were efficient, transparent and my dedicated account manager was easy to reach and informative. Very satisfied with the whole experience.’ – Todd Schulkin.

    Is TorFX Safe?

    TorFX is a well-established money transfer company that operates as an Electronic Money Institution under the Electronic Money Regulations 2011. 

    It is also regulated by both the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC).

    Bottom Line 

    Based on our TorFX money transfer review, the company is an excellent choice for individuals and businesses looking for quick and easy money transfers at affordable TorFX converting exchange rates.

    The best part about being a TorFX customer is that you won’t have to pay any transfer fees, and you’ll get an account manager that will keep you up to date.


    Is TorFX regulated by FCA?

    TorFX is regulated by the FCA in the UK and the ASIC in Australia.

    Who owns TorFX?

    The CEO and founder of TorFX is Jon Beddell.

    Is TorFX cheaper than TransferWise?

    According to our TorFX review, TorFX can be cheaper for transferring bigger sums. Wise might be a better option for transfers under £500.

    My name is Marija, and I'm a financial writer at DontDisappointMe. Although finance might not be everyone's cup of tea, my 10+ years of working in one of the biggest banks in my country, and my interest in extensive research on everything finance/investment-related, have made me somewhat of an expert in the field (if I do say so myself). No longer having the passion to work in a corporate setting, I decided that I couldn't let all of this knowledge go to waste so I started writing. And, here I am! Today I try to share my knowledge with my audience in the hopes of making this topic as simple and interesting as possible. In my leisure time, I like spending time with my family and travelling to new locations.