TorFX Review 2024

TorFX Review 2024 – An Honest Review Of The Currency Exchange Service.

ByCraig

So you want to send or receive international payments without getting stung by hidden fees, or because you’re looking for a better exchange rate than your bank is offering?

If, like me, you run a business that sends and receives international money transfers, the best way to look after your bottom line is to find the best money transfer services to handle this for you.

In this TorFX review, I’ll take an honest look at what this money transfer service has to offer and give you the pros and cons so that you can make an informed decision about whether or not it’s right for you.

What Is TorFX?

TorFX is a foreign currency exchange and international money transfer service that helps individuals and businesses send and receive payments in over 60 different currencies. 

Who Created TorFX?

TorFX was founded by two entrepreneurs, Stephen Phelan and Dean Cunningham, in 2004 to provide a better alternative to using banks for foreign currency exchange and international money transfers.

Since then, TorFX has grown rapidly and now has over 250,000 customers worldwide and processes around $5 billion worth of transactions every year.

What Are The Top Benefits Of TorFX?

Cost-effective  

Banks will charge you a fixed rate fee plus a profit on the exchange rate to process an international money transfer (usually between 3-7%) TorFX won’t charge a fixed rate transfer fee, as they only make money on the exchange rate (usually between 0.5-2%).

Customer Service  

TorFX has an international team of over 450 experienced staff members who are available 24/7 to help with anything you need, whether it’s guidance on the best way to make your payment, or simply answering any questions you have about the process. 

From personal experience in dealing with TorFX, their customer service is second to none, and they help to reassure you through their risk management through large transactions.

When you register for an account with TorFX, you’ll be assigned a dedicated account manager who will walk you through all of the processes of using TorFX, learn your requirements, and figure out the best transfer options for you.

Great For Business Clients

Sending and receiving international transfers through your business bank account will have a big impact on your profit margins.

Banks will charge you a high fixed-rate transfer fee plus a margin on the exchange rate, which will eat into your profits.

TorFX can save businesses up to 4% on each international payment they make, plus they will offer you the best currency exchange rates, making your money go even further.

Business clients also gain access to a self-service feature.

This allows you to log onto the online trading platform which is available 24/7 for spot transfers of up to £100,000 a time (trades above £100,000 need to be booked with an account manager).

Best Features of TorFX

Excellent Exchange Rates

Being one of the world’s largest foreign exchange and international money transfer providers, TorFX can access a highly competitive exchange rate across a wide range of currencies.

Free & Fast Transfers

Running a business whilst waiting for funds to transfer can be a cashflow nightmare, (I’ve been there!) and we all know how frustrating it can be when funds don’t clear for 5-10 business days.

TorFX will not only provide your business with free transfers, but they will ensure to clear funds and deposit into your bank account within 1-2 days.

Market Insights

How would you like to take time out of running your business, or spending quality time with your family to keep an eye on the currency exchange rates?

No, me neither!

Your TorFX account manager will do this for you, and keep you informed with market news and exchange rate movements that are relevant to you, so you can focus on more urgent matters.

Their Award Winning Service

Drafting this TorFX review, I looked extensively into the company and what its clients say about them.

All you have to do is check out the reviews on Trustpilot to see that they’re a company that takes care of its clients and offers excellent service.

In case you were wondering – they have an ‘Excellent’ rating on Trustpilot with over 12,500 reviews.

TorFX Pricing

So how much does it cost to use TorFX services?

This is an impossible question to answer because there are too many different factors to consider, including:

  • your requirements
  • the current exchange rate
  • your currency
  • the amount of money you transfer

The best way to know how much your international money transfers will cost is to get a free quote from TorFX. This will provide you with a clear insight to see if working with TorFX is beneficial to you and your business.

TorFX Pros and Cons

(this section will be built using blocks that I have created to look more aesthetically pleasing)

Pros

– Excellent customer service

– Great for business clients

– Best exchange rates

– Free & fast transfers

– Market insights

– Award-winning service

Cons

– No physical branches (can be seen as a pro or con depending on your needs, I personally never go into branches anywhere.)

– You need to have a bank account to use their services (which you will have anyway if you are running a business)

I feel like I’m clutching at straws a little in this TorFX review to find the Cons of leveraging TorFX’s money transfer services.

The only other way that I could make this TorFX review fair and honest would be to compare the company to the other services available.

TorFX Alternatives

If you are looking for an alternative to TorFX, then these are some companies that you could consider:

  • WorldFirst
  • CurrencyFair
  • Wise
  • OFX
  • MoneyCorp

Each of these companies offer a foreign currency exchange and international money transfer service. They all have similar features to TorFX.

However, after digging deep into comparisons between all, the one feature that pops up is the customer service and clients satisfaction.

TorFX is clearly doing something right which reflects in the reviews on trustpilot.

Here is a screenshot from all companies mentioned in order of customer satisfaction:

1st place –

TorFX review on trustpilot-  4.9 Stars

Joint 2nd place-

Wise and CurencyFair reviews on trustpilot – 4.5 stars

3rd place –

MoneyCorp Group review on trustpilot – 4.4 stars

4th place –

WorldFirst review on Trustpilot – 4.3 stars

5th place –

OFX review on trustpilot – 4.0 stars

TorFX Case Study Or Personal Experience

Being an owner of an eCommerce business (Amazon FBA) in the US, but living in the UK, I needed an international money transfer provider to handle my monthly cash flow for me.

If all of bi-weekly transactions were processed via my business bank (Barclays) my bottom line would have been drastically decreased.

I started my business in 2015 and chose to use WorldFirst. 

They did the job that was required, however, my monthly cash flow was sometimes held up with slow transactions and delayed payments.

This was difficult with a cash hungry business model, such a eCommerce and slowed the growth of the company down a little.

After extensive research for this TorFX review, I have realized that TorFX would certainly be my go-to choice for foreign currency exchange.

The features that are appealing to me are:

  • Dedicated account manager to constantly check market insights on my behalf.
  • The speed of transactions
  • They appear to offer the best exchange rates
  • The customer support that they offer.

Should You Use TorFX?

Yes!

This TorFX review was written to be as impartial and honest as possible.

It’s entirely up to you which currency exchange service you wish to use, but from my findings, I would highly recommend TorFX over the other companies mentioned in this post.

They offer great rates, speedy transactions and excellent customer service.

FAQs About TorFX

Is TorFX safe to use?

Yes, TorFX is an authorized and regulated company. They are also a member of the Financial Services Compensation Scheme (FSCS), which means your money is protected up to £85,000.

Does TorFX have any hidden fees?

No, there are no hidden fees when you  use TorFX. You will be charged a small transfer fee, which will be clearly displayed to you before you make your transaction.

How long does it take for TorFX to process a transfer?

TorFX typically processes transactions within 24 hours, but this can vary depending on the currency you are exchanging and the amount you are transferring.

How do I contact TorFX?

You can contact TorFX by phone, email or live chat. Their customer service team is available 24 hours a day, 5 days a week.

What are TorFX’s exchange rates?

TorFX offers some of the most competitive exchange rates on the market. You can check their latest rates on their website.