TorFX Review

Is TorFX a good option for sending money overseas?

Overview

TorFX opened their doors in 2004, in the UK. Today they have offices in the UK, Europe, Australia, USA and South Africa. 

They offer products focussed towards individuals and business. Business products include forward contracts and market orders, although they do not offer any complex option products.

They are highly regarded for their customer service. So if you’re someone who prefers to talk on the phone to someone, rather than just being online; TorFX could be the one for you.

Pros and Cons Of Using TorFX

Pros
Cons

Fees & Rates

Fees

TorFX doesn’t charge any fees on transfers! All charges are included in the rates.

Rates

TorFX will allocate a rate to you depending on your circumstances. Volume traded, currency, ongoing transaction and other factors will have an effect on the rate that you receive. Rates that we saw from TorFX were competitive when compared to other FX providers, and much cheaper than the big banks(as you would expect). We found that the quotes for lower volume trades weren’t super competitive, but rates decreased a lot as volume increase.

It should also be noted that TorFX has a price match guarantee. So if you find a better rate elsewhere, let TorFX know, and you should be able to have your rate matched.

Safety & Reputation

TorFX has been operating consistently since 2004, and transact over £6bn per year.

They’re regulated by the FCA and ASIC, so they are a trustworthy company to work with.

Trustpilot have given TorFX a customer satisfaction score of  9.4/10. 

Countries & Currencies

Countries

TorFX has dedicated offices in The UK, Europe, USA, South Africa, and China.

Currencies

TorFX have a moderate amount of currrencies available. The full list of currrencies is below:

  • AED – Emirati Dirham
  • AUD – Australian Dollar
  • BHD – Bahraini Dinar
  • BWP – Botswana Pula
  • CAD – Canadian Dollar
  • CHF – Swiss Franc
  • CNY – Chinese Yuan
  • CZK – Czech Koruna
  • DKK – Danish Krone
  • EGP – Egyptian Pound
  • EUR – Euro
  • FJD – Fijian Dollar
  • GBP – British Pound
  • HKD – Hong Kong Dollar
  • HRK – Croatian Kuna
  • HUF – Hungarian Forint
  • ILS – Israeli Shekel
  • INR – Indian Rupee
  • JPY – Japanese Yen
  • KES – Kenyan Shilling
  • KWD – Kuwatiti Dinar
  • LKR – Sri Lankan Rupee
  • LTL – Lithuanian Litas
  • LVL – Latvian Lats
  • MAD – Moroccan Dirham
  • MUR – Mauritian Rupee
  • MXN – Mexican Peso
  • MTL – Maltese Lira
  • NOK – Norwegian Krone
  • NZD – New Zealand Dollar
  • OMR – Omani Rial
  • PHP – Philippine Peso
  • PLN – Polish ZIoty
  • QAR – Qatari Riyal
  • RON – Romanian Leu
  • RUB – Russian Ruble
  • SAR – Saudi Riyal
  • SEK – Swedish Krona
  • SGD – Singapore dollar
  • THB – Thai Baht
  • TRY – Turkish Lira
  • TTD – Trinidad and Tobago dollar
  • UGX – Ugandan Shilling
  • XCD – East Caribbean Dollar

TorFX Sign Up Process

Like most FX providers these days, TorFX’s sign up process is mostly only. Fill in your details on their website to register for an account. 

Make sure you have your passport or drivers license number on hand, as you won’t be able to get past the final stage of the registration process without it.

TorFX Signup 1

Follow the link to TorFX and choose between a personal or business account. 

TorFX Signup 2

Fill in your details including personal details, email, phone, and address.

TorFX Signup 3

TorFX will then require you to upload identification details. Make sure you have this on hand.

Then you’re all done!

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