If you want to transfer large sums of money abroad, TorFX is a great option to consider. Learn about TorFX completely here before going to sign up.
“TorFX is an international money transfer service that gives you high-volume overseas transfers in 40 global currencies at competitive exchange rates.”
To know all the dazzling facts, read our full TorFX review 2024, which includes its astounding features, fees, security, exchange rates, transfer limits, customer service, and many more that require your guidance.
TorFx Pros and Cons
Pros:
- Competitive live exchange rates: ‘the more amount you transfer, the more friendly your exchange rates.’
- Award-winning customer service.
- Can transact online or by phone.
- have a personalized account manager.
- Fee-free transfers.
Cons:
- The minimum transaction amount is £100.
- Only accept transfers to your named bank account.
- Exchange rates may not be favorable when transferring small amounts.
What is TorFX?
TorFX is a UK-based service that was freely possessed and established in 2004. John Bedell is currently the president of the company, which likewise enrolls as an establishing individual from the organization.
They have offices in the US, UK, Europe, India, South Africa, and Australia, providing their services to both individuals and businesses.
TorFX’s vision is to assist people who are looking for overseas transfers, purchasing foreign properties, or moving abroad by delivering them miraculous exchange rates, fee-free transfers, and dedicated customer support.
Tor Exchange Currency Ltd. (TorFX) is an award-winning currency transfer app, awarded International Money Transfer Provider of the Year seven times and Best Customer Service four times by Moneyfacts Consumer Awards.
Click to get the 7 best international money transfer apps.
How does it work?
TorFX gives you access to sign up for personal & business accounts within just a few minutes and lets you make large overseas transfers and currency exchanges.
Once you have qualified for the account, you can easily transfer money with the 24/7 available online TorFX service. Fill up the information that contains the transfer amount, currency, and receiver information, and by checking the latest exchange rates, you are done with the procedure and can submit your transfer request.
But if you want to transfer above the £25,000 limit, you will need to contact your personal, dedicated account manager provided by TorFX to arrange transfers. After that, you can also track your payments.
As an alternative, you can consider Ria, Instarem, and Remitly overseas money transfer apps.
TorFX: Key facts you should know
Here are the specifics of TorFX’s key features:
TorFX Exchange Rates:
TorFX delivers its customers competitive exchange rates that are more satisfying than those of high-street banks. TorFX adds markup to the mid-market rates, which lie between 0.5-2.5% less than the other banks, which charge you 3–6% and other services up to 6%.
You get friendly exchange rates with TorFX when you move high-volume money through it. The more you transfer, the more competitive rates you get, but if your transfer is less than £1,000, TorFX is not a good option.
These mark-ups on exchange rates help currency exchange services like TorFX make money.
How much does TorFX Cost you?
Is TorFX charging you for international money transfers? No, TorFX doesn’t charge you for any transfer fees, but you might be charged by the correspondents and receiving banks, which involve processing your transfers.
You do not have to pay while transferring money with TorFX, but you are charged markups and margins on exchange rates, as mentioned above.
Make more fee-free transfers with Zelle
TorFX Transfer Limits:
If you have a large amount to transfer, then you should select the right money service. TorFX does not restrict you and allows you to transfer at your maximum without any limit. But here are some things you need to consider while making a transfer:
- £200— is the minimum amount you can send.
- £500–£10,000—you can transfer with the Regular Overseas Payment Service.
- £100–£25,000—you can send it with TorFX online transfers.
- £25,000+—for larger amounts, you have to make a TorFX call or have it arranged by your provided account manager.
How long does TorFX take for transfers?
When will you receive your money with TorFX? Usually, the transfer time depends on the destination, currency, and transfer bank. But TorFX says you can access it with your money on the same day it transfers or after two days for long-distance places.
TorFX Customer Service:
TorFX offers exceptional customer service, winning the Best Customer Service award four times. Customers have a designated account manager for transfers and issues, or they can call customer service for support.
Is TorFX safe?
Yes, TorFX is a safe and secure service. It uses safeguarding systems to protect & secure your money. TorFX uses TLS encryption and two-factor authentication to protect your data and account.
Is TorFX legit?
TorFX is a legitimate money transfer app regulated by the Financial Conduct Authority (FCA) in the UK and receiving the highest credit rating (Level 1) from Dun & Bradstreet (credit agencies work to provide you with businesses based on their ratings).
TorFX Reviews— On Trustpilot, TorFX holds 4.9/5 star ratings from over 7000 TorFX reviews, in which 96% of the audience are satisfied with the service.
Final Thoughts on TorFX Review:
TorFX is the best option when you have a huge amount of money to transfer with a friendly mobile app by getting live competitive exchange rates in a variety of currencies.
Plus, you will get personalized customer service and fee-free transfers and exchange rates, which are much better than what the bank offers.
