TorFX has built a reputation founded on reliability, transparency, and affordability and has established itself as one of the reference points in the industry.

In this review, I’ll share my insights and experiences to help you decide whether this provider is the right one for you.

My goal is to scrutinise every aspect of TorFX’s offerings to help you assess whether they are suited to your specific needs.

I will be exploring the competitive exchange rates they offer, the safety measures they’ve put in place, and the overall user experience, to make you make an informed choice.

» MORE Read our full article on  The Best Money Transfer Providers

How to Choose if TorFX is Right for You?

TorFX offer two account types: Personal and Business. Both account types offer 24/7 transfers online of up to £25,000.

The personal account is focused on helping users to do everything from buying property abroad, emigrating, sending money home, or sending regular or one-off foreign payments.

The business account is focused on helping commercial enterprises transfer money between countries and they have listed some of the sectors they work with; including, but not limited to, Manufacturing, IT, Automotive, Entertainment, Imports and Exports.

You can use our TorFX key features’ comparison table below to help you with your decision-making process.

TorFX at a Glance…

FeatureTorFX Information
Company NameTorFX
Transfer FeesNo transfer fees. However, TorFX applies a margin to the exchange rate.
Exchange RatesMargins range from 0.5% to 2%. Negotiable for larger transfers.
Min/Max Transfer AmountMinimum: £100 – Maximum: No maximum transfer limit. For transfers over £25,000, use of an account manager is required.
Transfer SpeedTypically 24 hours. May take up to 2 days for more exotic locations.
Available Countries and Currencies40+ global currencies and can transfer to more than 120+ countries.
Payment MethodsBank transfer and debit card are accepted. Credit card payments are not supported.
Delivery MethodsFunds are delivered via bank deposit.
Customer ServiceOffers personal account managers, phone, and email support. No live chat or 24/7 support.
User Reviews and Ratings7,200+ reviews on Trustpilot with an average rating of 4.9 out of 5. Positive feedback mentions service and rates, with negative comments regarding compliance and intermediary fees.
Security MeasuresUses SSL encryption, multi-factor authentication, and regular security audits. Funds are kept in segregated accounts for additional security.
Mobile App AvailabilityAvailable for iOS and Android, supporting transfer management, rate alerts, and currency wallet.
Special FeaturesOffers forex tools like forward contracts, market orders, rate alerts, and the ability to buy currency and fix exchange rates in advance.
Regulatory ComplianceFully authorised and regulated by the Financial Conduct Authority (FCA) in the UK. FRN Number: 900706.
Cancellation PolicyTransfers can be cancelled if the money has not yet been sent, though some fees may apply.
Annual Amount Processed
£10,000,000,000 (Ten billion pounds, annually)
Office LocationsUK, mainland Europe, Australia, the USA, and South Africa.
Staff Volume
(Group Statistic)
550+ employees.
Risk ProfileLevel 1 (Highest rating) from the credit agency Dun & Bradstreet. Classified as a ‘Minimum Risk’ company from the customer’s perspective.
OwnersThe CEO and Co-Founder is John Beddell.
Visit TorFX

TorFX Review – Our Verdict

TorFX is a superb money transfer service, especially for large transactions. It’s fees are extremely competitive, and it’s high level of of customer service, combined with a dedicated account manager, really lifts it above most competitors. If you’re transferring a large amount of capital for a house purchase, for example, this would be a great choice.

While they don’t charge any transfer fees, it is important to understand that transfers aren’t entirely free due to the margin that TorFX applies. They add a small margin or mark-up to the mid-market rate, which is a typical practice in this industry. Their rates are generally very fair, and it’s possible to negotiate this if you’re sending a larger amount.

If you’re sending £25,000 or less you can use their APP, but you’ll also have a phone and email for your personal account manager whom you can discuss or plan any transfer with. You can also buy currency and fix exchange rates in advance.

We have found transfers to be fast, usually taking 1 day for a larger transfer. It can take up to 2 days for a more remote location.

The provider’s support takes place essentially in English, which may be an obstacle if it’s not your native language.

TorFX may be a good fit for you if you plan on making regular transfers for yourself or your business, especially for large sums of money.

torFX review

Who is TorFX?

TorFX is a foreign exchange company that provides international money transfer services. Based in the United Kingdom, they offer fee-free transfers and personalised services for both individuals and businesses.

Here are some of the company’s milestones:

  • 2004: TorFX was founded in Penzance, Cornwall. It was established to provide a more consumer-focused alternative to traditional banks for international currency transfers.
  • 2006: Within two years of its inception, TorFX gained recognition and awards for its customer service, marking an important milestone in the company’s development.
  • 2008: TorFX achieved the ISO 27001 certification for information security management, highlighting their commitment to safeguarding customer data.
  • 2010: The company continued to grow, expanding its offerings and tailoring its services to cater to businesses as well as individual clients.
  • 2013: TorFX opened its Australian branch, broadening its reach and providing services to a new market.
  • 2015: The company reached an important milestone by transferring over £3 billion since its inception, showcasing its growing popularity.
  • 2017: TorFX was acquired by the Praemium Group, an international fintech firm, allowing for further expansion and development.
  • 2018: They became authorized by the Financial Conduct Authority (FCA) in the UK, reinforcing their commitment to adherence to regulatory standards and consumer protection.
  • 2019: TorFX continued to innovate, launching new technology platforms to facilitate smoother and more efficient international money transfers.

TorFX currently processes 7.5 billion GBP in transactions annually.

TorFX Pros & Cons


  1. No Transfer Fees – TorFX does not charge any transfer fee.
  2. Competitive Rates – TorFX offers competitive exchange rates margins, especially suited for large transactions.
  3. User-Friendly – Setting up an account and making transactions is an extremely simple process with TorFX.
  4. Customer Service – TorFX is renowned for the quality of its customer support.
  5. Account Manager – TorFX provides a dedicated account manager, which is great for those handling large amounts of money.


  1. Speed of Execution – TorFX might be slower than the competition in some situations
  2. Cash Transfer – TorFX is limited when sending cash.
  3. Card Payments – It’s not possible to make credit card payments with TorFX.

TorFX Fees

Torfx Transfer Fees

One of the greatest selling points of TorFX is that this provider does not charge transfer fees.

However, this doesn’t mean transfers are free.

Torfx Exchange Rates

TorFX does not charge any transfer fees. However, they do make money by adding a margin to the exchange rate they offer to their customers. This means that the exchange rate you see on TorFX’s website is not the same as the mid-market exchange rate, which is the rate at which banks exchange currencies between themselves. The margin that TorFX adds to the exchange rate is how they make a profit.

This margin varies from 0.5 to 2%, which remains a great alternative to banks, who typically add a margin of 3 to 6% on top of the mid-market rate.

The amount of the margin that TorFX adds to the exchange rate will vary depending on the currency pair and the amount of money being transferred. Typically, the larger the amount of money being transferred, the lower the margin will be.

What’s the TorFX Experience Like?

Here’s a closer look at the TorFX experience from various perspectives.

Registration & Getting Started – Signing up with TorFX is generally a straightforward and simple process. You’ll need to provide some basic information to set up an account, such as your name, date of birth, address, occupation, email and phone number. Your account should be active instantly.

User Interface – Navigation is smooth, with clearly marked tabs and buttons to guide the user through the process of setting up a transfer, monitoring rates, or accessing their account details. The overall design is modern and uncluttered, promoting an effortless experience. I particularly appreciated the rate alerts functionality.

Speed – TorFX tends to perform well in terms of transfer speed, especially considering those transfers are “free”. The usual transfer time can range from a few hours to a couple of business days for what they call “more exotic destinations”.

Costs and Fees – The obvious stand-out aspect of TorFX is that the provider does not charge transfer fees. While this doesn’t mean the service is free to use (margins will be applied on top of the mid-market rate), the experience remains way cheaper than traditional banking, especially for large amounts.

Customer Service – Customer service is an area where TorFX excels. Many customers highlight the responsiveness and professionalism of their customer support team. The presence of a dedicated account manager is also an excellent point. It means you will always have someone available to answer you.

Business Solutions – TorFX offers several business solutions tailored to meet the needs of various organisations, such as spot and forward contracts, market orders, risk management and mass payment solutions, which makes it a great choice for businesses.

How long does it take to transfer money abroad with Torfx?

Under optimal conditions, TorFX aims to complete the transfer on the same business day.

For less commonly traded currencies or more “exotic” destinations, the transfer may take up to two business days to reach the recipient’s account. It’s worth noting that weekends and holidays could potentially prolong this timeline, depending on the operating hours of the involved financial institutions.

Are There any Transfer Limits with TorFX?

There is no maximum transfer limit with TorFX, allowing you the flexibility to send large amounts according to your needs. However, it is important to note that while there are no upper limits for transfers in general, there are specific limits for transactions conducted online.

  • For online transfers, you can send between £100 and £25,000.
  • If you wish to transfer an amount greater than £25,000, you will need to contact your Account Manager directly to arrange the transfer. This approach ensures that larger transfers are handled with personalised attention and support, facilitating a smooth transaction process for amounts exceeding the online limit.

Safety and Security Measures: Is My Money Safe with TorFX?

Regulation & Compliance – In the United Kingdom, TorFX is regulated by the FCA. This ensures that the company adheres to the highest standards in risk management, operational conduct, and customer protection.

Secure Socket Layer (SSL) Encryption: TorFX uses SSL encryption for all online transactions. This ensures that the data exchanged between clients and TorFX’s servers is encrypted and secure from unauthorized access.

Multi-Factor Authentication: Additional layers of verification, such as one-time passwords (OTPs), ensure that access to accounts is restricted to authorized individuals.

Regular Security Audits: Regular assessments and third-party security audits help identify potential vulnerabilities and enable the company to update its security measures continually.

Fraud Detection Systems: Advanced monitoring tools track unusual behaviour, and automated systems are in place to detect and prevent fraudulent activities.

Funds Segregation – This means that the money transferred by clients is kept in separate bank accounts, thereby protecting the funds from any potential financial difficulties TorFX may face.

Customer Service at TorFX – Responsiveness and Problem-Solving Capacity

One thing to be aware of is that TorFX customer service relies heavily on the phone, which is great because it guarantees human contact but can be an obstacle for people in different time zones or those who don’t speak fluent English.

You can contact customer support during the following hours:

  • Monday-Thursday: 8:00 AM – 7:00 PM
  • Friday: 8:00 AM – 5:00 PM
  • Saturday: 9:00 AM – 1:00 PM

You can also use a contact form on their website.

The only downside to their customer support is the absence of live chat or 24/7 support.

When opening an account with TorFX, you’ll be assigned a dedicated account manager to answer your questions and resolve your issues. This is an excellent feature if you’re using this provider regularly for your businesses or if you’re planning to transfer large amounts of money.

Is TorFX Safe for Large Amounts?

TorFX is one of the best options for those wanting to transfer large sums of money.

The company is regulated by the Financial Conduct Authority (FCA) in the United Kingdom and has a good reputation for security.

The quality of their customer service and the presence of a dedicated account manager make it a reassuring choice when dealing with substantial sums.

TorFX App Review

From the moment you open the TorFX app, you’re greeted with an interface that is both welcoming and clear. Unlike many other financial apps, which can overwhelm users with myriad features and options, TorFX focuses on what really matters. The primary function of sending money is prominently displayed, with the exchange rate clearly shown.

One feature that truly stands out in the TorFX app is the ease with which users can set up rate alerts for specific currencies. If you have ever tried to do this with other platforms, you know that it can sometimes be a convoluted process. With TorFX, it’s a breeze. With a few intuitive clicks, you’ll be notified when the currency hits your desired rate.

This is a great asset for those constantly watching the markets or simply trying to make a timely transfer.

torfx app review

Recurrent payments can often be a hassle, especially if you are dealing with multiple recipients. TorFX makes this process great by allowing you to access your activity and your recipients with just one click. This feature speeds up the entire process, allowing you to make quick payments without having to dig through menus or search for saved contacts.

Th app allows you to easily access your different currency wallets, to always keep an eye on your balances.

What truly makes the TorFX app shine is its ability to present only the features that users need without unnecessary complications. Everything is designed with user experience in mind. There are no hidden menus, no overwhelming options, just a clear and concise app that gets the job done.

What are the Alternatives to TorFX?

ProviderExchange RatesFeesProcessing TimesCurrencies SupportedLimitsCustomer Support
TorFXMid-Market + 0.5-2% margin£0Typically 1-2 business days60No LimitMon-Thur: 8:00 AM – 7:00 PM
Fri 8:00 AM – 5:00 PM
Sat: 9:00 AM – 1:00 PM
TransferGoMid-market rates + 0.2-2.2% marginFrom £0 to £2.99 per transferFrom 30 minutes to 3 Days60No LimitWeekdays from 7 to 6 via email, and phone support
WiseMid-market rates + small marginVaries (amount/currency)Typically 1-3 business days50+Up to £1,000,000 per transfer24/7 live chat, email, and phone support
Western UnionMid-market rates + 2-5% marginFlat: £10 + 0.4% of the transfer amountTypically 1-2 business days130+Up to £500,000 per transfer24/7 live chat, email, and phone support
MoneyGramMid-market rates + 3-4% marginFlat: £3 + 2% of the transfer amountTypically 1-3 business days100+Up to £9,999 per transfer24/7 live chat, email, and phone support
WorldRemitMid-market rates + 2-3% marginFlat: £0.30 + 3% of the transfer amountTypically 1-2 business days70+Up to £100,000 per transfer24/7 live chat, email, and phone support
PayPalMid-market ratesVaries (amount/currency)Varies200+Up to £10,000 per transfer24/7 live chat, email, and phone support
RevolutMid-market ratesFlat: £0 + 0.5% of the transfer amountTypically 1-3 business days30+Up to £10,000 per transfer24/7 live chat and email support
RemitlyMid-market rates + 1% marginFlat: £0 + 0.5% of the transfer amountTypically 1-2 business days150+Up to £100,000 per transfer24/7 live chat and email support
CurrencyFairMid-market ratesFlat: £0 + 0.5% of transfer amountTypically 1-3 business days50+Up to £500,000 per transfer

Is Torfx better than Wise?

TorFX is a good choice for:

  • Individuals and businesses who need to transfer larger amounts of money internationally.
  • People who want a dedicated account manager to provide personalized service and advice.
  • People who want to transfer money quickly and securely.

Wise (formerly TransferWise) is a good choice for:

  • Individuals and businesses who need to transfer smaller amounts of money internationally.
  • People who want a transparent fee structure and a user-friendly interface.
  • People who want to transfer money to countries where TorFX does not operate.

What Contract Types do Torfx Offer?

Spot Contract

Spot contracts serve those who have immediate access to funds and seek a swift transfer. Through this contract, currencies can be purchased or sold with immediate effect, allowing you to capitalize on favourable exchange rates available at that moment.

Forward Contract

Forward contracts enable you to lock in an exchange rate for a future transaction, allowing for better financial planning. You have the freedom to secure these rates up to 2 years in advance, even without immediate availability of funds. An initial deposit of 10% is required, with the remaining 90% payable upon maturity of the contract.

Torfx Order Types

Limit Order

A limit order allows for currency purchase at a pre-set market level, superior to the existing rate. TorFX dealers monitor these orders around the clock, executing the trade automatically once your target level is met.

Stop Loss Order

Stop loss orders set a minimum rate at which your currency is purchased. If market conditions deteriorate to this level, the order is automatically executed. This serves as a protective measure against adverse exchange rate movements.

Some clients opt to utilize both limit and stop loss orders in tandem, thus defining a particular range for the exchange rate. These orders can be modified or cancelled prior to fulfilment upon your instruction.


How long does it take to send money with TorFX?

Transfers take between a few hours and a couple of business days for less common currencies.

Can I cancel a transfer?

Yes, you can cancel a transfer with TorFX, but only if the money has not yet been sent to the recipient. You can request a cancellation by contacting TorFX customer support. Refunds will usually be processed to the original payment method, but some fees may apply depending on the stage of the cancellation.

Does TorFX accept credit cards?

TorFX currently doesn’t accept payments via credit cards. You must use a debit card, a banquet transfer, or by cheque if the currency is Pound Sterling (GBP) and you are lodging your funds in our client account prior to booking a currency deal.

What languages does TorFX support?

TorFX currently only offers support in English.

Is TorFX FCA Regulated?

Yes, TorFX is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom.