torfx Review
Rating Breakdown
- 4/5
- 4/5
- 4/5
- 4.5/5
When it comes to international money transfers, finding a reliable and cost-effective service is crucial. TorFX has been a prominent player in the currency exchange market since 2004, offering competitive rates and personalized service. But is TorFX the right choice for you? How does it compare to alternatives like Wise (formerly TransferWise)?
In this in-depth TorFX review, we’ll cover:
✅ TorFX’s key features & how it works
✅ Pros & cons based on real user experiences
✅ Safety, regulation, and fund security
✅ Fees, exchange rates, and transfer speed
✅ TorFX vs. Wise – Which is better?
✅ FAQs & final verdict
By the end, you’ll know whether TorFX is the best option for your international payments.
What is TorFX?
TorFX is a UK-based international money transfer specialist that helps individuals and businesses send money abroad at competitive exchange rates. Unlike traditional banks, TorFX focuses on large transfers with personalized service, making it ideal for:
- Expats sending money home
- Businesses paying overseas suppliers
- Investors & high-net-worth individuals moving large sums
Key Features of TorFX
| Feature | Details |
|---|---|
| Founded | 2004 |
| Regulation | FCA (UK), ASIC (Australia) |
| Currencies Supported | 40+ |
| Minimum Transfer | £50 |
| Maximum Transfer | £5M+ (custom solutions available) |
| Fees | No transfer fees (exchange rate markup) |
| Transfer Speed | 1–2 business days (varies by currency) |
| Customer Support | Phone, email, dedicated account managers |
Pros & Cons of TorFX – Real User Feedback
Advantages of TorFX
Competitive Exchange Rates
- TorFX offers better rates than most banks, saving you money on large transfers.
No Transfer Fees
- Unlike banks, TorFX doesn’t charge fixed fees—only a small markup on the exchange rate.
Regulated & Secure
- Licensed by the FCA (UK) and ASIC (Australia), ensuring compliance with financial laws.
Large Transfers Supported
- Ideal for businesses, property buyers, and expats moving significant amounts.
Personalized Service
- Dedicated account managers assist with high-value transactions, providing expert guidance.
Disadvantages of TorFX
Not Ideal for Small Transfers
- Wise or Revolut may offer better rates for transfers under £1,000.
Slower Than Some Competitors
- Transfers take 1-2 days, whereas Wise can process payments in minutes.
No Mobile App
- TorFX operates via website & phone support only—no app for on-the-go transfers.
Exchange Rate Markup
- While there are no fees, TorFX adds a small margin to the exchange rate.
Is TorFX Safe & Regulated?
Regulation & Security Measures
TorFX is fully regulated by:
- Financial Conduct Authority (FCA) – UK
- Australian Securities and Investments Commission (ASIC)
How Your Money is Protected
- Funds are held in segregated accounts with major banks (not mixed with company funds).
- Not covered by FSCS protection (unlike UK bank accounts), but still secure due to strict regulations.
Potential Risks
- Exchange rate fluctuations can affect transfer values.
- No instant transfers, so not ideal for urgent payments.
TorFX Fees & Exchange Rates – How Much Does It Cost?
Fee Structure
- No transfer fees (unlike banks that charge £20-£40 per transfer).
- Exchange rate markup (varies by currency & market conditions).
Example: Sending £10,000 to EUR
Service | Exchange Rate | Fees | Amount Received |
TorFX | 1.16 (estimated) | £0 | €11,600 |
High-Street Bank | 1.14 | £25 | €11,375 |
Wise | 1.165 (mid-market) | £50 | €11,615 |
Verdict: TorFX is cheaper than banks but may not always beat Wise’s mid-market rate.
TorFX vs. Wise – Which One Wins?
Factor | TorFX | Wise |
Best For | Large transfers (£10k+) | Small, frequent transfers |
Fees | No transfer fee (exchange markup) | Low, transparent fees |
Exchange Rate | Slight markup | Mid-market rate |
Transfer Speed | 1-2 days | Minutes to hours |
Mobile App | No | Yes |
Customer Support | Dedicated managers | Online chat & email |
Who Should Use TorFX?
- Expats sending large amounts home.
- Businesses paying overseas invoices.
- Property buyers needing secure, high-value transfers.
Who Should Use Wise?
- Freelancers & travelers making small, frequent transfers.
- Anyone needing instant transfers.
TorFX FAQ’s
1. Is TorFX legit?
Yes, TorFX is a legitimate and regulated currency exchange service operating since 2004.
2. Is TorFX better than Wise?
- For large transfers (£10k+), TorFX is better.
- For small, fast transfers, Wise is cheaper.
3. How long do TorFX transfers take?
1-2 business days, depending on currency and destination.
4. Does TorFX have hidden fees?
No hidden fees, but they add a small exchange rate markup.
5. Is my money safe with TorFX?
Yes, funds are held in segregated accounts with top-tier banks.
Final Verdict – Should You Use TorFX?
TorFX is Best For:
TorFX is Best For:
Large international transfers (£10,000+). Businesses & expats needing personalized service. Those prioritizing security & regulation.
Avoid TorFX If:
Avoid TorFX If:
You need instant transfers (use Wise or Revolut). You’re sending small amounts (under £1,000).
Overall Rating: 4.2/5
Overall Rating: 4.2/5- Exchange Rates: 4/5
- Fees: 4.5/5
- Speed: 3.5/5
- Security: 5/5
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail CFD accounts lose money. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.