TorFX Review: Pros, Cons & Features

Explore the pros, cons and features of TorFX in this TorFX review.

Updated: June 5, 2024
Matt Crabtree

Written By

Matt Crabtree

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When sending money abroad, you want a fast, efficient process to help you make the most of your money. You want to avoid delays, get the best exchange rates, avoid fees and transfer the funds conveniently. Money transfer services such as TorFX are some of the top options to transfer your money.

TorFX provides plenty of features that easily put this service ahead of many competitors.

It is a secure option that facilitates money transfer for its users. But what are the specific features of this platform? Is this the right service for you?

In this TorFX review, we will dig deeper into the platform's pros, cons and features. We will also consider the fees, transfer limits, fraud protocols and customer support offered by this platform. Continue reading this TorFX review to discover all you need to know before you use this service.

What Is the TorFX Company?

The TorFX company is one of the top options for foreign currency exchange.

This company serves a client base that has an 80%-20% split between private individuals and corporate clients. It is part of the Currencies Direct Holdings Ltd Group and processes more than £7.5bn worth of foreign exchange payments yearly.

Intending to offer users outstanding exchange rates, the service is popular across the globe. TorFX has offices in the United Kingdom, countries in Europe, the US, Australia and South Africa with hundreds of expert advisors. The company has more than 20 offices located in the United Kingdom alone. It has more than 500 employees worldwide.

We found that the TorFX platform deals with more than 40 currencies and that between 2016 and 2022, TorFX won the International Money Transfer Provider of the Year award from Moneyfacts Consumer Awards

TorFX's Features and Services

TorFX, available on desktop and via the app, offers a seamless user experience and multiple features and services you can use.

These features make money transfers easy and convenient. Here are the main features and services you can use with the TorFX platform when you complete currency transfers.

  • International money transfers: Making international money transfers is easy with TorFX. The platform allows you to add new recipients to your list and transfer to multiple locations. It is one of the money transfer companies that makes sending money overseas with competitive exchange rates easier.
  • Account manager: TorFX is one of the money transfer services that offer account managers to each customer. The account manager will guide you, offer support when you make currency transfers, and provide expert insights.
  • Live currency rates: It's possible to check live currency rates before you make your transfer. TorFX will display the rates on their online platform or TorFX app when you create an account with them. You can also get a free quote by filling out their small form and selecting “Get a Quote”.
  • Spot contract options: If you need to make an immediate transfer, TorFX offers spot contracts. This service comes with an excellent exchange rate for your immediate transfer.
  • Forward contracts: You might need to make future international transfers or payments. In that case, you can fix your exchange rate for a maximum of two years before the transfer using TorFX's forward contracts feature.
  • Regular overseas payments: With TorFX, You can set up regular overseas payments and make recurrent transfers automatically. This service offers a competitive exchange rate and reduces the transfer fees and commission costs you must pay.
  • Services for transferring money: Using TorFX, your business can manage import and export payments using this service's counter currency volatility advantages.
  • Refer a friend or business services: You can earn Amazon vouchers worth £50 if you refer a friend who transfers £5,000 through TorFX or establishes a regular overseas payment plan. It's also possible to earn a £100 Amazon voucher if you refer a business that registers with TorFX and makes a transfer with them.

Who Gains Advantages From Using TorFX?

Multiple individuals can gain advantages from using TorFX.

If you are wondering whether TorFX will work for you, here are a few people who can benefit from this service.

  • Businesses that need to make transfers: Unlike some services, such as Remitly, TorFX offers clients a service that allows them to make transfers. You can set up a business account with this platform and make transfers 24 hours a day, seven days a week.
  • Individuals who need to transfer money overseas: TorFX offers personal account options to allow individuals to send money overseas. Like their business account, individuals with personal accounts can make transfers 24 hours a day, seven days a week.
  • Individuals who want to purchase property abroad: If you plan to purchase an international property and transfer significant sums of money abroad, TorFX is for you. Its regular overseas payment service can also help you with mortgage or rental payments for overseas property, making this platform an excellent choice for individuals who want to purchase property abroad. 
  • Individuals who are emigrating: If you intend to move abroad, the excellent exchange rates TorFX provides can help you conduct transfers and make savings worth thousands. With your account manager supporting you, you can stay one step ahead of market exchange rate trends to prevent them from impacting your transfer.

Who Does Not Benefit From TorFX?

A few restrictions in the TorFX service mean that some individuals can not benefit from it.

Here are a few people who might not gain the benefits of TorFX.

  • Recipients who need to collect/pick up the cash: TorFX does not offer a cash pickup service if your recipient doesn't have a bank account, so they won't benefit from TorFX.
  • Individuals who regularly send less than £100: Since low-value transfers have less competitive rates and a minimum limit to the amount you can send, TorFX is generally not ideal for individuals who regularly send less than £100 abroad.
  • Individuals who need to receive less well-known currencies: Since TorFX account holders have a limit on the number of currencies they can choose from (40 currencies are available), individuals who need to receive less well-known currencies might not benefit from TorFX. 

What Are the Fees for TorFX?

If you're wondering whether TorFX expects transfer fees, the short answer is that it doesn't.

TorFX is commission-free and will not charge transfer fees. The way TorFX makes its money is through a specific margin. The company adds this margin and includes it within the exchange rate. This addition explains why the exchange rate might not match the Google exchange rate.

TorFX states that the platform “doesn't charge anything outside of the exchange rate”, they quote. For this reason, they can offer bank-beating exchange rates.

Stay aware of the exchange rates you may face when using this service. You will need to pay this fee, even though the rates tend to be low.

Which Transfer Limits Apply to TorFX Users?

We noticed no maximum transfer limit when we used TorFX for a one-off transfer.

Although we did not send more than £10,000, we noticed that TorFX would have been able to help us if we needed to transfer sums of up to £10,000,000.

However, when we signed up for the regular overseas payment service, our recurrent transfers were limited. We also couldn't easily transfer less than £100.

Pros and Cons of TorFX's Services

On the whole, TorFX is an excellent platform that facilitates international transfers.

A few features work perfectly, and some need a little tweaking. We have gathered the pros and cons in this section to help you decide whether TorFX is a good platform to transfer money overseas.


✔️ No transfer fees: There is no transfer fee when using this international money transfer company. TorFX states they “won't charge you a thing outside the actual exchange rate”. This advantage means you can avoid high costs, and your money will stretch further.

✔️ Fast transfers: TorFX aims to transfer your money “as quickly as possible”. We found that many factors influenced the transfer speed of our funds, such as the currency, receiving bank, and currency. However, in most cases, the funds reached the recipient's bank account on the same day.

✔️ Favourable exchange rates: When using this international money transfer service, your exchange rate will be favourable and competitive. TorFX offers exchange rates close to the interbank rate; although rates can be volatile and fluctuate, they will set the exchange rate the second they confirm the transfer.

✔️ Rate improver guarantee: If you find a better exchange rate than the one TorFX offers, they will abide by their rate improver guarantee. They will provide a better rate than the competitor you have an account with if you have evidence of that rate.

✔️ Account manager: With your TorFX dedicated account manager, you can ask and receive answers to transfer-related questions. This feature meant we could get the required support and guidance related to market movements, current exchange rate confirmations and executing transfers when we instructed them to.

✔️ Unlimited upper transfer amounts: Unlike alternative money transfer services like MoneyGram, TorFX doesn't restrict the upper limit you can transfer. With this benefit, we did not need to consult any agents when we wanted to make larger transfers, which was convenient.

✔️ Tools available for foreign exchange deals: We used foreign exchange tools with TorFX to receive the optimum deal. In addition to forward contracts, we could use stop-loss orders to lock in the best deal.

✔️ Transfer tracking: You can track your transfers through the TorFX platform and their iPhone/Android-compatible app.


❌️ Limited currency solutions: TorFX offers 40 currency solutions, but we felt this could be improved. For instance, alternative services such as MoneyGram offer more than 135 currencies. We could not find a list of currencies on the TorFX platform; however, their app listing on Google Play mentions the list of supported currencies, including Croatian Kuna, Swedish Krona and Thai Baht.

❌️ Recipients need a bank account: Although some alternative money transfer services offer cash pickup options, TorFX only facilitates bank transfer options to bank accounts. If your recipient doesn't have an account, you may struggle to transfer funds.

❌️ Uncompetitive rates for low transfer amounts: If you make a transfer of low value, you may notice that the exchange rate may be less competitive. This disadvantage occurs because TorFX specialises in high-volume transfers. 

❌️ Minimum transfer amount: If you want to transfer less than £100, you may find this difficult. TorFX’s minimum transfer amount is £100.

TorFX Review: Our First-Hand Review of the TorFX Platform

Once we had used TorFX, we put together our direct findings about this platform.

We found that the app offers a fast transfer service that worked better than bank transfer methods. Here are some of our additional insights into the platform and our take on its best features.

Simple Account Creation Process

We found creating a TorFX account simple. We navigated to the “Open an Account” tab and selected the personal account type. We noticed that businesses have their own tab, which companies can select to create their account. We selected our country of residence and then “Continue”. After creating login details and a password, we added our mobile contact information and a few other details.

Once we had added our information and confirmed our mobile number by entering the code we received, a TorFX account manager contacted us to complete the registration process. We required proof of identity and provided our passport information to confirm this.

Smooth User Experience

On the app and the TorFX platform, we liked the smooth user experience. We could buy currency by selecting from the clearly displayed currency options, access our digital wallet and view the transactions we had made. We found the calculator easy to use, and by entering our details into the clearly displayed tabs, we could get a free quote for our currency transfers.

Excellent Transfer Rates

We did not need to pay a fee regarding transfer rates, although this was included in the spread margin TorFX offered us. We could save more money with TorFX compared with other providers such as MoneyGram or Western Union. Alongside these savings, we could also save more money since the exchange rates were typically competitive.

Limited Range of Payment Methods 

To make our payment when transferring funds overseas, we had a limited range of options. We could pay for the transfer using BACS, a debit card with a Visa Debit symbol, or by cheque (the latter option was only possible when transferring currency from pounds sterling).

Some of these payment methods were less time-consuming than others. For example, the BACS payment required us to wait four business days for the payment to clear, while the cheque payment method took eight business days for the payment to clear.

Ideal for Unlimited Upper Transfer Limits

The size of our transfer in terms of an upper limit did not matter. We could transfer large sums overseas and make recurrent transfers of up to £10,000. In fact, we got support from TorFX when we needed to transfer even higher sums up to £10,000,000. This sum is much higher than MoneyGram, which caps transfers at £7,600.

We encountered a slight issue if we wanted to transfer less than £100. We were able to make the transfer; however, we found that we were less likely to receive account activation contact from TorFX to do so.

Does TorFX Have Any Security and Fraud Protocols?

TorFX has multiple safety protocols that keep its users' details and account information secure.

Here are some of the main protocols you can expect when using this service:

  • FCA adherence: Adhering to the Financial Conduct Authority (FCA) regulations as an electronic money institution is just one of the ways TorFX's mission aligns with security and fraud best practices. The FCA will protect you if TorFX declares insolvency. 
  • Secure password: Since you will also need to create a secure password with your account, which TorFX will ensure is strong with their password manager tool, your account will remain secure and inaccessible to cybercriminals.
  • PIN validation: If you use the online or app service, you must enter a PIN to validate the transfer. This security measure is required when you add a recipient as well. You will also receive transactional emails that confirm your account activity.
  • Biometric authentication: If you use the app only, you can access biometric authentication methods. These methods are available as a touch ID or Face ID, which add extra security to your account. It restricts access to you and you alone, so your details will remain secure.

Is the TorFX User Experience and Customer Service Convenient?

Generally, the TorFX customer service is helpful and supportive, and the user experience is smooth.

The platform received 4.2 stars from 461 reviews when we checked this in January 2024. Many users state that the app is simple and convenient, and many state that the customer service is “excellent”, offering “friendly helpful staff” or a “great support team”. 

When some users could not set up the TorFX account or app, their customer service remained in contact with those users to assist them.

TorFX Review: The Key Points

All in all, TorFX is a user-friendly platform that makes transfers easier for its users. Its fee-free transfers make this ideal for saving money when sending funds.

What sweetens the deal are its practically unlimited upper range and competitive exchange rates when making transfers, which some competitors do not offer.

Even though your recipient needs a bank account to receive their funds, the customer service is excellent. If you are looking for the ideal money transfer app, TorFX may be a good option. Check out its competitors before you select it, but consider TorFX when sending money overseas.

Related Guides:


Can TorFX Be Trusted?

How Long Does TorFX Transfer Take?

Is TorFX Regulated by FCA?

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