TorFX Review – Everything You Need to Know
TorFX has made its mark as a currency broker. However, this company really stands out as an international money transfer platform.
TorFX has made its mark as a currency broker. However, this company really stands out as an international money transfer platform. TorFX is often associated with rave reviews. In this article, you can take a closer look at how the agency actually functions. You will then be able to decide for yourself whether or not this is a suitable avenue for you.
At a Glance
Founded in 2004, TorFX provides money transfer services for both personal and business accounts. The company currently has headquarters in the UK, Mainland Europe, Australia, the USA, and South Africa. Currently, the firm is responsible for transferring money to 50,000 private clients and 5000 corporate clients.
As a result, TorFX handles around £6 billion in money transfers each year. The company holds the highest credit rating with Dun & Bradstreet. Furthermore, they have been awarded the International Money Transfer Provider of the Year for four consecutive years.
The Pros: List
There are many advantages to using TorFX. Here are the features that stand out in particular:
Most banks and money transfer services will charge either outright fees or will smuggle in hidden costs. This isn’t the case with TorFX. The entire process is completely free on their end although you will be expected to pay any fees that your banks may tack on. This feature is quite useful if you need to send money on a regular basis.
It doesn’t matter where you want to transfer money to, there is a good chance that TorFX will have you covered. This is because the company deals with more than 60 global currencies. This includes more common currencies such as the Euro, dollars, yen, and Franc. At the same time, you can transfer money in Dinars, Shekels, Shillings, and more.
24/7 Transfer Capabilities
With TorFX, you are free to transfer money at any time or on any day. You can do so online through the app or speak to an Account Manager. This, of course, is good news if you need to send money urgently. It is especially suitable for businesses that need to send money on short notice.
There are few transfer limits with this service. If you are using their Regular Overseas Payment feature, then you can move between £500 and £10,000. However, with the online system, you can send as little as £100 if you wish.
Business clients have just as many opportunities. Here, the clients can send as much as £100,000 online. If you wish to send more than this, then you will have to get in touch with an Account Manager. Nevertheless, the transfer service is capable of handling significant amounts.
Great Exchange Rate
TorFX is focused on saving as much money as possible for its clients. For smaller amounts, you are able to track the currency exchange rate yourself. Thus, you can transfer the money when the prices are in your favor. For larger amounts, an Account Manager handles this task. Nevertheless, you can typically find the best possible price with daily reviews.
Now, the company does make its money with the exchange rate. However, even here, it tries to keep the margin pretty low. As such, it isn’t likely to make too much of an impact on the price you are quoted.
Perhaps the main advantage of using this service is that it is highly reliable. For one thing, it is regulated by the FCA and therefore, has to follow a long list of requirements. What’s more, they have segregated clients’ accounts at Barclays to ensure the safety of your money. As mentioned, the company has an excellent credit rating as well.
Excellent Customer Service
One of the things TorFX is frequently praised for is its excellent customer service. In addition to having your own Account Manager, it is fairly easy to get in touch with agents from this company. Due to this, it is quite simple to get advice or work through issues.
The Cons – List
Despite this company’s commitment to excellence, there are a few points where it falls short.
Not Suitable for Smaller Amounts
This is a service that works well for individuals who want to transfer large amounts or for businesses that need to deal with regular transfers. If you wish to send very small amounts, then the cost may be unnecessarily high for you.
FCA Compliance Can Lead to Obstacles
TorFX has to adhere to some rather strict guidelines as they are FCA compliant. Unfortunately, this can mean that there are quite a number of obstacles to get through. For some individuals, the verification process can be rather vigorous. There may also be certain instances where accounts can be frozen or temporarily shut down.
Transfers Can Take Time
While the service claims to be rather quick, it is quite likely that the money will take between 3 to 6 working days to be sent. While this is on par with many other services, it may not be suitable for prompt or emergency transactions.
If you want to send large amounts of money across international borders, you would be hard-pressed to find a company that does it better than TorFX. From its no-fee policy to its above-board conduct, this is a service that will get your money exactly where it needs to go. Since it is compliant with international agencies, you can have peace of mind knowing that your money is safe at each point.
This doesn’t necessarily mean that TorFX is suitable for every individual, particularly those that want to transfer lower amounts. However, if you want to enjoy a hands-off approach where much of the process is taken care of for you, then this will certainly be the right choice.
All in all, the advantages associated with this company far outweigh the cons. So, if you decide to utilize their services, you can be guaranteed a professional, confidential, and prompt response. In this sense, this is a firm that works well for individuals or businesses that are looking for long-term, trustworthy international transfer services.