TorFX Review

Sarah Badani

In a Nutshell

Founded in 2004, TorFX helps individuals and businesses make around $7 billion in money transfers per year. TorFX covers wide parts of the globe, with transfers in 40+ currencies to 120+ countries. It lets users move money online, by mobile app, or over the phone with an account manager. Its service is useful for people who make regular payments abroad, such as for the purpose of monthly mortgage payments.


  • Simple pricing structure
  • Each user is assigned an account manager
  • Easy to set-up periodic money transfers


  • No quote without registration and verification
  • Small amounts, minor currencies can be pricey

What You Need to Know

Transfer fee
No fee, 0.3-2.0% margin
Transfer time
1-2 business days
Transfer types
Bank transfer
Daily transfer limit
Transfer purpose
Personal and Business
24/7 support

TorFX Fees and Rates

Most money transfer companies charge the user twice: a flat fee plus a margin on the exchange rate. TorFX’s pricing structure is simpler: it waives the fee and collects only on the margin. With 40+ currencies, the margins do vary. As a general rule, the major currency pairs (e.g. USD, GBP, EUR) have lower margins and are therefore cheaper for the customer. High transfer amounts have lower margins and are therefore also cheaper.

Here’s an example of how TorFX’s pricing works. Let’s say you’re transferring 10,000 GBP into euros. On February 5, 2020, the real exchange rate was 1:1.1798. TorFX’s exchange rate was 1.1732. Therefore, the final euro amount received would have been €11,732 – 0.6% or 66 euros less than the real exchange rate. This is a solid rate compared to other money transfer services. 

The only way to see how TorFX compares on your preferred currency pair and transfer amount is to check out its live rates.

How Does It Work?

TorFX only shows live rates to users who have registered for an account and have had their ID verified. Here’s how to do it:

  1. Start by registering for an account with TorFX

    You can create an online account in minutes. Or, if you prefer to speak to a person directly, you can open a new account over the phone. You’ll be asked to choose between a business or personal account. Then, you’ll put in personal information, such as phone number, email address, and street address. TorFX uses this information to confirm your identity and ensure that you’re not someone trying to fraudulently use your identity. 

    TorFX will finalize the signup process by sending you a 5-digit pin number to your cell phone. Once you receive the pin, you can enter it into the signup screen to confirm your identity and complete the process.

  2. Secure your exchange rate

    Once you're in your account, you can choose the action you want to take. If you’re ready to transfer money, select that option, enter the amount you want to transfer, the currency you're transferring from, and the currency you're transferring to.

    From there, TorFX will give you a rate quote. If you are happy with this rate, you can secure the exchange rate. If you aren't happy with the rate you've been quoted, you can cancel the transfer without repercussions.

  3. Make a transfer

    You can now finalize the transaction, make your money transfer, and track the status of your transfer through the TorFX online platform or mobile app.

How Long Does It Take?

The amount of time it takes to transfer your money will vary depending on the currency you’re trading, where you’re sending the money to, the bank that you are sending the money from, and the time of day or year. In most cases, the transfer should arrive in the recipient account within 1-2 business days. 

With TorFX, you’re virtually guaranteed that a transfer made in USD:GBP, EUR:USD, or another major currency arrives within 2 business days. But transfers involving minor currencies – like Sri Lankan rupees, Ugandan shillings, or East Caribbean dollars – can take longer.

TorFX Top Highlights

We’ve already shown how TorFX is cheaper than the banks for money transfers in 40+ currencies. Here are some of the other great features offered by TorFX:

  • No daily transfer limits
  • Personalized market insights delivered to your inbox
  • Rate-improvement guarantee - matches best rates from rival transfer services
  • Forward contracts - lets you fix exchange rate up to 2 years in advance
  • Limit orders - target an exchange rate above the current rate and the transfer will automatically be made if the market reaches that level
  • Stop-loss orders - controls the risk of an exchange rate suddenly falling by setting a worst-case rate
  • Regular overseas payments - good for situations where you need to transfer money periodically, e.g. for the purpose of making monthly mortgage payments abroad
  • Refer a friend - earn a gift card worth $/£ 50 to spend on Amazon

Customer Support

TorFX has strong customer service ratings, including a 4.8/5 Trustpilot rating from more than three thousand reviews. Based on customer reviews, the thing people like most about TorFX is its professionalism, efficiency, and competitive rates. Everyone who registers for TorFX is assigned a personal account manager – no matter how much money you plan to transfer.

TorFX is based in the UK and has offices in the USA, UK, mainland Europe, Australia, and South Africa. This enables it to offer the same high level of customer service – no matter where you’re based.

Contact – US: (+1) 800-612-9625 (Mon-Fri, 8am – 6pm, Sat 9pm – 1pm ET)

Contact – UK: (+44) 0173 633 5250 (Mon – Thu, 7:30am – 7pm, Sat 9am – 2pm UK time)

Contact – international: See TorFX website


Tor Currency Exchange Ltd


St Mary's Terrace



TR18 4DZ

Privacy and Security

TorFX is owned by Tor Currency Exchange Ltd, which is authorized by the UK’s Financial Conduct Authority. It has a number of security measures in place:

  • Encryption of all your sensitive personal information
  • Uses card authorization and anti-fraud screening services to check that the information on your card and the other information you've provided match up
  • Periodic identity checks to ensure that the identity of customers is legitimate and not being tampered with
  • Alerts you when any suspicious activity occurs in relation to your account

Bottom Line

TorFX does all the basics well, with a simple pricing structure, competitive exchange rates, and a wide range of currencies to choose from. These features make it a solid option for all types of money transfers – from small to big, personal or business. With features like forward contracts and regular overseas payments, TorFX is also a good option for anyone that regularly transfers money back to their home country.

Sarah Badani has extensive research and review experience in the finance industry. With a degree in psychology and education, she brings a level of depth and understanding to her writing along with her own flavor to spice up each topic in a unique and inviting way.

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22 Jan 2021

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