Is TorFX a trusted and affordable option to send funds overseas?
What is TorFX?
The best feature of this service is that it does not charge fees for the services. Its fees are lower than other competitors.
However, TorFX has a minimum transfer amount of 200 USD, but they don't have a maximum transfer amount.
TorFX provides good customer service by creating a fully digital experience that you can quickly reach out to any time of the day. With multiple offices in all time zones, you can quickly contact anyone 24/7 with any concerns you have with your money transfers.
TorFX transfers to over 110 countries and trades to over 60 currencies (at the time of writing), including various major and exotic currencies. While TorFX only accepts wire transfer as a payment method, it allows its customers to use a Sterling nominated debit card (Visa only), or pay by cheque (only for Pounds Sterling).
Businesses can use this service for overseas payments for employees, while individual customers can use it to send funds to family and friends back home, purchase a property, or a one-off transfer when emigrating to another location.
TorFX offers several money transfer options:
- Spot contract: it is the rate a customer will get when making an immediate funds transfer abroad. TorFX offers competitive rates for spot transfer, and usually, these are completed within 1-2 working days.
- Forward contracts: TorFX offers another option to lock in an exchange rate. This offer is available to fix a rate for up to two years in advance and is very beneficial for people wanting to manage their budgets and secure themselves from the exchange rate volatility.
- Limit orders: TorFX offers a service to purchase a currency at a predetermined market level when you want to target a better exchange rate. Once the exchange rate hits that level, your transfer will be executed.
- Stop-loss orders: You can set a minimum rate at which TorFX will automatically buy the currency. When the exchange rate falls to that, your transfer will be executed.
Is TorFX Safe?
Sending funds through TorFX is safe as the service is authorised by the UK Financial Conduct Authority. Additionally, TorFX is also regulated by other regulatory bodies in other countries where it operates.
TorFX has a “Know Your Customer” process to ensure that user credentials are verified and to stop any illegal operations that could be carried out through the service.
- Better-priced service for sending large sums.
- No cap on maximum transfer limit.
- No transfer fees.
- Forex tools.
- Multi-currency account.
- Personal account manager.
- Supports 60+ currencies.
- Users can’t send funds to an e-wallet/cash withdrawal agency, only bank-to-bank transfer support.
- Not competitive for sending small sums (under 2000 USD).
Money transfers via TorFX are convenient, affordable, and fast. However, it is important to clarify that the service supports selected payment methods.
The transfer method for TorFX is limited to bank accounts only. If you do business with people overseas or send money to a child or parent, they need to set up a bank account before you can send them money through this service. You should also be wary of standard transfer times; it usually takes 24-48 hours for the funds to arrive at the recipient’s bank account. Being limited to this type of transfers means all of their transactions meet standard bank processing times and are limited to business days. It can also take longer if the currency is a less frequently traded one.
TorFX Money Transfer is a great service provider if you are looking to transfer over two thousand dollars overseas and speed is not an issue. They have one of the lowest costs among money transfer providers. But, TorFX is not an option for anyone who wants to send a small amount; the minimum transfer amount is 200 USD. For small transfers (under 2000 USD), I recommend checking other services on AskWallet where you can get more competitive rates than TorFX.
To open a private individual or business trading account with TorFX, you need to visit their official website to start registration. You will be required to fill in necessary details. Once you finish the sign-up process, TorFX will assign a personal account manager who will help you complete the remaining requirements for creating an account.
Once a personal account manager is assigned to a user, he will ask a few questions regarding the amounts you want to send. He will also guide you on how to complete the account verification process and start using your account to send funds.
- Select the amount and currency for sending funds (USD in this case).
- Enter the complete details (name, address, bank details such as bank address, branch number, account number etc) of the recipient (individual or the company).
- Routing number is required to send funds to the US.
- Enter any additional details (if required).
TorFX does not have a limit on a maximum sending amount, and its online platforms allows users to send as little as 100 GBP.