TorFX Money Transfer Review 2023

TorFX is a leading provider of international currency exchange and money transfer services, known for its competitive rates and personalised customer support. This review will examine TorFX’s offerings and to provide potential users with an informed evaluation of its services.

TorFX Key Facts

Fact / Statistic	Information
Founded	2004
Headquarters	Penzance, Cornwall, UK
Australian Office	Surfers Paradise, Queensland, Australia
CEO	Jon Beddell
Number of Employees	150+
Number of Currencies Supported	60+
Minimum Transfer Amount	£100 (or equivalent in other currencies)
Maximum Transfer Amount	No limit (subject to approval)
Transfer Methods	Online, over the phone
Transfer Speed	1-2 business days (most major currencies)
Trustpilot Rating	4.8/5 (based on 4,000+ reviews)
Regulatory Bodies	FCA (as EMI), HMRC (as MSB)
Awards	Consumer Moneyfacts, Money Age (2016, 2017, 2018)
Total Amount Transferred (since inception)	£10 billion+
Number of Customers	325,000+ (personal and business clients)
Types of Clients	Individuals, businesses, online sellers
Personal Services	Property, emigration, overseas investments, regular payments
Business Services	Risk management, forward contracts, market updates
Customer Support	Phone, email, live chat
Website	www.torfx.com
Mobile App	Available on iOS and Android
App Features	Rate alerts, transaction tracking, currency charts

TorFX Company Overview

TorFX was founded in 2004 by Jon Beddell, a seasoned entrepreneur and expert in the foreign exchange industry. The company was established with a clear vision: to provide individuals and businesses with a cost-effective and personalised alternative to traditional banks for their international currency exchange and money transfer needs. Over the years, TorFX has grown exponentially, thanks to its commitment to customer service and competitive exchange rates.

In its early years, TorFX focused primarily on the UK market, operating from its headquarters in Penzance, Cornwall. As the company gained momentum and recognition, it expanded its reach by opening an office in Surfers Paradise, Queensland, Australia, in 2013. This strategic move allowed TorFX to better serve clients in the Asia-Pacific region and enhance its global presence.

Throughout its history, TorFX has consistently aimed to stay ahead of the competition by investing in technology, refining its services, and prioritising customer satisfaction. The company’s growth is evident in its continuously expanding customer base, with over 325,000 personal and business clients worldwide. Additionally, TorFX has transferred more than £10 billion since its inception, a testament to the trust and confidence that clients place in the company.

TorFX has not gone unnoticed in the industry, as demonstrated by the numerous awards it has received over the years. The company has been recognised as the Consumer Moneyfacts International Money Transfer Provider of the Year for three consecutive years (2016, 2017, and 2018) and the Money Age Best Money Transfer Provider for the same period. These accolades reflect TorFX’s unwavering commitment to offering exceptional services to its clients.

In summary, TorFX’s history is one of innovation, growth, and dedication to its customers. By staying true to its founding vision of providing a personalised and cost-effective alternative to traditional banks, TorFX has successfully established itself as a leading provider of currency exchange and international money transfer services.

TorFX Services Offered

TorFX offers a comprehensive range of currency exchange and international money transfer services, catering to both personal and business clients. The company is committed to providing tailored solutions, focusing on the unique needs of each client. In this section, we will examine the various services offered by TorFX in greater detail.

Personal Services:

1. Property Purchases and Sales: TorFX assists clients in purchasing or selling properties abroad by providing competitive exchange rates and smooth international money transfers. Clients can benefit from expert guidance, ensuring that their transactions are executed efficiently and cost-effectively.
2. Emigration: Moving abroad can be a complex process, and TorFX helps clients by simplifying the financial aspect of their emigration. The company offers personalised support for transferring funds to the client’s new country of residence, enabling them to save on bank fees and benefit from better exchange rates.
3. Overseas Investments: TorFX facilitates international investments by providing clients with competitive exchange rates, quick transfers, and expert advice. Clients can easily transfer funds for investment purposes, such as purchasing stocks or bonds in foreign markets.
4. Regular Payments: For clients who need to make recurring international payments, TorFX offers a regular payment plan. This service enables clients to automate their transfers for mortgage payments, pension transfers, or any other recurring financial commitment. By fixing the exchange rate, clients can also protect themselves against adverse currency fluctuations.

Business Services:

1. Risk Management: TorFX helps businesses manage their currency risk exposure by offering tailored solutions, including forward contracts and market orders. This service enables businesses to lock in favourable exchange rates or target specific rates, ensuring that their international transactions are protected against currency fluctuations.
2. Forward Contracts: Businesses can secure a fixed exchange rate for up to two years with forward contracts, allowing them to hedge against potential currency volatility. This service provides businesses with the certainty needed for accurate financial planning and budgeting.
3. Market Orders: TorFX offers market orders that enable businesses to target specific exchange rates for their international transactions. This service allows companies to take advantage of favourable market movements, maximising the value of their currency transfers.
4. International Trade Support: TorFX provides businesses with expert guidance and support for their international trade activities. The company assists clients in navigating complex currency markets, ensuring that they can efficiently manage their cross-border transactions.
5. Online Sellers: TorFX offers a dedicated service for online sellers who trade on international marketplaces, such as Amazon or eBay. The company provides competitive exchange rates, efficient transfers, and expert guidance to help online sellers maximise their profits and minimise currency risks.

What Currencies Does TorFX Support?

TorFX supports an extensive range of currencies to accommodate the diverse requirements of its clients. With over 60 currencies available, the company enables clients to transfer funds worldwide, whether for personal or business purposes. This wide coverage ensures that TorFX can facilitate international transactions for most countries and cater to various global financial needs.

Some of the major currencies supported by TorFX include:

1. US Dollar (USD)
2. Euro (EUR)
3. British Pound Sterling (GBP)
4. Australian Dollar (AUD)
5. Canadian Dollar (CAD)
6. Swiss Franc (CHF)
7. Japanese Yen (JPY)
8. New Zealand Dollar (NZD)
9. South African Rand (ZAR)
10. United Arab Emirates Dirham (AED)

In addition to these major currencies, TorFX also supports various other currencies from around the world, such as:

1. Danish Krone (DKK)
2. Hong Kong Dollar (HKD)
3. Indian Rupee (INR)
4. Mexican Peso (MXN)
5. Norwegian Krone (NOK)
6. Singapore Dollar (SGD)
7. Swedish Krona (SEK)
8. Thai Baht (THB)
9. Turkish Lira (TRY)
10. Polish Zloty (PLN)

It is important to note that while TorFX strives to support a wide range of currencies, some restrictions may apply to certain currencies or countries due to international regulations or other factors. Clients are advised to consult with their personal account manager or TorFX customer support for specific information about the currencies they wish to transfer.

TorFX Geographical Coverage

One of the key aspects that sets TorFX apart from its competitors is its broad geographical coverage. The company caters to clients worldwide, offering international money transfer and currency exchange services across various countries and regions. In this section, we will explore TorFX’s geographical coverage and its commitment to serving clients globally.

Headquarters and Offices:

TorFX has its headquarters in Penzance, Cornwall, UK. Since its inception in 2004, the company has primarily focused on the UK market. However, in 2013, TorFX expanded its operations by opening an office in Surfers Paradise, Queensland, Australia. This strategic expansion allowed the company to better serve clients in the Asia-Pacific region, demonstrating its commitment to global growth.

Global Clientele

TorFX serves a diverse range of clients, including individuals, businesses, and online sellers, across multiple countries and continents. The company’s extensive range of supported currencies, combined with its dedicated customer support, ensures that clients worldwide can benefit from its comprehensive services.

While the majority of TorFX’s clients are based in the UK and Australia, the company also serves clients in North America, Europe, Asia, Africa, and the Middle East. TorFX’s broad geographical coverage enables clients to execute international money transfers and currency exchanges efficiently, regardless of their location.

Regulatory Compliance

TorFX is committed to adhering to strict regulatory standards in the countries and regions where it operates. The company is authorised by the Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI) in the UK and is regulated by the HM Revenue & Customs (HMRC) as a Money Service Business (MSB).

In Australia, TorFX is registered with the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL). This regulatory compliance ensures that clients can trust the company with their international money transfers and currency exchange needs.

TorFX User Experience

User experience is a crucial factor when it comes to choosing a currency exchange and international money transfer provider. TorFX is committed to providing an excellent user experience by offering an easy-to-use platform, transparent processes, and dedicated customer support. In this section, we will discuss the various aspects of TorFX’s user experience.

Website and Platform

TorFX’s website (www.torfx.com) is designed with simplicity and ease of use in mind. The platform is intuitive and user-friendly, allowing clients to quickly access relevant information, request quotes, and initiate transactions. Clients can easily register for an account, after which they can manage their currency transfers, view transaction history, and access real-time exchange rate information.

Mobile App

In addition to its web platform, TorFX offers a mobile app for both iOS and Android devices. The app provides clients with the flexibility to manage their currency transfers on the go. Key features of the app include rate alerts, transaction tracking, and access to currency charts. The TorFX app has been well-received by users, with positive reviews highlighting its ease of use and convenience.

Customer Support

TorFX prides itself on providing dedicated and personalised customer support. Clients are assigned a personal account manager who can provide expert guidance and assistance throughout the currency transfer process. TorFX’s customer support team is available via phone, email, and live chat, ensuring that clients can receive timely help whenever they need it.

Truspilot Rating

The quality of TorFX’s user experience is reflected in its Trustpilot rating, where the company has received an impressive 4.8 out of 5 stars based on over 4,000 reviews. Many clients have praised TorFX for its exceptional customer service, competitive exchange rates, and efficient transfer process.

Transparancy

TorFX is committed to maintaining transparency in its operations. The company clearly outlines its fees and charges, ensuring that clients are aware of any costs associated with their transactions. Additionally, TorFX provides real-time exchange rate information, enabling clients to make informed decisions about their currency transfers.

Security

TorFX takes the security of its clients’ personal and financial information seriously. The company employs industry-standard security measures, such as Secure Socket Layer (SSL) encryption and two-factor authentication, to protect clients’ data and ensure the safety of their transactions.

TorFX Transfer Process

The international money transfer process with TorFX is designed to be simple, efficient, and secure. In this section, we will outline the steps involved in executing a currency transfer with TorFX, from registration to completion.

1. Register for a free account: To begin, clients need to register for a free account on the TorFX website (www.torfx.com) or through the mobile app. The registration process requires clients to provide some basic personal or business information, such as name, contact details, and the purpose of the transfer. Once the account is created, clients can access the full range of TorFX services.
2. Get a quote: After registration, clients can request a quote for the currency transfer they wish to make. They will need to specify the amount they want to transfer and the currencies involved. TorFX will then provide a competitive exchange rate quote, which clients can choose to accept or reject.
3. Secure the exchange rate: If clients are satisfied with the quoted exchange rate, they can agree to lock in the rate by confirming the transaction with their personal account manager or through the online platform. Once the rate is secured, TorFX will provide clients with a trade confirmation detailing the exchange rate, fees, and the expected transfer date.
4. Provide recipient details: Clients will need to provide the necessary information about the recipient, such as their name, bank account details, and the destination country. This information is required to ensure that the funds are accurately transferred to the intended recipient.
5. Fund the transfer: To complete the transfer, clients must send the funds to TorFX using their preferred funding method, such as a bank transfer, debit card, or credit card. TorFX will notify clients once the funds have been received and the transfer process has begun.
6. Transfer completion: TorFX will convert the funds at the agreed-upon exchange rate and transfer the money to the recipient’s bank account. The transfer speed will depend on the currencies and countries involved, but most major currency transfers are completed within 1-2 business days.
7. Track the transfer: Throughout the transfer process, clients can track the progress of their transaction through their online account or the mobile app. TorFX will also send email notifications to keep clients informed about the status of their transfer.

TorFX Fees and Exchange Rates

When choosing a currency exchange and international money transfer provider, understanding the fees and exchange rates is essential. TorFX is committed to offering competitive exchange rates and transparent fee structures. In this section, we will discuss TorFX’s fees and exchange rates in greater detail.

Fees

1. Personal Transfers: TorFX does not charge any fees for personal currency transfers, regardless of the amount being transferred. This policy allows clients to save on bank fees and other transaction costs, making TorFX a cost-effective option for international money transfers.
2. Business Transfers: TorFX also does not charge any fees for business currency transfers. The company aims to provide cost-effective solutions for businesses, ensuring that they can manage their international transactions without incurring additional costs.
3. Regular Payments: For clients who need to make recurring international payments, such as mortgage payments or pension transfers, TorFX offers a Regular Payments service without charging any fees.

It is important to note that while TorFX does not charge fees for its services, there may be intermediary or receiving bank fees associated with the transfer. Clients should consult their personal account manager or the receiving bank for specific information about any potential fees.

Exchange Rates

TorFX offers competitive exchange rates, often better than those provided by traditional banks. The company continuously monitors the currency markets to provide clients with the best possible exchange rate at the time of the transaction.

The exchange rate offered by TorFX is determined by several factors, including the currencies involved, the amount being transferred, and the current market conditions. By offering competitive exchange rates, TorFX ensures that clients receive the maximum value for their currency transfers.

It is worth mentioning that TorFX operates on a tiered pricing model. This means that the more money clients transfer, the more competitive the exchange rate they are likely to receive. Clients can discuss their specific requirements with their personal account manager to secure the best possible exchange rate for their transaction.

TorFX Pros and Cons

Like any international money transfer service, TorFX has its advantages and disadvantages. In this section, we will provide a detailed overview of the pros and cons of using TorFX for currency exchange and international money transfers.

Pros:

1. Competitive Exchange Rates: TorFX offers competitive exchange rates that are often better than those provided by traditional banks. The company’s tiered pricing model ensures that clients receive favorable rates, especially for larger transfer amounts.
2. No Transfer Fees: TorFX does not charge any fees for personal or business transfers, making it a cost-effective option for international money transfers. This policy helps clients save on transaction costs typically associated with bank transfers.
3. Dedicated Customer Support: Clients are assigned a personal account manager who can provide expert guidance and assistance throughout the currency transfer process. TorFX’s customer support team is also available via phone, email, and live chat to address any questions or concerns.
4. Wide Range of Supported Currencies: TorFX supports over 60 currencies, enabling clients to transfer funds worldwide and catering to various global financial needs. This extensive range of supported currencies ensures that most international transactions can be facilitated by TorFX.
5. User-friendly Platform: TorFX’s website and mobile app are designed with simplicity and ease of use in mind. The platform allows clients to efficiently manage their currency transfers, track transactions, and access real-time exchange rate information.
6. Regulatory Compliance: TorFX is authorised and regulated by the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) in Australia. This adherence to regulatory standards provides clients with confidence in the security and reliability of TorFX’s services.

Cons:

1. Limited Availability of Local Offices: Although TorFX serves clients worldwide, it currently only has offices in the UK and Australia. This limitation might affect clients who prefer to conduct face-to-face transactions or require local support.
2. No Cash Pick-up Option: TorFX only facilitates bank-to-bank transfers, which means that clients cannot use the service to send or receive funds via cash pick-up points. This may not be suitable for clients who require cash-based transactions.
3. Potential Receiving Bank Fees: While TorFX does not charge transfer fees, there may be intermediary or receiving bank fees associated with the transaction. These fees are beyond TorFX’s control and can vary depending on the specific bank and country.
4. No Same-day Transfer for Certain Currencies: While most major currency transfers are completed within 1-2 business days, some transactions involving less popular currencies may take longer to process.’

TorFX Transfer Speeds

When it comes to international money transfers, the speed of the transaction is a crucial factor for many clients. TorFX aims to provide efficient and timely transfer services to meet the needs of its customers. The transfer speed with TorFX depends on several factors, including the currencies involved, the destination country, and the bank’s processing times.

Major Currencies

For major currencies, such as GBP, EUR, USD, AUD, and CAD, TorFX typically processes transfers within 1-2 business days. This time frame includes the time taken to receive your funds, convert them at the agreed-upon exchange rate, and send the funds to the recipient’s bank account.

Less Popular Currencies

For less popular or exotic currencies, the transfer speed may be slightly longer, taking up to 3-5 business days or more in some cases. The additional time is often due to the complexities involved in converting and transferring these currencies or the slower processing times of the receiving banks in certain countries.

Bank Processing Times

It is essential to note that the transfer speed is also influenced by the processing times of both the sending and receiving banks. While TorFX processes transactions as quickly as possible, they have no control over the banks’ processing times, which may sometimes cause delays.

To ensure the fastest possible transfer, it is advisable to initiate your transaction early in the day and provide all the necessary information accurately. By doing so, you can minimize any potential delays in the transfer process and ensure that your funds reach the recipient in a timely manner.

TorFX Contact Details

If you require assistance or have any questions regarding TorFX’s services, you can get in touch with their customer support team through the following channels:

1. Phone: TorFX provides dedicated phone lines for both UK and international clients.
   • UK: +44 (0)1736 335250
   • Australia: +61 2 8667 8090
2. Email: You can send an email with your inquiries to the following email addresses:
   • UK: [email protected]
   • Australia: [email protected]
3. Live Chat: TorFX also offers a live chat service on their website for quick and real-time assistance.
4. Postal Address: If you prefer to send a letter or visit their offices, you can find them at the following locations:
   • UK Office: Tor Currency Exchange Ltd. Pz 360, Penzance, Cornwall, TR18 2NN, United Kingdom
   • Australia Office: TorFX Pty Ltd Suite 202, 25 Elkhorn Avenue, Surfers Paradise, QLD 4217, Australia

TorFX Alternatives

In this section, we will explore some popular alternatives to TorFX, providing an overview of their features, fees, and services to help you make an informed decision when choosing a money transfer provider.

TorFX vs. Currencies Direct

Feature	TorFX	Currencies Direct
Headquarters	Penzance, Cornwall, UK	London, UK
Founded	2004	1996
Supported Currencies	Over 60	Over 40
Transfer Fees	No fees for personal & business	No fees for personal & business
transfers
Minimum Transfer Amount	£100 (or equivalent)	£100 (or equivalent)
Maximum Transfer Amount	No limit	No limit
Transfer Speed	1-2 business days (major currencies)	1-2 business days (major currencies)
	Longer for less popular currencies	Longer for less popular currencies
Transfer Types	Bank-to-bank transfers	Bank-to-bank transfers
	Regular payments	Regular payments
	Forward contracts	Forward contracts
	Limit orders	Limit orders
Online Platform	Yes	Yes
Mobile App	Yes (iOS & Android)	Yes (iOS & Android)
Customer Support	Phone, email, live chat	Phone, email, live chat
Personal Account Manager	Yes	Yes
Regulatory Compliance	FCA (UK) & ASIC (Australia)	FCA (UK) & FinCEN (USA)
Trustpilot Rating	4.8 out of 5 stars	4.6 out of 5 stars

Your can read our full review of Currencies Direct.

TorFX vs. XE

Feature	TorFX	XE
Headquarters	Penzance, Cornwall, UK	Newmarket, Ontario, Canada
Founded	2004	1993
Supported Currencies	Over 60	Over 100
Transfer Fees	No fees for personal & business	No fees for personal & business
transfers
Minimum Transfer Amount	£100 (or equivalent)	No minimum
Maximum Transfer Amount	No limit	No limit
Transfer Speed	1-2 business days (major currencies)	1-4 business days
	Longer for less popular currencies
Transfer Types	Bank-to-bank transfers	Bank-to-bank transfers
	Regular payments	Regular payments
	Forward contracts	Forward contracts
	Limit orders	Limit orders
Online Platform	Yes	Yes
Mobile App	Yes (iOS & Android)	Yes (iOS & Android)
Customer Support	Phone, email, live chat	Phone, email
Personal Account Manager	Yes	No
Regulatory Compliance	FCA (UK) & ASIC (Australia)	FCA (UK), FinCEN (USA),
		FINTRAC (Canada), ASIC (Australia)
Trustpilot Rating	4.8 out of 5 stars	4.4 out of 5 stars

You can read our full review of XE.

TorFX vs. Wise (formerly TransferWise)

Feature	TorFX	Wise (formerly TransferWise)
Headquarters	Penzance, Cornwall, UK	London, UK
Founded	2004	2010
Supported Currencies	Over 60	Over 50
Transfer Fees	No fees for personal & business	Low, transparent fees based on
transfers		the amount and currencies involved
Minimum Transfer Amount	£100 (or equivalent)	£1 (or equivalent)
Maximum Transfer Amount	No limit	Varies depending on currencies
		and countries involved
Transfer Speed	1-2 business days (major currencies)	1-4 business days
	Longer for less popular currencies
Transfer Types	Bank-to-bank transfers	Bank-to-bank transfers
	Regular payments	Regular payments
	Forward contracts	Forward contracts (for businesses)
	Limit orders	Limit orders (for businesses)
Online Platform	Yes	Yes
Mobile App	Yes (iOS & Android)	Yes (iOS & Android)
Customer Support	Phone, email, live chat	Email, live chat, phone (limited)
Personal Account Manager	Yes	No
Regulatory Compliance	FCA (UK) & ASIC (Australia)	FCA (UK), FinCEN (USA),
		and various other regulators
Trustpilot Rating	4.8 out of 5 stars	4.6 out of 5 stars

TorFX vs. OFX

Feature	TorFX	OFX
Headquarters	Penzance, Cornwall, UK	Sydney, Australia
Founded	2004	1998
Supported Currencies	Over 60	Over 55
Transfer Fees	No fees for personal & business	No fees for transfers above certain
transfers		thresholds, otherwise a small fee
		may apply
Minimum Transfer Amount	£100 (or equivalent)	£100 (or equivalent)
Maximum Transfer Amount	No limit	No limit
Transfer Speed	1-2 business days (major currencies)	1-4 business days
	Longer for less popular currencies
Transfer Types	Bank-to-bank transfers	Bank-to-bank transfers
	Regular payments	Regular payments
	Forward contracts	Forward contracts
	Limit orders	Limit orders
Online Platform	Yes	Yes
Mobile App	Yes (iOS & Android)	Yes (iOS & Android)
Customer Support	Phone, email, live chat	Phone, email
Personal Account Manager	Yes	Yes
Regulatory Compliance	FCA (UK) & ASIC (Australia)	FCA (UK), ASIC (Australia),
		FinCEN (USA), and other regulators
Trustpilot Rating	4.8 out of 5 stars	4.2 out of 5 stars

You can read our full review of OFX.

TorFX vs. Revolut

Feature	TorFX	Revolut
Headquarters	Penzance, Cornwall, UK	London, UK
Founded	2004	2015
Supported Currencies	Over 60	Over 150 for exchange
		30+ for bank transfers
Transfer Fees	No fees for personal & business	No fees for standard plan (up to a
transfers		certain limit), fees for higher plans
		and limits vary
Minimum Transfer Amount	£100 (or equivalent)	No minimum
Maximum Transfer Amount	No limit	Varies depending on account type
Transfer Speed	1-2 business days (major currencies)	Instant or 1-3 business days,
	Longer for less popular currencies	depending on currencies and transfer
		type
Transfer Types	Bank-to-bank transfers	Bank-to-bank transfers
	Regular payments	Regular payments
	Forward contracts	Not available
	Limit orders	Not available
Online Platform	Yes	Yes
Mobile App	Yes (iOS & Android)	Yes (iOS & Android)
Customer Support	Phone, email, live chat	In-app chat, email, limited phone
Personal Account Manager	Yes	No
Regulatory Compliance	FCA (UK) & ASIC (Australia)	FCA (UK), FinCEN (USA),
		and various other regulators
Trustpilot Rating	4.8 out of 5 stars	4.3 out of 5 stars

TorFX vs. Moneycorp

Feature	TorFX	Moneycorp
Headquarters	Penzance, Cornwall, UK	London, UK
Founded	2004	1979
Supported Currencies	Over 60	Over 120
Transfer Fees	No fees for personal & business	Fees vary depending on transfer type
transfers		and amount, some transfers may be
		fee-free
Minimum Transfer Amount	£100 (or equivalent)	£50 (or equivalent) for online
		transfers, £250 for phone transfers
Maximum Transfer Amount	No limit	No limit
Transfer Speed	1-2 business days (major currencies)	1-2 business days for major
	Longer for less popular currencies	currencies, longer for others
Transfer Types	Bank-to-bank transfers	Bank-to-bank transfers
	Regular payments	Regular payments
	Forward contracts	Forward contracts
	Limit orders	Limit orders
Online Platform	Yes	Yes
Mobile App	Yes (iOS & Android)	Yes (iOS & Android)
Customer Support	Phone, email, live chat	Phone, email
Personal Account Manager	Yes	Yes
Regulatory Compliance	FCA (UK) & ASIC (Australia)	FCA (UK), FinCEN (USA),
		and various other regulators
Trustpilot Rating	4.8 out of 5 stars	4.7 out of 5 stars

TorFX vs. Western Union

Feature	TorFX	Western Union
Headquarters	Penzance, Cornwall, UK	Denver, Colorado, USA
Founded	2004	1851
Supported Currencies	Over 60	Over 200
Transfer Fees	No fees for personal & business	Vary depending on transfer type,
transfers		amount, destination, and payment
		method
Minimum Transfer Amount	£100 (or equivalent)	No minimum
Maximum Transfer Amount	No limit	Varies depending on transfer type,
		destination, and payment method
Transfer Speed	1-2 business days (major currencies)	Instant or within minutes for cash
	Longer for less popular currencies	pick-up, 1-5 business days for bank
		transfers
Transfer Types	Bank-to-bank transfers	Bank-to-bank transfers, cash pick-up,
	Regular payments	mobile wallet, prepaid cards
	Forward contracts	Not available
	Limit orders	Not available
Online Platform	Yes	Yes
Mobile App	Yes (iOS & Android)	Yes (iOS & Android)
Customer Support	Phone, email, live chat	Phone, email, live chat
Personal Account Manager	Yes	No
Regulatory Compliance	FCA (UK) & ASIC (Australia)	FinCEN (USA), FCA (UK),
		and various other regulators
Trustpilot Rating	4.8 out of 5 stars	3.9 out of 5 stars

Conclusion

In conclusion, TorFX is a reliable and well-regarded currency exchange and money transfer provider, offering competitive exchange rates and no fees for personal and business transfers. With a strong commitment to customer service, including dedicated personal account managers and an easy-to-use online platform and mobile app, TorFX has proven to be a popular choice for those seeking a cost-effective and efficient money transfer solution.

However, it is essential to consider your individual requirements and preferences when selecting a money transfer provider. We have explored various alternatives to TorFX, each with its unique features and offerings. Be sure to compare the fees, supported currencies, transfer types, and customer support options provided by each company to make an informed decision that best suits your needs.

Frequently Asked Questions