In this guide

  • Our verdict
  • Details
    • Product details
  • Frequently asked questions
  • Your reviews
  • Ask a question
Finder makes money from featured partners, but editorial opinions are our own.

Our verdict

Get bank-beating exchange rates and no fees when you transfer with TorFX.

We signed up for an account with TorFX to see how they stack up against competitors. What attracted us was the promise of no transfer fees and its rate improver guarantee. It also offers a personal touch by providing you with a friendly account manager, in our case it was Craig Dwyer who gave helpful insights into the currency market.

Similar to OFX, TorFX has forex tools such as forward contracts, market orders and stop losses to help manage your risk. Unlike Wise, TorFX excels when it comes to large transfers. Based on our experience, you'll get a competitive rate when transferring $5,000 or more and there's no limit on how much you send. However, we don't think TorFX is suitable if you're transferring less than $2,000 or want to exchange a less common currency. In this case, you will get a better exchange rate with XE.

  • Good for getting a fair exchange rate and avoiding transfer fees.
  • Not so great for transfers under $2,000, where you’ll get a less competitive exchange rate.

In this guide

  • Our verdict
  • Details
    • Product details
  • Frequently asked questions
  • Your reviews
  • Ask a question

Details

Product details

Product Name TorFX
Pay By Bank transfer, Debit card
Receiving Options Bank account
Customer Service Phone, Live chat, Email
Maximum Transfer Amount Unlimited
Number of Currencies 38

What I liked about TorFX

  • No fees. TorFX doesn't attach any transfer fees to its transactions. Instead, it makes its money by adding a markup to its exchange rate.
  • Dedicated currency expert. TorFX assigns an account manager to help customers with the transfer process and will answer any questions you might have.
  • No maximum limit. There is no upper limit on how much you can transfer, making it ideal for large money transfers.
  • Forex tools. You can use forward contracts, limit orders and stop-loss orders to get the best deal possible.

What I didn't like about TorFX

  • Limited currencies. TorFX does cover popular remittance currencies, but is lacking some of the more exotic currencies.
  • Only supports bank transfers. You can only send to bank accounts and can't pay for the transfer with cash or card.
  • Not great for transfers under $2,000. For smaller transfers, you'll often get a more competitive rate from rivals such as Wise. Although TorFX does allow for transfers as small as $200, you're not likely to be contacted to activate your account.

How competitive are TorFX's exchange rates?

While TorFX does apply a margin to its exchange rates, it claims to keep them as close to the mid-market rate as possible. TorFX also provides a rate improver guarantee to give you the most for your money. If you're looking to transfer above $5,000 then TorFX should be among the most competitive providers in the market.

Rate improver guarantee

TorFX will match any competitor's rate to make sure you get the most competitive rate in the market. You just need to:

  • Register with TorFX.
  • Show TorFX a screenshot or written quote of the better rate, including the date and time you received it.

Conditions do apply:

  • You have to have an account with the provider you get the other quote from.
  • TorFX can't beat the rate if it's better than the mid-market rate.
  • This guarantee doesn't apply to transactions you've already agreed upon with TorFX.

What your TorFX transfer could look like

Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
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What are the ways I can send money abroad with TorFX?

TorFX only supports bank-to-bank transfers, meaning you won't be able to send to a mobile wallet or to a cash pick-up location. In saying this, TorFX does have a range of features to help you make a transfer, including:

  • Spot contracts. Make an on-the-spot transfer.
  • Forward contracts. Lock in a favourable exchange rate now and send your money up to two years into the future.
  • Limit orders. Target a specific exchange rate, then TorFX makes the transfer when that rate is met.
  • Stop-loss orders. Wait for a better rate, but lock in a worst-case rate should the market move against you.
  • Business transfers. Experts can help your business control forex risks and protect your profits. Services include risk management as well as overseeing any regular overseas payments for your business invoices.

How to send money transfer online with TorFX

In order to make a transfer with TorFX you will first need to register for an account.

TorFX reviews and complaints

TorFX is rated as "excellent" on Trustpilot and have a score of 4.9 out of 5, based on 2,742 reviews. Positive reviews highlight their excellent customer service and competitive rates on large transfers. Negative reviews mention compliance policies, TorFX has to follow strict anti-money laundering regulations. It requires customers to verify their identity by phone as well as submit documents. TorFX responds to the majority of negative reviews with details on how to contact management and help the customer resolve their issue. 91% of customers rated the service 5 stars and 3% gave a score of 3 stars or lower.

TorFX has a lower rating on ProductReview.com.au as customers rated it 4.2 stars out of 5 based on 195 reviews. Here negative reviews also mention TorFX's compliance policies, while others praised the company's friendly & knowledgeable staff.

Is TorFX safe to use?

TorFX is an established international money provider that is regulated in Australia by ASIC and in the UK by the FCA. It also holds the highest credit rating with Dun & Bradstreet. As a group, they process over AU$10 billion per year in international payments and adhere to the highest standards of security.

  • Security and regulation: regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC).
  • Established: 2004.
  • Number of customers: 325,000 personal and business customers.
  • Reviews: Trustpilot gives TorFX a score of 4.9* out of 5, based on 2,742 reviews.
*According to TorFX and Trustpilot on 22 March 2024.

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What payment methods does TorFX accept?

You can pay for your TorFX money transfer through a bank transfer. Unfortunately, you are unable to pay with cash or a card. Once you've confirmed your transfer with TorFX, you'll be given the bank account details to transfer your money to.

How long does an international transfer with TorFX take?

Typically it takes 24-48 hours for a transfer to reach the recipient's account. With some of the more exotic destinations and less frequently traded currencies, it can take up to two working days.

How does TorFX compare to other money transfer services?

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
1 - 23 of 23
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Xe Large Transfers
24 hours
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Revolut
Within minutes
$0
Sign up and get a AUD$15 top-up. For new customers only. T&Cs apply.
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
Rocket Remit
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
SingX
Within minutes
From 0.5%
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
Send Payments
24 hours
$0
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
MasterRemit
Within minutes
From $0
Get your 1st and 2nd money transfer for free with promo codes FIRSTFREE and MASTERFINDER!.
Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
Western Union
Within minutes
From $0
Western Union sends money online to friends and family in 200+ countries around the world.
Qantas Business Money
Within minutes
$0
Earn up to 100,000 bonus Qantas Points on your first currency conversion by 31 July 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
TorFX Business Transfers
24 hours
$0
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldFirst
24 hours
From $0
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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Frequently asked questions

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Rosie Finder

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Susan

November 15, 2018

Will need to convert USD currently held in a bank in Australia in a foreign currency account into Australian dollars


Avatar

John Basanes Finder

November 15, 2018

Hi Susan,


Thank you for reaching out to finder.


You may have the currency conversion in the bank if you wish but if you want to withdraw the amount in USD and have it converted outside the bank, that is also an option. You may reach out to currency exchange company that could help you convert the USD you have into AUD. Hope this helps! You may also give TorFX a call to ask for assistance in doing the conversion. Since TorFX accepts bank transfer as the option, you could do this by making the transfer from your bank to them.


Cheers,

Reggie


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JB

September 26, 2018

Hello,

I am wishing to send money to a relative in Singapore and am hoping to transfer an AUD amount to an account in England from my Commbank account (this will then by transferred to my relative’s bank in SIngapore as SGD. Do Australian banks such as the Commbank permit/provide AUD transfers to English banks?


thank you


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Nikki Angco

September 28, 2018

Hi JB,


Thanks for your message and for contacting Finder.


Yes, Commbank allows international money transfers to the UK. Simply visit the Commbank website and choose international money transfers from one of their website features through the Commbank app.


To send money from the UK to Singapore, here is a handy comparison of money transfer providers. Simply enter the amount to be sent and press calculate and it will show the transfer speeds and fees. Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you initiate a money transfer.


Best regards,

Nikki


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Krishna

June 08, 2018

I m looking for 2000$ aus to usd

Let me know by message on my phone 0430406143


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Arnold

June 08, 2018

Hi Krishna,


Thanks for your inquiry


Please note that we are not affiliated with TorFX or any other company we feature on our site and so we can only offer you general advice.


It looks like you’re already on the right page for information about TorFX Foreign Exchange Services. To start using TorFX, please click the green ‘Go to site’ button located above to be redirected to their website. You may also want to contact TorFX directly for transactions or any questions you may have about their services.


Hope this information helps


Cheers,

Arnold


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Bill

February 12, 2018

Wow, your comparative rates listed here are 2 years old! Time to update them don’t you think?


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Jonathan Choi Finder

February 26, 2018

Hi Bill, thanks for this flag. We have forwarded it to our team for immediate review.


Thanks,


Jonathan


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Budram

August 05, 2017

I want to transfer around A$750 to India today What is the best exchange rate for today?


Avatar

Arnold

August 05, 2017

Hi Budram,


Thanks for your inquiry.


Please note that Finder is a general information and comparison website.


To check for the current exchange rates TorFX has, you may click on the green ‘go to site’ button to be redirected to their site.


Hope this information helped.


Cheers,

Arnold


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