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.
TorFX
Number of Currencies
38
Minimum Transfer Amount
$200
Pay By
Bank transfer, Debit card
Fees (Pay by Bank Transfer)
$0

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

Complete the form and a representative from TorFX will call you back. If you complete the form on a weekend you'll get a call during a business day.

Name Product AUFMT 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.
loading

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.
Go to site

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 - 25 of 26
Name Product AUFMT 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.
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 25+ currencies. Plan fees apply.
Instarem
Within minutes
From 0%
Get zero fees on your first transfer to India, Malaysia, Thailand, Nepal, the Philippines, the US and the UK. T&Cs apply.
50% off transfer fees on your first transfer to all other destinations with minimum transfer of $200 and maximum of $7,999.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers, low fees and a range of foreign currency tools. Send money to 200 countries in 100 currencies.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Airwallex
Within minutes
$0
Earn 10% cashback on your first $1,000 USD equivalent in eligible international card spend with Airwallex.
Streamline global payments across 150+ countries with fast settlements and competitive rates in over 60 currencies.
Xe Business Transfers
Within minutes
$0

Xe has fast transfers, low fees and a range of foreign currency tools. Send money to 200 countries in 100 currencies.
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.
Xe Large Transfers
24 hours
$0
New customers registering in October 2024 can receive lower pricing on exchange rates. T&Cs apply.
Xe has fast transfers, low fees and a range of foreign currency tools. Send money to 200 countries in 100 currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0
Send provides no Send payments fee transfers via its 24/7 multi-currency payments platform with real-time quotes.
Wise (TransferWise)
Best Rated Brand
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
Remitly
Best Rated Brand
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.
Send Payments
Send Payments
24 hours
$0
Send provides no Send payments fee transfers via its 24/7 multi-currency payments platform with real-time quotes.
Qantas Business Money
Within minutes
$0
Earn 1 Qantas Point on every $1AUD equivalent converted in foreign currency. T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
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.
Revolut Business
Within minutes
$0
Revolut allows your business to move money around the world quickly and cheaply with 25+ currencies and no maximum limit transfers. Plan fees apply.
Send business
24 hours
$0
Send provides no Send payments fee transfers via its 24/7 multi-currency payments platform with real-time quotes.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Western Union
Within minutes
From $0
Get Western Union's best exchange rate and $0 fee on your first online transfer.
Western Union sends money online to 200+ countries, with competitive rates for new customers.
loading

Frequently asked questions

Sources

Your reviews

No reviews yet. Write a review

Ask a question

Ask a question
Avatar

Rosie Finder

Writer

Hi there, looking for more information? Ask us a question.

Error label

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Accept and continue

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.

Avatar

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


Show more Show less
Avatar

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


Show more Show less
Avatar

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


Show more Show less
Avatar

Krishna

June 08, 2018

I m looking for 2000$ aus to usd

Let me know by message on my phone 0430406143


Avatar

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


Show more Show less
Avatar

Bill

February 12, 2018

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


Avatar

Jonathan Choi Finder

February 26, 2018

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


Thanks,


Jonathan


Avatar

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


Show more Show less
Go to site