TorFX Foreign Currency Exchange

Information verified correct on July 29th, 2016

TorFX is one of the leading services of foreign exchange and may be a genuine alternative to the banks, offering more competitive rates for international money transfers.

If you regularly make overseas payments of between $200 and $5,000,000+ then you may want to consider using TorFX for your next payment. Banks usually charge commission and transfer fees every time you send money, adding up to nearly the hundreds per transfer for big amounts. TorFX has no charges and takes zero commission, so you can save on fees and get a competitive exchange rate.

Exchange rate guarantee

TorFX guarantee to beat competitor exchange rates for your transactions, helping you to save when sending money overseas. Note that you must also be registered with the competitor and the rate must be provided to TorFX via email within 5 minutes of your enquiry. The transactions must be identical transactions.

Product NameTorFX International Money Transfers
Min. Transfer AmountAUD 200
Transfer MethodsOnline, Phone, Agent
Transfer OptionsRegular payments, One off payments, Market orders, Forward contracts
Transfer Speed
Minimum transfer time
1 day
Banking PartnerTorFX
Customer ServicePhone, Email
Available CurrenciesAED, AUD, BHD, BWP, CAD, CHF, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HRK, HUF, ILS, INR, JPY, KES, KGS, KWD, LKR, LTL, MAD, MUR, MXN, NOK, NZD, OMR, PHP, PLN, QAR, RON, RUB, SAR, SEK, SGD, THB, TRY, TTD, UGX, USD, XCD, ZAR
Online Transfer FeeAUD 0
Phone Transfer FeeAUD 15
Exchange Rate UpdatesReal time
Pros
  • Low minimum transfer amount of $200.00
  • No transfer fees or commissions
  • Price match guarantee
Cons
  • Not available for more exotic countries including Indonesia and Bangladesh

How does TorFX work?

TorFX accepts currency exchange instructions online or by telephone. You can only exchange funds that have been cleared to TorFX's respective client accounts and funds need to be sent in advance before being able to execute a transaction. TorFX only accepts bank transfers and doesn't accept cash deposits.

What are the features and benefits of a TorFX international money transfer?

  • Competitive exchange rates. The team at TorFX prides themselves on being able to help customers save money of foreign exchange transfer, often beating the banks by over 3%. TorFX can help you plan the timing of your exchange so you get the best possible rate.
  • Free registration. Opening an account is free and can be done by completing an application form. There are also no obligations once an account has been open and you'll get access to free market analysis as well as expert advice.
  • Market news. Receive regular market updates including major currency movements, news and economic data. This service is free and has no obligation.
  • Protection. TorFX allows you to fix your exchange rate for up to two years to protect you from currency exchange movements.
  • Customer service. TorFX prides itself in offering friendly service, explaining the process clearly and advise on the best solution for you.
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What are the types of foreign exchange offered by TorFX?

  • Personal foreign exchange. TorFX can save you money on your international payments with competitive exchange rates, free transfers with no bank charges and customer service with TorFX currency experts. Services include support for buying property abroad, importing a car or boat and converting your assets when emigrating.
  • Business foreign exchange. The expertise offered from TorFX can help you business control foreign exchange risks and grow your profits. Services include risk management as well as overseeing any regular overseas payments for your business invoices.
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What personal services offered by TorFX?

  • Buying property abroad. When dealing with hundreds of thousands of dollars for a property overseas, the exchange rate can make a huge difference. TorFX can save you up to 5% compared to the big banks.
  • Emigrating. When emigrating, it's likely that you need to take your assets with you. TorFX can give you the best possible exchange rate and ensure that your funds are safely transferred.
  • Repatriation of funds. This is the process of moving money back to your original county of origin. TorFX will ensure that your money is moved safely and at the best possible currency exchange rate.
  • Regular payments. If you regularly make international money transfers, like your pension, or you have a mortgage to pay, TorFX can offer a commercial rate on your regular payments.
  • Family payments. TorFX are happy to assist with sending money to and from family in another country.
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Currency exchange rates offered by TorFX

The exchange rates are shown for indicative purposes only and are correct as of 03 May 2016.

CountryCurrencyCurrency Code(Bank Buys) IMT(Bank Buys) TT(Bank Buys) Travel Card(Bank Buys) Travel Chq(Bank Buys) Notes
British PoundsGBP0.51503914297487
US DollarUSD0.74917593737124
EuroEUR0.65059744540585
Australian DollarAUD1
Canadian DollarCAD0.95107128141739
Czech KorunaCZK17.591161928307
Danish KroneDKK4.8408529048208
Hong Kong DollarHKD5.8183971981871
Hungarian ForintHUF203.00782859497
Indian RupeeINR49.896992171405
Japanese YenJPY79.625051503914
New Zealand DollarNZD1.0822002472188
Norwegian KroneNOK6.0624227441286
Singapore DollarSGD1.0125154511743
South African RandZAR10.946641944788
Swedish KronerSEK6.0096312319736
Swiss FrancCHF0.71384425216316
Thai BahtTHB26.193345694273
Turkish LiraTRY2.133137618459
UAE DirhamAED2.7528327152864
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Compare TorFX foreign exchange rates against other services

In this case study we compare the rates offered by money exchange operators, compared with those from TorFX. The exchange rates are shown for indicative purposes only and are correct as of 28 Sep 2015.

CBA

Suncorp

OFX

TorFX

AUD/USD

0.7347

0.7318

0.7015

0.70

AUD/GBP

0.4821

0.4807

0.4615

0.46

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How much does it cost to transfer money?

TorFX doesn't charge any direct fees, although fees may be payable for a foreign exchange contract. A small fixed transaction fee may apply but only for transactions under AUD $10,000 or the foreign equivalent. Be mindful that the financial institution that holds the recipient's account may charge a fee to deposit your money. In most currencies TorFX operates local bank accounts, so sending your deposit into TorFX is usually free of charge through online banking.

What are the pros and cons of using TorFX?

Pros

  • You can get up to 5% better rates compared to the big banks.
  • Free transfers with no bank charges or commissions.
  • You can also speak to a dedicated currency expert for market advice.

Cons

  • There are always a few risks with exchanging currencies, such as the volatility of the market and the delay of your transfer caused by technical or administrative problems, though these are usually quite rare.
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What's the registration and transfer process?

You can choose to either open a personal or business account depending on your currency exchange needs. For your application please have the following information ready:

  • Personal details
  • Currency exchange services required
  • Which currencies you're buying and selling
  • Source of funds
  • Countries you'll be sending payments to

After you have completed and submitted your TorFX application, your account needs to be approved by TorFx before commencing any activity.

Frequently asked questions

TorFX can help with transactions starting at just $200.
This is a transaction that involves a contract for the exchange of one currency to another at an agreed rate.
Some tax implications may arise and will differ according to your personal and financial situation
Legal information
TorFX Pty Ltd are regulated in Australia by ASIC (AFS Licence number 246838). TorFX Pty Limited under the Anti-Money Laundering and Counter Terrorism Financing Act 2006 is regulated by the Australian Transaction Reports and Analysis Centre 'AUSTRAC'. TorFX Pty Ltd ABN 27 103 142 829.
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International Money Transfer Offers

Learn about our information service
TorFX International Money Transfers

TorFX guarantee to beat any competitor's exchange rate for a transaction
Conditions apply

Exclusive: World First Foreign Exchange

Exclusive offer: $0 transfer fee
Transfer money into a range of currencies online and over the phone.

Exclusive: CurrencyFair International Money Transfers

Exclusive offer: 3 Free transfers (after your first transfer).
A peer-to-peer transfer service with a large range of currencies on offer.

Exclusive: OFX (Ozforex) International Money Transfers

Exclusive offer: Special exchange rates and $0 transfer fee
OFX is currently offering finder.com.au exclusive exchange rates and $0 transfer fee on all transfers.

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44 Responses to TorFX Foreign Currency Exchange

  1. Default Gravatar
    Keith | June 10, 2016

    If i have already transferred a large sum into a Torfx account with the intention of a currency transfer to my bank…. can i withdraw all or part of that money back into the account from whence it came?

    Thanks

    • Staff
      Shirley | June 28, 2016

      Hi Keith,

      Thanks for your question.

      Yes you can transfer the funds back to your bank account. To do this, please get in touch with your TorFX dealer to instruct them to transfer the funds back.

  2. Default Gravatar
    Loren | June 3, 2016

    Are you able to transfer Polish Zloty to a bank account in Poland, or can you only transfer in euros ?

    • Staff
      Shirley | June 6, 2016

      Hi Loren,

      Thanks for your question.

      You can transfer Polish Zloty to a bank account in Poland using TorFX.

  3. Default Gravatar
    Sue | May 1, 2016

    My daughter has been living in Japan and is returning to Australia soon. Is it possible to transfer her Japanese bank account to her Australian online account? Please note, she does not have online banking with her Japanese account. Thanking you.

    • Staff
      Shirley | May 2, 2016

      Hi Sue,

      Thanks for your question.

      TorFX can assist with transferring her JPY back to AUD. As long as she knows the details of her Japanese account, like the BSB and account number, she should be able to use the system.

      Alternatively, she can setup internet banking with her existing Japanese account.

    • Default Gravatar
      Sue | May 2, 2016

      Thank you Shirley, apparently she cannot set up online banking with her Japanese bank account. The bank account cannot be closed before she leaves will that be an issue?

    • Staff
      Shirley | May 4, 2016

      Hi Sue,

      Thanks for your question.

      It shouldn’t be an issue, though it’s best that your daughter checks with the bank that they don’t charge any inactivity fees, etc

  4. Default Gravatar
    Elizabeth | January 10, 2016

    Id like to send my daughter 1000euros.She is in australia travelling.I live in Spain .Whats the best and most economical way to do this without her being charged

    • Staff
      Shirley | January 11, 2016

      Hi Elizabeth,

      Thanks for your question. Please be mindful that we’re not in a position to recommend specific products and services.

      TorFX can definitely assist you and they offer a best rate guarantee. A small fixed transaction fee may apply but only for transactions under AUD $10,000 or the foreign equivalent.

      All the best,
      Shirley

  5. Default Gravatar
    Pejo | December 30, 2015

    Hi. I need to transfer money time to time from Australia to my sister to Bosnia and Herzegovina. Is that available and if it is in what currency she can get the money.
    Regards

    • Staff
      Shirley | December 30, 2015

      Hi Pejo,

      Thanks for your question.

      If your sister holds a bank account in Bosnia/Herzegovina this should be possible. TorFX can facilitate this transfer in EUR.

      Cheers,
      Shirley

  6. Default Gravatar
    JIMJFOX | December 20, 2015

    Want to transfer the proceeds from sale of my Australian property
    to my AUD account at Bangkok Bank, Thailand.

    NOTE- there is no currency exchange involved- it stays in AUD.
    Can you do this and if so, what fee would be charged on $130,000?

    Regards

    • Staff
      Shirley | December 21, 2015

      Hi Jinjfox,

      Thanks for your question.

      TorFX can help you facilitate this. There are no fees charged (fees are charged on transactions below AUD $10,000).

      Cheers,
      Shirley

  7. Default Gravatar
    leif | October 16, 2015

    Hi Guys,
    I am a small time business exporting to India (so receiving money is not an issue) but sending money there for things like consulting fees, advertising fees and so forth required to promote business it’s hard to get money over there, at the moment we’ve been transferring money as a moneygram, the fees have been enormous and we are currently searching for another option. We thought of opening a company up over there which has a national bank account, but still it’s bank transfers. Looking for a solution of at least some advice in the right direction.

    Warmest wishes,

    Leif

    • Staff
      Shirley | October 19, 2015

      Hi Leif,

      Thanks for your question.

      This sounds like something that TorFX can assist with. To start your enquiry, please click on ‘Go to Site’ to get in touch with a consultant today.

      Cheers,
      Shirley

  8. Default Gravatar
    geoff | October 7, 2015

    Can i transfer $us to Malaysia from Aust.
    Thanks Geoff

    • Staff
      Shirley | October 8, 2015

      Hi Geoff,

      Thanks for your question.

      Yes, TorFX can definitely assist you as with a transfer from Australia to Malaysia to a USD bank account.

      Please contact them via the link on our website to discuss your requirement.

      Cheers,
      Shirley

  9. Default Gravatar
    Daryl | September 4, 2015

    I need to transfer $US1250.00 from an Australian bank account to a relative’s bank account on Phuket, Thailand. Can you please advise what fees I am likely to incur other than the exchange rate.

    • Staff
      Marc | September 7, 2015

      Hi Daryl,
      thanks for the question.

      TorFX charges no commission or fees when making a transfer, rather they make a small profit through a margin added onto the exchange rate you receive.

      I hope this helps,
      Marc.

  10. Default Gravatar
    Karen | July 11, 2015

    Hi

    I would like to know if you would be willing to take me on as a regular customer. I would be looking at transferring US around 5000 dollars a month. This money would be coming from a Turkey. I am living and working in Erbil in the Kurdistan region of Iraq.

    • Staff
      Belinda | July 13, 2015

      Hi Karen,

      Thanks for your enquiry.

      You’ve come through to finder.com.au which is an online comparison and general information service, so please note that we don’t represent TorFX Foreign Currency Exchange.

      If you’d like to apply for TorFX services, you can click on the ‘Go to site’ button on this page to be redirected to their application page.

      Thanks,
      Belinda

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