Review: TorFX international money transfers – December 2018

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

Quick verdict

Good for
  • Guaranteed competitive exchange rates
  • Fee-free transfers
  • Dedicated account manager assigned to you
  • Forex tools
Not so great for
    • Popular remittance currencies like INR and CNY
    • Any transfer that's not going to or from a bank account

Product NameTorFX International Money Transfers
Min. Transfer AmountAUD 200
Max. Transfer AmountNo limit
Transfer MethodsOnline, Phone, Bank Account to Bank Account
Transfer OptionsRegular payments, One off payments, Market orders, Forward contracts
Transfer Speed
Minimum transfer time
1 day
Customer ServicePhone, Email
Available CurrenciesAED, AUD, BHD, BWP, CAD, CHF, CRC, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, KES, LKR, MUR, MXN, NOK, NZD, PHP, PLN, RON, RUB, SEK, SGD, TRY, TTD, UGX, USD, XCD, ZAR
Online Transfer FeeAUD 0
Phone Transfer FeeAUD 0
Exchange Rate UpdatesDaily

Pros

  • Low minimum transfer amount of $200.00
  • No transfer fees
  • Price match guarantee
  • Dedicated account manager assigned to you
  • Forex tools available

Cons

  • Not available for more exotic countries including Indonesia and Bangladesh
  • Only supports bank transfers

Price-match guarantee

TorFX will match any competitor's rate to ensure you receive the most competitive rate in the market.

For TorFX to honour this offer, you need to have an active account with the competitor. You also need to provide written evidence of the better rate. TorFX cannot match rates that are below the market rate. (Read our guide on market rates to learn more about what this term means.)

See TorFX's website for full terms and conditions.

TorFX exchange rates and fees

Use our tool below to calculate how much sending money overseas would cost with TorFX. You can also check out the real-time exchange rate TorFX offers and if there are any additional fees.

Rates last updated December 12th, 2018
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
TorFX International Money Transfers
AUD 200
1 day
Online, Phone, Bank Account to Bank Account
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in over 30 currencies. Once registered, you'll be assigned an account manager who can provide support and guidance.
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Compare up to 4 providers

Available currencies

TorFX lets you send money to over 30 currencies around the world. You can find a full list here, but some of the more popular ones include:

  • GBP British pound
  • PHP Philippine peso
  • EUR Euro
  • LKR Sri Lankan rupee
  • JPY Japanese yen
  • NZD New Zealand dollar
  • HUF Hungarian forint
  • HRK Croatian kuna

What types of transfers can you make?

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 when 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 long does a money transfer take?

A transfer with TorFX should go through to your recipient by the same day. With some of the less-popular currencies, this can take up to two days.

What payment methods does TorFX accept?

You can pay for your TorFX money transfer through a bank transfer. Unfortunately, you won't be able to pay with cash or card. Once you've confirmed your transfer with TorFX, you'll be given the bank account details to transfer your money into.

Transfers typically takeClock icon for transfer speed

1 day

Is TorFX safe to use?

  • Security and regulation: Government regulated.
  • Established: 2004.
  • Number of customers: More than 50,000 private clients and over 4,000 corporate clients.
  • Reviews: Trustpilot gives TorFX a score of 9.4* out of 10, based on around 2,700 reviews.
*According to TorFX and Trustpilot on 16 November 2018.

How does TorFX make money?

TorFX doesn't charge fees, so makes its money off the margin. The margin refers to the difference between the mid-market rate you'll see on XE or Google and the exchange rate a provider quotes you.

Because of this, remember to compare both exchange rates and fees when looking at a money transfer company.

How to register an account

What is TorFX?

TorFX is a foreign exchange service provider largely located in Europe, with offices in the US, Australia, Europe and South Africa. TorFX provides business and personal services for transferring money overseas, with a range of transfer options. You'll even be provided with an account manager to help you navigate the process and offer guidance.

In a nutshell

Pros:
  • No fees. TorFX makes its money off the margin so you won't be charged any fees. Keep an eye on the exchange rate, though.
  • Dedicated currency expert. TorFX assigns an account manager to you, which can help the transfer process and questions you might have.
  • Price-match guarantee. TorFX will beat any price that you've been quoted by another company.
  • Forex tools. You can use forward contracts, limit orders and stop-loss orders to get the best deal possible.

Cons:

  • Limited currencies. Popular remittance currencies like the Indian rupee or Chinese yuan aren't available.
  • Only supports bank transfers. You can only send to bank accounts and can't pay for the transfer with cash or card.

How does TorFX compare to other providers?

Calculate what fees and exchange rate other money transfers are providing below.

Rates last updated December 12th, 2018
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
TorFX International Money Transfers
AUD 200
1 day
Online, Phone, Bank Account to Bank Account
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in over 30 currencies. Once registered, you'll be assigned an account manager who can provide support and guidance.
WorldFirst International Money Transfers
AUD 2,000
1 day
Online, Phone, Bank Account to Bank Account
Use code FINDER20 for $20 credit towards your next transfer*. Conditions apply.
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.
*Offer valid for one-time use and only applies to transfers of AUD$10,000 or more.
OFX (Ozforex) International Money Transfers
AUD 250
1 - 2 days
Online, Phone, Bank Account to Bank Account
$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
WorldRemit International Money Transfers
AUD 1
Within an hour
Online, Bank Account to Bank Account, Cash Transfer
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available.
Global Reach (formerly FC Exchange) International Money Transfers
AUD 3,000
1 day
Online, Phone, Bank Account to Bank Account
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
XE International Money Transfers
AUD 10,000
1 day
Online, Bank Account to Bank Account
With global payments provider XE, enjoy fast and secure transfers and a range of foreign currency tools and calculators while benefiting from $0 transfer fees.
HiFX International Money Transfers
AUD 50
2 days
Online, Phone, Agent
Transfer amounts as low as $50. No maximum transfer amount. No transfer fees if you transfer more than AU$10,000.
FlashFX International Money Transfers
AUD 200
1 day
Online, Bank Account to Bank Account
Low minimum transfer amount of just AU$200, with no set-up fees or transfer fees.
Exclusive: InstaReM International Money Transfers
AUD 200
1 - 2 days
Online, Phone, Bank Account to Bank Account
Exclusive: finder customers receive $15 off their first transaction. T&Cs apply.
InstaReM offers simple and quick international money transfers with zero-margin exchange rates. There's a flat 0.5% transfer fee for most transfers. Earn loyalty points on sign up, referral and every transaction, plus finder customers receive $15 off first transfer (T&Cs apply).
TransferWise International Money Transfers
AUD 1
1 - 2 days
Online
Make online transfers with transparent exchange rates, low fees and low minimum amounts.
Remit2India International Money Transfers
AUD 50
Same day
Online, Bank Account to Bank Account
Instant transfers to India from anywhere in the world with $0 transfer fees.
New customers who create an account with Remit2India and make a transfer of AUD$500 or more for the first time will receive a complimentary $25 Coles/Myer e-voucher. Click 'Go to site' for T&Cs.
HawkFX International Money Transfers
HawkFX International Money Transfers
1 day
Online, Phone, Bank Account to Bank Account, International Money Order
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Compare up to 4 providers

Frequently asked questions

Rosie Russell

Rosie is a writer at finder.com.au, specialising in money transfers. She's constantly planning her next trip overseas and is on a mission to make personal finance easier to understand.

Was this content helpful to you? No  Yes

International Money Transfer Offers

Important Information*
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in over 30 currencies. Once registered, you'll be assigned an account manager who can provide support and guidance.

WorldFirst International Money Transfers

Use code FINDER20 for $20 credit towards your next transfer*. Conditions apply.
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.
*Offer valid for one-time use and only applies to transfers of AUD$10,000 or more.

OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers. $0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.

WorldRemit International Money Transfers

An online money transfer service with cash pickup, bank account to bank account and airtime transfers available.

Ask an Expert

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72 Responses

  1. Default Gravatar
    SusanNovember 15, 2018

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

    • finder Customer Care
      JohnNovember 15, 2018Staff

      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

  2. Default Gravatar
    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

    • finder Customer Care
      NikkiSeptember 28, 2018Staff

      Hi JB!

      Thanks for your message and for contacting finder.

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

      Now to send money from UK to SG, here is a handy comparison page. Within the page, there is a comparison table. Simply enter the amount to be sent to SGD and press calculate and it will show the transfer speeds and fees.

      Hope this helps! Feel free to message us should you have further questions.

      Best regards,

      Nikki

  3. Default Gravatar
    KrishnaJune 8, 2018

    I m looking for 2000$ aus to usd
    Let me know by message on my phone 0430406143

    • Default Gravatar
      ArnoldJune 8, 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

  4. Default Gravatar
    February 13, 2018

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

    • finder Customer Care
      JonathanFebruary 26, 2018Staff

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

      Thanks,

      Jonathan

  5. Default Gravatar
    BudramAugust 5, 2017

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

    • Default Gravatar
      ArnoldAugust 5, 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

  6. Default Gravatar
    AkikoJune 8, 2017

    I need to transfer the fund to Nabil Bank in Nepal. Does any provider can transfer it to this particular bank please?

    Thanks!

    • Default Gravatar
      LiezlJune 8, 2017

      Hi Akiko,

      Thanks for reaching out. You can check our guide on this page for different means of sending money to Nepal and for a list of money transfer companies that facilitate such transfer.

      I hope this has helped.

      Cheers,
      Liezl

  7. Default Gravatar
    SuryMay 18, 2017

    I need to transfer funds to a nominated account in Dubai.
    The amount transferred should be in AUD from an AUD account in Australia. Is this possible.?

    • finder Customer Care
      HaroldMay 18, 2017Staff

      Hi Sury,

      Thank you for your inquiry.

      With TorFX you can transfer money to Dubai as long as it is within the list of supported currencies.

      I hope this information has helped.

      Cheers,
      Harold

  8. Default Gravatar
    jennyApril 19, 2017

    hi there
    I am about to settle a property in the phillipines and wonder what is the best way to transfer my money back to Australia
    thx

    • finder Customer Care
      LouApril 19, 2017Staff

      Hi Jenny,

      Thanks for your question.

      You may send the money through a bank-to-bank transaction or through any of the money transfer providers that offer services in both Australia and the Philippines as listed on this page.

      Cheers,
      Anndy

  9. Default Gravatar
    DannyApril 12, 2017

    Hi There,
    How do we get register on Torfx??
    Can your agent call back?
    Thanks,
    Danny.

    • finder Customer Care
      LouApril 12, 2017Staff

      Hi Danny,

      Thanks for your question.

      Kindly note that we are finder.com.au, not Torfx. You can register on Torfx by clicking the ‘go to site’ button above.

      If you wish to get in touch with them, you may also call Torfx on 1800 507 480.

      Cheers,
      Anndy

  10. Default Gravatar
    November 4, 2016

    We transferred money last Nov. 1 to the Philippines but the money still hasn’t arrive and its been 3 days. Please advice as I need it since yesterday.

    • finder Customer Care
      ClarizzaNovember 7, 2016Staff

      Hi Mary,

      Thanks for your comment.

      Sorry to hear about your situation. Just to confirm, we are a general comparison site and provide general advice only. If you would like to follow up on money you transferred using TorFX, we recommend speaking to the provider directly.

      Regards,
      Clarizza

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