Review: TorFX international money transfers March 2021 | Finder

Review: TorFX international money transfers

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

  • Good for getting a fair exchange rate with its price-match guarantee and for personalised help with your own account manager.
  • Not so great for transfers under $2,000, where you'll get a less competitive exchange rate, and for popular remittance currencies like INR and CNY.

AUD 2,000

Min. Transfer Amount

No limit

Max. Transfer Amount

1 day

Transfer Speed

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Details

Product NameTorFX International Money Transfers
Min. Transfer AmountAUD 2,000
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, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, NOK, NZD, PLN, SEK, SGD, THB, TRY, USD, ZAR
Online Transfer FeeAUD 0
Phone Transfer FeeAUD 0
Exchange Rate UpdatesDaily

Pros

  • 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
  • Not as competitive for transfers under $2,000

TorFX exchange rates and fees

TorFX offers both competitive exchange rates and a price-match guarantee, but if you're transferring less than $2,000, you'll probably find a better deal elsewhere.

Price-match 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.

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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 2,000 1 day AUD 0.00 0.766 USD
7,656
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.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Available currencies

TorFX lets you send money to over 40 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 reach your recipient on the same day. With some of the less-popular currencies, transfers 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 4.7* out of 5, based on +1,100 reviews.
*According to TorFX and Trustpilot on 07 April 2020.

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.
  • Not as good for transfers under $2,000. For smaller transfers, you'll often get a more competitive rate elsewhere. Although TorFX does allow transfers as small as $250, you're not likely to be contacted to activate your account.

How does TorFX compare to other providers?

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

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 0 1 - 2 days AUD 1.99 0.763 USD
7,631
Special offer: $40 off when you transfer more than $250+ with code AUFIND40, conditions apply.
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.766 USD
7,656
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.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.766 USD
7,656
Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.766 USD
7,656
Better exchange rates for Finder customers.
WorldFirst sends 60+ currencies at competitive rates with no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.766 USD
7,656
$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
AUD 1 1 day AUD 52.00 0.765 USD
7,608
Pay no fees on your first two transfers, up to $3,000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
AUD 10 Within an hour AUD 2.99 0.76 USD
7,600
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
AUD 1 Same day AUD 0.00 0.765 USD
7,648
XE has fast transfers with no fees and a range of foreign currency tools. Go to site Show details
AUD 200 1 - 2 days AUD 50.00 0.768 USD
7,640
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies.
Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.761 USD
7,608
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
AUD 1 Same day AUD 3.99 0.759 USD
7,591
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
AUD 1 1 - 2 days AUD 45.00 0.769 USD
7,652
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Want to compare TorFX to other service side-by-side?

TorFX vs TransferWise

Frequently asked questions

International Money Transfer Offers

Important Information*
Logo for Azimo International Money Transfers
Azimo International Money Transfers

Special offer: $40 off when you transfer more than $250+ with code AUFIND40, conditions apply.
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.

Logo for TorFX International Money Transfers
TorFX International Money Transfers

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.

Logo for Send International Money Transfers
Send International Money Transfers

Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.

Logo for WorldFirst International Money Transfers
WorldFirst International Money Transfers

Better exchange rates for Finder customers.
WorldFirst sends 60+ currencies at competitive rates with no fees. If you find a better eligible quote, WorldFirst will beat it.

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72 Comments

    Default Gravatar
    Susan
    November 15, 2018

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

      Avatarfinder Customer Care
      John
      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

    Default Gravatar
    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

      Default Gravatar
      Nikki
      September 28, 2018

      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

    Default Gravatar
    Krishna
    June 8, 2018

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

      Default Gravatar
      Arnold
      June 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

    Default Gravatar
    Bill
    February 13, 2018

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

      Avatarfinder Customer Care
      Jonathan
      February 26, 2018

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

      Thanks,

      Jonathan

    Default Gravatar
    Budram
    August 5, 2017

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

      Default Gravatar
      Arnold
      August 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

    Default Gravatar
    Akiko
    June 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
      Liezl
      June 8, 2017

      Hi Akiko,

      Thanks for reaching out. Yes, there could be providers who can send money to that bank. You can check our guide on how to send money to Nepal and find the right provider for you.

      On that page, you will see a table that allows you to conveniently compare your options based on minimum transfer amount, transfer speed, fees, and estimated amount received. You can also specify how much you want to send and our table would estimate how much your recipient will receive. Please note though that this is just an estimate and you should get the final computation from your chosen provider.

      Our table would also show you the fees so you would have an idea how much the transfer would cost. Click on the compare box found at the bottom of each provider to compare your options side by side.

      Once you found the right one for you, select the “Go to site” button to learn more or initiate your transfer.

      I hope this has helped.

      Cheers,
      Liezl

    Default Gravatar
    Sury
    May 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.?

      Avatarfinder Customer Care
      Harold
      May 18, 2017

      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

    Default Gravatar
    jenny
    April 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

      Avatarfinder Customer Care
      Dee
      April 19, 2017

      Hi Jenny,

      Thanks for your question.

      You may send the money through a bank-to-bank transaction. Aside from that, consider as well using money transfer service providers who will help you send money from the Philippines.

      I hope this helps.

      Cheers,
      Anndy

    Default Gravatar
    Danny
    April 12, 2017

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

      Avatarfinder Customer Care
      Dee
      April 12, 2017

      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

    Default Gravatar
    Mary
    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.

      Avatarfinder Customer Care
      Clarizza
      November 7, 2016

      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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