TorFX is a veteran in the field of money transfer services. They are an expert in transferring large sum and incorporate FX. This review unravels the important aspects that you need to know about TorFX including its benefits and drawbacks, company information and the quality of service they provide. See our full list of the money transfer service providers HERE.

Company Information

TorFX was established in 2004. Since the time it was founded the company steadily is growing in Australia and the UK. They have processed more £7.5 billion per year for their clients. In fact, the company claims to have over 50,000 active clients and manage to imply as one of the leading money transfer company.

Moreover, TorFX operates with zero debts with a perfect Level 1 credit rating by Dun & Bradstreet. In terms of size, the company has 100 employees in its Penzance office. Their UK branch is in Cornwall with unique and supportive working environment and a supportive working environment that promotes employee retention enabling them to win the Cornwall Business Award for Best Employer. Significantly, TorFX has more than a century of FX experience which implies their expertise on the saif field

Awards and Recognition

  • MoneyFacts Best Money Transfer Provider in 2016 to 2020
  • MoneyFacts Customer Service Award in 2016 and in 2017
  • Cornwall Business Awards – Winner of Winners in 2017
  • Sunday Times Fasttrack 100 Awards, 2nd Place in 2008
  • 23rd Place in 2010
  • Credit Level 1, Dun & Bradstreet
  • Best European Currency Broker, Overseas Living Magazine in 2010 and in 2011

Allegations Of Bonds With Crown Currency Exchange

TorFX was cited of bonds with Crown Currency Exchange, which is a brokerage that was dissolved and neglected unsatisfied clients. The allegations led Tony Levene from the Guardian to relay a journalistic overview, who discovered that these two were different companies managed separately yet having the same root funding.

Furthermore, the Financial Conduct Authority then investigated the accusations and kept TorFX’s license as an authorised payment provider. Its been nine years since these accusations and there has been no proof towards any offence on TorFX’s behalf since this was raised. 

TorFX’s Exchange Rate & Fees

The most significant factor that you have to determine with money transfer services is the exchange rates and fees involve when utilising the services. Below is the breakdown of TorFX’s transfers fees and rates:

TorFX Transfer Fees

If you’re making an international transfer, you will incur no fees with TorFX. So, unlike banks, they do not charge you for transfer fees, this is one of the reasons that attract customers as well.

Exchange Rates

You can simply get a free quote through their website or contacting at 0800 677 1003 to find out more on where you can get the best deals on exchange rates. When getting a free quote you can simply enter your name and contact details and email address and the amount you wish to transfer. Through the figures you provided, you’ll get a free quote which they will send in your email.

Some feedback from clients indicates a 2% to 4% savings in exchange rates. This means saving 2% to 4% of the entire funds exchanged, which can be suitable if you’re transferring large funds.

TorFX Limits

The minimum transfer value is £100. This means you can also transfer a small amount or remittance payments online. TorFX allows you to transfer £2,000 or more over the phone, and within £100 to £25,000 utilising their online platform.

Additionally, they cater to several arrays of customers. They cater to clients sending small remittances for their family, those who are trying to buy an estate overseas and up to large corporations who are moving millions of currencies in a month.

TorFX’s Pros and Cons


  • Easy to set up and user-friendly
  • Excellent customer support
  • Allows you to initiate a transaction using their online platform or via phone
  • Receive recognition and luxurious Expat Awards
  • Exchange rates are competitive for larger transfers
  • Good if transferring from the Uk or Australia since they have available offices in such locations.
  • Already serving 50, 000 active clients


  • Some transactions have delays and sometimes slow when processing orders
  • It is expensive for small transfers
  • The company is not regulated in Canada and USA
  • Offices are only in the UK and Australia
  • Trading volumes are still smaller compared to the other leading companies in the top 3 spot

How Does TorFX Work

  1. Open an account
  2. Enter the details of your recipient
  3. Indicate the amount that you will transfer and how you will pay for it
  4. Fund your transfer through a local bank transfer or using a debit or credit card.
  5. TorFX will convert your money into your recipient’s currency and send to the payout option that you chose

Alternatives To TorFX


Azimo imposes flat or variable charges based on the country and currency as well as the pay-in and pay-out systems. The exchange rate is lock-in in advance, allowing you to know how much money will be transferred. It will also depend on the pay-out method that you chose.

  • Transfers are quick
  • They provided high-level of service
  • User-friendly
  • The online system is reliable
  • Rates are closer to interbank
  • Allows you to send money to over 190 countries
  • Variety of pay-out methods
  • Available in 10 different languages
  • Excellent reviews as per Trustpilot
  • Not always the most affordable provider
  • Only available in Europe as of the moment
  • Slow processing of payment even to Europe
  • Poor customer support service
  • Site is crashing sometimes
  • Exchange rate is not the best


WorldRemit’s exchange rate is not publicly advertised on their site. However, looking at the figures, we estimated about a 1% margin from Pound to Euro and similar margins on other currencies. But, you have to be cautious since some currencies are more expensive.

  • Fast with transfers and quickly delivers the money
  • Good service
  • Convenient and easy to use
  • Good reach
  • The exchange rate is better than the rivals
  • Customers think WorldRemit is reliable
  • Cheap prices
  • Innovative for work emigrants
  • In some secluded situations, some clients’ orders were delayed
  • Poor employee coaching and detached management
  • Customer service is inexperience
  • Takes a long time to process a payment


TransferWise uses the mid-market rate or interbank rate with no margin added. To make their exchange rate feature even more attractive, they offer you a guaranteed rate of up to 48 hours. You can lock in an exchange rate and transfer within that window to help you manage currency exchange rate fluctuations.

  • Most currecy destination only has 0.5% FX Margin
  • Accepts clients from Brazil
  • Same FX Margin for Transfers of All Sizes
  • Clear and Professional Offering
  • Client Satifaction is high
  • Trustworthy and Safe – Largest Money Transfer Company Today
  • Smooth Online System for Client Onboarding
  • Top 10 Best Online Website and App for 2020
  • Innovative and Exciting
  • TransferWise Debit Card – Multi-Currency
  • Send and Receive Money only with Mobile Number  which is only available in Australia
  • No Dedicated Dealer Guidance
  • No Discounts For High Volumes
  • Does Not Handle Cheques
  • No FX Options Offered
  • There are Cheaper Options for Large Transfers


CurrencyFair requires between 0.25 and 3% based on the currency pair when clients pair for their transfers. The provider imposes charges anywhere from 0.1% to 0.6% with a set fee of 3 Euros or its corresponding currency. The company states on its website that its average fee is 0.45%.

  • Low exchange rate margins making the provider competitive
  • Low transaction fees 
  • An interactive cross-platform mobile app
  • A wide disbursing network coverage 
  • Some user cannot open accounts with CurrencyFair
  • The provider supports only 20 currencies 


TransferGo will exchange your currency utilising the current mid-market market rates, and deducts a 0% to 2.2% margin on the exchanges. The exchange rate is locked in advance, which allows you to know how much it will costs. Below is the breakdown of the fees and exchange rates.

  • Low transfer costs and high speed 
  • Customers funds are in good hands
  • Simple and user-friendly service
  • Transfer options are fast
  • A reliable and reputable company 
  • The transfer takes more than one business days in some destination countries, which may be due to related safety and security checks


InstaReM’s fees charge a small added price on the mid-market benchmark. This allows you to know how much you’ll pay exactly for your transfers. Their margin ranges between 0.25% to 0.5% of the amount that you will transfer.

  • Chance to earn points on your transfer and redeem it when processing transactions
  • Transfers are normally fast and reliable 
  • One among the few providers that allow you to sends out of India despite the strict regulations
  • Offers zero margins for certain currencies at a given period or hours. 
  • The company do not clearly state the currencies and hours where the zero margins apply
  • Customer support is not available 24/7
  • Doesn’t utilise the mid-market rate for every transfer
  • Doesn’t accept cash or card
  • Payment is only via bank transfer
  • Larger transfers can be expensive
  • The initial transfer has a limit amounting to US$2,500


The exchange rate margin offered by Remitly is usually between 0.5% and 2% graver than mid-market rates. You can open an account with Remitly and log in to find out the exchange rates which will depend on the country you’re sending to. 

  • Has a vast network allowing you to send money to more than 50 countries across the globe
  • Allows cash pickup for over 140,000 locations around the globe.
  • Delivers funds on the specified timeline
  • Speedy transfers
  • Several delivery options such as sending money to bank accounts, for cash pickup, directly to a mobile wallet or even for home or doorstep delivery.
  • Allows you to earn rewards through their referral program
  • The maximum limit is low, which is amounting to $2,999
  • You’ll need additional ID to lift the daily, monthly and 180-day sending limits
  • No hedging options as it does not have any recurring transfers, limit orders and any other hedging functionalities that help you save money when transferring money overseas.
  • Irregular margin in terms of their exchange rates as their margin is based on the currency a country concerned as well as the speed of your transfer.

Western Union

Western Union is known as a veteran and is a leader in the money transfer providers in the industry. Their service enables individuals to send and receive money via their 550,000 agent locations in over 200 countries and territories around the globe. 

  • They have an immense network of agent locations across the world that allow a cash pickup, and the capability to transfer and receive money covering 200 countries
  • Extensive quality of services that are convenient for consumers and businesses
  • It allows you to send money through several channels, including at Western Union agent locations, on its website, mobile app, or even over the phone
  • Exchange rate margins are not clear
  • Expensive for sending and receiving the money to various destinations and some countries
  • Not all channels are free in every country

Company Details
  • Registration Number: 05193147
  • Incorporation Date: 2004-07-29
  • Status: Active
Loan Details
  • APR: See Website
  • Loan Amount: See Website
  • Repayment Duration: See Website
Contact TorFX Money Transfer Review
  • via Phone: Tel: +44 (0) 1736 335250 Fax: +44 (0) 1736 369435 Call
  • via Post: Pz360 St. Marys Terrace, Penzance, Cornwall, TR18 4DZ