TorFX Review: Fees, Rates and Alternatives 2024

Claire Millard
Ileana Ionescu
Last updated
March 28, 2023

UK based specialist currency broker TorFX has a range of services for individuals and businesses. You can send one off or recurring payments, arrange forward contracts, and set up market orders. These can help cut the costs of sending money overseas, and mitigate some of the risks of exchange rate fluctuations.

This TorFX review will cover everything you need - including the fee structure, whether it’s safe to use, how fast it is, how to get set up, and more.

More about TorFX

TorFX: Key points

Key features:

  • Send international transfers in 60 currencies - both one off and regular payments available

  • Arrange forward contacts, target rate orders and stop loss orders to mitigate currency exchange risks

  • Set up payments online, in the app and by phone

  • Personal and business services are both available

Key stats:

  • Established in 2004, TorFX now processes 7.5 billion GBP in transactions annually - that’s the equivalent of over 12 billion dollars!

  • Over 325,000 customers, and 500 employees

  • Voted International Money Transfer Provider of the Year by Moneyfacts 5 years running

  • Send payments in over 60 global currencies


  • Extensive range of transfer types and currency solutions available

  • No transfer fees are applied

  • Payments on major routes can arrive on the same day they’re processed

  • Phone service if you want to talk to someone directly to set up a transfer

  • Fully regulated in the Uk and in Europe, so you know it’s a safe provider


  • Exchange rates include a markup on the mid-market rate

  • Availability, transfer times and rates vary by destination country

  • Payments in CAD must be sent using a SWIFT transfer, which may mean paying fees to your bank

  • You’ll need to create an account to see the exchange rates available for your transfer


TorFX offers a range of services from simple, one off international payments, to high value recurring transfers and more advanced solutions to mitigate the risks of currency fluctuations. You can also get market insights and talk to a currency expert on the phone if you have questions about the options available for your payment.

TorFX may appeal most to people who need to send high value or recurring international payments, especially if they’d rather set up transactions by phone. It’s also got a handy range of currency solutions like market orders which can help you mitigate losses - or make the most of opportunities - when buying and selling currencies.

Go to TorFX

About TorFX

TorFX is a UK based currency broker offering a range of international payment and exchange services. You can use TorFX online or via their app, or you can call to get a quote and place your international transfer order by phone if you’d rather.

Services are available for both business and personal customers. Here’s what you can do with TorFX:

One off and recurring international transfers

TorFX international transfers can be made online on by phone. You’ll need to get a quote for the available TorFX exchange rate - online, in the app, or by phone - then fund the payment by sending your CAD funds to TorFX using a SWIFT transfer. Once your money arrives your payment will be processed immediately. There’s no upper limit to how much you can send with torFX.

TorFX also has a recurring transfer service for payments which need to be made on a regular basis. This can be handy if you’re paying for an international mortgage for example. Payments must be booked for a minimum period of 6 months, and customers can take out several recurring payment plans to manage all their overseas costs.

Great for: people sending international transfers on a one-off or recurring basis

Forward contracts

You can book a forward contract with TorFX which locks in an exchange rate for future payments for up to 2 years. This can be useful for people who need certainty about the costs of international transfers over time. However, although you’ll be protected from negative changes in the exchange rate, you won’t be able to benefit from any positive shifts in your favour until the contract expires.

Great for: people who want to fix the exchange rate to mitigate the impact of changes in the market on future international payments.

Market orders

TorFX offers a couple of different types of market orders which can benefit customers who need to target specific exchange rates to convert currencies. You can do this in 2 different ways:

  • Limit orders

  • Stop loss orders

A limit order involves setting a desired exchange rate to buy currency. If the markets move and this rate is achieved, your exchange will then be processed automatically, to make sure you don’t miss out. Stop loss orders work in the other direction. You’ll set a worst case exchange rate which means that if the exchange rate of funds you hold triggers a stop loss, they’ll automatically be sold. This can protect you from sharp or sudden decreases in the value of your currency holdings.

Great for: people targeting specific exchange rates to buy or sell currency.

Business FX services

The full range of TorFX currency services set out above is available to business clients as well as personal customers. There’s also a business health check service which can help you spot opportunities to save money on international payments.

A member of the TorFX team will complete a business health check with you to look at areas where your international payment processes could be streamlined, and spot opportunities to minimise currency exchange risks. You’ll then receive a bespoke plan to help cut costs and improve your profits.

Great for: businesses working internationally and looking to cut the costs and mitigate risks of currency exchange.

How does TorFX work?

TorFX offers services:

  • Online

  • In the TorFX app

  • By phone

  • By email

There’s no transfer fee for international payments, although there is a charge in the form of an exchange rate markup. Not all payments can be arranged electronically - for high value payments and currency solutions you’ll need to set up your transaction by phone. It’s actually possible to set up payments in person, too - but you’ll need to be in the UK to use this service.

Go to TorFX

Is TorFX safe?

TorFX is safe to use. In the UK, TorFX is regulated by the Financial Conduct Authority as an electronic money institution. As well as following all regulatory requirements, TorFX uses a range of security features and protocols to keep customers safe. They also have the highest possible creditworthiness rating from a leading UK credit score agency.

TorFX pricing

TorFX does not charge a transfer fee for international payments. Instead, they make money by adding a small margin to the exchange rate used for payments. This is common practise - and by adding a smaller margin compared to regular banks, TorFX covers their costs and still provides a service which represents good customer value.

TorFX exchange rate

When you start to set up a transfer with TorFX you’ll get a quote for the available exchange rate for your specific payment. The TorFX exchange rate is calculated by adding a margin - also known as a currency spread - to the mid-market exchange rate. TorFX adds a smaller margin compared to banks, which means you may be able to save money.

How long does TorFX take?

TorFX payments can arrive on the same day they’re processed for major currencies, or within 2 working days for exotic currencies. The exact amount of time it takes for your payment to arrive will depend on factors including the currency, destination country, and the processes in place at the receiving bank.

TorFX Pros

  • Product range includes one off and recurring payments, forward exchange contracts and market orders

  • No transfer fees are applied

  • Fast payments on major routes

  • Phone service as well as in app and online transfer options

TorFX Cons

  • Exchange rates markups apply

  • Transfer options and rates vary by destination country

  • You’ll have to use SWIFT to fund your transfer in CAD

  • No branch network

Go to TorFX

How to use TorFX

If you want to make a one-off or recurring transfer with TorFX you can do so online or in the TorFX app. To do this you’ll need to:

  1. Log in on the TorFX desktop site, or open the app

  2. Enter the country you want to send to

  3. Enter the transfer amount to generate an exchange rate quote

  4. Confirm the payment and fund

  5. The payment will be processed once TorFX receive the funds

If you’re sending money to TorFX in Canadian dollars, you’ll need to arrange a SWIFT transfer from your bank to TorFX, which may mean paying a fee. If you’re using different currencies, you may also have other payment options, such as using a debit card - double check before you confirm your transfer to make sure you understand all the alternatives.

For larger transfers, or for forward contracts and market orders, you’ll need to talk to a TorFX agent by phone to understand your options.

Funding methods

You can fund your TorFX payments using a SWIFT transfer if you’re paying from outside of the UK. If you happen to have a GBP or EUR denominated debit card, or a bank account based in the UK, you may also be able to use these to fund your payment.

Payout methods

TorFX transfers are delivered into your recipient’s bank account directly. Your recipient won’t need to set up a TorFX account to get their money.

Go to TorFX

How to create an account

Create an account online, in the TorFX app, or by calling the TorFX team. Here’s how to set up a TorFX account online:

  1. Open the TorFX desktop site or app

  2. Select Open an Account

  3. Confirm if you want a business or personal account

  4. Enter your email address and create a password for security

  5. Follow the onscreen prompts to enter your personal information including phone number

  6. You’ll receive a PIN by SMS, enter this to proceed

  7. Confirm your identity - a verification process may be required

  8. Review all the details and you’re done

What documents you'll need

Depending on the type of transfer you want to make, you may need to verify your TorFX account either when you first set it up, or when you start to arrange payments. This is to comply with legal requirements and to ensure accounts are not used for fraudulent or illegal purposes.

If you need to provide documents to get verified, you’ll be notified by the TorFX team. It’s common to be asked to verify both your identity and your address, so you may be asked to upload images of a government issued photo ID document, and a proof of address.

How long does verification take

If your account needs to be verified the TorFX team will guide you through the process and inform you of the likely timeline.

TorFX limits 

The TorFX minimum payment limit for online transfers is the equivalent of 100 GBP (about 160 CAD at the time of writing). There are no upper limits to the amount you can send, but payments worth over the equivalent of 25,000 GBP (around 40,000 CAD) need to be arranged by phone.

There’s also a recurring payment service for regular transfers of between 500 GBP (about 800 CAD) and 10,000 GBP (about 16,000 CAD) in value.

Supported currencies

TorFX supports payments in 60 global currencies, and regularly updates the countries and currencies available.

Check here for the most up to date available information

TorFX reviews

TorFX scores a pretty amazing average of 4.9 out of 5 stars on Trustpilot, from a total of nearly 4,500 listed reviews at the time of writing. That’s a comfortable Excellent score.

Customers highlight the service available from TorFX, and particularly the fact you can talk to someone when you need to, as positives. Here are some live reviews from the site:

“I found the system easy to use and liked the fact that there was someone at the end of the phone to help with any queries. Very reassuring.”

“Amazing service, very quick and I felt safe and reassured making the international transfer with TorFX. Matthew, my account manager, was great and has helped me every step of the way. Highly recommend.”

About 2% of reviews on Trustpilot give the lowest available Bad score, which tended to involve challenges with the verification process or specific payment delays.

TorFX accessibility

TorFX allows customers to set up many transactions online and in the app - which is available on both Apple and Android phones. However, if you’d rather, you can also call the TorFX team, email your account manager, or call into their UK office in person.

For some high value or complex currency transactions you may need to talk to a team member directly rather than making arrangements electronically.

TorFX customer service

TorFX has a customer service team available to support if you need advice or help. You can call, email or even walk into the TorFX office in Cornwall during opening hours.

Customer support channelTorFX availability
Phone support+44 (0) 1736 335250
Email supportUse the contact form on the TorFX website, or get in touch with your account manager
UK office address



St Mary's Terrace



TR18 4DZ

TorFX alternatives

  • Wise - online and in-app international payments which use the real exchange rate and low transparent fees. Free online international account to send and hold multiple currencies also available.

  • Western Union - domestic and international payment service with a network of agents as well as online and in-app services.  Payouts available to bank accounts or for cash collection. Fees tend to be on the higher side.

  • PayPal or Xoom - send instant payments at home and abroad - convenient and quick, but not always the cheapest. With PayPal your recipient will also need to set up an account to get their money.


TorFX has a few differentiators which make it stand out. As well as offering international payments, you can access products to mitigate the risks of currency exchange - like forward exchange contracts and market orders. And there’s no transfer fee if you’re sending payments abroad.

TorFX works on lower margins than many regular banks, which means one off and recurring transfers may work out better value than relying on your usual provider. However, the exchange rate markups used aren’t publicly available, so while TorFX is probably cheaper than your normal bank, they may not be the absolute cheapest for international payments.

Go to TorFX

FAQ - TorFX Review

1. How much does TorFX cost?

There’s no transfer fee when you send money with TorFX, but there will be a small fee included in the costs of currency exchange. Get a quote for your transfer to find out more.

2. How long does TorFX take to transfer funds?

TorFX payments can arrive on the same day on popular currency routes, or within a couple of days for exotic currencies.

3. Is TorFX safe?

TorFX is FCA regulated in the UK, making it a safe provider to choose.

4. How does TorFX apply exchange rates?

The TorFX exchange rate is calculated by taking the mid-market exchange rate and adding a margin or currency spread. The margins used are typically smaller than those added by traditional banks.

5. Does TorFX have a mobile app?

Yes. Get the TorFX mobile app on Apple and Android phones.

6. How does TorFX work?

Use TorFX to make a one off or recurring international transfer, arrange a forward exchange contract or market order. Some services can be set up online or in the app - others must be confirmed by talking to a TorFX agent on the phone.

7. How many currencies does it support?

TorFX supports 60 major currencies.