Frequently Asked Questions
Here we provide answers to some of the most common questions we’re asked. If you don’t see your question here, please email [email protected] or get in touch with your Account Manager.
What are the benefits of using TorFX over my bank?
As an award-winning international money transfer provider, there are a number of benefits to choosing TorFX to manage your currency transfers - not least being able to achieve a more competitive exchange rate.
You’ll also avoid having to pay transfer fees and will have the constant support of your own dedicated Account Manager. With our highly competitive exchange rates and fast, free transfers you can save a considerable amount on your international money transfers.
Additionally, unlike most banks, TorFX offers a range of transfer options so you can get the most out of every transfer.
Another benefit of using our services is that you have the choice of arranging your transfers over the phone with your Account Manager or sending money overseas 24/7 with TorFX Online.
How do I get started with TorFX?
Getting started with TorFX is simple and you can open an account in just a few minutes.
You can register your details online or over the phone and our dedicated team will be on standby should you need a helping hand.
Once registered, you’ll be assigned an Account Manager who can provide invaluable guidance and support while keeping you informed of market movements.
When you’re ready to move your money your Account Manager will confirm the current exchange rate and execute transfers on your instruction. For transfers below £25,000 you can also use TorFX Online, a service which gives you the ability to move money 24/7, monitor your transfer history, edit your account details and set up rate alerts. Whether you choose to arrange your transfer over the phone or online, the process is completely transparent and no contract is booked without your explicit confirmation.
Will my money be safe with TorFX?
Ensuring the safety of our clients’ funds is hugely important to us. We operate segregated client accounts*, adopt stringent compliance procedures and hold the highest level of creditworthiness with Dun & Bradstreet. Our Security page will give you more information about how we keep your money safe.
*Our bank providers do not monitor the funds we place on safeguarding accounts or how we operate these accounts. It is our responsibility to segregate funds.
How much does it cost to transfer money abroad?
At TorFX we believe connecting currency should be free, so we won’t charge you a thing outside of the actual exchange rate we quote.
As well as seeing immediate savings by avoiding additional costs like transfer fees, you’ll also get more for your money by securing a highly competitive exchange rate.
How long will my transfer take?
We like to get your money where it needs to be as quickly as possible. While the amount of time a transfer takes can depend on the currency, destination and receiving bank, the funds should be in your account on the same day or within no more than two working days for more exotic destinations.
What currencies do you offer?
At TorFX we deal with more than 40 global currencies.
Is there a minimum or maximum transfer amount?
We don’t have a maximum transfer limit and our range of services mean you can save money whatever the size of your transfer.
Our Regular Overseas Payments service is designed for recurrent transfers of between £500 and £10,000 but with our online platform you can also move as little as £100 on a fee-free basis. Additionally, if you need travel money for those two hard-earned weeks in the sun, we’ll put you in touch with our recommended cash provider.
Whether you need to transfer £100 or £10,000,000, we can help.
What exchange rate will I get?
At TorFX we pride ourselves on offering our customers excellent exchange rates. We also provide a rate improver guarantee so you can be confident you’re getting the most for your money.
When you search for an exchange rate online you’re usually seeing the interbank rate – a rate only available to major financial institutions. We aim to secure our customers exchange rates which are as close to the interbank rate as possible.
As exchange rates are highly volatile and fluctuate throughout the day, the exact exchange rate your transfer will be conducted at is set the moment your transfer is confirmed.
How does TorFX save me money compared to a bank?
TorFX can help you save money by making sure you secure a more competitive exchange rate than banks would offer. Additionally, unlike most banks (and many other international money transfer providers) we don’t charge any transfer fees.
How does TorFX make money?
Large financial institutions like banks and international money transfer providers make money by buying currency at a slightly better exchange rate then they offer to their customers, with the difference between the two being the spread or margin. TorFX works off smaller margins than most, meaning it can offer its customers more competitive exchange rates. Some international money transfer providers also make money by charging transfer fees, but at TorFX we don’t charge anything outside of the exchange rate we quote.
