1) Open a trading facility with TorFX. This is free, takes a couple of minutes online, and carries no obligation to trade with TorFX.
2) If you need to discuss your options, you can speak with your account manager who will be able to advise you on the best solution.
Spot contracts are ideal if you have all of your funds available and want to make a fast transfer. You can buy or sell currency for immediate delivery, and benefit from our excellent exchange rates.
Forward contracts allow you to fix your exchange rate for a future trade, even if you don’t have all of your funds ready. This option allows you to take advantage of favourable exchange rates up to 2 years before you actually need to send your currency. You can buy the currency now, and pay later. A 10% deposit is payable at the outset, followed by 90% when the contract matures.
Exchange rates fluctuate constantly and can be difficult to predict, so as well as simply buying at the current rate, we offer the following order types to help you make the most from your transaction. This is particularly relevant to clients who have a strong view on future exchange rates.
A limit order is an order to buy currency at a pre-determined market level (ie..better than the current rate). Our dealers monitor your order 24/7 and your currency is purchased automatically when your target level is achieved.
Stop Loss Order
A stop loss order allows you to set a minimum rate at which to buy your currency. If the market falls to this rate, your currency will be purchased automatically. This gives you peace of mind that you are protected from exchange rate movements.
Some clients use a limit order and stop loss order together, protecting against risk and guaranteeing that the exchange will be within a certain range. The markets are constantly moving, so our dealers will monitor your orders and keep you informed. Orders can be adjusted or cancelled at your instruction at any time prior to being fulfilled.
You will not be asked for any payment until your order has been fulfilled.
*Important Note: In order to comply with anti money laundering regulations, TorFX will only accept funds from a bank account in your name.
This is the fastest way to send us your funds.
Prompt payment is important and ensures that your currency transfer will not be delayed. Your contract note will specify the settlement date, which is usually the business day following the deal date. If you are sending sterling from a UK bank account, a CHAPS/TT wire transfer instructed before noon on the settlement date will ensure that your funds reach the TorFX client account on time. You may be able to arrange your payment by telephone or online banking, but please ensure this is a “same day” payment.
If you are sending currency from outside the UK, you will need to authorize an international SWIFT payment. The delivery time for Euros, US dollars and Canadian dollars should be the same day if instructed before noon (UK time). For other currencies, this can take two days or more. Please check with your bank in advance to find out how to arrange your transfer to TorFX.
Your deposit must be received at TorFX on the business day following the deal date. The balance must reach TorFX at least one business day prior to the settlement date specified on your contract note. Please use CHAPS to ensure payment reaches us on time (see above).
This is an alternative method for transferring sterling in the UK. This method is generally free, but takes up to four business days for your funds to clear. Check your TorFX contract note to see when payment is due.
TorFX also accept Sterling nominated debit cards as a payment method. Debit cards must show the Visa Debit symbol, this includes Solo and Switch branded cards.
You can only pay TorFX by cheque if the currency is Pound Sterling (GBP) and you are lodging your funds in our client account prior to booking a currency deal. Please allow 8 business days from receipt for your cheque to clear.
* Payments from Savings Accounts
Please note however that transfers from most savings accounts take 3 business days, and in some cases can only be made to your own current account. In order to avoid late payment, please ensure that your funds are accessible before booking your currency.
Please note, once a currency deal has been agreed, it is important that your funds are received on time. You may incur extra costs as a result of late settlement.
TorFX is committed to making your transfers as simple as possible, so we offer the following guide to sending international payments.
If you are transferring funds inside Europe it is important to provide us with the correct IBAN for your transfer. IBAN stands for International Bank Account Number. Including the full IBAN will help to ensure the speed and accuracy of your payment. The table below gives some information on the correct format for each country.
|Country||Country Code||IBAN Length||Example|
Bank Identification Code
All banks worldwide have a BIC code (Bank Identification Code). Including the BIC code on your payment is important for ensuring the payment makes its way through the international banking system quickly. This code will be 8 or 11 characters long, starting with four letters.