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.
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.
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.
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.
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.
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.
At TorFX we deal with more than 40 global currencies.
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.
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.
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.
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.
While we don’t charge any transfer fees for our services, some fees may be applied to your transfer by other parties depending on the banks, countries or currencies involved.
Intermediary fees: When you send money internationally, most transfers are processed through the SWIFT network. This network safely routes your funds to the intended recipient, but it may involve one or more intermediary banks. These banks may charge a fee for their part in the transfer, potentially reducing the final amount received by the recipient.
Receiving fees: In addition to intermediary fees, some banks charge a fee to recipients for accepting international transfers, impacting the amount received.
You can check with your receiving or paying bank to confirm any fees that may apply.
Confirmation of Payee (CoP) is a service that allows you to verify if the account holder’s name matches the account details (such as sort code, account number and account type) before making a payment.
This helps reduce payment errors and fraud by ensuring funds go to the intended recipient and end up in the right place. It also helps to protect against fraud and scams, such as Authorised Push Payment fraud.
The service works for payments being made to and from GBP accounts held at any UK bank.
This is part of the Confirmation of Payee (CoP) process, designed to help you verify that you are sending funds to the correct person or business. It helps prevent misdirected payments and reduces the risk of fraud.
When setting up a new payment, CoP allows you to verify the recipient’s name, sort code, and account number before making the payment. If relevant, it can also check secondary reference information, like a building society roll number, the type of account and payment references, ensuring they match the details held for the payee.
Below are the types of messages you could see while using Confirmation of Payee checks:
Account name doesn't match
Account number not found
Account switched
Account not verified
Not a business account
Business account
Name not an exact match
Payment reference required
The account name you entered doesn't align with the registered name of the account. This discrepancy can be a red flag for fraudulent activity, and it may mean that your payment may not be going to your intended recipient. It’s important to verify the recipient’s details before you proceed with the payment.
What should I do if the account name doesn’t match?
Double-check the account name with the recipient. Remember that emails may be intercepted and bank details changed. Confirm that the details are accurate in person or over the phone before proceeding.
We couldn't locate an account with the details you provided, at the intended recipient’s bank. This could be human error in providing the details, or you may have intentionally been given the wrong information as part of a scam. It’s important that you verify the recipient’s details before you proceed with the payment.
What should I do if the account number can't be found?
You will need to verify the information with the recipient. Remember that emails may be intercepted and bank details changed. Confirm the details are accurate in person or over the phone.
The recipient's account may have been moved to another bank, and we couldn't verify the new details. This could be human error and not providing you with updated details, but it can sometimes also be a red flag for fraud.
What should I do if I receive this message?
Reconfirm the recipient's details with them directly (in person or over the phone) and be cautious of any inconsistencies before continuing with the payment. Remember that emails may be intercepted, and bank details changed.
We were unable to verify the recipient's account with their bank. This could be a warning sign of fraud as fraudsters may intentionally use accounts that can’t be verified to trick victims into sending a payment. It’s important to proceed with caution.
How can I proceed if the account isn't verified?
Reconfirm the recipient's details with them directly (in person or over the phone) and be cautious of any inconsistencies before continuing with the payment. Remember that emails may be intercepted, and bank details changed.
The account details you've entered are for a personal account, not a business one. If you were expecting to send funds to a business this mismatch may suggest a potential scam.
What should I do if I receive this alert?
Reconfirm the recipient's details with them directly (in person or over the phone) and be cautious of any inconsistencies before continuing with the payment. Remember that emails may be intercepted and bank details changed.
The account entered is a business account, not a personal one. This could be a red flag if you’re not paying for a business service.
How should I respond to this message?
Reconfirm the recipient's details with them directly (in person or over the phone) and be cautious of any inconsistencies before continuing with the payment. Remember that emails may be intercepted, and bank details changed.
The name you've entered doesn't exactly match the name registered with the account. Even slight discrepancies can be a red flag for potential fraud as fraudsters may set up an account with a similar name to a legitimate account to trick people into making payments.
What should I do if the name doesn't match exactly?
Double-check the recipient’s name and account details and verify this information with them verbally, either over the phone or in person. Ensure everything matches before continuing with the payment. Remember that emails may be intercepted, and bank details changed.
Some accounts require a payment reference for the transaction. However, fraudsters can use this to complicate the payment process as it means that it is not clear who, or where, a payment is actually being sent to.
How should I handle a payment that requires a reference?
Verify with the recipient if the reference is necessary and verify all details verbally, either in person or over the phone, before proceeding with the payment. Remember that emails may be intercepted, and bank details changed.
CoP is available for most UK bank accounts, including personal and business accounts. However, some banks and financial institutions may not yet support CoP, in which case you’ll receive a response stating that CoP is unavailable for that account.
You will be notified if the recipient’s bank does not support CoP. You can still proceed with the payment, but we recommend verifying the details with the payee directly to minimise the risk of error.
We recommend that these details are verified verbally with the beneficiary, either over the telephone or in person, as emails can be intercepted and bank details changed.
CoP checks are generally required when setting up new payees. However, in some cases, your bank may request additional confirmation for security reasons, such as changes in payee details or after a long period of inactivity.
For any further questions or issues related to CoP, please contact our team on 0800 612 9625 or +44 (0) 1736 335 250 or by emailing [email protected].
Yes, your data is secure while using Confirmation of Payee checks. We use an ISO-certified company that complies with ISO 27001:2022 standards, ensuring that all information is protected according to internationally recognised data security practices. This certification covers the safe handling, storage, and processing of your data, minimising the risk of unauthorised access or breaches.
For a downloadable PDF of our Xero bank integration FAQs please click here.