TorFX money transfer in the UK: a review of features, fees, and more

Gert Svaiko

Need to send money abroad? There are a few different ways to do it, including using your bank or a specialist transfer service. There are a number of these companies out there, including TorFX.

TorFX is an established money transfer company based in the UK, which supports multiple currencies and countries. It allows you to set up transfers online, and send in just a few clicks. But is it the right option for you?

Read on, as we’ve put together a handy TorFX review covering everything you need to know. This includes fees, features, exchange rates, security and how to set up your first transfer. Plus, some info on transfer times, limits, customer service and more.

If you’re looking to compare different money transfer providers, consider looking into Wise’s international money transfer. You can send money worldwide for low, transparent fees and the mid-market exchange rate. This could save you a bundle compared to banks and some other providers.


Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

Key facts about TorFX money transfer

💰 Supported currencies:40+
💸 Transfer fee:£0
💱 Exchange rate:includes a mark-up
⏱️ Transfer time:1-2 working days
🚦 Online transfer limit:£25,000 per transfer
📅 Service availability:24/7

What is TorFX money transfer?

TorFX offers a fast, secure and convenient way to make international transfers and exchange currency online.

You’ll need to sign up for an account, but this should be pretty straightforward. Once you’ve signed up, you’ll be assigned your own dedicated Account Manager.

If you’re transferring under £25,000, you’ll be able to use the online TorFX service to set up your payment. This is available 24/7, so you can send a transfer at any time. For larger payments, you’ll need to call your Account Manager to arrange the details of your transfer.¹

TorFX also has a convenient mobile app, where you can check live exchange rates, arrange transfers and track payments on the go.

What currencies TorFX supports?

TorFX supports more than 40 global currencies.¹ It doesn’t list them on its website, but you can expect the supported currencies to include most of the major ones you’d expect. For example, USD, EUR, GBP, CAD and AUD.

How to transfer money with TorFX from the UK?

Once you’ve registered for your account, here’s how to make your first transfer:³

  1. Login to your TorFX account online or on the mobile app
  2. Enter the details of your transfer, including the amount, currency and recipient details
  3. Check the latest exchange rates and review the fees (if any) for your transfer
  4. Confirm the details and pay for your transfer.

Your transfer should arrive the same day, or up to two working days for more far-flung destinations. However, transfer times can vary depending on where you’re sending from and to.¹

Are there any transfer limits with TorFX?

If you need to make several payments in a short time period, or send a very large payment, you’ll need to know about TorFX transfer limits.

The good news is that there isn’t a maximum transfer limit with TorFX. So technically, this means you can send as much as you like.

However, there are a few restrictions on the amount you can send at once, using different transfer methods. For example:¹

  • Using TorFX online - you can transfer between £100 and £25,000 at once. For larger amounts, you’ll need to contact your Account Manager to arrange the transfer.
  • Using the Regular Overseas Payments service - you can transfer between £500 and £10,000 at once.

Is it safe to transfer money with TorFX?

Security will always be a concern when choosing an international money transfer service. You’ll be happy to know that TorFX offers a number of safety and anti-fraud measures to protect you and your money.

This includes TLS encryption, two-factor authentication and a system known as safeguarding. This is where your money is kept separated and protected from all the other funds the business holds. So in the event that TorFX becomes insolvent, or if one of the banks it works with goes under, you won’t lose out.³

TorFX is also regulated by the Financial Conduct Authority (FCA) in the UK.³

TorFX money transfer fees and rates review

Now, how much do TorFX money transfers cost? There are a handful of costs you need to weigh up before choosing a provider. This includes the upfront transfer fee (along with any additional fees) and the exchange rate.

The exchange rate can make much more difference to the overall cost of the transfer than you might think.

If you need to send money abroad, also consider checking out Wise’s international money transfer. Wise only ever uses the mid-market exchange rate without adding any markup on it, and all the fees are low and transparent. This means no hidden fees or nasty surprises, and you’ll see exactly what you’ll pay upfront.

Learn more about Wise

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

TorFX transfer fees

TorFX doesn’t charge any upfront transfer fees¹, or any other fees for that matter.

However, it is possible that receiving or correspondent banks may charge their own fees as your payment makes its way to the recipient. TorFX isn’t responsible for these fees, but you’ll still have to pay them.

But this doesn’t mean that international transfers with TorFX are free. There’s also the exchange rate to consider, and this is a very important thing to check out.

TorFX exchange rate

TorFX doesn’t have any transfer fees, but there is a kind of fee built into the exchange rates it offers.

The provider adds a margin or mark-up to the mid-market exchange rate. Also known as the interbank rate, this is the rate you’ll find on Google or reputable currency sites. This mark-up is how companies like TorFX make their money.¹

Despite this, TorFX claims its rates are competitive, and that the margin it adds is less than banks.

TorFX vs Wise (formerly Wise)

It’s up to you which provider you use for your transfer, but there are a couple of ways that Wise has the edge over TorFX.

The main advantage is that Wise doesn’t add a margin to the mid-market exchange rate. So even with a small upfront transfer fee included, your transfer could be cheaper with Wise than with TorFX.

Wise also has support for more currencies, and has a multi-currency account and an international debit card available.

Both providers use sophisticated security measures to protect your money, and offer fast, convenient transfers you can set up online.

Sign up with Wise

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

How to contact TorFX?

Need help from customer services? The TorFX contact number is +44 (0) 1736 335250.⁴ You can also email or visit this contact page on the TorFX website to send a message.

And that’s it - our at-a-glance TorFX review of features, fees and more. You should now have all the info you need to decide whether TorFX is right for your needs, and to compare it to other international money transfer providers.

Sources used:

  1. TorFX - Faqs
  2. The Currency Shop - How to transfer money overseas using TorFX
  3. - TorFX
  4. TorFX - Contact us

Sources last checked on date: 08-Mar-2023

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

Money for here, there and everywhere

Find out more

Tips, news and updates for your location