TorFX review 2023: All that you need to know

Adam Rozsa

In this guide, we’ll run through everything you need to know about using TorFX. This includes fees, features, exchange rates, security and how easy it is to get started. Plus, some details of transfer times, limits, customer service and much more.

And of course, we’ll compare TorFX to other providers, such as Wise. With a Wise, Account you can send money worldwide for low fees¹ and the mid-market exchange rate.

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TorFX: An overview

So, what is TorFX, and how does it work? Launched in 2004, Tor Currency Exchange (TorFX) now processes a huge $8.9 billion a year in international payments and foreign exchanges².

The company is based in the UK, but has offices all over the world. This includes the US, Europe, Australia, Singapore and South Africa. It employs over 500 people worldwide².

Is TorFX a legitimate company?

TorFX is a legitimate, established company which has been trading for a number of years. In the UK, it’s authorised and regulated by the Financial Conduct Authority (FCA). It also holds a Level 1 rating from leading credit rating agency Dun & Bradstreet, which marks it out as minimum risk³.

It’s also useful to know what its current and previous customers think of TorFX. For this, online reviews from real-life customers can be useful. Over on, TorFX receives an ‘Excellent’ score of 4.9/5 from more than 6,000 reviews⁴.

Who owns TorFX?

TorFX is an independently owned company. Its current CEO is Jon Beddell, who is also one of the founding members of the business⁵.

How does TorFX work?

With TorFX, both personal and business customers can make overseas transfers and exchange currency. You’ll need to sign up for an account, but this should be pretty quick and straightforward. You can open your account online in just a few minutes, or call TorFX to complete the process.

Once you’ve signed up, you’ll be assigned your own dedicated Account Manager. If you’re transferring less than £25,000, you’ll be able to use the online TorFX service. This is available 24/7⁶. For larger payments, you’ll need to call your Account Manager to arrange the details of your transfer.

You’ll enter the details of your transfer, including the amount, currency and recipient details, and see the latest exchange rates. Then, all you need to do is confirm the details and send your transfer.

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

TorFX account features

TorFX offers the following features for personal customers:

  • Competitive live exchange rates
  • Buy currency and fix exchange rates in advance
  • Set rate alerts
  • 24/7 trading and transfers
  • Personal support from dedicated account managers
  • Regular market updates
  • Spot/forward contracts and market orders.

How many currencies does TorFX support?

TorFX supports more than 40 global currencies⁶, including most of the major ones you’d expect such as USD, EUR, GBP and AUD. This is a decent number, but it’s also worth noting that it’s just less than the 50 currencies competitors such as Wise offer.

Is TorFX secure?

When choosing an international money transfer service, it’s a good idea to check out the security features on offer. This is particularly important if you’re sending a large amount, or use transfer services regularly. After all, you could be sending large sums to the other side of the planet. So, you need to know that the service you’re using is secure, regulated and protected.

The good news is that TorFX offers a number of security features to keep you, your details and your money safe.

To start with, it uses a system known as safeguarding to keep your money separated and protected from all the other funds the business holds. This should help to protect you in the event that TorFX becomes insolvent, or if one of the banks it works with goes under⁷.

TorFX also uses TLS encryption to protect your data on its website, along with two-factor authentication when logging into your account⁷.

TorFX transfer limits

Need to send a lot of money at once, or make several payments in a short period? You’ll need to know about transfer limits.

TorFX doesn’t have a maximum transfer limit⁶, so in theory you can send as much as you like. However, there are some restrictions on how much you can send online in one go.

Here are the key transfer limits you need to know about⁶:

  • TorFX online - transfer between £100 and £25,000 - for higher amounts, you’ll need to contact your Account Manager to arrange the transfer.
  • Regular Overseas Payments service - transfer between £500 and £10,000.

How long do TorFX transfers take?

When sending money overseas, you’ll need it to arrive as quickly as possible.

Transfer times with TorFX can vary depending on the destination, receiving bank and currency. But the company says that many transfers arrive the same day, or up to two working days for more far-flung destinations⁶.

TorFX customer service

Have a question about your transfer, or need help if something goes wrong? It’s useful to know a little about TorFX’s customer service offer.

As we’ve mentioned, you’ll get your own dedicated Account Manager when signing up with TorFX. This person can help with most issues and questions. You can also email or call customer services if you can’t get hold of your Account Manager for any reason.

How much does TorFX cost?

Now, we come to the important part - how much does TorFX charge for international money transfers?

TorFX doesn’t charge any upfront transfer fees⁶, or any other fees for that matter. However, it is possible that receiving or correspondent banks may charge their own fees. Correspondent banks are any that are involved in the transfer along the way.

But this doesn’t mean that international transfers with TorFX are free. Let’s take a look at the exchange rates on offer, so you can work out the true cost of a transfer.

TorFX exchange rates

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

It adds a margin or mark-up to the mid-market rate (also known as the interbank rate), which is the one you’ll find on Google or currency sites like It’s known as one of the fairest rates you can get. This mark-up is how companies like TorFX make their money⁶.

While TorFX claims its rates are competitive, and that its mark-up is less than banks⁶, it’s not the mid-market rate. Even without a transfer fee, this mark-up could make your transfer more expensive.

After reading this guide, you should have all the info you need to decide whether TorFX is right for you. We’ve looked at fees, exchange rates, transfer times, limits, security and much more. And of course, some details on how TorFX compares to alternatives like Wise in key areas.

Just remember to check essentials like the exchange rate before sending your first transfer. It can make a big difference to the overall cost, so don’t get caught out.

Use Wise to save money on international transfers

If you want the mid-market rate without any mark-up added on top, use Wise for your international transfer instead.

Wise does have low, transparent fees¹, but you’ll always know exactly what you’re paying upfront. You don’t need to compare rates and calculate the hidden fee in the exchange rate. It’s all there in front of you before you hit ‘send’.

Wise is also fast, secure and convenient. Sign up for a Wise Account online, and you can send your first payment in just a few clicks. You can send to 170 countries in a choice of 50 currencies, and receive, convert and spend in multiple currencies too. There’s even a Wise app, so you can send and track payments on the move.

Get a Wise Account today

Is TorFX better than Wise?

The right option for you depends on your needs. Both Wise and TorFX offer convenient online transfers, robust security features and a convenient mobile app.

But there are a few areas where Wise edges ahead of services like TorFX:

  • Mid-market exchange rates, with no margin or ‘hidden’ fees
  • Transparent, low transfer fees¹
  • Send to 170 countries in 50 currencies
  • A full-featured multi-currency account - letting you send, receive, spend and convert currency all in one place
  • A Wise international debit card (for an additional one-time fee of just $9¹) for spending in the local currency worldwide.

See how much you can save with Wise:

Sources used for this article:

  1. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.
  2. TorFX - About us
  3. TorFX - Security
  4. TrustPilot - TorFX
  5. TorFX - About TorFX
  6. TorFX - FAQ
  7. - TorFX

Sources checked on 07-Feb-2023.

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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