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Currency Broker

TorFX Review: Rates, Fees & Safety

Last updated:
February 8, 2023

Facts & Figures

Established 2004
Headquarters Penzance, Cornwall
Offices UK
Regulation FCA
No. of customers 325000+
No. of currencies 59
Transfer fees None
Customer reviews 4.9/5, 4500+ reviews
Annual volume £7 billion
Minimum volume £100
Online app Yes
Mobile app Yes

About TorFX

Officially Tor Currency Exchange Ltd, TorFX were founded in 2004 out of the seaside town of Penzance, Cornwall.

They’re a leading money transfer company, focusing on providing the best possible service and experience for their clients.

You can book deals over the phone or via their online platform and mobile app. 

Being Cornwall-based allows TorFX to have significantly lower wages and overheads compared to their London competitors.

TorFX have won a number of awards over the last decade:

  • Best European Currency Broker, Overseas Living Magazine (2010, 2011)
  • Best Customer Service, MoneyFacts (2016, 2017)
  • Best Money Transfer Provider, MoneyFacts (2016-2021)

On top of their award cabinet, they also maintain a Level 1 Credit Rating with Dun & Bradstreet.

TorFX was acquired in 2011 by Azibo Group, an investment firm founded by Mayank Patel, who also founded Currencies Direct.

What Services Do They Offer?

Although 15 years old, TorFX still sticks to a basic offering:

  • Spot contracts
  • Forward contracts
  • Limit orders
  • Stop losses
  • Rate alerts
  • Market analysis
  • Online platform
  • Mobile app

You’d think after all this time they’d have a bit more tech on offer…

For example, Global Reach offers options contracts and risk management products, too.

Is TorFX Safe?

TorFX is authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Financial Services Register No. 900706).

The FCA is the same body that regulates the UK high-street banks.

Being regulated provides the highest level of protection and safety for customers.

You can’t just incorporate a company and get regulated, either. 

Companies must show that they can handle large amounts of money both safely and responsibly, giving consideration to the law and anti-money laundering regulations.

If you meet the criteria for reliability, protection and quality of service, you can apply to be authorised and regulated.

Being regulated by the FCA requires you to separate client money from company money.

These are accounts that are ‘ring-fenced and safeguarded’.

Basically, this means that TorFX can’t touch your money for any reason other than for what you instruct.

Your money can’t be used to pay creditors or tie up the business should they fold.

If TorFX goes into administration, the full amount of your funds is returned to you.

TorFX Rates, Fees & Costs

TorFX makes their money by offering a slightly worse rate to clients than what they buy the currency for themselves, and keeping the difference.

The difference between the two prices is what’s known as the ‘margin’, and is kept as profit.

This is largely how all brokers make their money.

TorFX displays their rates on their online platform and mobile app.

However, with larger transfers (£25k+) you’ll have to get a rate over the phone.

In exchange for quality service, TorFX are known to be a bit more expensive than their competition.

Below is a table displaying their average margin taken for volume:

Volume (£) Average Margin (%)
0 - 500 2
500 - 5k 1.8
5k - 20k 1.6
20k - 50k 1.4
50k - 200k 1.2
200k+ 1

Although their margins are slightly worse than the likes of Key Currency, they still beat the high-street banks by 3-5%.

TorFX does not charge any transfer costs, hidden fees or commissions. 

The amount you are given on the platform or by your account manager is the amount you’ll receive in your account.

TorFX Reviews

TorFX is heavily reviewed on Trustpilot, with over 4000 reviews and a 4.9/5 rating.

TorFX Trustpilot rating.
TorFX Trustpilot rating

Positive Reviews

89% of their reviews are 5 stars, with comments on great service and a “human touch” compared to the modern-day apps.

Specifically, clients mentioned great communication and making the process smooth, particularly for the people who aren’t tech-savvy.

Not much was mentioned on the rates, however.

Negative Reviews

Only 2% of their reviews are 1 star.

Clients mainly complained about the compliance department and their reluctance to open high-risk accounts or send suspicious payments.

Part of their FCA regulation means that TorFX have high standards of safety and anti-money laundering to adhere to.

This can come at a cost to the customer in the form of delayed payments or accounts requiring additional documentation.

This is necessary to ensure the reputation of the business and their banking partners remains intact.

There are a few mentions of a poor rate of exchange, however few and far between. 

Sometimes, clients' standards aren’t met and maybe they thought they could have gotten a better rate elsewhere. 

How Do Money Transfers Work?

Sending Money to TorFX

The only way to send money to TorFX is via a bank transfer.

If you want to use a debit card to pay, you might have to look at using Global Reach or OFX.

Bear in mind, using a card takes longer and is more expensive.

If you have or will sell a house in Spain, TorFX can’t accept Spanish bankers' drafts.

However, Key Currency and Currencies Direct can, which can save you thousands on your repatriation. 

Receiving Funds from TorFX

TorFX can send your money anywhere around the world, except ‘extremely high-risk’ countries.

These are including but aren’t limited to: Syria, Iran, North Korea and Somalia.

To send your funds, TorFX will use the standard payment methods pertaining to the currency and country. 

This includes ‘Faster Payments’ for GBP to UK accounts and ‘SEPA’ for EUR to European accounts. 

Payments in other currencies or to other countries are usually routed as a ‘Single ACH’ payment.

How Long Do Payments Take?

  • SEPA - 0 - 2 hours
  • Faster Payments - instant
  • Single ACH - 24 - 48 working hours, depending on currency and country

For the most part, you can expect same-day transfers with TorFX.

Do They Accept International Clients?

TorFX accepts clients globally, with a few exceptions. 

They might require documents to prove that you live where you say you live and are who you say you are.

A proof of address and identity will usually suffice.

You may struggle to open an account if you only have residence within a ‘high-risk’ country.

This is simply because their banking partners won’t allow it.

Due to regulatory laws and difficult logistics, TorFX is unable to accept clients in the U.S.A.

If you are based in the United States and don’t have a residence elsewhere, Currencies Direct may be able to assist you.

If you are unsure, you can always call through and ask to find out if you’re eligible for an account.

TorFX Online Platform & Mobile App

TorFX has developed both an online platform and a mobile app, free to use for their registered clients.

You can use the app to do the following:

  • Process and track transfers
  • Manage beneficiaries
  • Forward buys
  • Rate alerts and notifications
  • Market updates and analysis

You can download their app from the App Store or Google Play store.

TorFX mobile app.
TorFX mobile app


TorFX is a large, long-standing company with standard regulations and safety procedures.

They specialise in large-volume international repatriation, thus only requiring a basic product offering optimised for personal transfers.

If you’re looking for business FX, we’d recommend taking a look at Global Reach

TorFX’s clients love the level of service they provide, and how easy they make the process.

It’s what they’ve built their business on.

However, while they do beat the banks considerably, they aren’t known for their jaw-dropping rates.

If you’re looking to have your hand held with their top-notch service, TorFX is the broker for you.

If you're transferring less than £5k, check out our recommended Money Transfer Apps instead.

'Excellent' on Trustpilot
Mobile app
Bank-beating rates
100+ traders
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TorFX Pros & Cons


Rated 4.9 on Trustpilot based on 4000+ reviews
Online platform and mobile app available to registered clients
Bank-beating exchange rates on large transfers
Exemplary service - frequently mentioned within their 5 star reviews
More than 100 traders within the organisation


Not available to customers in the United States
Exchange rate can be uncompetitive with smaller amounts
No cash pick-ups - only bank transfers

Get a quote from TorFX

If you like the look of TorFX and think they’ll do a great job with your transfer, click the button below and get a quick quote.

Frequently Asked Questions

My bank offers currency transfers. Should I just use them instead of TorFX?
No. Most high-street banks offer the worst currency rates on the market, paired with poor service and large transfer fees. On top of that, you won't have an advisor there to help with timing your exchange. In short, using your bank isn't a good idea.
Can I trust all of the companies on TopMoneyCompare, including TorFX?
Yes. We want to make sure that you and your funds are as safe as possible. That's why we only write about and compare regulated companies. You can rest assured that any company listed on TopMoneyCompare is very safe.
Can I use TopMoneyCompare to send money?
No. We are simply here to compare the different options available for you, and give you the necessary advice to help you with your transfer and maximise your exchange. We are not a currency broker or payment provider.
What is an international money transfer?
An international money transfer is the movement of money from one country to another via a bank transfer. Usually, this requires a currency conversion. Our purpose is to help you find the cheapest way to transfer money internationally.

Compare the best prices for sending abroad

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Why Trust TopMoneyCompare?

Even in 2022, most banks are still majorly overcharging on international transfers.

They provide some of the worst exchange rates on the market, combined with hefty transfer fees.

Fortunately, there are lots of other options available for you to get a better deal.

You’ll need to know which option is going to save you the most money and provide the service you need.

Using TopMoneyCompare’s real-time comparison engine, you can do exactly that.

We launched in 2021 with the idea of helping people get the price and service they deserve when moving money abroad.

Fast-forward nearly 2 years, thousands of people now trust our guides and reviews.
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