TorFX review

Founded in 2004 and based in Cornwall, UK, TorFX is a specialist currency broker. TorFX is authorised and regulated by FCA, ASIC, FINTRAC, which means customer money is safeguarded separately from company funds. It currently holds a Trustpilot score of 4.9 out of 5 from roughly 10,187 reviews, which we rate excellent.

On fees, TorFX charges nothing upfront on the majority of corridors (no transfer fees), but the bigger cost is usually the exchange-rate markup of 0.3% - 1.5% above mid-market, which is built into the rate rather than shown as a line item. The minimum transfer is $100, with no fixed upper limit on most corridors. In our own rate collection, across the 19 corridors we track for TorFX, its exchange rate has averaged 0.64% from the mid-market rate.

Delivery speed is quoted at 1-3 business days, and the service reaches 60+ countries across 30+ currencies. You can fund a transfer by Bank Transfer, with money delivered via Bank Deposit. The mix of funding and payout options is a good guide to which corridors TorFX handles best.

On the plus side: dedicated account managers, no transfer fees and competitive rates for large sums. That makes it a sensible choice for larger, planned transfers such as property purchases, tuition or business payments. Worth keeping in mind: higher minimum transfer amount and no card payments.