TorFX Review: Is it legit, safe and trustworthy for UAE citizens and residents?
When it comes to business costs and exchange rates, TorFX's methodology of
doing business is completely unlike anything else in the industry. The prices
are openly disclosed and far less expensive than those offered by banks. TorFX
does not impose any transfer fees, as we do not charge any set costs. Rates of
Exchange The majority of the firm's revenue comes from the disparity that exists
between the rates offered by the company to its clients and the rates offered by
the interbank market. TorFX levies fees ranging from 1.91 percent for bigger
payments to 2.71 percent for minor transfers of about one thousand dollars.
Visit TorFX Website.
TorFX does not have any additional costs that are concealed from you. You only need to be concerned about the costs that are levied by the banks that are doing the sending and receiving. Use TorFX contracted banks in both the host country and the destination country to keep these costs to a minimum.
TorFX currency transfer is a comfort for those who are sending money to different regions of the world when compared to banks, who charge anywhere from 3 percent to 7 percent, and PayPal, which costs anywhere from 6 percent to 8 percent. Continue reading to obtain further information around TorFX reviews.
Tweets by TorFX TorFX offers sixty different currencies, both exotic and ordinary, and allows you to send money to more than one hundred and ten different countries. There is no variation in the quality of service provided from one location or nation to another, with the exception of the product differential between personal and business use. Because the TorFX website is only available in English, navigating it is simple for consumers who understand English. However, because the site is not available in any other languages, it may be difficult for customers who do not speak English to interact with the site.
Businesses as well as individuals who want to send money to their family and friends located in other countries are TorFX's ideal clientele for their currency transfer services. Because they have segmented their customers in this way, they have been able to develop products that are tailored to the specific requirements of individual customers, such as buying property in another country, migrating to a new country, making regular payments, and sending money back to their home country. When it comes to business, they provide goods like as multi-currency accounts that assist company owners in increasing their productivity and lowering their costs. This is especially helpful when making purchases overseas or paying independent contractors or staff in a foreign country. In this review of TorFX, let's take a look at the benefits and drawbacks of using their service.
TorFX will not charge you any transfer fees, no matter how much money you give them. This policy applies to all monetary amounts.
Personalized services: TorFX caters to both individual clients and companies with individualized offers that meet the specific requirements of each customer type.
Multi-Currency Support: TorFX enables you to send money from the country in which you are currently residing to the country to which it is to be sent without causing you to lose money due to the process of converting one currency to another. Support is provided for over 60 different currencies, both rare and commonly traded.
TorFX is aware of the difficulties that individuals and organizations have when it comes to transferring money. As a result, the company offers flexible transfer options. The service provider makes available several transfer alternatives, such as spot contracts for immediate transfers, forward contracts for future transfers, and market orders for targeted rates, with the intention of making the procedure somewhat more manageable.
Customer Service: From Monday through Saturday, you may send an email or give TorFX a call to get in touch with the company's customer support team.
When dealing with the myriad of problems that might arise in the course of money transfers, the crew is well-informed and ready to offer assistance at any time.
Higher Thresholds: A consumer who wants to send their loved ones a little amount of money or a gift might be prevented from doing so if the minimum is set at $200.
Payment Options for Transfers Are Limited If you want to pay for your TorFX transfer, your only option is to use a bank transfer, and the account must be in your name for the money to go through; otherwise, the payment will be denied.
When transferring quantities of less than $2,000, the exchange rates can be highly unfavorable, which can make smaller transactions rather expensive.
TorFX transfers are developed to accommodate the requirements of their ideal customer. The recipient's bank account is the destination for any transfers that are made. The following is a list of the many kinds of currency transfers that may be completed using TorFX, as outlined in the TorFX review.
Spot Contracts - If you need to make urgent transfers, you may count on TorFX to get a competitive spot rate for you. This accounts for more than 60 different currencies.
Customers who want to make a transfer in the future but don't want to expose their money to erratic exchange rate fluctuations have the option of securing a rate on TorFX today that will remain in effect for the next two years. This option is known as a forward contract.
Transfers of this kind are known as market orders, and they are aimed at a particular currency pair's exchange rate. You could use a limit order to target an exchange rate that is higher than the current rate, or you could use a stop-loss order to manage the risk of the exchange rate going lower.
Transfers Available Around the Clock: If you have a TorFX Online account, you may make transfers at any hour of the day or night.
Using the TorFX app, you are able to do all of these transactions while you are on the move.
After you have established the transfer account, the completion of your TorFX transfer may take anywhere from one to three business days. This is something that is determined by the country from which the transfer is being made and the country to which it is being sent, as well as the currencies involved, the time of the transfer, verifications, and security checks.
When exotic currencies are involved in the transaction, it may take as long as four days for the money to be deposited into the account of the beneficiary.
Even on less used remittance channels, TorFX is able to complete transactions more quickly than banks. It also compares favorably to other leading providers of money transfer services such as WordRemit, Xoom, WorldFirst, OFX, and Wise, earning high marks in each category.
TorFX, in contrast to other money transfer providers, offers only one method for paying for your transfer, and that method is through your bank. If you want the payment for the transfer to be processed, the bank account that you use to make the payment must be in your name.
This restriction on payment methods, and more specifically the usage of bank transfers, is a large part of the reason why it takes TorFX a little bit longer to process your transfer than it would otherwise.
This TorFX review will provide you with a wealth of information on the many ways in which the firm may be useful to you, whether you run a company or simply want to transfer money to your loved ones.
Business Through the following channels, TorFX is able to improve your relationships with business partners and service providers, as well as make your international company operations more efficient:
Business Funding TorFX provides you with access to an extensive range of funding options by way of the alternative company finance portal Funder Finder. These options are selected in accordance with your specific requirements. You will find backers for items such as invoice financing, cash flow loans, export financing, and several more specialized forms of funding:
TorFX provides a number of services, including but not limited to the following: a free analysis of your methods for making international payments; process simplification and risk management; the building of unique international payment plans.
You are able to schedule your payments to your suppliers and contractors by locking in the exchange rate through the use of advance contracts. This helps to reduce the amount of rate volatility.
When it comes to investing in assets or transferring money to your loved ones, TorFX provides you with individualized services that go above and beyond the norm of what is offered by traditional money transfer providers.
When sending large sums, $10,000 and beyond, TorFX currency transfer offers you reasonable transfer rates as well as the best currency transfer choices.
TorFX will make sure that your money is sent at the optimal moment, via the optimal transfer option, and at a favorable exchange rate, regardless of whether you are leaving the nation you were born and raised in for vacation, job, or even retirement. By doing so, you may avoid the hassles and potential financial losses associated with moving from one currency to another.
Sending Money Home Whether you are repatriating your foreign income or moving your pension back to your home country, you need a solution that ensures your money moves safely at the best rates and in a timely manner. If you are sending money home, you may be repatriating your foreign income or moving your pension back to your home country. During your trip, TorFX will always have your back.
Sending Recurring Payments - Whether you are sending school fees, mortgage payments, or receiving pension instalments from abroad, TorFX gives you a transfer fee solution for recurring payments that costs $0, saving you hundreds of dollars that you would have otherwise paid through banks. This solution is available for sending school fees, mortgage payments, or receiving pension instalments from abroad.
TorFX is a member of the Association of UK Payment Institutions and has been granted permission to operate as an Electronic Money Institution in accordance with the provisions of the Electronic Money Regulations 2011 (EMRs) (AUKPI). In addition to this, the company is a regulated corporation in the United Kingdom under the Financial Conduct Authority (FCA). The Australian Securities and Investments Commission oversees foreign exchange companies like TorFX in the Australian market (ASIC).
In order to comply with the legislation, it is necessary to guarantee that customer accounts are protected and managed in a manner that is distinct from that of corporate accounts. At TorFX, Barclays Bank Plc acts as the custodian for each and every customer account. Price Waterhouse Coopers performs auditing services on the company's financial statements.
TorFX is an established industry leader that has earned the confidence of more than 50,000 private customers and more than 5,000 corporate customers, assisting them in transferring their assets and making international payments totaling more than 6 million pounds annually.
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TorFX has extended its operations by creating regional offices in continental Europe, the United States of America, South Africa, and Australia in addition to its offices in the United Kingdom. This has allowed the company to increase its regional footprint. This geographical distribution, together with its staff of more than 450 professional people, enables the company to service the rest of the world (110 countries) by providing transfer choices of the highest caliber. Because of all of these factors, transferring money overseas will allow you to save money on fees; for instance, sending money from the United States to Australia will be far more cost-effective than using a conventional bank account.
TorFX protects the data of its customers when they are interacting with its website on the internet by using TLS encryption. There is evidence that the website is safe in the form of a green padlock that is located to the left of the TorFX URL. Two-factor authentication is one of the other security measures that have been put into place, and it is used to check the data of customers before allowing them to access particular services or make changes to their account information.
A level 1 rating can be found for TorFX on the website of the credit rating firm Dun & Bradstreet. This indicates that the company is trustworthy and that there is a low amount of risk involved. The majority of the information about the firm can be found on its website, which also features a section titled "Frequently Asked Questions" (FAQ), which provides responses to the majority of the inquiries that consumers have.
When it comes to evaluations of TorFX on Trustpilot and other social media platforms, customers commend the firm for its effectiveness, constancy in providing great service, and provision of cost-effective options for the transfer of money. The fact that TorFX does not impose any transfer fees has emerged as a big talking point across the many internet assessments of the company.
At the time of publishing, there were a total of 3,130 Trustpilot TorFX reviews; 87 percent of these reviews were rated as "Excellent," and 8 percent of these reviews were rated as "Great."
Transfers at Reasonable Prices - The majority of customers have reported that TorFX is a money-saving solution because there are no transfer fees.
Professional Customer Support The customer support staff at TorFX always treats customers with respect and strives to provide them with relevant solutions depending on the questions they pose.
Customized Solutions TorFX is more than simply a money transfer service since it offers customized solutions that are catered to the specific needs of its customers, be they individuals or organizations.
In the reviews of TorFX, the two percent of customers who rated the company as bad and the one percent of customers who rated TorFX as poor cited the extensive document verification process as well as the fees charged by sending and receiving banks as reasons why they would not use the platform to transfer money.
A personal finance data source known as Moneyfacts Group has honored TorFX as the "International Money Transfer Provider of the Year" every year from 2016 through 2019. This award is given annually. In addition, TorFX has been recognized as having the Best Customer Service for two years running, putting it ahead of 100 other firms that are categorized in 26 different ways.
The technology that TorFX uses to facilitate money transfers has been modernized to make it easier for consumers to make international payments and send money to their family. The steps necessary to get started are outlined in an easy-to-understand manner below.
What are the Steps in Sending Money Using TorFX? Begin by registering for the event. You may establish an account with TorFX in one of two ways: either by receiving a free quotation or by opening an account through the website itself. When you obtain a quotation from TorFX, you are connected with a personal account manager who walks you through the process and assists you by asking you a few questions along the way.
When you sign up for an online account, on the other hand, you will go through a four-step procedure that will ultimately result in you receiving a user name and a password. You have the option of doing this either online or over the phone.
Step 2:Setting up your transfer. In this section, you will need to provide the specifics of the destination to which you wish to transfer the money and then double check that the information provided is accurate.
Pay for your transfer in the third step. A bank transfer made from an account that is under your name is the only method of payment that may be accepted.
Track your transfer as it makes its way to the receiver in the fourth step.
A direct bank deposit into the recipient's account is available as a method of payout while using TorFX. It is possible that you may be questioned by bank authorities in order to verify that the money you are trying to deposit does not come from the profits of a crime or is being laundered. This will depend on the amount as well as the jurisdiction.
A mobile application for TorFX is offered as a free download on Google Play for devices operating on the Android platform and on the App Store for devices operating on the iOS platform. Through the use of their mobile application, you will have round-the-clock access to the management of your currency transactions and guaranteed exchange rates. Additional app-based services include the following:
Monitoring the progress of your transfer
Modifying the information included in an account
Setting rate alerts
Keeping an eye on the fluctuations of the exchange rate
The TorFX app on Google Play has a combined rating of 4.3 out of 5 stars, according to the reviews of the app. The TorFRX Money Transfer App currently has a rating of 4.5 stars in the App Store.
Transfers can be canceled whenever it is most convenient for the customer by getting in contact with the support team. However, depending on the point that the transfers already in progress have reached, it may need some time before they may be recalled. In the case of transfers that have already been completed, the receiving financial institution will be given instructions to reverse the transaction from its end, provided that the monies have not already been withdrawn.
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.