Personalised service that excelsI was searching on the internet for another foreign exchange company recommended by a friend when I came across TorFx so I contacted both. Someone from TorFx rang me immediately and I was advised I would have my own assigned account manager. The individualised service is one of the best and most notable points of difference between the companies. TorFx made my money transfers quick and easy at a very competitive exchange rate. It was SO MUCH cheaper and faster than my experience of going through my bank. I would never do it through a bank again and have passed that advice on to others. I highly recommend TorFx.
ExcellentI have used them for years and never an issue. Rates are better than banks and just as quick. Professional and Monique my service manager is a pleasure to deal with. The app is very useful for tracking funds. Only issue i had was a UK's banks problem but Torfx dealt with it without a drama.
Disappointedby their own modus operandi "i don't have to disclose any reason" other than to say i will never use TorFx again
Been using for years. Never failedI have been using these guys on and off for years, and they have nevere failed to deliver.
They will ask for ID, and I suspect this is legislative. I did that, and great for year on end now.
Disappointing experience with TorFXMy review is from my dealings with TorFX in 2018/2019.
I had the option of choosing from a range of FX vendors but settled on TorFX as I was assigned an account manager and thought I'd get a lot more care, advice and assistance in obtaining the best possible rates.
Not much advice or care once I transferred money through - when seeking guidance around what sell rates to set the conversation was vague and the account manager insinuated that I need to set the rate.
Watch out with their clause about no fees. There are fees that they say are abs... Read moreorbed but those fees are attributed to their own bank account. Nothing whatsoever to do with me or my transaction, it's completely TorFX's responsibility. If I transfer $200K as far as I'm concerned TorFX will get $200K. Any fees that are incurred is between TorFX and their bank. I did incur fees when transferring funds from my bank overseas though which I settled and had confirmation in an email from my TorFX account manager that this would be reimbursed. TorFX were pretty quick to decline my request for reimbursement citing that they had paid the fees imposed by their bank. I did point out that the fees were incurred by their bank on their account - nothing to do with me. They opted to send me an Eftpos card to cover the fees... no sign of the Eftpos card as yet... which is fine as they aren't getting any more of my business. Some other very disappointing aspects with TorFX was that I had to chase them to get the best rate. In fact I got so fed up with how much of a gap there is between TorFX's rate and I ended up transferring $100k through Transferwise. Yes I incurred a fee but it was insignificant in terms of the rate (0.971) I got versus the time I spent waiting for TorFX's rate to reach my set sell rate (0.95). 2 days versus nearly 8 weeks. Transferred close to $800K in a matter of weeks with Transferwise at an exceptional rate with some insignificant fees I was happy to wear. The rate alerts that you can set - it's completely pointless as the rate alert shows the indicative rate at the time. In a nutshell it means you have no idea what TorFX's rates are and when comparing the rate of TorFX to other FX vendors they are considerably lower. In most case when your rate has been met and you get an alert it's just an indication and well your funds will not be sold at the rate you had set as it was just an indication. I ended up selling some of our other properties a few years later and needless to say.. we didn't use TorFX...
Great service friendly staffTorfx are a great company to deal with they do the same transfer as a bank but at better price and no fees. This does take a little longer to process but the security they follow was exceptional and happy to give them any information they asked for. highly recommend them.
Complete Disaster!Please note that this is not a suitable way to transfer for a business. I was only saving $130 compared to using my bank, and to be honest, if I could pay someone $130 to fix this mess now I would. My money is stuck with the intermediate bank and Torfx cannot do anything to return my money or guarantee I will receive the exact funds back if they are unsuccessful with transferring.
In my personal opinion it's not worth the headache using Torfx to save a few bucks. The difference between my banks fees and Torfx's are negligible. I only have myse... Read morelf to blame for thinking I should save a few bucks and use Torfx. Now I'm a few thousand out of pocket because they are holding my money and I am now likely to miss an expo for my new product launch as my products can't be shipped without payment first.
Delay tacticsNegative: Delay tactics once the funds are in their account. That's when all the questions start. Day one: "Can you send us a copy of the recipients I.D." The following day: "What is your relationship with the recipient" (Why this is their business I have no Idea) The following day: "Can you confirm your current address" The following day: Can you send us a copy of your utility bill, e.d. power bill" After 5 days I told them that I am getting pissed off with their delay tactics, and the response was that they need to "confirm the details". Wh... Read moreat details, they've got everything they need to know?? And suddenly it could all be done the same day after I complained. But now the exchange rate has changed to my disadvantage and I lost p.12.000 (AU$.323.00) With the Banks now offering decent interest on deposits it becomes lucrative to hold on to YOUR and MY funds. Hence the delay tactics. For me, no more TorFX, I am back to WISE. No questions asked and instant transfers.
Disappointing in every pointFirst point: Each step of the way in order to be able to transfer money is made to collect as much personal information on you. They call you, subtilely asking for a lot of private information on top of the ID and proof of address send by email earlier, and if you refuse, the friendly tone directly changes. Their excuse is that they need every piece of information on you for “lawful reasons”, when all other lawful platforms don’t require any personal information.
Second point: They advertise a very interesting exchange rate on the phone and a... Read more range of how their rate varies throughout the day, but once every piece of information are given to open the account, you can quickly notice the rate is far away from the lowest range they advertised. Even after following all their instructions to access a better rate, I was loosing hundreds of dollars by processing the exchange with them instead of using different concurrent platforms. Lisa from TorFX ended up threatening me to close my account on the phone, after I refused to give them another set of unnecessary personal information. Conclusion: I do not recommend them at all.
Worst customer serviceDo not use this company, they get hold of all your information. They do not provide any insight into who this information stored and protected.
They simply do not reply to your email and phone calls if you ask any question in this regard. While they want hell lot of information from you on pretext of compliance. They do not want to answer your genuine questions around your identity protection.
outstanding servicesimple, easy to use, patient and helpful staff. 10x better than a bank.
Fast and Efficient Currency ExchangeI needed to do a international money transfer recently , checked out the bank,
fees turned out to be on the ( high side ) I had Heard of TORFX before, so I give them a call, best call I ever made , got a far better rate, and within a few days my transfer was done. thanks to TORFX for a job well done, will definitely use them again. Mary Breslin
Excellent serviceThoroughly recommend TorFx. Extremely professional, excellent communication, user friendly system, competitive rates and fast transfer.
EfficiencyMy latest transfer was urgent and complex. Torfx staff enabled it to be accomplished smoothly and speedily. They offered helpful assistance at every stage of the process.
Thank you TorFXI was really worried to use someone other than my bank who I have used for 20+ years, TorFX beat my banks rates every time saving me money - thank you
Questions & Answers
When sending funds overseas can as a customers view the rates before sending is access through a porthole, and the rates being charged for transfer, regards
When you send foreign currency overseas you lock in the rates and pay for it before the funds are released. Once you have accepted the locked-in rate, it doesn't change.
As Matt said :) This company is awesome. No hassle at all and great rate.
Does TORFX transfer to Indonesia?
How long the transfer going to receive from Uk to Philippines? Because my husband send me last October 17 suppose to receive october 19 bit until now not yet.. waiting the money to my account.. what Im going to do pls advise Im start to worry.. is that normal to have a delay??
Hi, if you ask your husband to give us a call we'll be able to give him an update on the status of his transfer. Best wishes, TorFX
Contact info for TorFx
|8:00 am - 6:00 pm
|8:00 am - 6:00 pm
|8:00 am - 6:00 pm
|8:00 am - 6:00 pm
|8:00 am - 6:00 pm
|9:00 am - 1:00 pm
- ACN: 103142829
- ABN: 27103142829
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