Be careful to ensure rates quoted on email are those you get when it come time to trade
I found that I opened an account based on an email of a rate which I was never able to actually get when it came time to deal. They initially were much better than another provider, but after I opened an account were unable to provide a competitive rate. This may be, as they say, due to to volatility in the market, but since their position changed from much better to significantly worse than another provider, I am suspicious that they offer a rate to entice you to open an account, and then blame the market when they can not match this later. Also: beware that when you agree a transfer with them on the phone that this is apparently legally binding prior to any transfer of funds actually being made - this was not clear to me from my conversation with them, but they insisted that I was legally bound by this and insisted a make the transfer with the bad rate I had unfortunately agreed with them.
I never write customer reviews. However after working with TorFx and specifically with Jack, I have to say this has been the best customer experience I have ever had. Jack always provided, quick polite and correct answers. TorFx was extremely accomidating. I could not recomend any other company more highly.
J and L
Fantastic Service and Huge Savings
Our friends referred us to Jack at TorFX after they had emigrated from the UK to Australia and sent their life-savings through TorFX.
Jack was a professional and made the whole process easy, which is exactly what we were after as we aren't tech savvy. We have recently completed our transfer and saved enough through TorFX that we can almost pay off our next holiday.
It was an absolute pleasure to deal with this company.
great money transfer company
I needed to transfer money from Australia to france to buy a property.i transferred money 6 times with TORFX and it worked perfectly everytime.i was given a contact at TORFX and dealt with him directly .Easy.no hassles.It save me $25000 by using TORFX and not my bank.Will work with them again.
Don't waste your time with TorFX
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 absorbed 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.
The last part of what sucked with TorFX was their app. You cant login.
In the process of selling some of our other properties and guess what... we won't be using TorFX...
First impression is the last impression
Keep changing exchange rates and try to give you lowest exchange rate as possible even when their website show you higher rate.try with other exchange rate companies for better rates.
Impose fees and the rate is difficult to negotiate
I recently used TORFX to transfer funds from the US.
Upon transferring funds to TORFX, I was given a conversion rate that was virtually the same as the bank. After significant negotiations over a number of days, which involved signing up to other services, I was given a exchange rate better than the bank.
I was charged a fee, which TORFX said was incurred by the sending bank. The Bank I sent the money from provided a receipt and indicated that the fee was imposed by TORFX. I subsequently used worldfirst to transfer another lot of funds, there was no fee imposed on that transfer, which makes me assume TORFX do infact impose transactional fees.
On the positive side, the TORFX account manager was friendly and dealt with my frustration in a professional manner. During the negotiations to receive a better rate, the currency moved in my favour. Which luckily offset the unexpected fees.
Ideal if you're sending large amounts
Torfx from start to finish on my first transaction was easy and smooth. From opening account to performing an exchange, it was easier than my bank!
Great service, will use again!
I needed to transfer USD to NZD to close on a house, and TorFx was great to work with and I received my money promptly. I will use them again in the future!
Very helpful and easy
I had never transferred money this way before. It is so much easier than the banks and the banks charge a lot for the fees. As I had never done this before my account manager Edward Zieger was fantastic and went through everything with me over the phone while I done the transfer. Now thanks to Edward the money will go through within a couple of days. I will highly recommend TorFX to other people.
Stick with XE trade
Never again wanted all my privacy and ban statements here and overseas been noting but hell he has taken me nearly 7 days to transfer money never again.
Stay well away
Never again kept looking for information on where the funds came from supplied them with info and in the wind up the even gave them 6 months bank statements. My accountant information still wanted more so just to advise you that i
never again will do do business with this company.
Very supportive and good exchange rate
Recently dealt with TorFx to receive an inheritance from the UK. The exchange rate they offered meant an extra $2300 for me compared to major bank rates. On top of that my account manager, Sara, was extremely helpful through the whole process. Advising me on the best way to proceed when I was sent a GBP cheque instead of direct deposit and offering for TorFx to get in contact with the UK solicitors if required. I was impressed they went to so much effort for someone who was most likely processing just a one-off transaction.
Timely and efficient advice
Easy to underestand and well explained process
Access to account manager with no problems
The personalised attention given to the customer by dedicated Account Managers is exemplary.
This is the ONLY way to remit funds overseas. Forget the banks' online platforms with terrible exchange rates, this is far superior. A tiny bit slower to receive funds o/seas, but plan your remittance timing and you can save hundreds of dollars in the vastly better exchange rates. My own account manager (Danielle) is only a call away. She listens to my personal circumstances and makes helpful suggestions and guidance.
Service above and beyond the call
Quite simply put I don't know if I could have put this project together without the help and guidance of Danielle Rolfe. She has been a shining light and a guiding hand throughout this whole process and I continue to seek her assistance and insight. This Lady works though issues and solves problems in a reassuring and confidant manner that I will not forget.. She has my Kindest Regards always.
An incredibly professional experience
I have transacted several exchanges using TorFX and I have found them to be incredibly responsive and professional. Edward Zieger was my assigned representative and he was excellent. Communications were timely and effective and he was a pleasure to deal with. The rates achieved well exceeded comparable bank rates. After every exchange there were near instantaneous emails confirming the transaction details. Definitely 5 stars.
Katy was amazing
I had an account manager who cared who was insightful and put me at ease for my first international transfer. I have already recommended her again to my clients
Jeanette and Steve
First rate service
We highly recommend the team and service, they were very well informed, trustworthy and efficient. This helped build our confidence in the process and led to a very satisfactory outcome for us.
Absolutely brilliant service!
I can highly recommend Torfx and the service they offer. My account manager Katy Lord was absolutely fantastic. She answered all my questions and called me back immediately if it was needed. It was great to be able to speak to someone to walk me through the steps and make sure I knew exactly what to do. Thank you.
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