Very pleasant agent but way too slow on the transfer. This was not made clear to me. They put a working day buffer in (really?! XE does not do that) which they further administratively cocked up - pushing me to the wire on settling on a house purchase.
TorFX promotes the fact that it watches the market 24/7 but this did not benefit my partner. She could have done just as well herself for the large amount she transferred.
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 ac...count. 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.
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 w...
Customer service less than helpful
I found the customer service to be less than helpful. Once they get you signed up you have to keep chasing them with any queries you have as they won’t answer emails in a timely manner. This was frustrating because I had a limited time window to get my account up and running to transfer funds from Japan. As a new customer I did have a few questions as a lot of money was involved by our standards, but maybe for them only the really big fish get the best customer service.
I bought GBP just before Christmas to transfer urgently to London . It took 2 days to sort through some issues and then I was told they would be in recipient's account the next day . they did not arrive and when I called on 28/12, 1 week later, I was told the funds would leave immediately i.e. up till then they had not been sent . I then phoned, twice emailed asking for an explanation I heard nothing - very poor service . Would not recommend company
Beware rate quote
Torfx try it on with their rate quote over the phone; I found it to be significantly WORSE than the rate their own website quoted while I was on the phone to them. Even though the amount of money I was getting a quote on was substantially more than the 50k limit that you can do online. When challenged; the lady said 'oh let me refresh the rate'. Yes, nice try TorFX. I am calling you out on this; not impressed. It is clearly a technique they use.
Have several of these companies set up; and compare them online. Then ring them while looking at there live rates. Let's keep them on their toes.
Money went through but not at the promised rate.
All seemed great at the beginning but when it came to the wire, instead of the promised rate, there was two cents difference which meant an extra two thousand had to be paid.
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
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
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