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.
Terrible customer service, no communication, delays, multiple necessary steps and no progress
Attempted to join this service to perform a wire transfer AUS to US. Was offered an account manager who never answered the phone. Multiple phone calls from my end, different person each time, more documents required each time. No communication from TorFx on progress or requirements, just me chasing them up and being requested to send more and more information. Felt Like An Identity Theft Scam! Was requested to provide passport, drivers licence, medicare card, credit card statement, bank statement, rental agreement, rental receipt.. each time an extra bit of information was requested. Gave up in the end, signed up with a competitor and performed a wire transfer within 15 minutes.
Joke of a service
Fake reviews here! Pay attention to the 'one star reviews' only. Once they have your funds you will be taken to cleaners, emails ignored, pathetic rate etc
ACCC or Queensland Fair Trading would love to hear about your experience with these clowns.
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.
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...
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.
Some sort of nonsense!
I was trying to register my new account with Torfx. The lady get back to me to get some documents e.g. ID and bills to prove the address. I sent her water bills which issued by the agency to prove the address and my security bond issued by the government to prove my address, non of them were accepted! The lady replied they can't accept bills which is issued by the agency! They cant accept security bond issued by the government etc.... At the end we sent back and forth and took 1 week and half just to tried to get the account registered. Nonsense! Just to prove to the address! I gave up, I contacted to OFX and sent the same document to them, everything was fine and done on one day!
After dealing for several years without issue, am told to submit a bank statement to say the money is mine being transferred. No attempt at all to solve the problem. Never deal with them, try alternatives.
They took 6 days to tell me a US account, which i have previously transferred to with another broker, was "non-compliant".
Tor: Our compliance team has decided your account is non-compliant and we won't transfer the money
Me: Oh, can you explain to me why it is non-compliant
Tor: No the compliance team won't tell me
Me: Can you please ask the compliance team why?
Tor: I've spoken to them and i can't tell you.
Wow, you guys are so transparent and helpful.
Would have been 8k better off with my bank
I exchanged 200k. If I had used the banks I would have been 8k better off. Also money is paid into their account overseas with no apparent security confirming where and who has your money. Would not recommend forex at all. Stick with your bank.
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.
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
Get an answer from our members and TorFx representatives
ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.