Works well online, works great when there are issues
I’ve been using TorFX for the combination of FX rates and fees (or lack thereof). This has worked well even though I wished they’d had an app. The UI on mobile is, well, a bit rough around the edges.
Recently I had to resolve an issue and it was really easy to get hold of someone and she resolved the issue really efficiently.
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.
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.
Excellent customer service and good rates, one confusing flaw.
TorFX says they have joint accounts, turns out they don't. Their idea of a "joint account" is that two people can share the same login details i.e. share a single account. Doh. This was very confusing and wasted quite a bit of time in my scenario of coordinating a series of related transfers between two people in different countries.
Customer service was otherwise great (thanks Natasha). I hope you prevail and get your IT and marketing people to pull their heads out of their fundaments and stop pretending that you have joint accounts, and actually implement them properly (i.e. two separate and distinct logins that can see the same set of contracts and transactions).
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.
Good company to use
Had trouble signing in to my account. Had trouble with telephones however once sorted all was excellent service though the rate given was less than Currencies Direct
Review collected in partnership with TorFx
Giving me the run around
Would recommend not to use this company. Danielle giving me the run around, having sent my utility bill, then had to send my bank statement. Was advised that an online statement would be fine, then came back saying it needs to be a posted bill. Asking me the same questions which I have already answered. I have wasted enough of my time and will take my business elsewhere...Please ensure you destroy all my personal details that I have already sent you in accordance with legislation.
This money transfer has become the worst nightmare of my life.
I never post comments on any website related to any product or company but Torffx has tore apart me and I am feeling like most hopeless person on earth, now I am contemplating over going to Fair trading or may be find some other way of getting my money back if they can deposit it since taking it from me on 12th of December, seriously a money transfer can take more then a month in this year and age and still no official word about what the heck is going on, initially it was account opening issues, I gave my details, bank statement, salary slips,...even the passport copy and detail of my brother whom I sent the money, till today I do not have any clue what the heck is going on, if they cant deposit it then why they are not returning it to me, I am so frustrated and have no idea what to do now. Below comment I already posted on google reviews. for GOD sake please tell me what is going on for the last 1 month and when my money will be transferred. Never in my life I have ever felt so helpless and disappointed, I never post any comments on google but they compelled me to do so. This company is the most unprofessional bunch of people I have come across, two weeks it took them to open my account and then two week after that and still money not deposited into my brothers account who is really struggling and asked me for help, I am cursing my self and the day I decided to .use this company, should have just used Western union does not matter what the rates were, I am still in dark and without any update about when the money will be deposited even though they took it from me two weeks ago
Do Not Use
D not use this company. It has taken a week of phone calls and complications to send money to India. I hate to think how badly I have done out of the rate exchange. I was asked to send so much information about where the money was to be transferred to (a Chartered Bank) and I still don't know if the money has actually been sent. Of course there is now the excuse that Christmas has slowed everything but the transfer was confirmed on Tuesday but the money will it arrive until after Christmas apparently.
Do Not Use
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
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