TORFX
TorFX (Foreign Exchange)
        
TorFX provides individuals and companies with money saving currency exchange services. They offer competitive exchange rates for international money transfers and an unrivalled personal service to anyone with a currency exchange requirement. Whether you are buying or selling an overseas property, emigrating, repatriating, making/receiving a payment or are involved in any other kind of financial exchange, TorFX can save you money. Whatever the size of your transaction, they will help you get the best possible exchange rate.
Location: UK
Languages:
Advantages:
1. Save Money - Many individuals and businesses still use their bank for foreign exchange transactions, resulting in poor exchange rates, a lack of personal service, and a "one size fits all" approach. Due to our established relationships in the "inter-bank" foreign exchange market, TorFX is able to offer wholesale rates of exchange on transactions over 5,000. The average saving made by our clients on a transaction of 100,000, is 1.9%, or 1,900.
2. Avoid Exchange Rate Fluctuations - Because exchange rates change by the second it would be almost impossible to forecast exactly what the rate would be when your transaction is processed. You may have negotiated the best price for your purchase, but it could easily be offset by a slight change in the exchange rate. TorFX can fix the exchange rate for you for up to two years which will protect you from future rate movements, helping you stick to your budget!
3. Market Expertise - Senior dealing staff are drawn from financial market and banking backgrounds, bringing extensive knowledge of the foreign exchange markets. With MSTA qualified currency analysts on hand to discuss your transaction, and keep you informed, you can be sure that you will receive the information you need in a professional and timely manner.
4. Excellent Services - In addition to providing you with a preferential exchange rate, TorFX also offer a variety of dealing mechanisms to help you optimize your transaction. Forward contracts, limit orders and stop orders are excellent ways of ensuring that you get the most currency for your money. Our free market analysis could also give you the edge you need to secure a better rate.
5. Security of Funds - TorFX is regulated by HM Revenue&Customs (no: 12191606), and is a member of the UK Money Transmitters Association. All client funds are held in client segregated accounts with our banking partner, Barclays Bank PLC.
6. Personal Service - Each client is allocated their own personal account manager who will guide them through every stage of their foreign currency transaction. Our friendly dealers will keep you informed as often as you wish, by email or telephone, and will do everything possible to help you get the most from your transaction. We pride ourselves on going the extra mile, because unlike the "one size fits all" approach of the high street banks, we believe that our customers deserve a high level of service when making large currency transfers.
7. No Commission
8. Fast International Transfers - TorFX will send your currency to its destination free of charge, by TT/CHAPS. We can pay your solicitor, vendor, notary or supplier direct, saving you time and money. Our same day international payments are fast, reliable and free*. We can also provide you with an internationally recognised payment confirmation as soon as your currency has been sent.
9. Free Account Opening Facilities - Opening an account is free of charge, there is no obligation to trade, and you will not be charged any administration charges for maintaining your account.
10. No Obligation Quotations - You can get instant dealing quotes from your account manager by telephone or email. The bank will often refuse to give a live quote, or will not inform you of your exchange rate until later. Even worse, they may offer you the "tourist" rate of exchange, whereas on a large transaction, you should be offered a far better quote. TorFX provide live, transparent quotes based on the amount of currency you are sending, so you truly know where you stand, and can budget accordingly.
Disadvantages:
1. Amounts under $5000 will incur a transfer fee.
2. Longer account set up process if not residing in the UK.
Services:
Same Day Spot Contracts, Forwards, Stop/Limit Orders
Key Facts

1. In 2007 TorFX transacted over $500 million in foreign exchange.
2. Hundreds of UK companies use TorFX for currency transactions and advice.
3. Member of the Association of International Property Professionals.
4. Regulated by HM Revenue & Customs.
5. Segregated client accounts held with Barclays Bank Plc.

Established: 2004 FCA 517320
Spread/Margin: 0% Max
Costs/Fees: $0
Rate Improved With Volume: Yes
Transfer Methods: TT / CHAPS / BACS
Transfer Speed: Same Day Available On Most Major Currencies
Transfer Minimum: $400
Trust Accounts: BARCLAYS Trust Accounts

Online Trading Platform: No
Currency Converter: No

Forwards:
Forward contracts allow you to reserve your currency up to 18 months in advance, so you can fix your rate of exchange and avoid the risk of currency fluctuations. This can be especially advantageous if the exchange rate is attractive, but you are still not ready to complete your purchase. A 10% deposit is paid when the deal is agreed, with the balance only payable once you are ready to take delivery of your currency.
Regular Payments:
The TorFX Regular Overseas Payments service is a highly cost effective and simple way to send money abroad on a regular basis. The service is available for regular transfers of between 250 and 5,000 per month over a minimum period of 6 months.

TorFX can offer you a highly competitive exchange rate on your transfers, and we charge 0% commission, saving you an average of 3% over the rates offered by high street banks. In addition, we will only charge you 6 per transfer, compared to a typical charge of 30 for most banks. Once you set up the plan, you don't need to do anything, the payments will be made automatically.
Option 1 - Fixed Rate Regular Payments
If you require a specific amount of currency each month, (payment of a mortgage for example) you can fix the exchange rate on Euros or US Dollars for up to 12 months. At the end of this period, you can review, and fix your rate for a further 12 months. This means you know exactly how much currency will reach your account each month, avoiding the risk of fluctuating exchange rates.

Option 2- Non Fixed Regular Payments
This option allows you to take the prevailing exchange rate each month, resulting in a varied amount of currency reaching your account. If you feel the current rate is very low, and likely to improve, this may be the option for you.

Whichever option you decide to use for your payments, TorFX will ensure that you receive an excellent rate of exchange, and your currency will reach your account on your chosen date each month.

Compare Example:
TorFX
Commission Monthly: 0
Commission Annual: 0
Transfer Monthly: 0
Transfer Annual:0
Total Per Year: 0
Bank
Commission Monthly: 30
Commission Annual: 360
Transfer Monthly: 30
Transfer Annual:360
Total Per Year: 720
Terms and Conditions:
See website for terms and conditions.

Number Of Currencies: 68
Currencies Available:
1.UAE AED Arab Emirate Dirham
2.Australia AUD Australian Dollar
3.Canada CAD Canadian Dollar
4.Switzerland CHF Swiss Franc
5.Czech Republic CZK Czech Koruna
6.Denmark DKK Danish Krone
7.Egypt EGP Egyptian Pound
8.Europe EUR Euro
9.UK GBP Sterling
10.Hong Kong HKD Hong Kong Dollar
11.Hungary HUF Hungarian Forint
12.Israel ILS Israeli Shekel
13.India INR Indian Rupee
14.Japan JPY Japanese Yen
15.Morocco MAD Moroccan Dirham
16.Norway NOK Norwegian Krone
17.New Zealand NZD New Zealand Dollar
18.Poland PLN Polish Zloty
19.Saudi Arabia SAR Saudi Arabian Riyal
20.Sweden SEK Swedish Krone
21.Singapore SGD Singapore Dollar
22.Thailand THB Thailand Baht
23.Turkey TRY New Turkish Lira
24.USA USD US Dollar
25.South Africa ZAR South African Rand
26.Netherlands ANG Antilles Guilder
27.Barbados BBD Barbados Dollar
28.Bahrain BHD Bahrain Dinar
29.Bahamas BSD Bahamas Dollar
30.Botswana Botswana Pula
31.Belize BZD Belize Dollar
32.Dominican Republic DOP Dominican Rep Peso
33.Estonia EEK Estonia Krone
34.Fiji FJD Fiji Dollar
35.Ghana GHC Ghana Cedi
36.Croatia HRK Croatian Kuna
37.Indonesia IDR Indonesia Rupiah
38.Iceland ISK Icelandic Krona
39.Jamaica JMD Jamaican Dollar
40.Jordan JOD Jordanian Dinar
41.Kenya KES Kenyan Shilling
42.South Korea KRW South Korean Won
43.Kuwait KWD Kuwait Dinar
44.Cayman islands KYD Cayman Island Dollar
45.Sri Lanka LKR Sri Lankan Rupee
46.Lesotho LSL Lesotho Loti
47.Lithuania LTL Lithuanian Litas
48.Latvia LVL Latvian Lev
49.Mauritius MUR Mauritius Rupee
50.Malawi MWK Malawi Kwacha
51.Mexico MXN Mexican New Peso
52.Malaysia MYR Malaysia Ringgit
53.Oman OMR Omani Rial
54.Phillipines PHP Phillipine Peso
55.Quatar QAR Qatar Rial
56.Russia RUB Russian Ruble
57.Romania RON Roomanian Lei
58.Slovakia SKK Slovak Crown
59.Swaziland SZL Swaziland Lilangeni
60.Tunisia TND Tunisian Dinar
61.Trinidad TTD Trinidad & Tobago Dollar
62.Tanzania TZS Tanzanian Shilling
63.Taiwan TWD Taiwan Dollar
64.Uganda UGX Uganda Shilling
65.Vanuaro VUV Vanuatu Vatu
66.East Carribean XCD East Caribbean Dollar
67.Zambia ZMK Zambian Kwacha
68.Zimbabwe ZWD Zimbabwe Dollar
        
REVIEWS
TorFX (Which Way To Pay - 5/4/2011)
TorFX is ranked 4 out of 5. Based on 1 review.

4 Star Rating

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TorFX
TorFX