The company offers cross border transfers and a range of currency risk solutions and can help with putting in place forward contracts or limit orders.
In particular, the company is well known for its high level of customer service and the quality of insights it can offer businesses looking for currency support.
We have given a general range on offer for exchange rates, however, these will be agreed with TorFX on a transfer basis.
Overview
Monthly Fee | Exchange rate | Transfer fees | Multi-currency account |
|---|---|---|---|
$0 / £0 | Agreed per transfer | No fees | Multi-currency wallet available |
- Risk management tools such as forward contracts will aid in reducing currency risk over long periods of time
- No transfer fees and ability to negotiate the exchange rates is a great option with any currency broker
- TorFX offers account managers that provide regular currency pair updates and will evaluate the position of your funds on an ongoing basis
- As with most brokers, service is limited to cross border transfers and holding some finances in wallets. Companies looking for local or IBAN accounts will likely not find TorFX a relevant platform to use
Currency risk
Currency risk with TorFX is hands-on and forms a core part of why we recommend them to businesses in particular need of large payments.
Features | Insight |
|---|---|
Forward contracts | Lock current rates for the future |
Spot contracts | Get competitive rates the moment you need them |
Limit orders | Set a target exchange rate to trigger in the future |
Stop loss orders | Set the worst rate to offset any losses |
Market Insights | Stay updated with the market to make effective transfers |
24/7 transfers | Quickly transfer up to $200,000, whenever you need to |
Dedicated account manager | Negotiate the rates based on your business needs |
TorFX fees and general cost
There are no associated costs with the account or fees for making transfers.
The only cost that is incurred is the exchange rate, which is negotiated on a per-transfer basis depending on the business needs.
When using a currency broker exchange rates can be a little higher than using a provider like Wise Business, who offer the mid-market rate.
This is because you are effectively paying for the service within the rate.
This is worth the small amount of exchange you will pay to secure the rate as it offers more insight of when to send and access to expert advice, which you simply do not get using a self-served, online, platform.
Eligibility
Business types
Countries
Products offered by TorFX
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Signing up for TorFX
Register Online
Begin by opening an account with TorFX. You can do this online through their website or over the phone by calling their customer service number. The registration process is quick, taking just a few minutes to complete.
You will simply need to fill in your business details.
Get Your Rate
After registering, you can obtain an exchange rate for your currency transfer.
You can do this online, through the TorFX app, or by speaking with your dedicated Account Manager.
Make a Transfer
Once you've secured your exchange rate, you will need to send the funds to TorFX.
This can be done through a bank transfer.
After receiving your funds, TorFX will handle the currency exchange and ensure the money is sent to your desired recipient.
Complete the Transfer
After the transfer is complete, you'll receive confirmation that the money has been sent.
TorFX offers 24/7 transfer services, so you can complete your transactions at any time.
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