TorFX was launched in July 2004 by entrepreneur Peter Benstead who had simultaneously set up Crown Currency Exchange. Today TorFX has headquarters in Cornwall and offices in the UK, mainland Europe, Australia, the US and South Africa, processing over £3 billion in foreign exchange and international payments annually. Jon Beddell is TorFX’s CEO, driving the company’s continued expansion while maintaining every effort to retain public trust. TorFX currently has over 50,000 private clients and more than 4,000 corporate clients.
TorFX holds the highest credit rating with Dun & Bradstreet, is licensed as a money transmitter by HM Revenue & Customs and are authorised by the Financial Conduct Authority (FCA).
Recent Awards: In 2016 the firm won awards for International Money Transfer Company of the year and overall best customer service award.
Business and Corporate Accounts
Affiliate Program: TorFX offers affiliates a commission on each referred client that is brought to and uses their services. TorFX suggests their affiliates will benefit from differentiating their business from their competitors. They can also expect to market their services on TorFX’s website and in their newsletters. TorFX promises that the referred clients will benefit from: A best rate guarantee ( minus the shared commission)
Simple direct services for personal and business clients are to be found on TorFX’s website. Good written content is available that has guides for purchasing in several regions abroad in the Personal accounts pages and elsewhere articles provide insights into such economic topics as The Panana Papers. The company makes an excellent effort to give clients as much information and services as possible in a friendly, down to earth manner.
TorFx does well to make itself approachable without any sense of touting, striking a good balance between promoting itself by offering incentives for referring clients ( with a £50 Amazon card for friends who transfer over £10,000) and providing supportive content.
1699 TRUSTPILOT reviews give TorFX a score of 9.5 While most praise the company for ease of service, the most recent review describes a 3 week wait to transfer to Poland that did not successfully conclude. The client expected the funds to finally clear after his second follow up query call to TorFX and was assured his funds would arrive in 2 days time. Then he received notice the transaction had been cancelled. Two other clients recently reported delays and having to contact the company, rather than being keep up to date by their dedicated dealers, as would be expected.
Two independent rate reviews compared TorFX exchange results with two competitor companies and TorFX came third in both reviews. TorFX’s best rate guarantee trailed behind USForex and HiFX rates. An Australian review found OFX and WorldFirst both had better rates, especially for larger transfers.
TorFX has earned a great reputation in the industry -and has had to make especial effort in this regard given the scrutiny after the collapse of Crown Currency Exchange. Their recent awards for International money transfer company and overall best customer service give merit to their trustworthiness. With offices across Europe, Australia and South Africa, the firm demonstrates enviable global reach. They have expanded without losing the feel of being a localised UK company by maintaining an good eye for detail. Although they do offer a great portfolio of services for UK residents, including travel cards and travel money, they don’t appear to have the lowest margins, especially for larger transfers, according to a number of independent reviewers. Also, they have not responded to the clients reporting delayed and cancelled reviews-which is an anomaly as Forex firms almost always reply to clients issues when they complain and offer to do all they can to resolve the issues. Not so with TorFX, which is as surprising as the reviewer who emailed the company several times and had no response. 4 out of 5 stars
Gimmicks like free vouchers and commission for being an affiliate don’t garner trust because people know better!