TorFX international money transfer: Fees, limits, and rates

If you need to send money abroad in a different currency, TorFX is one option you may consider. This provider is a currency exchange and money transfer service that can handle international transfers for both personal and business use.

They operate across 40+ currencies and don't charge transfer fees, instead making their revenue through exchange rate spreads.¹

Here's everything you need to know about TorFX international money transfers.

We'll also introduce Wise — your international money transfer alternative. Use Wise to send stress-free transfers to over 140 countries - all at the standard mid-market exchange rate.

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Table of contents

Can I make an international wire transfer with TorFX? Does TorFX charge for money transfers? TorFX exchange rates Make fast, secure, and low-cost international transfers with Wise How do you transfer money using TorFX?¹ What information do I need to make an international transfer? How long does TorFX take to transfer money? What is the wire transfer limit for TorFX? TorFX money transfer FAQs Is it safe to transfer money with TorFX? What is the maximum transfer on TorFX? Is TorFX better than Wise?

Can I make an international wire transfer with TorFX?

Yes, TorFX handles both personal and business international transfers. You'll need to open an account first, which requires basic information like your name and country of residence.

Once set up, you can choose from a few different international currency transfers:²

• Spot contracts for immediate transfers at today's exchange rates
• Forward contracts to lock in exchange rates up to 2 years ahead
• Target orders that send money automatically when rates hit your target
• 24/7 transfers for amounts up to 25,000 GBP through their online platform
• Regular payments for monthly transfers between 500 GBP and 10,000 GBP over 6 months minimum³
• Large transfers for over 25,000 GBP with no upper limit; you'll need to arrange it by phone with your dedicated account manager

With a TorFx account, you'll also get market insights to help time your international transfers, and you can use the app to check live exchange rates, set rate alerts, and make international payments 24/7.

It's quite flexible, and you can transfer as little as 100 GBP (or the equivalent in USD) with no maximum limit.¹

Does TorFX charge for money transfers?

TorFX doesn't charge up-front transfer fees like banks do for wire transfers. Instead, they make money through the exchange rate they offer you.

For example, if the mid-market exchange rate is 1 USD = 0.75 GBP, TorFX might offer you 1 USD = 0.73 GBP instead. On a 1,000 USD transfer, you'd receive 730 GBP instead of the full 750 GBP, losing 20 GBP to TorFX's exchange rate markup.

Other fees may still apply. Intermediary banks that process your transfer through the SWIFT network can charge their fees, which reduces the amount your recipient gets. Some receiving banks also charge fees when accepting international transfers.¹

In addition to learning about TorFX fees, you should also check with your bank to see what other international transfer fees might apply.

TorFX exchange rates

TorFX makes their money on exchange rates, but they don't show these rates up front. You need to submit a transfer request online and wait for them to quote you a specific rate.

There's no online pricing calculator to compare costs. This can be inconvenient if you're not set on using TorFX and want to compare it to other providers, like Wise or OFX, to see which one gives you the best deal, which is always a smart thing to do.

TorFX claims their rates are "excellent," but since exchange rates are their main revenue source, they're likely less competitive than providers who also charge separate fees.²

But unfortunately, there’s no way of knowing before you request a quote, which is an extra step and requires providing some personal information.

Wise can help you get a better deal on currency conversion. You can convert over 40 currencies at the standard mid-market exchange rate, and we'll show you the fees upfront so you know exactly how much you're paying.

Make fast, secure, and low-cost international transfers with Wise

Send money to 140+ countries with the mid-market exchange rate and low, transparent fees with Wise. Set up a free Wise account online or in the Wise app, to transfer money fast in 40+ currencies.

Over 50% of Wise payments arrive instantly* — and all Wise transfers are deposited directly into your recipient's bank account for convenience.

No ongoing fees, no hidden charges and no hassle — just fast, transparent international transfers that can beat the banks.

Get started with Wise

*Transaction speed claimed depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.

How do you transfer money using TorFX?¹

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1. Create your account

You can register online or by phone. Once registered, you'll be assigned an Account Manager who provides guidance on international money transfer services and keeps you updated on market movements. With an account, you'll also get access to the TorFX App.

2. Start your transfer

For transfers under 25,000 GBP, you can use TorFX online to move money 24/7, monitor transfer history, and set rate alerts.

For transfers over 25,000 GBP, you'll need to work with your Account Manager by phone, and there may be additional verification checks to comply with regulations for sending money.

3. Confirm and send

Your Account Manager will confirm the current exchange rate before executing any TorFX money transfer. Then, once the transfer is confirmed, you'll likely be able to track it online.

What information do I need to make an international transfer?

TorFX doesn't publish an exact list of requirements, so what you need may vary by transfer type. Generally, you'll likely need:

• Recipient's bank name and address
• Recipient's account number
• SWIFT code or routing number
• Recipient's full name and address
• Purpose of transfer

TorFX offers a Confirmation of Payee (CoP) service, but this only works for GBP accounts at UK banks, so it's likely not available to US customers.¹

Your Account Manager will help you gather what's needed and share detailed international wire transfer instructions if you have any questions. For large transfers, there may be extra verification requirements.

How long does TorFX take to transfer money?

It depends. On average, international wire transfer times are typically 1 to 5 business days, depending on the currencies and countries involved.

According to the TorFX website, most TorFX wire transfers should arrive** the same day or within 2 working days maximum**, but it ultimately depends on the currency, destination, and receiving bank.¹

What is the wire transfer limit for TorFX?

TorFX has no upper limit on transfer amounts, but the minimum you can send is 100 GBP.¹

This makes TorFX a good option for large transfers like property purchases or for business customers who may need to transfer hefty amounts.

Having no transfer limit is pretty rare for an international money transfer provider, so this is something that makes TorFX stand out. Of course, sending a large transfer also means you'll lose more money on the currency exchange rate markups, so make sure to watch the costs.

TorFX money transfer FAQs

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Is it safe to transfer money with TorFX?

Yes, TorFX is an established provider that's been operating since 2004. They hold a Level 1 rating from credit rating agency Dun & Bradstreet, operate segregated client accounts, and follow strict compliance procedures.¹

However, be aware of common scams like romance scams, pension scams, and AI scams when making any international transfer, regardless of the provider you choose. If you willingly send money to a scammer, TorFX will likely not be able to return your money to you.

What is the maximum transfer on TorFX?

TorFX has no maximum transfer limit, and you can send any amount above their 100 GBP minimum. However, you'll need to arrange for large transfers over 25,000 GBP by phone with your Account Manager, and there may be additional verification requirements.¹

Is TorFX better than Wise?

It depends. Both TorFX and Wise are safe, legitimate, and convenient ways to send money transfers abroad, but they work in different ways and serve different purposes.

The main difference is that TorFX focuses primarily on currency exchanges, and the exchange is how they make money. That's not the case with Wise — they don’t charge you for the currency exchange at all.

Wise edges ahead of services like TorFX in several areas:

• Mid-market exchange rates with no margin or hidden fees
• Send to 140+ countries
• A full-featured multi-currency account for sending, receiving, spending, and converting currency all in one place
• A Wise Multi-Currency Card* for spending in local currency worldwide

🚀 Get started with Wise

Sources

1. TorFX - Frequently Asked Questions
2. TorFX - Your Currency Options
3. TorFX - Regular Overseas Payments

Sources checked 08/21/2025

*Wise is not a bank. The Wise Multi-Currency Card is issued by our sponsor Bank(s), member(s) FDIC. Fees and T&C apply. See https://income-climb.live/ for details.