TorFX is a currency exchange and international money transfer service that focuses on providing personalized currency solutions with low fees and competitive exchange rates. TorFX is especially popular among expats, small businesses, and individuals who need to move significant amounts of money internationally. Here’s a closer look at what TorFX offers and why it might be a good option if you’re an expat moving to Australia.
TorFX Service Overview
Personal Transfers
TorFX allows you to send money to over 60 countries, offering competitive rates and personal guidance through each transfer. You can make one-off or recurring transfers, depending on your needs.
Business Transfers
TorFX offers business accounts for companies needing to manage cross-border payments and payroll in multiple currencies.
Account Management
TorFX assigns dedicated account managers who can help you strategize your currency transfers, optimize exchange rates, and minimize fees, which is particularly helpful for expats handling large transfers.
Risk Management Tools
TorFX provides forward contracts and rate alerts, allowing you to lock in a rate for future transfers or get notified when your target exchange rate is reached.
Why TorFX is Great for Expats in Australia
TorFX is known for its personal service, making it a good choice if you want some extra guidance when moving money to Australia. Here are some benefits for expats:
Dedicated Account Managers
You’ll get personalized assistance, which can be valuable if you’re unfamiliar with currency transfers or need help understanding exchange rates.
Competitive Rates for Large Transfers
TorFX generally offers better rates for high-value transfers, which can be useful if you’re transferring significant amounts to Australia (for example, to purchase property or manage assets).
Flexible Transfer Options
TorFX’s forward contracts and rate alerts help you maximize value, giving you peace of mind with predictable rates and timing.
TorFX Fee Summary
TorFX doesn’t charge transfer fees on standard transactions, which sets it apart from many other providers. However, the exchange rate mark-up (added to the mid-market rate) is how TorFX makes a profit:
Transfer Fee
No fee on regular transfers.
Exchange Rate Markup
The exchange rate TorFX offers includes a small margin above the mid-market rate, which can vary based on the currency pair and transfer amount.
Minimum Transfer Amount
TorFX has a minimum transfer requirement, which varies depending on the currency, so it may not be ideal for very small transfers.
