If you prefer to speak with an actual person when you are doing something as serious as moving your life savings to another country, then TorFX could be the foreign exchange service you’ve been looking for! Create your free TorFX account here.
Above is our video chat with Ashlee from TorFX, where we talk about how TorFX works and some tips for sending your money to Australia. We have also included this information below if you prefer to read about it.
TorFX (est 2004) has an office on the Gold Coast that serves the Australia and NZ region. It is a company that helps you save time and money on international transactions by providing much better exchange rates than the banks.
For most international transfers, TorFX can save you between 1%–5% compared to bank rates. This means savings can be very significant on large transfers - we are talking about savings of thousands to tens of thousands of dollars. There are also no fees when you use TorFX, so the rate you see is what you pay.
Ashlee told us about a recent NZ client who was moving back to Australia and transferring $1.5 million dollars after selling their house. TorFX was able to save them $35,000 compared to the bank rate. They were then able to use that money to buy a car after arriving in Australia, something they previously didn’t have the budget for. Not a bad bonus!
Unlike many other money transfer services, TorFX guarantees personal service.
When you create a TorFX account you are assigned a personal account manager who can assist you whenever you have questions or need to arrange a new transfer.
Your account manager will get to know your foreign exchange requirements and timeframes, and they can assist you with market guidance for the best outcome.
TorFX is about as safe as you can get. They use the same SWIFT payment system as the banks, which provides a digital footprint at every stage of the money transfer. This means your money is trackable from start to finish.
TorFX also have excellent ratings for credit worthiness and customer service :
Dun & Bradstreet has rated TorFX with the highest level (Tier 1) of credit worthiness.
Canstar has awarded TorFX 5 stars for the fifth year in a row for their excellent service and no fees.
Moneyfacts Consumer Awards: TorFX has been voted the number one International Money provider globally for the past 7 consecutive years (2016-2022)
TorFX complies with strict regulations from ASIC, AUSTRAC and AML & CTF legislation that include keeping your money in segregated client accounts. These accounts are held completely separate (firewalled) from the TorFX operational business accounts.
All this regulation means TorFX maintains the highest security standards and must keep your money safe at all stages in the transfer process.
A personal account can be set up within 10 minutes, either online or over the phone with their onboarding team. Corporate accounts can take up to 24 hours due to the documents required and compliance checks, but it’s still a fairly quick process.
In some cases you may be required to provide ID. Usually this will be your passport or driver’s licence and a recent bill or bank statement.
Once you submit your ID the TorFX compliance team will review it and then usually approve your account within an hour. TorFX will keep you updated throughout the process, so you always know where things are at.
Corporate accounts take up to 24 hours due to the documents required and compliance checks (company financials are not required), but it’s still a fairly quick process.
Once your account is set up you can start transferring money.
Setting up and sending your transfer usually takes just a few minutes online. Once sent it can take a couple of days for your money to arrive at the receiving bank account. TorFX will notify you with email updates every step of the way.
If you have any questions throughout the process, your personal account manager will be on hand to help.
Here are two tips Ashlee shared with us to get the most out of your money transfer.
For example, you can set up rate alerts to automatically inform you when your target rate is reached. Your account manager will then get in touch to see if you wish to go ahead with a transfer.