If you have not heard about the term TorFX, it is an international money transfer service that offers low exchange margins with no transfer fees. TorFX brags that it has been serving around money customers as well as companies on a global note. Moreover, the service has also received good reviews on different rating-based platforms available.
What Do You Mean By TorFX
This service has a very good feature as it does not charge any fee for the provided services. The fee of this service is lower than the other contenders. But the torfx bank has the lowest transfer amount of 200 USD but they don’t ask for a maximum transfer amount. TorFX provides great customer service by building a fully digital experience that can be reached quickly at any time of the day. As there are multiple offices in all time zones, you can instantly get in touch with anyone 24/7 with any queries that you have related to the money transfers.
The TorFX transfers to about 110 countries and trades to around 60 countries. It also includes various major and exotic currencies. Since TorFX only accepts the wire transfer as a payment method, the customers are allowed to use the sterling nominated debit card or either pay by cheque.
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TorFX Services
Apart from wise bank service, his service can be used by businesses for overseas payments for the employees while the personal customers can use it to transfer funds to either family or friends back home. It can be used for the purpose of buying a property or a one-off transfer when a person is relocating to another location. There are many money transfer options offered by TorFX!
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Fix Contract –
It is referred to a rate that a customer will get when creating immediate funds to transfer abroad. The TorFX service offers competitive rates for spot transfer and generally gets completed within 1-2 working days.
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Forward Contracts –
This is another option offered by TorFX which includes locking in an exchange rate. This offer is available to get the rate fixed for up to 2 years in advance and is very helpful for the people who wish to manage their budgets and assure themselves from the exchange rate volatility.
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Limiting Orders –
TorFX service also offers a service to buy a currency at a predetermined market level when you wish to target a better exchange rate. Once the exchange rate beats that level, the execution of the transfer will take place.
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Stop-Loss Orders –
You can easily set up a minimum rate at which the TorFX service will automatically purchase the currency. When the exchange rate falls to that level, the transfer will get executed.
Safety Of TorFX
If you are sending money through TorFX, it is completely safe as the service is licensed by the financial conduct authority of the UK. Moreover, TorFX is also controlled by the other regulatory bodies in other countries where the operations are performed. TorFX also has a “Know Your Customer” procedure to make sure that the certifications of users are verified completely and to stop any prohibited operations that could be taken out through the service.
When it comes to user protection, TorFX makes use of TLS encryption to secure the data of the client. There are also many security standards that get put like the two-factor authentication in place to assure that only account holders have the access to service.
Pros & Cons Of TorFX
Talking about the prons of TorFX, it is a better-priced service to transfer large totalities. Also, there is no cap on the limit of maximum transfers and no transfer fee at all. Next are the forex tools and multi-currency accounts, and personal account manager associated with the service. It supports about 60+ currencies, but the users can’t transfer the funds to a cash withdrawal agency.
Bottom Lines
The process of transferring money through TorFX is suitable, affordable, and fast too. One thing you need to clarify is that the service supports the selected payment methods. The transfer method for TorFX is restricted to only bank accounts. If you are dealing with nomad gear people overseas for business or sending money to a child or parent, they have to set up a bank account before the transfer takes place through the service.
You also need to be careful of the standard transfer times; generally, it takes 24-48 hours for the funds to reach the bank account of the receiver. When you are limited to this type of transfer, this means all the transactions meet the standard bank processing times. TorFX money transfer is a great service provider if you wish to transfer money overseas and there is no issue of speed.