Here we provide answers to some of the most common questions we’re asked. If you don’t see your question here, please email [email protected] or get in touch with your Account Manager.
Is transferring funds with TorFX easier than using a bank?
While using your bank for foreign currency transfers might seem like the simplest option, using a specialist broker like TorFX can make the process more streamlined and considerably more cost-effective.
How does the TorFX transfer process work?
After opening an account, agreeing a rate with your personal Account Manager and receiving order confirmation, you’ll be asked to supply details of the recipient account before sending your funds to your TorFX client account. After the funds have cleared, your foreign currency is immediately sent to your recipient account – it’s as easy as that!
With us you can arrange transfers over the phone with your Account Manager or online 24/7.
You can also use your online account to check live exchange rates, set rate alerts, view your transfer history and edit your account information
What security measures do you have in place?
When you use TorFX to handle your foreign currency transfers you can relax in the knowledge that your money is in safe hands. We hold an Australian Financial Services Licence 'AFSL', are regulated by the Australian Transaction Reports and Analysis Centre 'AUSTRAC' and have a Level 1 rating (the highest level of creditworthiness) from leading agency Dun & Bradstreet.
How much does it cost to make a transfer?
Opening an account with TorFX is free, and there’s no obligation to trade. Furthermore, TorFX will secure you a competitive exchange rate and won’t charge transfer fees or commission.
Can I protect my transfer against market movement?
As the foreign exchange market is so volatile currency risk can be a real concern. We appreciate that a bit of added security can really help put your mind at ease, and our services reflect that. Transfer options like Limit Orders (where you target an exchange rate higher than the current market level) and Forward Contracts (where you can fix the rate up to two years ahead of a transfer) can help you protect your funds from any adverse shifts in the market.
Fixing a rate in this way would mean you’d miss out if the exchange rate strengthened, but you’d be protected from any dips.
How can I pick the best time to trade currency?
The daily currency updates provided by TorFX will keep you informed of the latest developments, and your dedicated Account Manager will get in touch if the market shifts in your favour. While it’s impossible to predict exactly how a currency will perform in the future, with TorFX on your side you have a better chance of getting the most for your money.
How long will my transfer take?
We like to get your money where it needs to be as quickly as possible. While the amount of time a transfer takes can depend on the currency, destination and receiving bank, the funds should be in your account on the same day or within no more than two working days for more exotic destinations.
What currencies do you offer?
At TorFX we transfer over 40 currencies to more than 120 countries.
Is there a minimum or maximum transfer amount?
We don’t have a maximum transfer limit and our range of services mean you can save money whatever the size of your transfer.
With our online service for private clients we have a maximum transfer limit of $50,000, and our online service for corporate clients has a maximum transfer limit of $200,000.