TorFX review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
TorFX suits anyone paid in a foreign currency who wants to move money without a monthly charge. Costs sit at the free end of the market, with a monthly fee of £0, No transfer fees on transfers and from 40 currencies to hold and convert.
Key facts
- Best for
- People and businesses paid in a foreign currency who need to hold and spend across several markets each month.
- Rate type
- Variable↗
- Deposit protection
- FSCS up to GBP 85,000↗
- Access terms
- 24/7 transfers online, in the app or by phone with a personal account manager; funds held in segregated accounts↗
- Monthly fee
- £0↗
- Account kind
- Cash management↗
- Legal entity
- Tor Currency Exchange Ltd↗
- Headquarters
- United Kingdom↗
- Founded
- 2004↗
- Support channels
- Phone, Email↗
- Pricing model
- No monthly fee
- Official website
- torfx.com
Money transfer
- Transfer fee
- No transfer fees↗
- Delivery time
- Same day or within 1-2 working days↗
- Payout methods
- Bank, Cash-pickup↗
- Currencies
- from 40↗
- Fee to send 1,000
- A$0↗
Facts checked September 26, 2026, 5 sources
Apps and profiles
- Get the app
- App StoreGoogle Play
- Elsewhere
- TrustpilotLinkedInfacebook.com
Pros and cons
Pros
- The monthly fee is £0 and the account runs on a no monthly fee model, so holding a balance adds no account charge
- Transfers carry No transfer fees, so the exchange rate is the only charge when money moves between currencies
- Delivery is Same day or within 1-2 working days, and orders can be placed online, in the app or by phone with a personal account manager
- A currency list of from 40 sits well above the site median of 5 for most trade and travel routes
Cons
- The rate is variable, so any return on held balances follows market moves rather than staying fixed for a term
- Support runs on phone and email only, with no live chat offered
- Payouts are limited to bank and cash pickup, so a card or wallet payout is not offered
Who it suits
- People whose income and spending sit in different currencies and want a single place to hold both sides of the money
- Businesses and freelancers who move money across borders regularly and would rather call a personal account manager than an app
- Anyone who needs payouts in a local currency at short notice rather than a return that is locked for a term
Who should look elsewhere
- AXI Card Tarjeta y Credito, which offers a fixed rate where the TorFX rate is variable
- Plazo ES, for the same reason: a fixed rate suits anyone who wants the return locked for a term
- eToro, if a wider protection limit matters more, since balances there sit under EU DGS up to EUR 100,000
Safety of your money
Client balances are covered by FSCS up to GBP 85,000, and the scheme named there is the FSCS, the UK deposit protection scheme. Tor Currency Exchange Ltd is regulated in the UK by the Financial Conduct Authority as 900706, and also appears with Banco de Espana in Spain as 6716, AUSTRAC in Australia as 246838, and the Financial Markets Authority in New Zealand as FSP1006222.
How TorFX compares
8.9 vs 8.6
8.9 vs 9.5
8.9 vs 8.0
8.9 vs 8.9Balances sit under a wider protection limit of EU DGS up to EUR 100,000, where cover at TorFX is FSCS up to GBP 85,000.
TorFX vs Finom8.9 vs 8.9
8.9 vs 9.1
8.9 vs 9.1
8.9 vs 8.9
8.9 vs 8.7- 8.9 vs 8.0
8.9 vs 9.0
8.9 vs 8.1
8.9 vs 8.7
8.9 vs 8.0
8.9 vs 9.5
8.9 vs 9.4
8.9 vs 9.3
8.9 vs 9.2
8.9 vs 9.0
8.9 vs 8.7
8.9 vs 8.5
8.9 vs 8.5
8.9 vs 8.5
8.9 vs 8.4
8.9 vs 8.3
8.9 vs 9.0
Where TorFX is available
- Available
- Australia, New Zealand, Spain, United Kingdom, United States
- Licence in United Kingdom
- Financial Conduct Authority (900706), checked September 26, 2026
- Licence in Spain
- Banco de Espana (6716), checked September 26, 2026
- Licence in Australia
- AUSTRAC (AFSL) (246838), checked September 26, 2026
- Licence in New Zealand
- Financial Markets Authority (FSP1006222), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does it cost to hold and move money with TorFX?+
The monthly fee is £0 and the account is listed with a no monthly fee model. Transfers carry No transfer fees, so account charges add little on top of the exchange rate itself. There is no separate subscription to cancel if the service is used only occasionally.
How fast is a transfer, and how do I start one?+
Delivery is Same day or within 1-2 working days, depending on the currency and the payment route. Transfers can be started online, in the app or by phone, and a personal account manager can place the order for you when the amounts involved are larger.
How is my money protected while a balance is held?+
Balances are covered by FSCS up to GBP 85,000, the UK deposit protection scheme, and client funds are held in segregated accounts rather than mixed with the firm's own money. The wider group is supervised in the UK, Spain, Australia and New Zealand.
Which regulators supervise TorFX?+
Tor Currency Exchange Ltd is listed with the Financial Conduct Authority in the UK as 900706, with Banco de Espana in Spain as 6716, with AUSTRAC in Australia as 246838, and with the Financial Markets Authority in New Zealand as FSP1006222.
How many currencies can be held and converted?+
The currency list covers from 40 currencies, well above the site median of 5. Balances and payouts run across those currencies, so a business paid in a foreign currency can keep the proceeds in another without converting first.
Does the balance earn a fixed rate?+
The rate is variable, so any return on held balances follows market moves rather than staying fixed for a term. If a locked rate matters more, the fixed rate at AXI Card Tarjeta y Credito and the fixed rate at Plazo ES point the other way.
How is it a savings account or a transfer service?+
It is listed as a cash management account with a variable rate, so balances move with the market rather than earning a term return. Charges come from the exchange rate, and the monthly fee is £0.
How is money paid out, and to where?+
Payouts are available to bank and cash pickup. A bank transfer is the usual route for larger balances, and cash pickup is offered on eligible transfers. A card or wallet payout is not among the listed methods, so plans should be built around the bank route.
How do I reach someone for help?+
Support runs on phone and email, and personal account managers take phone contact for larger transfers. That suits people who prefer to place an order by speaking to someone rather than working through the app on their own.
Sources
- torfx.co.nz checked September 26, 2026
Backs: Delivery time, Payout methods
“Depending on the currency you're sending, your transfer will arrive either the same day or within 1-2 working days.”
- torfx.com.au/about-us checked September 26, 2026
Backs: Currencies, Transfer fee, Fee to send 1,000
“We support transfer to 120+ countries in 40+ currencies, including AUD, NZD, GBP, EUR, USD, ZAR and more”
- torfx.com checked September 26, 2026
Backs: Access terms, Account kind, Headquarters
“Transfer online, through our app or over the phone with your account manager.”
- torfx.com/about-us checked September 26, 2026
Backs: Founded, Pricing model, Monthly fee
“Trusted global currency experts since 2004”
- torfx.com/terms-and-conditions checked September 26, 2026
Backs: Deposit protection, Legal entity, Rate type, Support channels, Licences
“The parties to this agreement are: Tor Currency Exchange Ltd ('TorFX') of PZ360, Penzance, Cornwall, TR18 4DZ (registered in England and Wales with company registration number 5193147)”
Compiled from 6 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Headline rate, Term, Minimum deposit.
Related by the facts
TorFX
People and businesses paid in a foreign currency who need to hold and spend across several markets each month.