Is TorFX safe? [2023]
TorFX is a specialist currency broker, offering international payments and currency risk management solutions to individuals and businesses.
As a customer based in New Zealand, you’re recommended to transact through the TorFX Australia office for convenience – there’s a local New Zealand phone number you can use, too. However, if you’re considering using TorFX for an international transfer, you probably have one question on your mind: is TorFX trustworthy? This guide covers all you need to know.
Quick Summary
- International transfer and currency services available via brokers
- TorFX recommends customers in New Zealand use their Australian registered business, which is safe and fully licensed
- Account verification, security questions and password required
- Regulated business services with award winning customer service
- TorFX holds the highest possible credit rating, through its UK registered business
Is TorFX safe?
Sending money with TorFX is safe. We’ll move into the details of exactly how TorFX keeps customers and their money safe in just a moment. First, let’s start with an overview of some key facts and figures about TorFX:
Regulators: AUSTRAC in Australia, and other global regulators as required by law
Established in: 2004
Customer numbers: 55,000 customers
Volume of transfers: 10 billion AUD/year (just over 11 billion NZD at the time of writing)
Additionally, companies like TorFX need to be licensed and regulated according to local laws in any other country in which they operate. Examples include FINTRAC in Canada, or the FCA in the UK.
How is TorFX regulated?
TorFX holds an Australian Financial Services Licence ‘AFSL’, and is regulated by the Australian Transaction Reports and Analysis Centre ‘AUSTRAC‘. In addition, TorFX is licensed in the UK under the FCA as an Electronic Money Institution (EMI).
To comply with financial legislation in Australia, the UK and in many other countries around the world, TorFX has to follow strict rules to keep customers’ money safe. One key fact is that customer funds are safeguarded – this means they’re held separately to TorFX’s own funds for security.
Is TorFX safer than traditional banks?
TorFX is licensed in a slightly different way to regular banks – but it’s a safe company to use for international money transfers. Using a specialist service like TorFX can also mean you get a better range of currency management products and a better exchange rate when you convert currencies.
Customer reviews on Trustpilot
It’s safe to say that TorFX customers leave pretty enthusiastic reviews on Trustpilot, pulling in a near perfect review score. Here’s a summary of what they say about TorFX:
| Provider | Number of reviews | Score (out of 5) | Rating |
|---|---|---|---|
| TorFX | 4,000+ | 4.9 | Excellent |
Where customers have left negative reviews for TorFX, a common theme is that TorFX account managers have requested additional documents for security and legal compliance reasons. This has caused payments to be delayed, and meant that the customer’s account is locked until verification checks have taken place. While that can be deeply frustrating, especially when high value payments are involved, TorFX will take these steps to ensure customers are ultimately kept safe, and to comply with law. A bank would likely have to do the same.
TorFX security measures
TorFX takes steps to keep customers safe. As well as safeguarding customer funds in dedicated accounts, there are stringent verification procedures in place to make sure customer accounts and transactions are secure. It’s useful to know that TorFX holds the highest possible level of creditworthiness through a top credit rating agency. That means there’s minimal risk of any problems arising with your funds or payment.
When you set up your account you’ll need to take a variety of security steps including verification, confirmation of your phone number and setting a password and security questions.
Is TorFX legit?
TorFX is a large global organisation, managing extremely high volumes of payments and currency risk management products. Services are offered online, but also through dedicated brokers, which means you can always talk to someone if you have questions.
Many TorFX customers are businesses and individuals sending high value payments – they trust TorFX’s strong reputation, which is backed by their high credit rating.
Is TorFX safe to transfer money?
TorFX is a safe provider to trust with your international payments. Once your payment has been arranged, you’ll send the money to TorFX, and in most cases they’ll pass it on to the recipient immediately. If for any reason TorFX has to hold your funds for a day or two – while verification checks are taking place for example – TorFX will usually move the money to a safeguarding account to comply with their global financial services licences. That ensures your money is safe, even when delays occur.
Is TorFX safe for large amounts?
With TorFX you can send online payments as a private customer, up to the value of the equivalent of 50,000 AUD. Corporate clients can send up to 200,000 AUD or the currency equivalent online. . There’s no upper limit on how much you can transfer if you talk to a broker, and many customers use TorFX for high value transfers for themselves or their businesses.
Sending a large amount with TorFX is safe. When you arrange your payment it’s worth checking what verification documents may be required. The verification processes in place vary based on both local laws and the laws in the destination country. That means you may need to provide additional documents, even if you’ve been through verification steps already with TorFX. Understanding in advance what paperwork may be required can help the process move more smoothly, and avoid any unnecessary delays in getting your money moving.
Is TorFX business account safe?
Sending a business payment with TorFX is safe, and can mean you pay less in fees compared with using your regular bank. You’ll find the same range of currency risk management options available, and business customers can also transfer up to 200,000 AUD in value online.
Can you get scammed on TorFX?
Criminals do prey on victims through a range of financial service providers – meaning it’s possible you’ll get scammed on TorFX, just as it is possible a fraudster may target you via your regular bank account. However, staying safe from fraud will usually only take a few simple steps. TorFX recommend that customers think carefully before sending a payment, and consider questions like:
- Can I prove the recipient is who they say they are?
- Why does that person suddenly need money? Is it a genuine request?
- Why do I need to send money to release a bigger payment?
- Why am I being asked to pay a tax I’ve never heard of?
Can I avoid falling victim to fraud?
Taking simple precautions is all you usually need to prevent fraud and avoid scams. Take a few moments to consider and challenge if you’re asked to send money or hand over personal data – if you’re being pressured to act fast that’s a red flag. Anyone who is making a genuine payment request will be able to provide you with proof of their identity if you have doubts, and give a full explanation of what you need to pay and why.
If you think you’ve been the victim of fraud, contact your local police and report the issue to TorFX.
Is your personal data safe on TorFX?
TorFX is committed to keeping customer personal data safe. There’s a thorough privacy policy available which covers all the details of how information may be collected and used, and which types of data collection or use can be prevented by customers.
In broad terms, TorFX collects data directly from customers, from third parties like verification agencies, and through technological means – such as collecting user IP addresses. This customer information is used in a variety of ways, including:
- To process payments and manage your account
- To comply with all relevant legislation
- To communicate with customers
- To market new services to customers
- To improve service provision
This type of data collection and use is pretty standard – most banks and financial service providers will do roughly the same.
What personal data does TorFX collect?
Let’s look at a few of the types of data TorFX might collect:
- Contact information – your name, address, email
- Financial information – your bank and card details, credit checks
- Verification information – your government issued ID and proof of address
- Information about your recipient – their bank details and name
- Technological information – your IP address, browser and device type
Depending on how you set up your account and the services you need to access, TorFX may collect additional personal data. For example, background checks must be carried out to open some account types, and users who connect with TorFX through social media may give permission for TorFX to access their contacts.
Any customer data collected by TorFX is held for as long as is legally or practically required, but destroyed or de-identified as soon as possible after it is no longer needed.
How to get started on TorFX?
Open a TorFX account online, in the TorFX app, or by calling their customer service team. Here’s how to create an account online:
- Open the TorFX desktop site or app
- Select Open an Account
- Confirm if you want a business or personal account
- Enter your email address and create a password for security
- Follow the onscreen prompts to enter your personal information including phone number
- You’ll receive a PIN by SMS, enter this to proceed
- Confirm your identity – a verification process may be required
- Review all the details and you’re done
The exact verification steps required will depend on the type of account you’re opening. In most cases you’ll need to provide government issued photo ID to prove your identity, and in some cases proof of address is also required. The TorFX team will talk you through any documents they need to see to make sure the process goes smoothly.
Conclusion
As a global company, TorFX is registered and regulated in several different countries and regions, including being AUSTRAC regulated in Australia, and covered in the UK by the Financial Conduct Authority. There’s a personal broker service which means that customers can always talk through high value transactions or complex currency risk management products in advance.
TorFX holds the highest available credit rating with UK credit agency Dun & Bradstreet, and follows a range of security protocols to ensure that sending payments is safe for customers.
