TorFX – International Money Transfer Review
Important: TorFX advertises 0% commission – meaning no separate fee is charged. The cost is incorporated into the exchange rate spread, typically 47–70 basis points depending on the amount. This is standard broker practice: the rate you receive already includes TorFX's margin. There is no truly zero-cost transfer; the spread is the cost.
TorFX is one of the UK's best-established currency brokers, founded in 2004 and processing over £10 billion annually. On a £10,000 GBP to EUR transfer, TorFX typically delivers approximately €11,512 – competitive but €12 behind Horizon Currency. TorFX's defining strength is personal service: every client receives a dedicated account manager, and transfers above £25,000 require a call to agree the rate.
| Pair | Interbank rate | TorFX effective rate | Effective spread | Settlement | Compare |
|---|---|---|---|---|---|
| GBP/EUR | 1.1559 | 1.1505 | ~47–72 bps | Same day / SEPA | Compare → |
| EUR/GBP | 0.8652 | 0.8611 | ~47–72 bps | Same day / SEPA | Compare → |
| GBP/USD | 1.27 | 1.2640 | ~47–72 bps | 1–2 days | Compare → |
| EUR/USD | 1.0988 | 1.0936 | ~47–72 bps | Fast (SEPA) | Data → |
| GBP/AUD | 2.02 | 2.0105 | ~47–72 bps | 1–2 days | Compare → |
| GBP/NZD | 2.18 | 2.1698 | ~47–72 bps | 1–2 days | Compare → |
Effective rates are illustrative, calculated at the provider's typical spread on a £10,000 / €10,000 send. Rates indicative – confirm with TorFX before transacting.
For GBP/EUR on a £10,000 transfer, TorFX typically delivers approximately €11,512. TorFX operates on a zero-commission spread-based model with no fixed fees – typically 47 bps at £10,000, tightening to ~45 bps at £25,000 and below 40 bps for amounts above £250,000.
An important distinction: TorFX's pricing follows standard broker practice – cost is incorporated into the exchange rate spread. TorFX does not publish a rate schedule – all quotes are agreed at the time of the trade.
GBP to EUR transfers with TorFX settle same day or next business day. TorFX holds client funds in segregated accounts with Tier 1 banks via its EMI licence.
TorFX is most competitive on transfers above £5,000. Transfers above £25,000 require a dealer call to agree the rate.
For GBP/EUR transfers, TorFX sits at the competitive end of the specialist broker tier. On a £10,000 transfer, TorFX delivers €11,512 – ahead of Moneycorp and Halo Financial, and €12 behind Horizon Currency. TorFX's differentiation is strong account manager service and a very large client base.
For most personal and business clients, TorFX offers an excellent combination of competitive rate and strong service. Use our comparison table →
Against UK high-street banks, TorFX is substantially more competitive. Banks apply 275–460 bps on GBP to EUR vs TorFX's ~47 bps. On a £10,000 transfer, TorFX delivers approximately €365 more than Lloyds Bank and over €456 more than NatWest.
| Amount | FX rate | Variable fee | Fixed fee | Delivered (GBP/EUR) | Effective spread |
|---|---|---|---|---|---|
| £500 | Interbank | ~70 bps | None | ~€565 | good |
| £1,000 | Interbank | ~70 bps | None | ~€1,130 | good |
| £2,500 | Interbank | ~55 bps | None | ~€2,831 | good |
| £5,000 ★ | Interbank | ~55 bps | None | ~€5,662 | good |
| £10,000 | Interbank | ~47 bps | None | ~€11,512 | |
| £25,000 | Interbank | ~45 bps | None | ~€28,745 | good |
| £250,000+ | Interbank | Negotiable | None | Negotiated |
All spreads indicative. Above £25,000, the rate is agreed directly with your account manager. Rates depend on market conditions at the time of the trade.
TorFX was founded in 2004 in Penzance, Cornwall, under the legal name Tor Currency Exchange Ltd (Companies House: 5193147). In 2015, the Currencies Direct Holdings group acquired TorFX for approximately £200 million. TorFX obtained an FCA Electronic Money Institution licence in 2017 (FRN: 900706).
The group processes over £10 billion in foreign exchange annually and has served over 425,000 clients since founding. TorFX holds a Trustpilot rating of 4.8/5 from over 8,667 verified client reviews and a Dun & Bradstreet Level 1 credit rating with no debt.