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TORFX
TorFX
        
TorFX is one of the UK's leading foreign exchange brokers, providing individuals and companies with money saving currency exchange services. TorFX offer competitive currency exchange rates for international money transfers and an unrivalled personal service to private individuals and companies with a foreign currency exchange requirement. Whether you are buying or selling an overseas property, emigrating, repatriating, making/receiving a payment or are involved in any other kind of financial exchange, TorFX can save you money. Whatever the size of your transaction, they will help you get the best exchange rate. TorFX let you fix your exchange rate for up to 2 years.
Locations: UK
Forward ContractsRegular Payments
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Join TorFX mailing list and receive free foreign exchange reports.
Advantages
1. Save Money - Many individuals and businesses still use their bank for foreign exchange transactions, resulting in poor exchange rates, a lack of personal service, and a "one size fits all" approach. Due to our established relationships in the "inter-bank" foreign exchange market, TorFX is able to offer wholesale rates of exchange on transactions over 5,000. The average saving made by our clients on a transaction of 100,000, is 1.9%, or 1,900.
2. Avoid Exchange Rate Fluctuations - Because exchange rates change by the second it would be almost impossible to forecast exactly what the rate would be when your transaction is processed. You may have negotiated the best price for your purchase, but it could easily be offset by a slight change in the exchange rate. TorFX can fix the exchange rate for you for up to two years which will protect you from future rate movements, helping you stick to your budget!
3. Market Expertise - Senior dealing staff are drawn from financial market and banking backgrounds, bringing extensive knowledge of the foreign exchange markets. With MSTA qualified currency analysts on hand to discuss your transaction, and keep you informed, you can be sure that you will receive the information you need in a professional and timely manner.
4. Excellent Services - In addition to providing you with a preferential exchange rate, TorFX also offer a variety of dealing mechanisms to help you optimize your transaction. Forward contracts, limit orders and stop orders are excellent ways of ensuring that you get the most currency for your money. Our free market analysis could also give you the edge you need to secure a better rate.
5. Security of Funds - TorFX is regulated by HM Revenue&Customs (no: 12191606), and is a member of the UK Money Transmitters Association. All client funds are held in client segregated accounts with our banking partner, Barclays Bank PLC.
6. Personal Service - Each client is allocated their own personal account manager who will guide them through every stage of their foreign currency transaction. Our friendly dealers will keep you informed as often as you wish, by email or telephone, and will do everything possible to help you get the most from your transaction. We pride ourselves on going the extra mile, because unlike the "one size fits all" approach of the high street banks, we believe that our customers deserve a high level of service when making large currency transfers.
7. No Commission
8. Fast International Transfers - TorFX will send your currency to its destination free of charge, by TT/CHAPS. We can pay your solicitor, vendor, notary or supplier direct, saving you time and money. Our same day international payments are fast, reliable and free*. We can also provide you with an internationally recognised payment confirmation as soon as your currency has been sent.
9. Free Account Opening Facilities - Opening an account is free of charge, there is no obligation to trade, and you will not be charged any administration charges for maintaining your account.
10. No Obligation Quotations - You can get instant dealing quotes from your account manager by telephone or email. The bank will often refuse to give a live quote, or will not inform you of your exchange rate until later. Even worse, they may offer you the "tourist" rate of exchange, whereas on a large transaction, you should be offered a far better quote. TorFX provide live, transparent quotes based on the amount of currency you are sending, so you truly know where you stand, and can budget accordingly.
Disadvantages
1. Amounts under 5000 will incur a transfer fee.
2. Longer account set up process if not residing in the UK.
Terms and Conditions
Additional Services
Same Day Spot Contracts, Forwards, Stop/Limit Orders
Key Facts
1. In 2007 TorFX transacted over $500 million in foreign exchange.
2. Hundreds of UK companies use TorFX for currency transactions and advice.
3. Member of the Association of International Property Professionals.
4. Regulated by HM Revenue & Customs.
5. Segregated client accounts held with Barclays Bank Plc.
Transfer and Currency
Transfer Options:
TT / CHAPS / BACS
Transfer Speed:
Same Day Available On Most Major Currencies
Minimum Exchange: 250
Currencies Available: 68 Accounts
Trust Accounts: BARCLAYS Trust Accounts
Costs, Rates and Fees
Margin: 0.7%
Margin Explained: Max margin from interbank 0.7%
Fee: £0.00
Improved FX Rate with Larger Volume: Yes
Online Registration: Yes
Regulation
FCA Regulated: Yes
HM Revenue & Customs Regulated: Yes
        
REVIEWS
TorFX (Which Way To Pay - 5/9/2008)
TorFX is ranked 4 out of 5. Based on 1 review.

4 Star Rating

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