Security, Fees and How and Why
Four months ago, I moved to Australia. Unfortunately, when I initially moved I hadn’t done much research on transferring and converting my money, and ended up losing a ton to bank fees and poor exchange rates after I set up my Australian bank account and started moving money.
A designated money transfer service with competitive exchange rates and most importantly - no hidden fees to transfer money abroad. I recently sold my car back at home and want to transfer the $5,000 I got for it to my Australian bank account.
My experience with TorFX was seamless, convenient and quick.
I just wanted to share the process so that other expats don’t make the same mistake I did when I first moved!
Getting a Quote
If you want to get a quote before signing up so you can compare services, it is really easy. I just entered in my current money type (USD) to type of currency I want to exchange it into (AUD), then provided my contact details to be contacted by an account manager with a live quote so that I know exactly what exchange rate I’m getting.
Once I was satisfied with the exchange rate, I signed up for a free account.
How it works
1) Sign up for a free account online (Also see what rate you get)
2) Once you are registered, you will be assigned an account manager who will keep you updated on current exchange rates so you know when the best time to transfer your money is to get the best rates. To activate your account, you have to send your account manager proof of your address (utility bill/bank statement/etc.) and a photocopy of your passport or driver’s license (you can just take a picture with your smartphone) via e-mail. You don’t always need to provide a lot of this information if you are based in Australia.
3) Then your account is activated, you can send any amount between $200 - $25,000 (in up to 30 different currencies) all online from either your bank account to TorFX who will then convert the currency and deposit it into the designated account. For transfers over $25,000 (if you are planning to buy a house, for example), simply speak to your account manager over the phone and they’ll take care of the whole process for you. That’s it! Your money will be available in 1-2 business days!
TorFX requires a mobile number that they can send a 5-digit pin number to in order to activate your account. As well as proof of address and identification. Once activated, you can monitor all activity online from your account 24/7.
The customer service is what really makes TorFX stand out (aside from the saving money part, of course). Reading all of the amazing reviews about how helpful, reliable, and friendly the account managers are is a big part of what made me decide to give this service a shot since it was my first time using a money transfer service and I wasn’t really familiar with the process. They made it very quick and easy, guiding me through the entire process, keeping in constant contact via e-mail to ensure everything was going smoothly and always available to answer any questions I had. Their response was always prompt via e-mail, but if for some reason I needed to get ahold of them immediately I knew I could call their 24-hour support team (which I never had to do, but it was just an added bonus knowing I could).
If you want to get great exchange rates possible, avoid giving your money away to in bank fees, and trust that your money is being transferred safely and securely - then TorFX is definitely a good way to go!