In this video we're going to discuss money transfer specialists, TorFX.
If you're thinking of sending money overseas, you might have already heard of them.
And in this video, we're going to look at them in detail.
We're going to tell you somethings you need to know about TorFX,
what you need to make an international money transfer,
and we're going to take you through the process of setting up an account and sending your money.
If you can watch the whole video, at the end we're going share our number one tip for making sure you get the
best exchange rate with TorFX.
TorFX was founded in 2004 and has since grown globally.
They now have offices in
They now employ hundreds of people all over the world with offices in Australia, South Africa, The UK, India, US
and throughout Europe.
They're also a really secure option for international money transfers.
They have an Australian financial services license,
and are regulated by the Australian Securities and Investment Commission.
Let's look at TorFX in a little bit more depth.
The rate that they offer you will generally be better than what you could find from a bank.
And they don't charge an international transfer fee.
If we're honest though, their website isn't the most user friendly.
While it is easy to get an obligation free quote,
the website itself still lags behind some other companies in the field.
Where they excel, is their personalised phone support.
You get a dedicated account manager that is assigned to you and they can help you through the transfer,
from start to finish.
Finally, make sure you have a little bit of time up your sleeve.
The transfer itself with TorFX can take 2-3 business days, and the verification of your account can take
some time as well.
So if possible, set up your account a few days before you need to make the transfer.
Now that we know a bit more about TorFX,
let's have a look at what you need to make an international money transfer with them.
Make sure you've got identification handy. And make sure you've got two forms.
So, proof of address and photo ID.
TorFX only accept payment from a bank account in the same name as the transfer.
So make sure you've got those details with you,
and it's important that you have the funds available before you make the transfer.
The transfer can't be completed until the funds have cleared.
Ok, let's get straight into looking at how you set up an account with TorFX. To start, head to the TorFX website.
On their home page, you'll see you have the option to get a quote for an International money transfer.
Using the drop down menu, you'll be able to see all the currencies they are able to transfer.
When you're ready, you can head to the top of the page and click, 'Open an Account'.
The next page will ask whether you're opening a personal or business account.
Select the option that best suits your needs.
The first step in setting up your account is to provide your email, and create a password.
For security, this password should contain numbers and letters and be different to any other passwords that you use.
The next part is all about you providing your personal details
It's really important that when you're filling out this information, you make it as accurate as possible.
You'll need to provide identification later in the process and the details need to match.
You'll be ask whether you want to create a joint account with someone else or if the account is just for you.
Click the box that is most appropriate to your situation.
Now, you'll need to provide one type of identification.
You can choose from a Medicare Card, Passport or Drivers License.
Again, make sure these details accurately.
There are a few more questions, to confirm the set up of your account.
You'll be asked how your heard about TorFX, if it was in this video you can type thecurrencyshop.com.au.
Then, inform them of the amount of currency you'll be transferring
and the currencies you'll most frequently be buying and selling.
You'll need to agree to TorFX's terms and conditions to continue.
There is a link to them in the description below.
To start making transfers with TorFx, you need to upload some identification.
So that they can verify your account.
This means some photo ID, like your passport or license. And a document as proof of address.
This document needs to be from the last three months.
You can choose to upload these documents later,
but just remember you won't be able to make a transfer until you have.
You'll see this see this message when you have uploaded the necessary documents.
And TorFX will email you when your account is complete.
You'll be called and emailed by TorFX confirming the details you provided on your application.
Once this is done, you'll be emailed an activation link. Alternatively, you can head to the login page and
select, 'activate your account here'.
Once your email address is confirmed, you'll be sent a verification text message.
Type in the code they send you and you're on your way.
Now, you can log into your account.
This is what your TorFX account portal looks like.
From here, you can create a rate alert for currency pairs that you need, add recipients to your account,
Buy currencies to add to your balance and make a transfer overseas.
You will need to add a recipient before you can make a transfer.
You'll need to provide their personal details, as well as their banking details.
And any additional information that TorFX need. Depending on the recipients country.
Once this is done, you can head back to the homepage and select, 'make a transfer'.
Follow the steps to complete the international money transfer. Once you have transferred the funds to TorFX
it should be complete within a few days.
And that's how you make an international money transfer with TorFX.
If you have any further questions about the process, please leave them in the comments below.
So what's our number one tip for making sure you get the best exchange rate with TorFX?
Well, they don't charge you a fee for making an international money transfer,
but they do put a margin on the exchange rate they offer you.
This means, that you don't get the rate that you'd see on Google or XE.com.
Our tip, is to use the link in the description below. This link will give you a better link than if you went
directly to TorFX's website.
Full disclosure, we do get a referral fee from TorFX when you use this link.
But it affects the rate in a positive way. This means that your money goes further when you make the transfer.
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