There are several ways to send or receive money from overseas as a business and until fairly recently, most international transactions happened via standard bank transfers. With TorFX, sending regular business payments overseas to pay for employees, products, services, overheads or other business costs is cheaper, quicker and easier than using a high street bank service. TorFX offers a low-cost and faster alternative to international bank transfers.
For businesses who send regular amounts overseas to make payments in the UK Pound (GBP), Euro (EUR) and many other popular global currencies, using a specialist FX transfer provider like TorFX is a money saving decision if your transfers exceed £500 per month. Business money transfer payments are very competitive with TorFX, example GBP vs EUR exchange rates:
TORFX - BUSINESS | MIN. TRANSFER | SPEED | FX MARGIN RATE | *GUIDE RATES | MORE DETAILS |
---|---|---|---|---|---|
GBP £ - to EUR | £250 | *1 DAY | 0.7% | €1.198 | FREE QUOTE |
EUR € - to GBP | €250 | *1 DAY | 0.7% | £0.823 | FREE QUOTE |
Transfer exchange rates are calculated and updated hourly (Monday to Friday) from 8 am to 4 pm UK – GMT
*Note: Dependent on the contract selected and the currencies involved, the converted currency is usually transferred to the recipient account within 1 to 2 working days, although if TorFX have funds on account prior to booking your trade the transfer can be made immediately subject to normal banking cut off times.
Maximising your company’s potential can be challenging, but getting the best return on your international money transfers shouldn’t be. Connecting your business with excellent currency rates should be stress-free, simple, cost-effective and whatever industry you’re in, TorFX can save you money.
Opening a business account with TorFX is quick, easy and free, and comes with no obligation to trade. You can register online and once your account is open you can start arranging transfers straight away.
Every TorFX client is assigned their own personal point of call, an approachable currency expert who’s on hand to offer guidance, specialist insight and regular updates whether it’s your first transfer or your hundredth.
Spot Contract – With this form of contract currencies are exchanged ‘on the spot’ – meaning TorFX secure you the most competitive exchange rate available whenever you need to buy or sell a currency for immediate settlement.
Forward Contract – Forward contracts can be particularly useful when budgeting for a future currency exchange as they allow you to fix a rate in advance. With TorFX you can fix the rate up to two years before you need to send or receive the currency, giving you far greater flexibility and security while supporting your financial planning.
24/7 Transfers – While you can arrange transfers of any size over the phone with your Account Manager, you can use Business Online to transfer up to £100,000 24/7. With Business Online you can also set up rate alerts, add beneficiaries and view your transfer history.
TorFX can also help you optimise your trading with different order types:
Limit Order – If you don’t want to transfer your funds at the current rate you can leave a Limit Order with your Account Manager targeting a specific exchange rate. TorFX will automatically execute your transfer when your target rate becomes available.
Stop Loss Order – If you don’t want to move your money at the current rate but are concerned that it may worsen and wish to control this risk, you can ask TorFX to execute your transfer if the exchange rate deteriorates to your specified level. This allows you to wait for a better rate, but lock in a worst-case rate should the market move against you.
Market Insight – Register your business with TorFX and you’ll be assigned a dedicated Account Manager to oversee all of your foreign currency requirements. Your business will also benefit from having access to in-depth analysis prepared by market technicians, whose fundamental and technical approach to gauging currency trends can help you minimise risk and optimise the timing of your transfers.
There are a number of benefits to using TorFX to manage your company’s international money transfers – not least being able to achieve a more competitive exchange rate.
You’ll also avoid having to pay the transfer fees levied by some banks and will benefit from the constant support of your own dedicated Account Manager. In short, you’ll save money, time and stress.
Ensuring the security of client funds is hugely important and TorFX have a number of procedures in place so you never have to worry. As well as being authorised as an Electronic Money Institution (EMI) by the FCA, TorFX operate segregated client accounts, adopt stringent compliance procedures and hold the highest level of creditworthiness with Dun & Bradstreet.
TorFX won’t charge you a thing outside of the actual exchange rate they quote. As well as seeing immediate savings by avoiding additional costs, you’ll also get more for your money by securing an excellent exchange rate.
While the amount of time a transfer takes can depend on the currency, destination and receiving bank, the funds should be in your account on the same day or within no more than two working days for more exotic destinations.
There’s no maximum limit on one-off transfers and TorFX conduct regular overseas payments of anywhere from £500 at a commercial exchange rate on a fee-free basis.
Opening a business account with TorFX is very straightforward and you can complete the registration form online. Once your details have been confirmed, one of the specialist Corporate Accounts team will give you a call to introduce themselves and talk through your requirements.
From that point on they will be there through every stage of your transfer and can answer any questions you might have about international money transfers and minimising your company’s exposure to risk.
When you’re ready to move your money your TorFX Account Manager will confirm the current trading rate and execute transfers on your instruction – the process is completely transparent and no contract is booked without your explicit confirmation. You’ll also be sent a Contract Note outlining the terms of your transfer.
Once your transfer is booked you will be asked to pay TorFX in the sale currency so that the exchange can be completed and your purchased currency sent straight to your nominated account. This may be your own bank account or you may ask us to pay a supplier or client direct.
Whatever your requirement, your Account Manager will be there to help you make the most from your international currency transfers.
Complete the registration form online – click here to register a new account
TorFX is authorised by the Financial Conduct Authority under the Payment Service Regulations 2009 for the provision of payment services – TorFX is licensed as a money transmitter by HM Revenue and Customs – MLR number 12191606.
Tor Currency Exchange Ltd is authorised by the Financial Conduct Authority as an Electronic Money Institution under the Electronic Money Regulations 2011 and their FCA Firm Reference Number is 900706. TorFX are a member of the UK Money Transmitter’s Association.
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