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TorFX
TorFX helps individuals and companies who need to make currency transfers, providing bank beating exchange rates, specialist advice and free international transfers as an alternative to using the major banks. Typical clients of TorFX include people buying or selling an overseas property, as well as local and national companies that are either importing or exporting,
Highlights:
- In 2008 TorFX transacted over £300,000,000 in foreign exchange.
- Hundreds of UK companies use TorFX for currency transactions and advice.
- Member of the Association of International Property Professionals.
- Regulated by HM Revenue & Customs.
- Segregated client accounts held with Barclays Bank Plc.
- In 2008 TorFX achieved 2nd place in the Sunday Times Fast Track 100 list, for being one of the Uk's fastest growing independent companies.
Opening an account is free, and you are able to buy or sell currency with one telephone call. Your personal TorFX currency consultant will be on hand to advise on your transactions, and if required you can book your currency up to one year in advance, protecting your purchase from the risk of adverse exchange rate movements (which could otherwise increase the cost in sterling terms).
Your currency will also be sent to its end destination free of charge, whether this is your own account, or perhaps you are paying funds direct to a developer or a holiday company.
TorFX
| Margin | 0.70% |
| Margin explanation | Maximum margin is 0.7% which starts from £5,000 and improves with volume and frequency |
| Financial service authority Regulated | NO |
| HM revenue & Customs Regulated | YES |
| Fee | £0.00 |
| Minimum transaction | £5,000 (regular monthly payments for the equivilent of £250) |
| Trust account | Barclays Bank PLC |
| Transfer options | Bank to Bank transfer |
| Currencies | 37 currencies |
| More: | Improved FX Rate with Larger Volume; Online Registration |
Forward contracts
A Forward contract is where the broker guarantees a rate of exchange for delivery in the future. TorFX will require a 10% deposit to reach our account within 24-hrs of agreeing a rate, with the remaining currency due to reach our account 48 hrs prior to your specified delivery date.
Regular international payments
The TorFX Regular Overseas Payments service is a highly cost effective and simple way to send money abroad on a regular basis. The service is available for regular transfers of between £250 and £5,000 per month over a minimum period of 6 months. TorFX can offer you a highly competitive exchange rate on your transfers, and we charge 0% commission, saving you an average of 3% over the rates offered by high street banks. In addition, transfers are free of charge, compared to a typical charge of £30 for most banks. Once you set up the plan, you don't need to do anything, the payments will be made automatically.
Foreign Currency Account opening procedures for Non-UK Nationals and Overseas Clients
In order to open an account you will need to complete our registration form and in line with HMRC regulations, send a scanned colour copy of your passport and two utility bills dated from within the past six months.
Security of Client Funds
All client funds are held in segregated trust accounts with our Banking Partner, Barclays Bank PLC, this means that we are unable to access these funds and they remain separate from our day to day bank account at all times.
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