Not even with a Barge Pole !!!

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Blackpool Bob's review of TorFX Foreign Exchange


“Not even with a Barge Pole !!!”

Written on: 11/01/2022 by Blackpool Bob (2 reviews written)

After working with Barclays for years transferring substantial amounts between the UK, Canada & the US, I thought I'd try a Broker to see if I could get better rates.

After reading the "glowing" reviews of TorFX I decided to give them a try.

After speaking to one of their brokers I was assured TorFX would provide me with better exchange rates than Barclays, so I transferred £325,000 into an account they opened for me.

On the day the payment was due to a company in Canada I phoned to ask what the £ to Cnd $ rate would be on the £325,000 to be told 1.65 !!!

I was shocked to say the least, especially as less than 10 minutes earlier I'd spoken to Barclays to request a rate from them, to compare their rate to TorFX. Barclays offered me 1.68 on any amount >£10,000.

I queried the rate with the "broker" mentioned that Barclays had offered me 1.68. Silence followed, eventually broken by "we can match that" !!!

I bet they could, the 1.65 rate initially offered would have brought $536,250 Cnd the rate offered by Barclays rate would have brought $546,000 a difference of $9,750 !!!

Nice "work" if you can get it, AMAZING how quickly they offered to match Barclays rate.

When it comes to exchanging currencies and transferring funds internationally you really need to know that you can trust who you are dealing with.

That was the first and last time I'll be dealing with TorFX, having said that, maybe I was just unlucky the GLOWING reviews are still coming in thick and fast, make what you will of that.

As for me, I wouldn't touch TorFX with a Barge Pole.

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