Has anyone used them to transfer funds and if so, please recount your experience.

I've come to the party a little late, but I hope this helps.

Like Catherine I have used both TorFX and Halo. They are both equally professional and efficient, but Halo's rates were slightly better, and they would keep spot prices for forward prices if you asked them, which TorFX wouldn't.

I would opine that if you need to move large or regular amounts Halo would be a better bet.

The thing is, my French bank, Banque Populaire, charges for any foreign deposit no matter what, so in the past I have just given them a US dollar cheque, because at least that way the US bank doesn't get to take a cut.

Really appreciate all the above advice, especially Roy's research. Many thanks for passing it all on. I rather resent the excessive bank charges yet don't want to be taken by a shyster.


Having lived in France for 20 years I share and understand your frustration with the robber banks when it involves transferring and exchanging currencies (plus an awful lot of other activities that they like to apply excessive charges to). After some initial research I have until recently been using the Co-Operative Bank to make financial transfers to my bank in France. They manage a same day transfer and charge a flat rate of £8, but their rate of exchange is invariably low and they limit the amount that can be transferred in any one transaction (it might be £5,000 but in any case is not more than £10,000). I saw the advertisement for TorFX on SFN and did a little research. The following may be of interest to you:

TorFX was set up in 2004, only 4 weeks after a company called Crown Currency Exchange started business, and by the same people – the Benstead family. The two companies shared premises and directors until around 2008/2009 when there appears to have been a parting of the ways and TorFX moved to Penzance. CCE subsequently collapsed in late 2010 leaving a large number of debts and angry creditors. I believe that the FSA are still investigating CCE’s operations which may prove to be highly questionable and result in charges being brought.

Subsequently TorFX was sold in May 2011 to Currency Direct, a member of the Azibo group and a leading company in the currencies market. The figure involved is not known, but was reported by The Daily Telegraph on 31 May 2011 as being in the millions of pounds. The three largest shareholders of TorFX, who were also shareholders in CCE, were immediately arrested by the police investigating the Crown Currency collapse.

There is no reported evidence that TorFX were involved in the practices of CCE that are currently under investigation, and the FSA have made no suggestions that TorFX were in any way involved. However, the fact that TorFX is now under the perfectly respectable wing of Currencies Direct will at last have removed any suggestion of impropriety – something that I suspect TorFX are quite grateful for.

I recently registered with TorFX and have found their operation extremely efficient and very much customer oriented (quite a refreshing change from banks). There are some formalities associated with registration – although nowhere near the officious and hypocritical nonsense imposed by many companies in the financial services field who claim to be following “Anti Money Laundering procedures” (complete nonsense as it would never deter any real criminal). Speed and efficiency, as well as personal contact, have in my experience so far been the hallmark of TorFX’s operation, and I cannot fault them. Same day transfers at very competitive rates with no other charges have been the order of the day, and I think that you would be hard pressed to beat them. I have only had experience of spot transfers, but I understand that they do offer other facilities such as forward contracts and regular payments, something that would attract a good number of ex-pats I suspect.

Hope the history lesson helps

Hi Catherine!

I have used Smart Currency Exchange on several occasions in the past year - including transferring a large sum of money from the UK to finance a property purchase. They are professional, friendly and the money was in my account within 48 hours. They don't charge commission for any amounts over £3,000 and they offer very good rates.

Hope this helps.

Fiona Laborde

We have used them and also Halo. C x

Hello Catherine,

I have used Torfx several times found them to be very good rates and excellent service.

Hope that helps

Tony Cox

Thanks Elaine. I will check them out. You guys sound as though you know what you are doing.