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TorFX review

Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026

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Our verdict

TorFX suits people who want a cash management account for money they move regularly, with transfers around the clock and a named account manager. Balances held in the UK sit under deposit protection of FSCS up to GBP 85,000, and the rate is variable, so what the account pays can change.

Key facts

Best for
A flexible account for money that keeps moving, with a named account manager and UK deposit cover.
Rate type
Variable↗
Deposit protection
FSCS up to GBP 85,000↗
Access terms
24/7 transfers online, in the app or by phone with a personal account manager; funds held in segregated accounts↗
Monthly fee
£0↗
Account kind
Cash management↗
Legal entity
Tor Currency Exchange Ltd↗
Headquarters
United Kingdom↗
Founded
2004↗
Support channels
Phone, Email↗
Pricing model
No monthly fee
Official website
torfx.com

Facts checked September 26, 2026, 3 sources

Apps and profiles

Get the app
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Elsewhere
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Pros and cons

Pros

  • Funds sit in segregated accounts, and transfers run online, in the app or by phone with a personal account manager.
  • Deposit protection runs to FSCS up to GBP 85,000 for balances held in the UK.
  • Authorised by the Financial Conduct Authority in the UK, with licences in Spain, Australia and New Zealand.

Cons

  • Support runs on phone and email, with no live chat listed.
  • The rate is variable, so the interest the account pays can change.
  • Deposit cover of FSCS up to GBP 85,000 is below the EU ceiling listed at Wise, EU DGS up to EUR 100,000.
TorFX

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Scored 8.9 / 10 by SumCue.

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Who it suits

  • People holding a balance in a cash management account who want access at any hour.
  • Savers who want funds held in segregated accounts with FSCS up to GBP 85,000 behind UK balances.
  • Users who prefer a personal account manager on the phone, with support listed on phone and email.

Who should look elsewhere

  • Wise, if you hold euros and would rather have cover under EU DGS up to EUR 100,000.
  • bunq, whose euro balances are listed under EU DGS up to EUR 100,000.
  • eToro, if you prefer deposits listed under EU DGS up to EUR 100,000 to the UK scheme.

Who runs it

TorFX trades as Tor Currency Exchange Ltd, based in the United Kingdom and founded in 2004. The UK regulator is the Financial Conduct Authority, licence 900706. It also holds a Banco de Espana licence in Spain, 6716, an AUSTRAC licence in Australia, 246838, and a Financial Markets Authority licence in New Zealand, FSP1006222. Support runs on phone and email.

How TorFX compares

Where TorFX is available

Available
Australia, New Zealand, Spain, United Kingdom, United States
Licence in United Kingdom
Financial Conduct Authority (900706), checked September 26, 2026
Licence in Spain
Banco de Espana (6716), checked September 26, 2026
Licence in Australia
AUSTRAC (AFSL) (246838), checked September 26, 2026
Licence in New Zealand
Financial Markets Authority (FSP1006222), checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

Does TorFX charge a monthly fee?+

The account runs on a no monthly fee model, with a monthly fee of £0, so holding it costs little. The balance sits in a segregated account rather than being lent out, and the rate paid is variable, which means it can move over time.

Is my money protected if TorFX fails?+

Balances held in the UK are covered by deposit protection of FSCS up to GBP 85,000. Funds are also kept in segregated accounts, separate from the firm's own money. The UK side is authorised by the Financial Conduct Authority under 900706, with further licences in Spain, Australia and New Zealand.

How do I move money in and out?+

Transfers can be made online, in the app or by phone, around the clock, and a personal account manager takes the calls. Money rests in segregated accounts until you move it. Help for those transfers runs on phone and email, and there is a named account manager on the phone side.

What kind of account is it?+

It is set up as a cash management account, aimed at money that moves rather than money locked away for a fixed term. The rate is variable, so there is no set period to run to, and support is listed on phone and email.

Who is TorFX aimed at?+

The service is built for cash management balances, with transfers available at any hour and a personal account manager on the phone side. Holding the account costs a monthly fee of £0, and balances in the UK sit under FSCS up to GBP 85,000.

Where is TorFX regulated?+

It trades as Tor Currency Exchange Ltd from GB. The UK regulator is the Financial Conduct Authority, licence 900706. Outside the UK it holds a Banco de Espana licence in Spain, an AUSTRAC licence in Australia and a Financial Markets Authority licence in New Zealand.

How does deposit protection compare with Wise and bunq?+

TorFX balances in the UK carry FSCS up to GBP 85,000. Wise lists EU DGS up to EUR 100,000 and bunq lists EU DGS up to EUR 100,000, while eToro lists EU DGS up to EUR 100,000. The scheme that matters therefore depends on the currency a balance is held in.

Sources

  • torfx.com checked September 26, 2026

    Backs: Access terms, Account kind, Headquarters

    “Transfer online, through our app or over the phone with your account manager.”

  • torfx.com/about-us checked September 26, 2026

    Backs: Founded, Pricing model, Monthly fee

    “Trusted global currency experts since 2004”

  • torfx.com/terms-and-conditions checked September 26, 2026

    Backs: Deposit protection, Legal entity, Rate type, Support channels, Licences

    “The parties to this agreement are: Tor Currency Exchange Ltd ('TorFX') of PZ360, Penzance, Cornwall, TR18 4DZ (registered in England and Wales with company registration number 5193147)”

Compiled from 4 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Headline rate, Term, Minimum deposit.

TorFX

TorFX

A flexible account for money that keeps moving, with a named account manager and UK deposit cover.

8.9/10Visit