Using TorFX

Getting Started

1) Open a trading facility with TorFX. This is free, takes a couple of minutes online, and carries no obligation to trade with TorFX.

2) If you need to discuss your options, you can speak with your account manager who will be able to advise you on the best solution.

3) Agree your exchange rate with your TorFX account manager on the telephone, send us your payment, and provide us with forwarding details for your transfer.

Your Options

Contract Types

Spot Contract
Spot contracts are ideal if you have all of your funds available and want to make a fast transfer. You can buy or sell currency for immediate delivery, and benefit from our excellent exchange rates.

Forward contract
Forward contracts allow you to fix your exchange rate for a future trade, even if you don’t have all of your funds ready. This option allows you to take advantage of favourable exchange rates up to 2 years before you actually need to send your currency. You can buy the currency now, and pay later. A 10% deposit is payable at the outset, followed by 90% when the contract matures.

Order Types

Exchange rates fluctuate constantly and can be difficult to predict, so as well as simply buying at the current rate, we offer the following order types to help you make the most from your transaction. This is particularly relevant to clients who have a strong view on future exchange rates.

Limit Order
A limit order is an order to buy currency at a pre-determined market level (ie..better than the current rate). Our dealers monitor your order 24/7 and your currency is purchased automatically when your target level is achieved.

Stop Loss Order
A stop loss order allows you to set a minimum rate at which to buy your currency. If the market falls to this rate, your currency will be purchased automatically. This gives you peace of mind that you are protected from exchange rate movements.

Some clients use a limit order and stop loss order together, protecting against risk and guaranteeing that the exchange will be within a certain range. The markets are constantly moving, so our dealers will monitor your orders and keep you informed. Orders can be adjusted or cancelled at your instruction at any time prior to being fulfilled.

You will not be asked for any payment until your order has been fulfilled.

Useful Transfer Information

• How to Pay TorFX
• Sending Your Currency

How to Pay TorFX

We accept bank transfers and online payments. We do not accept cash or cheques.

*Important Note: In order to comply with anti money laundering regulations, TorFX will only accept funds from a bank account in your name.

Spot Deals
Prompt payment is important and ensures that your currency transfer will not be delayed. Your contract note will specify the settlement date, which is usually the business day following the deal date. If you are sending Australian dollars from a Australian bank account, a wire transfer instructed before noon on the settlement date will ensure that your funds reach the TorFX client account on time. You may be able to arrange your payment by telephone or online banking, but please ensure this is a “same day” payment.

If you are sending currency from outside Australia, you will need to authorize an international SWIFT payment. The delivery time for Euros, US dollars and Canadian dollars should be the same day if instructed before noon (Australian time). For other currencies, this can take two days or more. Please check with your bank in advance to find out how to arrange your transfer to TorFX.

Forward Contracts
Your deposit must be received at TorFX on the business day following the deal date. The balance must reach TorFX at least one business day prior to the settlement date specified on your contract note.

* Payments from Savings Accounts
Please note however that transfers from most savings accounts take 3 business days, and in some cases can only be made to your own current account. In order to avoid late payment, please ensure that your funds are accessible before booking your currency.

Please note, once a currency deal has been agreed, it is important that your funds are received on time. You may incur extra costs as a result of late settlement.

Sending Your Currency

TorFX is committed to making your transfers as simple as possible, so we offer the following guide to sending international payments.

If you are transferring funds inside Europe it is important to provide us with the correct IBAN for your transfer. IBAN stands for International Bank Account Number. Including the full IBAN will help to ensure the speed and accuracy of your payment. The table below gives some information on the correct format for each country.

Country	Country Code	IBAN Length	Example
Andorra	AD	24	AD1001101000100010011110
Austria	AT	20	AT111100101000111010
Belgium	BE	16	BE10111010011101
Bosnia	BA	20	BA110110110001110010
Bulgaria	BG	22	BG11XXX101110101101010
Croatia	HR	21	HR1110110101010100111
Cyprus	CY	28	CY11110011101010101011010101
Czech Rep	CZ	24	CZ1110111101111100001010
Denmark	DK	18	DK1010111101100011
Estonia	EE	20	EE110101011010100101
Finland	FI	18	FI1110101111010101
France	FR	27	FR1110011101010101011X10101
Germany	DE	22	DE11100101110101101010
Gibraltar	GI	23	GI11XXXX110111100111001
Greece	GR	27	GR1101101110000000011100111
Hungary	HU	28	HU11101011101101001100000000
Iceland	IS	26	IS111010010011010101101110
Ireland	IE	22	IE11XXXX01110101101010
Italy	IT	27	IT10X0111111101000000111111
Lativa	LV	21	LV10XXXX0000111100011
Liechenstein	LI	21	LI11011100001101010XX
Lithuania	LT	20	LT111000011101001000
Luxembourg	LU	20	LU100010100111110001
Macedonia	MK	19	MK01100000000011111
Malta	MT	31	MT11XXXX011000011111XXXXXXX001X
Netherlands	NL	18	NL11XXXX0111111101
Norway	NO	15	NO1010011111010
Poland	PL	28	PL10111010010000100101110110
Portugal	PT	25	PT10000101111101011100110
Romania	RO	24	RO11XXXX1101111100001010
Serbia	CS	22	CS11100101110101101010
Slovakia	SK	24	SK1110111101111100001010
Slovenia	SI	19	SI01111000000000111
Spain	ES	24	ES1101101011010010110111
Sweden	SE	24	SE1110111101111100001010
Switzerland	CH	21	CH1100111011111000111
Tunisia	TN	24	TN1101101011010010110111
Turkey	TR	26	TR111010010011010101101110
UK	GB	22	GB11XXXX01110101101010

Bank Identification Code

All banks worldwide have a BIC code (Bank Identification Code). Including the BIC code on your payment is important for ensuring the payment makes its way through the international banking system quickly. This code will be 8 or 11 characters long, starting with four letters.