T O R fx - recommended?

Katya.1982

Hello

On one of the threads it says that TOR is a currency company.

Does anyone know if it is safe to use to buy currency?

OzBound

Katya.1982 wrote: »

Hello

On one of the threads it says that TOR is a currency company.

Does anyone know if it is safe to use to buy currency?

Its is safe to buy currency from a company that uses segregated accounts and are FSA authorised (it is important that they are authorised and not registered, registered means very litte) - To my knowledge Torfx have both of these so you should have no concerns with them.

Other companies that are include MoneyCorp, HIFX and World First- always try 2 or 3 to get the best quote.

I've used HIFX, World First and more recently Torfx and been provided a great service ans rate by all.

Safety measure to take when speaking to a broker

*Ensure they are FSA Authorised NOT REGISTERED
*Ensure they have segregated client accounts - they can't touch your money this way.
*If buying forward never pay the whole amount upfront

There are several good independent comparison sites which can help.

sendmoneyhome.org
comparemoneytransfer.co.uk
whichwaytopay.com

Never be forced into buying and if the rate sounds to good to be true then it probably is

steveo3002

i didnt dare risk it again...2 weeks ago crown was proudly reccomended by lots of people

id sooner get it in person over the counter and be a few £ worse off that risk loosing it all..again

OzBound

steveo3002 wrote: »

i didnt dare risk it again...2 weeks ago crown was proudly reccomended by lots of people

id sooner get it in person over the counter and be a few £ worse off that risk loosing it all..again

More banks have gone under over the past 2 years than foreign exchange companies (Lloyds, RBS, Northern Rock), the banks have just been lucky enough to have been bailed out by the Government.

Crown ran a completely different business model than any of the above brokers I mentioned - for holiday money, yes, stick to a bank or post office, the savings aren't that much difference. By by doing a bit of research (look at the comparison sites i previosuly mentioned) and due dilligence you can find the right broker and make a real saving against the banks in a secure way.

Crown were only registered with the FSA - really means nothing.

Crown also held client funds in their own accounts, which is why, being realistic not many people will get a dime back.

FSA Authorised brokers have segregated accounts, meaning they don't touch your funds - they are held in seperare accounts within a bank and therefore secure.

MoneyCorp, HIFX, World First, Torfx and Currencies Direct are all authorised by the FSA and hold segregated accounts.

Hope that helps

pelirocco

OzBound wrote: »

Its is safe to buy currency from a company that uses segregated accounts and are FSA authorised (it is important that they are authorised and not registered, registered means very litte) - To my knowledge Torfx have both of these so you should have no concerns with them.

Other companies that are include MoneyCorp, HIFX and World First- always try 2 or 3 to get the best quote.

I've used HIFX, World First and more recently Torfx and been provided a great service ans rate by all.

Safety measure to take when speaking to a broker

*Ensure they are FSA Authorised NOT REGISTERED
*Ensure they have segregated client accounts - they can't touch your money this way.
*If buying forward never pay the whole amount upfront

There are several good independent comparison sites which can help.

sendmoneyhome.org
comparemoneytransfer.co.uk
whichwaytopay.com

Never be forced into buying and if the rate sounds to good to be true then it probably is

Completely untrue , segregated accounts are safe from other creditor claims , but they are not safe from the directors , money can be moved in and out at will

FSA regulated / registered , makes no difference , there is no FSA compensation scheme for these types of businesses

neilbond007

I used TOR Fx twice last year when moving from the UK to US. Transferred alot of cash.. (Well, alot for me anyway!!).
Things went very smoothly and would highly recommend them.

The second time there was an issue on my side - Halifax would not let out the full amount that I had agreed on with TOR (Over the daily limit). I had to wait another day to get the remainder and called TOR. They were fine with this and everything went swimmingly.

Saying that, the whole CCE thing would make this a squeeky bottom 3 days (That's how long they hold on to your money when transferring from a UK to US bank account).

wantanswers

pelirocco wrote: »

Completely untrue , segregated accounts are safe from other creditor claims , but they are not safe from the directors , money can be moved in and out at will

FSA regulated / registered , makes no difference , there is no FSA compensation scheme for these types of businesses

Totally Agree Pelirocco

Would not touch this type of business as long as I have the proverbial hole…

Unless they were Authorised and Regulated by those boys and girls down at Canary Wharf…The Financial Services Authority (FSA) AND covered by the Financial Services Compensation Scheme (FSCS).

Remember these words and survive.
Quote FSA:
Perhaps most importantly, you should ask whether you may have access to the FOS and FSCS if things go wrong, and seek independent professional advice if you are in any doubt about the potential risk and returns involved.

rafter_2

Wouldnt touch them with bargepole, ive had a very bad experience when dealing with the owners of Torfx

Helford2

pelirocco wrote: »

Completely untrue , segregated accounts are safe from other creditor claims , but they are not safe from the directors , money can be moved in and out at will

FSA regulated / registered , makes no difference , there is no FSA compensation scheme for these types of businesses

Absolutely correct Pelirocco, segregated accounts mean nothing. For example, Solicitors have been using segregated Client accounts for years, how many times have you heard of 'rumbled' Solicitors dipping into the client's accounts to fund their lifestyles. This is the biggest misconception going!

wantanswers

Suggest you view the following link it may help clear up some confusion…

http://www.expatmoneychannel.com/content/currency-regulation-too-confusing

“Spot and forward currency transactions are not designated investment products”.

FSA Quote:

“Perhaps most importantly, you should ask whether you may have access to the FOS and FSCS if things go wrong, and seek independent professional advice if you are in any doubt about the potential risk and returns involved”.

Seldom_Seen_Kid

neilbond007 wrote: »

I used TOR Fx twice last year when moving from the UK to US. Transferred alot of cash.. (Well, alot for me anyway!!).
Things went very smoothly and would highly recommend them.

QUOTE]


I used CCE four times and all went smoothly until this last time when I placed my order, paid my money, days later they were in administration and my money was gone.

Just because things went smoothly doesn't mean that there aren't things going on behind the scenes that can leave you exposed to risk - risk you aren't necessarily aware you're taking.

I'm not saying the two companies are the same proposition, more that there are massive gaps in protection for consumers ordering currency online which to me seems to apply to the entire industry.