5 TorFX

With offices in South Africa, Europe, the UK, and America, it’s no wonder TorFX processes over $6 billion in foreign exchanges and money transfers each year.

TorFX was established in the UK in 2004 and opened an Australian branch in 2013, originally operating out of a “cramped serviced office” on the Gold Coast.

In just three years, they’ve moved into some bigger offices, increased staff numbers and seen revenue for the Australian branch grow by over 682%. In 2015-16, TorFX recorded revenue in excess of $550 million.

Much of this growth has hinged on the company’s approach to customer service. Customers have one constant point of contact throughout their journey with TorFX and can always get personal support whether they decide to arrange their transfers over the phone or through their online service.

According to TorFX founder Jon Beddell: “We used direct customer feedback to inform every stage of the design process of our online facility.

“Rather than creating a product and marketing it at customers in an untargeted fashion, we appealed to our customers for help in building a service which catered specifically to their individual needs and structured subsequent digital communications to reflect their demographic preferences and contribution.”

From the outset, TorFX were determined to offer both better rates and better guidance on foreign currency exchange, claiming “there were and still are few alternatives for Australians wishing to transfer money internationally without receiving less than favourable exchange rates and hefty fees”.

Filling the niche of non-bank alternatives relies on more than just better rates and lower fees however, with the company finding that being able to provide customers with expert insight and support made a big difference.

Hiring the right staff has been crucial to the company’s success and remains a key strategy moving forward.

* This article was updated on October 17 as incorrect information about the founding of the company and its managerial structure was originally supplied. The changes were made to improve the accuracy of the article and better reflect the company’s local operations.