Save on your overseas tax returns

If you receive foreign income and pay tax overseas, it can end up being complicated and costly to move your money back and forth.

Fortunately, with TorFX you can simplify your overseas transfers, allowing you to reduce the hassle and get more from your money.

With a TorFX account, you can store multiple currencies in a virtual wallet, making it easy to access and view your funds without having to transfer them from one bank to another.

Once you’re ready to exchange currencies, you’ll benefit from highly competitive exchange rates and a range of services to help you get the most out of your transfer.

Furthermore, you’ll have your own dedicated Account Manager to offer you insights, guidance and expert support.

With TorFX you’ll get:

·       No transfer fees

·       Rate improver guarantee – TorFX will match or beat any valid quote

·       Excellent exchange rates

·       Multi-award-winning service (Moneyfacts Consumer International Money Transfer Provider of the Year 2016-2022)

·       Specialist solutions – like fixing or targeting an exchange rate, buying currency in advance and setting rate alerts

·       Personal support and insights from a dedicated Account Manager

·       24/7 transfers online or by app

Why work with TorFX

·       Streamline payment processes and simplify complex transactions

·       Save money with exceptional rates and no transfer fees

·       Enjoy expert guidance and support from your dedicated Account Manager

·       Benefit from a range of transfer options and specialist services

Case study - save on your overseas tax returns

Challenge

When Emily moved to Germany, she decided to maintain some of her financial ties to the UK for added security. She kept her UK pension and rented out her former home, alongside holding a Sterling savings account.

However, some of this income was subject to UK tax. After transferring funds from the UK to Germany to cover her living expenses, Emily found herself needing to repatriate some of these funds in order to meet her UK tax obligations. This back-and-forth resulted in weaker exchange rates and bank transfer fees significantly eating into her income.

Solution

After discussing her situation with her financial adviser, Emily was recommended TorFX as a better option for managing her international payments. She reached out and was paired with a dedicated Account Manager who reviewed her needs and explained how TorFX could help her save time and money.

Emily was set up with a virtual currency wallet that allowed her to hold funds in both GBP and EUR. This solution enabled her to convert only the portion of her UK income she needed into euros, while retaining the rest in pounds, all without additional hassle. She also benefited from rate alerts and the ability to lock in exchange rates, giving her greater control over her transfers.

Impact

With TorFX, the process of moving money between the UK and Germany became seamless and more cost-effective. Emily was able to avoid unnecessary fees and poor exchange rates, keeping more of her hard-earned money.

Additionally, she discovered that TorFX provided significantly better exchange rates and customer support than her bank, helping her manage currency fluctuations and protect her finances. Emily now has peace of mind knowing her transfers are handled efficiently and cost-effectively, allowing her to focus on enjoying her new life in Germany.

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