We describe a terahertz time-domain-spectroscopy system that is based on photoconductive components fabricated from (GaIn)(AsBi) epitaxial layers and activated by femtosecond 1.55 μm pulses emitted by an Er-doped fiber laser. (GaIn)(AsBi) alloy grown on GaAs substrates contained 12.5%In and 8.5%Bi – a composition corresponding to a symmetrical approach of the conduction and valence band edges to each other. The layers were photosensitive to 1.55 μm wavelength radiation, had relatively large resistivities, and subpicosecond carrier lifetimes – a set of material parameters necessary for fabrication of efficient ultrafast photoconductor devices. The frequency limit of this system was 4.5 THz, its signal-to-noise ratio 65 dB. These parameters were comparable to their typical values for much bulkier solid-state laser based systems.