Contemplating to use HiFX or TorFX? The Currency Shop compares these popular money transfer providers. Here you will find key information to help you make an informed decision.
What you'll find in this review
- Exchange Rates
- How To Get Started With HiFX and TorFX
- Accepted Payment Methods and Minimum & Maximum Transfer Amounts
- Business Payments
- Supported Currencies & Countries
- Time For Transfer To Reach Recipient With HiFX and TorFX
- Customer Support
HiFX is a UK based money exchange companies and it's one of the largest in the world. It's parent organisation is Euronet Worldwide, a electronic payment service provider and is listed on the NASDAQ. In Australia, HiFX has offices based in Sydney and Melbourne. Their speciality is providing competitive exchange rates for foreign exchange and overseas money transfers for expats and international property purchase.
To read our step by step article about how to use HiFX, click here.
TorFX is also a company that offers money transfer services and travel money exchange. They have offices spanning throughout Australia, the UK, Europe, the USA and South Africa. TorFX aims to provide customers fantastic exchange rates, expert guidance and friendly service.
The Australian Securities and Investments Commission (ASIC) is the government body that ensures and regulates fair and transparent conduct of financial services. Every financial service must be granted an Australian Financial Service (AFS) licence by ASIC to carry out business in Australia.
Regulated by ASIC & AUSTRAC
Member of Australian Financial Ombudsman Service 'FOS'
|Regulated by ASIC and AUSTRAC|
Australian Financial Service Licence 240 917
FOS Member 11670
|Australian Financial Service Licence 246 838|
Winner: It's a tie. Both companies have an AFSL and are regulated by ASIC. In order for either companies to operate legally, they have to adhere to strict laws enforced.
Exchange rates are constantly fluctuating, rising and falling by the second. A comparison of the exchange rates as this article is being written will likely be inaccurate by the moment you're reading this.
That's why we'll leave the comparison up to you. Here are three ways you can compare current exchange rates:
- View live rates on HiFX and TorFX websites
- Call HiFX at 1800 006 592 and TorFX at 1800 507 480 (both numbers are for calls within Australia)
- Compare exchange rates in under a minute with our comparison engine
Winner: Tie. Generally, you will receive better exchange rates with TorFX when transferring large amounts from AUD 2000 and more than AUD 50,000. On the other hand, HiFX is a better option for transferring small amounts less than AUD 1000.
This comparison tool allows you to compare rates based on your input amount.
Money transfer providers make a profit from every transaction, even when no fees are charged. So it's just as important to compare fees as well as exchange rates. Note that a deposit fee may be charged by the recipient's financial instituition.
AUD 15 for transfers less than AUD 10,000
No direct fees, commissions or charges
No fee for transfers over AUD 10,000
Winner: TorFX. Our judgement is solely based on fees. Remember, money transfer services make a profit from two factors: exchange rate margin and fees so it's important to compare both before making a decision.
How To Get Started With HiFX and TorFX
To transfer money overseas with either of the providers, you must register an account. We review the steps for each provider below:
1. Sign up
1. Register your details online or over the phone
2. Get a quote
2. TorFX assigns you a dedicated Account Manager
3. Provide details of your transfer
3. Receive exchange rate quote online or by phone
4. Send funds to HiFX
4. Provide details of the transfer
5. HiFX exchanges currency and sends funds to recipient
5. Transfer agreed amount to TorFX
6. Track Payments
6. TorFX receives funds and exchanges currency
7. TorFX transfers to recipient's account
Winner: Tie. The sign up and transfer process of both companies are generally similar and easy to follow.
Accepted Payment Methods and Minimum & Maximum Transfer Amounts
Payment Types Accepted
Electronic Funds Transfer
Electronic Funds Transfer
Minimum Transfer Amount
Maximum Transfer Amount
AUD 450,000 (online)
AUD 25,000 (online)
Winner: Tie. HiFX and TorFX services are generally similar in this area. If you only need to transfer less than AUD 200, then HiFX would be the option for you.
HiFX and TorFX supports business transfers. Both companies have tailored their services to provide the additional support for businesses that make regular overseas money transfers. There are four services unique to business accounts:
- Forward Exchange Contracts – Lock in exchange rates ahead of time
- Order Types – Allows you to purchase currency at a determined rate
- Risk Management – Currency analysis tailored to fit your business needs
- Free transfers – For amounts over AUD 10,000
Winner: TorFX. Both companies provide business payments but TorFX offers a dedicated Account Manager. With TorFX can expect to receive better support for your business transfers.
Supported Currencies and Countries
This is an extensive list of currencies available for transfer with HiFX and TorFX.
AED UAE Dirham
AUD Australian Dollar
BBD Barbados Dollar
BHD Bahraini Dinar
CAD Canadian Dollar
CHF Swiss Franc
CNY Chinese Renminbi
CZK Czech Koruna
DKK Danish Krone
EGP Egyptian Pound
FJD Fijian Dollar
GBP Pound Sterling
HKD Hong Kong Dollar
HUF Hungarian Forint
INR Indian Rupee
ILS Israeli Shekel
JPY Japanese Yen
KES Kenyan Shilling
KWD Kuwaiti Dinar
LKR Sri Lankan Rupee
MAD Moroccan Dirham
MXN Mexican Peso
MYR Malaysian Ringgit
NOK Norwegian Krone
NZD New Zealand Dollar
PGK Papua New Guinean Kina
PHP Philippine Peso
PLN Polish Zloty
SBD Solomon Islands Dollar
SEK Swedish Krona
SGD Singapore Dollar
THB Thai Baht
TOP Tongan Pa'anga
TRY Turkish Lira
USD US Dollar
VUV Vanuatu Vatu
WST Somoan Tala
XCD East Caribbean Dollar
AUD – Australian Dollar
BHD – Bahraini Dinar
BWP – Botswanan Pula
CAD – Canadian Dollars
CHF – Swiss Franc
CZK – Czech Koruna
DKK – Danish Krone
EGP – Egyptian Pound
EUR – Euro
FJD -Fijian Dollar
GBP – Great Britain Pound
HKD – Hong Kong Dollar
HRK – Croatian Kuna
HUF – Hungarian Forint
ILS – Israeli Shekel
INR – Indian Rupee
JPY – Japanese Yen
KES – Kenyan Shilling
KWD – Kuwaiti Dinar
LKR – Sri Lankan Rupee
LTL – Lithuanian Litas
LVL – Latvian Lev
MAD – Moroccan Dirham
MUR – Mauritian Rupee
MXN – Mexican Peso
NOK – Norwegian Krone
NZD – New Zealand Dollar
OMR – Omani Rial
PHP – Philippine Peso
PLN – Polish Zloty
QAR – Qatari Rial
RON – Romanian Leu
RUB – Russian Ruble
SAR – Saudi Riyal
SEK – Swedish Krona
SGD – Singapore Dollar
THB – Thailand Baht
TRY – Turkish Lira
TTB – Trinadad & Tobago Dollar
UAE – United Arab Emirates Dirham
UGX – Ugandan Shilling
USD – United States Dollar
XCD – East Caribbean Dollar
ZAR – South African Rand
Winner: Tie. Depending on the currency and country you're transferring money to, we'll leave this up to you to decide.
Time For Transfer To Reach Recipient With HiFX and TorFX
When using an online transfer provider, your transfer is made to the company account to be processed before it is cleared and transferred to the recipient. Here are the estimate times it takes for the recipient to receive transfers through HiFX and TorFX.
1 – 3 working days
For most countries: 1 – 2 working days
For exotic currencies & countries: Up to 3 working days
Winner: Tie. HiFX and TorFX are on par with transfer processing times.
TorFX provides exceptional 24 hour customer service over the phone. HiFX will also help you over the phone for any queries you should have.
Winner: TorFX. You can expect service to be personalised to suit your needs as every customer has a dedicated account manager.
The overall winner is TorFX.
In comparison to HiFX, TorFX has no fees, better business and customer support. Generally, you will receive better exchange rates with TorFX when transferring large amounts from AUD 2000 and more than AUD 50,000.
HiFX is a better option for transferring small amounts less than AUD 1000. Before making your final decision, it is important to compare current exchange rates.
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