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.HiFX vs TorFX

What you'll find in this review

  • Safety
  • Exchange Rates
  • Fees
  • 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 Logo

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

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.

 

Safety

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.

 

HiFX TorFX

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

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:

 

  1. View live rates on HiFX and TorFX websites
  2. Call HiFX at 1800 006 592 and TorFX at 1800 507 480 (both numbers are for calls within Australia)
  3. 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.

 


 

Fees

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.

 

HiFX TorFX

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.

 

Related: How Much It Really Costs To Transfer Money Overseas

 

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:

 

HiFX TorFX

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

 

  HiFX TorFX

Payment Types Accepted

Check Mark Electronic Funds Transfer

Check Mark Electronic Funds Transfer

Minimum Transfer Amount

AUD 50

AUD 200

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. 

 

Business Payments

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:

 

  1. Forward Exchange Contracts – Lock in exchange rates ahead of time
  2. Order Types – Allows you to purchase currency at a determined rate
  3. Risk Management – Currency analysis tailored to fit your business needs
  4. 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.

 

HiFX 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

EUR Euro

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.

 

HiFX 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.

 

Customer Support

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.

 

Final Verdict

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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Helping You Save Money on Currency

Buying travel money or transferring money overseas can be expensive and confusing. So how do you make the best choice and get the most out of your money?

An easy way is to use a comparison table for either international money transfers or currency exchange. These tables list and compare the banks with other large foreign exchange companies.

We’ve also put together tons of helpful videosguides and reviews that will help you make the right decision. You can work out a cheaper way of converting currency while still keeping your money safe.