Many people have trouble deciding whether they should use TorFX or HiFX for their next overseas fund transfer. When compared to most leading banks, both companies are better alternatives. However, how do you establish which company will work best for you?
An easy way to find out which company is better in terms of customer satisfaction is to look at what previous customers have to say. On Trustpilot, TorFX gets an average score of 9.7 out of 10, whereas HiFX is not far behind, at 9.5 out of 10. The scores and the narrow margin show that customers of both companies are largely satisfied.
This HiFX vs. TorFX comparison is broken down into multiple sections to highlight the similarities and differences in how these companies operate:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Fund Transfer Fees
This section of the comparison tilts the scale in favor of one company. However, remember that the amount the recipient stands to receive also depends on the exchange rate.
- The HiFX website you use has a bearing on the fees you have to pay.
- If the transfer amount exceeds a predetermined fee-free threshold, no fees apply.
- Transferring less than USD $5,000 using the U.S.-based website requires that you pay a fee of USD $5.
Transfers below £3,000 using the UK-based website attract £9 as fees.
- All fees are removed on HiFX UK money transfers.
- If you use the Australia-based website and transfer less than AUD $10,000, the company charges AUD $10 as fees.
- With the New Zealand website, a NZD $12 fee applies on transfers less than NZD $10,000.
Ease of Use
Both companies rate well in this section of the HiFX vs. TorFX comparison. Registering online takes no more than a few minutes, and the verification of your details follows soon after.
- TorFX provides specialist services for individuals and businesses.
- You can use the company’s UK-based global website or its website dedicated for the Australian market.
- You can pay for your transfer via a debit card, a credit card, or an electronic bank transfer.
- TorFX UK customers get access to apps for mobile devices, but TorFX Australia customers do not.
- You can register with HiFX as an individual or a business.
- Depending on where you live, you can use the HiFX website meant for the U.S., the UK, Australia, or New Zealand.
- Acceptable modes of payment include electronic fund transfers, debit cards, and credit cards.
Access to both TorFX websites and all four HiFX websites is only in English. If website access in a foreign language is important, consider using CurrencyFair, Currencies Direct, TransferWise, or Azimo instead.
Regular Overseas Payments
Setting up scheduled overseas transfers according to your requirements is easy no matter whether you select TorFX or HiFX.
- Learn about the latest HiFX promotions on offer.
- Get more information from TorFX Review.
- Read a detailed HiFX review for USA, UK, Australia and New Zealand
- Transferwise or HiFX… Which one would you choose?