TorFX Vs HiFX International Money Transfer | It Isn’t Only About Money

As of December 3^rd 2018, HiFX has rebranded as XE Money Transfer. Click here to read our XE Money Transfer Review.

User Rating
TrustPilot or Feefo User Ratings
Transfer Type
Coupon
Fee
Speed
Regular Payments
Mobile App
Min Transfer Amount

TorFX (UK / Europe)

9.5/10
Online
Phone
One off transfers Regular transfers Rate Watch Limit Orders Forward Contracts
NO FEES
Redeem Coupon
NO FEE
They charge no fees on 90% of transactions. If fees apply you are informed upfront.
1 - 3 Days
£50 / €100
£2000 and over for phone assistance.
£50 - £10,000 via the TorFX online.

TorFX (Aus / NZ)

9.5/10
Online
Phone
One off transfers Regular transfers Rate Watch Limit Orders Forward Contracts
NO FEES
Redeem Coupon
NO FEE
They charge no fees on 90% of transactions. If fees apply you are informed upfront.
1 - 3 Days
Their website is responsive so it auto-scales to your screen size.
$100
$2000 and over for phone assistance.
$50 - $10,000 via the TorFX online.

XE (Formerly HiFX)

9.1/10
Online Only
One off transfers Phone assistance available
Visit Website
XE.com transaction fees are contained within the exchange rate offered.
1 - 5 Days
Regular payments to PayPal registered merchants is possible.
Regular payments to family or friends PayPal accounts is not currently possible.
Their website is responsive so it auto-scales to your screen size.
€/£/$1

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
Fees
Countries
Ease of Use

Security
Regular Overseas Payments
Coupons

International Money Exchange Rates

If you find exchange rates offered by your bank to be less than favorable, you can choose either TorFX or HiFX. Given the volatility this sector faces, finding out which company offers better rates requires that you compare them shortly before you plan to initiate a transfer.

TorFX

TorFX provides free rate quotes, which you can request by visiting its website.
Once you register as a customer, you can view existing exchange rates by logging into the TorFX website at any time.
You find out the actual rate before confirming your transfer.
You can visit the TorFX website to access forex related news and forecasts.

HiFX

Live forex markets dictate rates offered by HiFX.
When the markets are open, HiFX rates can fluctuate until the moment you confirm your transfer.
When the markets are not open, rates offered by the company when the markets last closed are the rates you get.
HiFX notifies you of the guaranteed exchange rate when you confirm your transfer.
You stand to get more competitive rates when transferring large sums.
A HiFX market order lets you wait for the market to get to a predetermined level before the company processes your transfer.
The company provides free rate alerts.

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.

TorFX

You do not have to pay any fees to transfer funds using TorFX.
You have to transfer a minimum of £50 if you use the UK-based website.
If you used the Australia-based website, the minimum transfer amount is AUD $100.

HiFX

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.

Destination Countries for Overseas Fund Transfer

Whether you go with HiFX or TorFX, you can transfer funds to a number of countries, in a range of currencies.

The TorFX review gives you access to the list of countries supported by this company.
Find the list of HiFX-supported countries in this review.

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

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.

HiFX

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.

Security

This section of the TorFX vs. HiFX comparison rates both companies equally. No matter which website you use, the information you provide online remains secure owing to high levels of encryption. Both companies hold their clients’ money in segregated bank accounts.

TorFX

In the UK, Tor Currency Exchange Limited is regulated by the UK Financial Conduct Authority (FCA) and Her Majesty’s Revenue and Customs (HMRC).
In Australia, TorFX Private Limited is regulated by the Australian Securities and Investments Commission (ASIC).
The company has achieved the highest level of creditworthiness accorded by Dun & Bradstreet.

HiFX

In the U.S., Continental Exchange Solutions, Inc., doing business as HiFX, is licensed by various state regulatory bodies to operate as an overseas funds transmitter.
In the UK, the FCA and HMRC oversee operations of HiFX.
In Australia, HiFX Australia Private Limited comes under the purview of ASIC.

Regular Overseas Payments

Setting up scheduled overseas transfers according to your requirements is easy no matter whether you select TorFX or HiFX.

Coupons

Promotional offers from both companies can lead to additional savings. Check this section again for updates.

Both TorFX websites run referral programs. While the UK-based website offers £50 Amazon Gift Cards as rewards, the Australian website rewards customers with $50 EFTPOS cards.
Residents of Australia and New Zealand can use the First Transaction for Free coupon provided by HiFX.

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