HiFX was established in the UK in 1998 to provide a cheaper way for customers to send money overseas.
Since the buyout, the company has only grown, becoming well-known for it’s affordable and easy-to-use service. It is considered one of the best currency transfer companies available on an international scale, and over 5.5 million transfers have been made as of the time of this writing.
Here’s an in-depth review of HiFX and its services to help you decide if it’s the best money transfer solution for you.
What does HiFX offer?
- Money transfers by phone or online
- No transfer fees
- Free online signup
- One to three-day processing time
- Available Monday to Friday for transfers
- Several transfer options (see details below)
- SMS and email notifications
- 24-hour online payment tracking and account management
- Access to daily rates, weekly market commentary, live charts and interbank rates, and a personal currency specialist
Now let’s take a closer look at the transfer options offered by HiFX.
HiFX transfer options
HiFX can help customers whether they need to send a one-time payment or regular transfers each month. Here are the options available:
A spot contract allows you to convert your funds right away and is available over the phone and online. It is a good solution if you have all of your funds available.
A forward contract allows you to buy now and pay later if you don’t have all of the money at the time of the transaction. You can secure a particular rate by purchasing the currency and putting down a deposit (usually around 15%), and then can pay at a future date within one year’s time.
The forward contract option can be very beneficial for customers who want to make a purchase in another currency in the near future, but don’t yet have the money and don’t want to worry about fluctuating exchange rates.
These contracts are only available by phone.
A market order allows a customer to select a specific exchange rate, then HiFX monitors the market for that rate. If the market reaches the target, the currency is automatically bought or sold.
If you place this type of order, it can be canceled at any time before the processing of a transaction. Market orders are also only available by phone.
Customers who need to regularly transfer money internationally can lock in an exchange rate for up to 12 months with HiFX, allowing the accurate prediction of their conversions. The transfers will be automatically debited from the account each month.
Phone vs. online transfers with HiFX
HiFX offers two ways to request a transfer: online and over the phone. Here’s a look at the key differences between the two options.
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While making an online transfer will likely be easier and more convenient, you have more options when doing so over the phone. If you want to send more than £300,000, split up your payments, place a market order or speak with a personal dealer, you’ll want to call.
HiFX online sign-up process
The online sign-up process is quick, free, and it can be done at any time. By signing up, you are under no obligation to trade but will gain access to resources that can help you save money and monitor exchange rates.
Here are the steps to get set up:
Select your country and enter your email address.
Select a title and enter your name.
Create a password, a memorable question, and an answer to the question.
Enter your address, city, state, zip code, and country name.
- Enter your phone number, birth date, SSN or ITIN, occupation, role, and ID type.
- Share details about how you will use the account in the next 12 months.
- Share how you heard about HiFX and select whether or not you agree to receive marketing messages.
- Agree to the terms and conditions and open your account.
Once you complete the sign-up, you will see an on-screen confirmation of your account details and will receive an email outlining how to make your first transfer.
Making a transfer with HiFX
Once signed up, you can log in or call to get a quote on your transfer. You’ll need to provide the currencies, the amount you need to transfer, and the details of your transfer. By phone, a personal dealer will personally guide you through the process.
If you agree to the quote and want to go ahead, you will need to enter the details of the recipient. You can set up a library of recipients in your online HiFX account to make this part easier.
If you complete the transfer online, you’ll see an on-screen confirmation immediately afterward. Whether it is completed by phone or online, you will receive an automated email with a transaction summary and directions on how to make the payment.
You can pay via debit card, credit card, or electronic transfer (CHAPS/BACS). When your transaction is complete, you’ll receive another confirmation SMS or email.
HiFX sends your payments via SWIFT, which is the largest payments and settlements network for international and domestic trades in the world. The payments are fast, and the network is secure. (SEPA payments are also available where appropriate.)
You can track your payment online or via SMS or email notifications. You can also manage your account online 24/7. Change usernames, addresses, passwords, use the diary function, and more.
What is the HiFX phone number?
The HiFX phone number is 1-844-832-1367
If HiFX doesn’t charge any fees, how does it make money?
HiFX makes a profit on the difference between its buy and sell prices. It has much lower overhead than a bank so passes on the savings to its customers.
It’s a good idea to check the current conversion rates from an unbiased third-party source to see the difference between the actual rate and what you are offered. Also, compare the rate against other transfer services.
Can I use HiFX if I live outside the U.K.?
Absolutely. The website currently allows you to choose from 20 countries when signing up. These include Australia, Austria, Canada, Denmark, France, French Polynesia, Germany, Guernsey, Ireland, Isle of Man, Jersey, Netherlands, New Caledonia, New Zealand, South Africa, Spain, Sweden, Switzerland, United Kingdom, and the United States.
What exchange rate will I get with HiFX?
The exchange rate you get will depend on the live foreign exchange markets. It will usually fluctuate until the time you confirm your transaction.
Is HiFX right for you?
Let’s start by taking a look at a summary of the pros and cons.
Here is a list of the benefits and the drawbacks to consider when using HiFX.
- No transfer fees
- Free to open an account
- No monthly charges
- Lower transfer costs than a bank
- 24/7 online access to track payments and manage account
- Competitive exchange rates
- Fast and secure payment network
- Easy online transfers available
- Multiple transfer options
- Clients generally rate this service high
- Currency conversion mobile app available
- Live exchange rates
- Set up regular recipients, so you don’t have to enter account details repeatedly
- Trades in over 142 currencies
- Good security (Verisign, segregated client accounts, 3d security, data protection)
HiFX has established itself as a trusted transfer service in the industry. It offers a helpful online platform, great reviews from past customers, various transfer options, no fees, and competitive rates.
It is definitely an option worth considering if you make international payments, especially if you are currently using your bank to make transfers.
While the rates are competitive, it is always wise to shop around with at least two competitors to compare your options before making a decision.
Click here to browse and compare leading money transfer services side-by-side.