Excellent facility
Easy to do, fast, professional and good rates.
HiFX Reviews
All the useful information that you need to know before sending money with HiFX!
Overview
HiFX is a UK-based foreign exchange broker and payments provider that has been owned by Euronet Worldwide since 2014. The company provides foreign exchange and international money transfer services to individuals and corporate customers. One of its specialist areas is in providing money transfer services for overseas property purchase and emigration.
Exchange Rate IQ’s Review of HiFX
Overall rating
8
/10
Incorporated in 1998, HiFX (Halewood International Foreign Exchange Limited ), one of the oldest online remittances service provider from UK. The company was initially started their remittance and forex service from UK and expanded its presence in New Zealand, San Francisco and Australia. Company changes its name to HiFX plc in 2000. HiFX went on to become one of the major UK non-bank foreign exchange companies. In 2014, US based payment company “Euronet Worldwide” acquired HiFX. Now Euronet Worldwide have 3 major remittance brand - HiFX, Ria and EX covering almost all major countries in remittance services.
HiFX is a leading company in foreign exchange business. HiFX started its operation from UK, but now providing money transfer service in almost 120+ countries and 130 currencies. HiFX support both individual as well as a business customer to remit money from one country to another. The customer gets personal assistance with the help of account manager for large fund transfer.
HiFX Business solution for International Payments & Foreign Exchange, with easy online platform or service via phone. Live exchange transfer service is available 24X7, with email or SMS alerts to track the remittance. The account manager can help you with different settlement options, Enhanced credit terms and the ability to hedge for up to 3 years into the future. HiFX also has Research team to give market depth to its customer. HiFX business account has a very simple process, where you need to setup all supplier as recipients on time. After that its just 3 click process to transfer fund for any invoice you receive, as well as your recipients, get alert once amount reach in a respective bank account. With HiFX Business account small business owner don’t have to worry about admin work.
HiFX also provides Forward Contract, where small business owners or person who know his required payment details up front (in case buying a property in a different country or so on), with forwarding contract you can secure the contract rate for up to two years with a small up-front deposit. With this, you don’t have to worry about exchange rate movement.
HiFX primarily coverage in Asia, Europe, America, Africa and Australasia corridors. The company claims that they don’t charge any upfront fee form money transfer service, company make money in the price difference. So HiFX locks your price when you place the order, in such case company get a difference of amount in reward. This is a win-win situation for both company and customer where customers don’t have to worry about the market movement. Sender and receiver bank charges are occasionally possible and that is out of the boundary of HiFX fees.
On Technology point of view, HiFX is constantly working to provide best user experience and help customers transfer money with ease. Few key features introduced are:
- Transfer money in just 3 clicks.
- Competitive exchange rates.
- Fast, Easy, Secure Money Transfer.
- Automated recurring money transfer.
- Fixed exchange rate - With this one can lock the exchange rate and transfer fix amount in rupees.
- Tools to set personalized alerts.
HiFX is rated 8 out of 10 for foreign exchange broker. HiFX is part of Euronet Worldwide which is the 3rd largest foreign remittance service provider. HiFX only provide money transfer in online mode, the company don’t have any retail counters for offline money transfer.
Pricing : How much does HiFX cost?
9
/10
HiFX claim they don’t charges an up-front Transaction fee, but have a thin line of margin between actual market rate vs remittance rate. This margin varies from .02% to 1.2%.
On Pricing or service charge we rate HiFX 9 out of 10 as a company doesn’t have any upfront transaction fee, however third party bank charges are possible which are charged by the sending or receiving banks.
Transparency: Does HiFX have any hidden fees?
9
/10
Money Transfer process with HiFX is completely transparent, you will get an update from HiFX on every stage from initiating the request till receiving money in recipients account - we rate HiFX 9 out of 10 for Transparency.
Transfer Speed: How long does it take to send money through HiFX?
9/10
Pay in Option with HiFX are Direct from Foreign Bank Account, Debit Card or Credit card. Payout option is only Bank account. Which is one of the major negative point for users who want to opt for offline mode of pay in and pay out options.
HiFX is doing all transaction “from and to” from your bank account so maximum case money will be debited in receiver account in less than 4 hrs or same day. The available date has been indicated during the process of the transaction. Availability of cleared funds and a request by midday will initiate same day payment. The available date will give you clear information when the fund is going to be processed.
On website Performance and Money transfer Speed - we rate HiFX 9 out of 10 for Speed.
Security : Is HiFX Safe?
9/10
On Security, HiFX is 100% secure money transfer service with Firewall and 128-bit encryption HiFX safeguard your personal, financial and transactional details with international standard.
HiFX’s take care of polices and law in countries where they operate.HiFX also complies with the Office of Foreign Asset Control (OFAC) and adheres to all European Union and United Sanctions.
The company is using Norton security – 97 which is used by top 100 banks in the world.
The company is compliance-oriented. HiFX compliance department is a best-in-class, global anti-money laundering (AML) and anti-terrorist financing department. The company has special helpdesk for scam and fraud scenario.
Overall personal and transaction, both data are safe and secure with HiFX.
User experience of HiFX
8/10
For providing best user experience HiFX is providing personal account manager for high net worth users, company is still lacking behind in current technology like the mobile app and one-touch money transfer.
On Customer Support, HiFX has 24X7 helpline with Toll-Free Numbers. HiFx also has email support and FAQ section to resolve your query. With all the above service you will get top notch customer service with HiFX to resolve any query ASAP.
We rate HiFX 8 out of 10 for User Experience.
Coverage: How many Countries & Currencies does HiFX support?
8.5/10
Money Transfer service with HiFX is supported to 120 countries, while is covered max countries where remittance are done very frequently.
HiFX primarily coverage in Asia, Europe, America, Africa and Australasia corridors.
In Asia corridor HiFX is deling in UAE Dirham, Bahrani Dinar, Hong Kong Dollar, Israeli Shekel, Jordanian Dinar, Japanese Yen, Kuwaiti Dinar, Sri Lanka Rupee, Omani Rial, Philippines Peso, Pakistan Rupee, Qatari Riyal, Saudi Riyal, Singapore Dollar, Thai Bah, New Turkish Lira. In Asia, company is missing India which is a big remittance market.
In Europe corridor, HiFX is dealing with all major currencies in reason which includes - Bulgarian Lev, Swiss Franc, Czech Koruna, Danish Kroner, Eurozone Euro, Pound Sterling, Croatian Kuna, Hungarian Forint, Norwegian Krone, Polish Zloty, Romanian Leu, Serbian Dinar, Swedish Krona.
In American corridor HiFX is delaing with - Barbados Dollar, Bahamian Dollar, Belize Dollar, Canadian Dollar, Jamaican Dollar*, Mexican Peso, Trinidad and Tobago Dollar, US Dollar, East Caribbean Dollar.
Africa: Botswana Pula, Ghanaian Cedi, Kenyan Shilling, Lesotho Loti, Mauritius Rupee, Malawi Kwacha, Swazi Lilangeni, Tunisian Dinar, South African Rand
Australasia: Australian Dollar, Fiji Dollar, New Zealand Dollar.
Still few more countries are missing in this list who has big remittance requirements, we rate HiFX 8.5 out of 10 for Market Coverage.
HiFX User Reviews and Ratings
Excellent money transfer company
Quick, reliable, safe, service with my money at a exchange rate slightly better than the bank, What’s not to like?
Been using for years and great service
Been using for years and great service. Never had any issues and hassle free. Would recommmend
Cost effective Transfer Service
This service is by far the most reliable and easy to use money transfer service I have used, I would recommend it to anyone making regular use of such a service....beats all the Banks I have used for cost & efficiency
HiFX Transfer Process
Pay in Option with HiFX is Direct from Foreign Bank Account, Debit Card or Credit card. Payout option is only Bank account. Which is one of the major negative point for users who want to opt for offline mode of pay in and pay out options.
Procedure to start money transfer with HiFX
To avail HiFX Services you need to do one-time registration. Process for HiFX registration is online and very quick. You need to provide Personal Details (like Name, Gender, DOB, Phone, Citizenship and unique Identification number like SSN for USA and so on), Contact Details (like current address and contact number), Other details (Bank Details, proof of identification which includes a photo, ID document).
You need to provide information regarding what type of transaction you need to do with HiFX and which currency you want to remit.
After providing all required information and agreeing on terms and conditions HiFX team reviews your information and approve your registration.
After registration, you can add To bank (receiver bank) account information. You can book a rate through HiFX website or use the help of customer support executive over the phone. To send money you can pay via Bank Account, Debit card or Credit card. Once HiFX blocks your rates, give you a tentative date for remittance. Transaction process starts only when HiFX receives the payment from your pay in selection. You can track your remittance through email or SMS notification.
Timeline for the transaction is the same day in max case but can take up to 4 days depending on fund availability in your bank account.
