How to Transfer Money Overseas Through HiFX
There are many ways of transferring money overseas. HiFX is a company that allows you to do it, and it is generally a cheaper option than using your bank. If you're thinking of using them, but haven't used their services before, you may be unsure of the process.
Article on how to transfer money overseas with HifX
This article takes you through all the steps you need to know if you’re transferring money online with HiFX. It’s the perfect resource if you’ve haven’t transferred money internationally or if it’s your first time using HiFX.
HiFX is one of the biggest money transfer companies in the world. Their parent company Euronet is listed on the NASDAQ and acquired XE in 2015. In Australia, HiFX has offices in both Melbourne and Sydney.
To read more about HiFX you can read our full review here.
Overview of transferring money overseas with HiFX
Before we get into the detailed parts of making a transfer with HiFX, here is an overview of the steps involved.
- Go to their website and set up an account. This will require you to provide some personal details and identification.
- Fill in the details of the transfer and recipient. Then you can get a quote.
- Confirm the order and its cost. Then pay for your transfer!
Step 1: Comparison table
Using our comparison table you can view the best rates online for the amount you want to transfer. This includes the exchange rate that providers are offering, and the fees that would be included in your transaction. From this table you can go directly to the website of your chosen provider, in this case HiFX.
Step 2: HiFX website
Now that you’re on the HiFX website you’ll be able to select, ‘Get Started’ in the top right corner. This takes you through to the first stage of setting up your account. Here you’ll need to inform them of the country you’re sending the money from, and your personal email account.
Step 3: Your account
Next, you’ll be required to fill in some more personal details. This includes your contact details, your address and your date of birth. It’s really important that all these details are correct, because they will be used to verify your account and must match the identification you provide.
Step 4: What you need
The last part of the account set up with HiFX asks about what you need to do. You’ll need to estimate how much you think you’ll transfer in the next year, and where your payments will usually come from. These details allow HiFX to gain an understanding of the nature of your account so they can best assist you going forward.
Step 5: Account verification
Once all these details are confirmed, there are a couple more questions to answer. HiFX will ask about what you do for work as a final verification of your account. They may require a few more pieces of information to verify your identification. If this is the case, they will inform you via email or call you to verify the details you’ve provided during the set up of your account. Security is very important when it comes to transferring money internationally, so it’s comforting to see HiFX take such diligence in setting up your account.
Step 6: Your transfer
Once your account is set up and HiFX has verified your details with you, your account will be ready to use. This means you can log into your HiFX account and begin your transfer. Once you’re in the portal, simply input what you want to send and select ‘New Transfer’. This will immediately generate the current exchange rate and an estimated cost for your transfer. In this portal you can also view your pending transactions, manage your recipients, set up orders and even rate alerts if you want to keep tabs on currencies you’re interested in.
Step 7: Transfer details
The next steps correspond with the details of your transfer. You’ll need to fill in all the details about your recipient such as the destination of the payment, their name, address and banking details. Again, it’s very important that these details match those of your recipient so that there are no issues with your payment.
Step 8: Payment
Once you have filled in all the details about yourself and the recipient, you’ll need to pay HiFX. In this case, bank transfer or BPay are the available options. Essentially, they will hold the details of the transfer until they receive your payment. Once your order is confirmed, HiFX will provide you their bank details so you can complete your transaction.
Step 9: Confirmation
The final step is your order confirmation. Once you’ve checked your details, the transaction is complete, pending payment.
When you’re ready to make your payment you can access your pending transactions from within the HiFX portal.
Additional information for transferring money with HiFX
There are a lot of numbers and information you hear about when it comes to international money transfers. Below there are extra details you might need and the things you don't.
How long does it take?
Depending on the currencies, payment method and location of your recipient, the transfer will generally be received in 2-5 business days.
How much does it cost?
HiFX charge you in two ways. By putting a margin on the exchange rate and by charging a transfer fee for transfers less than $10,000AUD.
Because of this, it is important to get a quote before making the transfer.
HiFX IBAN number
IBAN is an account format used by European banks. Australian banks do not use this format and an IBAN is not required to send money to an Australian bank account via HiFX. However when you're transferring money to Europe, you will most likely need an IBAN for the bank receiving the funds in the EU.
HiFX routing number
You may need a National Clearing Code, Routing Number, BSB Number or Sort Code, you should use the first six digits (bank and branch codes) of your account number for which you wish to receive the payment into. For example, if the account number is 01-0123-0123456-00 use 010123.
HiFX does not check payment details.
If payment details are incorrect it may result in an unsuccessful transfer or the wrong account receiving funds. It is pivotal that you provide the correct details to the person making the payment. This will save time for both parties and ensure you receive your payment without any issues.
How HiFX can get you more money versus a bank
You might wonder why you wouldn’t send money via your bank instead of a dedicated money transfer provider, and the answer is a simple one — cost. Currency exchange specialists are able to give better exchange rates and lower fees than banks, resulting in more money for you.
And that’s it! That is everything you need to know about transferring your money overseas using HiFX. Here at The Currency Shop, we want to give you the right information to help you save money and make an informed choice for all your currency exchange needs.
The next time you or someone else needs to send money internationally, check how much you can save using our money transfer comparison tool. If you’ve still got questions we’re here to help, so feel free to give us a call on 1800 004 930.