There is so much to consider when it comes to making international money transfers. Our HiFX review will give you everything you need to decide whether they are the right option for you. From the pros and cons of using them and how they work, we'll help you make an informed decision about whether to use them for your next transfer.
One company that can be good for making international money transfers, is HiFX. With rates that are generally better than what you would find at your bank, they offer safe and quick ways to make transfers.
HiFX operate under their parent company Euronet and in Australia have offices in both Sydney and Melbourne. While they operate autonomously, they were recently bought by XE. You can read our review of XE here.
HiFX have a very low minimum transfer amount and a flat fee which makes them a good option for individuals making regular payment overseas.
HiFX is one of the largest money transfer companies in the world and there is a lot to like about services they offer. They're especially a good option for Australian businesses and individuals who currently still use their regular bank for international payments.
HiFX provide competitive exchange rates no matter how much is being transacted. Their $50 minimum transaction size and flat fee makes them a great option for any international payment.
Pros and cons of using HiFX
- Their website is easy to use, and you should find that that set up and registration process quite simple. This means you can be up and running, ready to make transfers in no time!
- Have a versatile range of products for both individuals and businesses.
- They have various payment methods.
- Have a very low minimum transfer amount of $50.
- They offer a number of business products.
- They have a $15 fee for transfers under $10,000.
- Businesses can only pay via bank transfer.
- Some reports of glitches on the website and app.
- They charge a fee and put a margin on the exchange rate they offer you. It's important to compare to make sure they are the cheapest option.
How Much HiFX Costs
It isn't always simple to work out how much a transfer with HiFX is going to cost. They charge a $15 fee for transfers up to $10,000, and it's free for any amount higher. But no matter your transfer size, they will also put a margin on the exchange rate they offer you.
You can get a quote through the HiFX website. Alternatively, you can click here and use our exchange rate comparison table. You can see WorldFirst's actual exchange rates and compare them to the Big 4 banks and other money transfer companies to see if they are the best option for you.
HiFX Customer Reviews
Generally, customers speak favourably about their experiences with HiFX. Most customers comment that they find it easy to use the website and that the service is efficient.
The most common complaint about HiFX is that the ID can take a while to be verified. But this shows that HiFX is committed to making sure everything is completed correctly and securely.
How to use HiFX
There are three main steps to setting up an account with HiFX, which we have outlined below. Before you start your transfer there are a few things you will need as well.
- ID to set up your account.
- Name and details of your recipient.
- Details of your payment method.
Step 1: Register
Register your details through the HiFX website. This will include the type of account you need, your details and the currencies you'll transfer. Once you provide some ID, HiFX will let you know when your account is ready.
Step 2: Transfer
Once you have a quote for your transfer, you will go ahead and fill in the details of the person you're sending the money to. If you're sending it to your own international account, fill in your own details.
Step 3: Pay
HiFX only accept bank transfer. HiFX does not accept credit card.
HiFX only have a large number of currencies they support on their website. The currencies they support are:
BHD, CNY, HKD, ILS, INR, JOD, JPY, KWD, LKR, OMR, PHP, PKR, QAR, SAR, SGD, THB, TRY, BGN, CHF, CZK, DKK, EUR, GBP, HUF, NOK, PLN, RON, RSD, RUB, SEK, BBD, BSD, CAD, JMD, KYD, MXN, TTD, USD, XCD, GHS, KES, LSL, MUR, MWK, NGN, TND, UGX, ZAR, AUD, FJD, NZD, PGK, SBD, TOP, VUV, XPF.
Is HiFX Safe?
Safety is a very important consideration when it comes to making an international money transfer and sending money overseas. You want to know that both your money, and details are protected through the entire process. HiFX have an Australian Financial Services License and are regulation by the Australian Securities and Investment Commission (ASIC). These are very stringent guidelines that HiFX must follow in order to send your money.
HiFX Exchange Rates
HiFX do put a margin on the exchange rate. Though, the rates they offer are still generally more competitive than the ones you would get offered in a bank. It's important to know when companies put a margin on their rate so that you can accurately calculate the cost of your transfer.
To compare the rates that HiFX will offer with other banks and money transfer providers, you can use our comparison table here.
HiFX Business Products
HiFX can support your business in a couple of ways.
When you initially set up your account, you will be asked if you need it for business or personal reasons. They offer forward contracts, risk management advice and foreign currency accounts.
You can read more about making transfers for business here.