HiFX vs WorldFirst: Which one is better?

Both these companies have a lot in common but it's really important to know what sets them apart.

The Important Bits

HiFX

Safety: Fully licensed an incredibly well capitalised (large)

Rates: Depends on the currency and amount you are sending

Fees: AUD 15 for transfers less than AUD 10,000

Speed: 1-3 business days for most transfers

Service: Above average customer service, especially over the phone

WorldFirst

Safety: Based in the UK, fully licensed and privately owned

Rates: Depends on the currency and amount you are sending

Fees: Fee free for all transfers

Speed: 1-2 business days for most transfers

Service: Solid customer service, particularly for businesses

The Verdict

Safety: Both are well licensed but HIFX is much bigger in size

Rates: HiFX tend to better for smaller amounts and WorldFirst for larger amounts

Fees: WorldFirst don't charge fees like HiFX but have a higher minimum transfer limit

Speed: Roughly the same

Service: Both have good phone support

 

Both HiFX and World First excels in different areas. Depending on your needs, you may want to choose one over the other.

Generally, World First's exchange rates are better across a range of transfer amounts. Whereas HiFX has better rates for smaller amounts up to AUD 1000.

Just remember to compare the exchange rates before you decide to transfer as rates change all the time.

Learn more about HiFX

Learn more about WorldFirst

Let's have a look at them in more detail

Safety

The Australian Securities and Investments Commission (ASIC) is the government body that ensures and regulates fair and transparent conduct of financial services. Every financial service must be granted an Australian Financial Service (AFS) licence by ASIC to carry out business in Australia.

HIFX are regulated by ASIC & AUSTRAC (AFSL 240917) and a member of Australian Financial Ombudsman Service 'FOS' (Member 11670)

WorldFirst are also regulated by ASIC & AUSTRAC (AFSL 331945) and a member of Australian Financial Ombudsman Service 'FOS' (Member 13405)

Exchange Rates

World First offers a price promise to its customers. The company claims to always try to quote a better rate than banks. Even if you receive a better quote, they'll match it.

Exchange rates are constantly changing. That's why comparing your options is one of the most important factors to consider before making a transfer. Here are three ways you can compare current exchange rates:

  1. View live rates on HiFX and World First websites
  2. Call HiFX at 1800 006 592 and World First at 1800 835 506 (within Australia)
  3. Compare exchange rates online with our comparison engine

Fees

This one is easy.
WorldFirst don't charge any fees. Their fee is built into the exchange rate they offer you (which will be different to what you see on google)
HiFX charge a flat fee of $15 for any transfer under $10,000 and don't charge a fee for anything above this limit.

Time For Transfer To Reach Recipient

When using an online transfer provider, your transfer is made to the company account to be processed before it is cleared and transferred to the recipient.

HiFX and WorldFirst generally take 1-3 business days. How long it takes usually comes down to:

  1. How long it takes you to pay them for the transfer
  2. Which country you are sending the money to. Some countries take longer than others
  3. How long the bank on the other end takes to credit the bank account

How easy are they to use?

Both companies are fairly similar when it comes down to using them.

To transfer money overseas with either of the providers, you must register an account. We review the steps for each provider below:

Accepted Payment Methods and Minimum & Maximum Transfer Amounts

 

What Currencies Can I Transfer?

For an extensive list of currencies available for transfer with HiFX and WorldFirst, check out our reviews for each company
WorldFirst Review
HiFX Review

 

Customer Support

WorldFirst provide good customer service for personal and business customers. HiFX will also help you over the phone for any queries you should have.

Final thoughts

Both HiFX and World First excels in different areas. Depending on your needs, you may want to choose one over the other.

Generally, WorldFirst's exchange rates are better across a range of transfer amounts. Whereas HiFX has better rates for smaller amounts up to AUD 1000.

Just remember to compare the exchange rates before you decide to transfer as rates change all the time.

Learn more about HiFX

Learn more about WorldFirst