HiFX is a money transfer service that is devised to assist you to transfer your money to a bank in a foreign currency. If you’re on a trip abroad, HiFX allows you to send funds from overseas to your family. It also enables you to initiate investments abroad. Granted how simple it is to transfer funds to foreign companies in their currency, it’s particularly fitting if you intend to make business accounts.
This review shows how HiFX has recently rebranded to XE Money Transfer. Reading this guide will give you full information about HiFX reviews.
HiFX Company Information
Euronet, which is known to be the third biggest money transfer business in the globe, has acquired both XE.com and HiFX. This changes resulted in rebranding their services in line with XE.com.
HiFX was popular as a UK brokerage company that supports individuals and business in terms of foreign exchanges. The rebranding means strengthening and providing better support coming from the team built by HiFX. This is because XE was offering an online system to transfer money abroad but with limited customer support.
Moreover, HiFX was established in 1998 in the UK. It was designed as alternative banking for professionals to slash the costs of sending money abroad. The firm grows over the years and was able to set up offices in the US, Australia, and New Zealand.
When HiFX was bough by American Euronet, the staff retained as well as its initial branding. Since then, HiFX service remains magnified as one of the best foreign exchange transfer regulated by the FCA in the UK, FOS in Australia, and FMA in New Zealand.
How To Use HiFX
To create a HiFX account, simply follow these steps:
- Go to HiFX website, choose to sign up between free personal or business account
- Enter your email address and create a unique password to register.
- Select your country from the drop-down menu
- Fill in the required details
- Choose a security question as an additional layer of security
- Click on the ‘next’ button and fill in your contact details and additional information
- Enter an estimate on the amount of money you’ll be sending and the frequency of your transfers within the next 12 months
- You will get an email confirmation from HiFX within 24 hours with details about your application and receiving transfers
- Once all set, you can start enjoying the services it offers
- Your personal and contact details
- Date of birth
- Bank account details
- A valid driver’s license, passport or Social Security number
- The amount to transfer and currency to transfer to
Sending Money With HiFX
You can carry out a transfer with HiFX by following these simple steps:
REGISTER – You need to sign up and provide the details required upon registration
GET A QUOTE – You have to indicate how much you’ll send and where will you send it. They’ll also suggest several ways on how you can do your transaction.
PROVIDE YOUR RECEIVER’S DETAILS – Indicate who and where will you transfer the funds to and provide a secure payment.
SEND YOUR TRANSFER FUNDS – Send your money through HiFX to initiate the transfer.
TRACK PAYMENTS – You can track your payments to ensure it reaches to your recipient.
After following the above steps, you’ll get an7 email from HiFX when they got your funds and when the payments are sent. Usually, you have to allows 1 to 4 business days to credit the funds to the receiving bank.
PROS AND CONS
- HifFX is part of Euronet, which is the third-largest money transfer provider.
- The transactions are sent through Norton online security technology so it’s secured.
- HiFX is licensed as a money transmitter business.
- No fees or charges for your transfers.
- It allows you to transfer small and large funds up to $500,000 and minimum transfers of $100.
- You can make transfers online 24/7.
- You need to sign up for an account if you prefer to compare HiFX exchange rates with the other offered rates since the rates are not readily available.
- They do not accept cash, debit or credit payments but only through bank to bank transfers.
- Your transfer must involve currency exchange since you can’t transfer via the same currency.
They have hedging features that allow you to spot contracts utilising their web platform. The normal hedging features include:
- Spot and forward contracts
- Stop and loss orders via phone
For online sellers, the company make no provisions if you’re one of their wed merchants. If you’re using the HiFX app, you need to log into the XE money transfer app. This is because the group have not combine the extremely rated XE app with the XE money transfer app as of yet. This could be to resolve any specific issues that may be related to XE money transfer app which app has acquired poor feedback.
Global Reach and Services
HiFX offices are in the UK, Spain, New Zealand, Australia. They accept clients around the globe and handle 60 currencies. Users can get helpful service via phone or email from customer support in New Zealand, UK, Australia and the US. They deal with several currencies than most companies.
HiFX Fees and Rates
HiFX does not charge any fees for registration and transfers. They make a profit through the difference between the prices of currencies that it buys and sells. Their exchange rates are better than what an average bank can offer due to the large volume of exchanges they handle.
Moreover, this does not comprise the costs of transferring money to HiFX or fees incurred when money is exchanged or converted into a different currency.
How much will I pay to send money with XE Money Transfer?
HiFX requires no transfer fees, so you’ll know how much exactly you pay for the currency exchange. Nevertheless, fees may seldom apply through a third party bank when transferring the money with HiFX or before the funds arrive in the bank account of the recipient.
How does XE make money?
HiFX makes its money through what is referred to as ‘the spread’. This is the difference in the buying and selling costs of a currency, which is a similar way how a regular bank or currency trader makes its gain.
Creditbility and Securty
In terms of safety, HiFX is Accredited as a money transmitter business and transactions are sent utilising Norton online security technology. HiFX takes several steps to guarantee your money is secure. Some of these steps constitute VeriSign, which is an online security system adopted by 97% of the top banks.
Moreover, your funds are always kept in isolated customer accounts. Besides, HiFX is part of Euronet Worldwide, the third-largest money transfer provider worldwide. Just by 2013, Euronet processed over $60 billion in payments for several of the world’s known companies.
Why should I consider XE Money Transfer?
- No fees
- Custom alerts or currency pair alerts
- Vast network as you can send money to over 130 countries from 6 different regions
- Almost beat up the rates offered by banks
What to be aware of with XE Money Transfer
- Restricted payment options since they do not allow you to pay for international money transfers with a credit card or with cash.
- The transfer must be sent to receivers bank account since they do not allow cash pick up.
- They do not use the mid-market rate so you have to check the offered rate when initiating the transfer.
Alternatives to HiFX Money Transfer
- OFX – offers exchanges into 55 different countries. It is suitable if you’re looking to pay for exports or need to send large money abroad.
- TransferWise – A money transfer site intended to assist you to save money on exchanges through a peer to peer system. You can exchange your money with those who want to exchange their money to your currency.
- WorldRemit – provides a variety of alternatives to over 120 countries around the world. It includes online, bank to bank or cash transfers. The fees can vary on the country to which you’re sending your funds.
- Travelex – They are an international money service that caters to 177 countries around the globe Their online service allows you to transfer money overseas with a minimum amount of $500. It also keeps you posted on the exchange rates.
- Currencies Direct – An international money transfer service that is dedicated to helping you save more when transferring money overseas. You can choose from 39 currencies and is said to be more flexible than other money transfers. It can transfer and exchange your funds at an affordable rate. However, it does not have cash pick up options as well.
Commonly Asked Questions On HiFX
What types of transfer can I make?
HIFX transfers are limited to bank-to-bank transfers only.
How much does it cost to send money with HiFX?
There are no charges for transfers with HiFX, sp you will know the exact amount that you’ll pay. However, there may be occasional charges by a third party bank when initiating the transfer to your receiver’s bank account.
How is my exchange rate calculated?
Your exchange rate depends on the amount you’re transferring, the currencies you’re buying, and payment method. Payment made through credit cards has a processing fee of 1.5%.
How long does it take for HiFX to transfer money?
All payments will be transferred on the agreed date granted they have received your cleared funds and onward payment instructions before midday. Payments received by HiFX after such day will be sent on the next working day. It takes 4 business days for your recipient’s bank to clear the funds.
Can I make a transfer from another currency into £ Sterling?
Yes, you can. HiFX offers a broad range of currency pairs. If the payment is in a currency other than £ Sterling, the payment method possible is an electronic transfer.