HiFX ReviewThe world is today flooded with online money transfer services. When deciding on one, you should exercise great care and restraint. The last thing you want is receiving numerous calls from your overseas employees saying that they did not receive their paychecks.
In addition, some services charge colossal amounts as transfer fees. When you want to make regular payments, you can take advantage of subsidized rates for a given period, e.g. one month, three months, or six months.

Company overview

When three seasoned investors come together to establish a company, you know it is a reliable one. This is what Shaun Taylor, Laurence Butcher, and Matthew Knowles did back in 1998. They established HiFX Plc, one of the leading non-bank foreign exchange companies in the United Kingdom.
The company is registered and regulated by the Financial Conduct Authority. It is a privately owned entity listed in NASDAQ. In 2001, it made an expansion by opening an office in New Zealand to serve Australasia.

HiFX how does it work

How does HiFX work?The company deals majorly in Spot Transfers, Forward Contracts, HiFX Euros to Pounds, Stop/Loss Orders, Market Orders, and Limit Orders. When making an online transfer in Great Britain, for example, the minimum amount is GBP 50 while the maximum is GBP 300,000. All this happens within a short transfer time.
Similarly, you can make minimum of GBP 10,000 in telephone transfer where these is no maximum. Always look at your currency converter and take advantage of the favourable HiFX exchange rate of GBP 1 for EUR 1.2685. Money will take 1-3 days to reach its recipient. He may need to provide scanned copies as proof of his identity and address.

HiFX is it safe

In 2014, Euronet Worldwide Inc., a trusted financial services provider, acquired HiFX. In 2013, the company made transactions worth £ 9 billion to various destinations across the world. The company has earned the trust of over 75,000 individuals and some 5,000 corporate companies. Therefore, you can rest assured that your money will reach its destination in one piece.

Advantages

When sending money below GBP 3,000, you will enjoy the fixed fee of GBP 9. There are numerous ways of sending money, making it a convenient option. These are; credit cards, debit cards, electronic wires and transfers, telephone transfers and regular transfers. The services are unavailable in the USA and Canada’s Quebec Province. However, you can still make payments to these destinations from abroad.

Disadvantages

yes-noThe period when you can access the services is rather limited. Regular transfers are available from 9a.m. to 7p.m. Mondays through Thursdays and from 9a.m. to 6p.m. on Friday. In addition, you can only make telephone transfers from 8a.m. to 7p.m. Mondays to Thursdays and 8a.m. to 6p.m. on Fridays.
If your credit card or debit card is not registered to an address in the United Kingdom, you will be barred from accessing the service. There seems to be a competition of HiFX vs TransferWise in terms of service delivery.
One of HiFX problems is that your credit card payments are subjected to a 1.6% processing fee. You will be obliged to pay a 1-month security payment if you want to make regular payments. While you can send money via a number of channels, your recipient can only get it from a bank account transfer.

Customer opinions from HiFX Review

  • “I would recommend HiFX to anyone… 2 mins and it’s done. Your money is ready to be transferred. What could be so simple?”
  • “Very user-friendly service…Reasonable variance from market rate at the time…Money in my overseas bank account the next day.”
  • “I phoned an adviser as I was having difficulty signing in to web page. O so good, so helpful, even took me through web page step-by-step, even I grasped it in the end. I will definitely use again, even have my own advisor who I can talk to.”

HiFX complaints

  • “The currency transfer & use of website is easy & quick, but you can get better currency exchange rates at Tesco & Sainsbury’s”
  • “Good for one-off payments, but you can’t make regular payments cheaply. E.g. once a month, unless you are willing to set the rate for a 6 months or so.”

Conclusion

ConclusionEven with the various shortcomings, the service remains a viable option of sending money. When you are locked from accessing one option, you can pursue another. To protect you and your money, the company has employed a considerably high level of security. In this regard, they may send an activation code that your recipients need to confirm in order to gain access to the money.

Categories: Reviews

2 Responses so far.

  1. Samuel says:

    Man, I don’t know about others but I had a horrible experience with HiFX a few years back when I sent some money back home. It was imperative that the money reached my family in maximum 2 days and they said it would but it took 3 days! I’ve never used them since because of this delay and I tell everyone I know to choose a money service that is actually dependable like TransferWise. Used them a lot of times and they always deliver fast and with small commissions.

  2. Ubuntu VPS says:

    If you want to learn more about how to wire money with HiFX or their money transfer services, you can find them on Twitter or on Facebook.

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