HiFX is no longer available through finder.com. Instead, a great alternative we recommend is XE Money Transfer. You can expect a similar experience sending money with XE as most details of the service, such as fees and currencies, are the same as HiFX.
Read our full review of XE Money Transfer or click the Go To Site button on this page to be taken directly to its website.
While HiFX and Wise are very similar when compared to each other, HiFX can be cheaper for larger transfer amounts.
Wise offers online transfers only. Just enter the amount you want to transfer, then send the funds to Wise. Once Wise receives your money, it converts the currency and sends it to your recipient’s bank account.
For transfers below $5,000, HiFX charges a $5 fee. For transfers of $5,000 or more, there’s no transfer fee.
$0 via bank transfer
1.5% via credit card
To exchange currency, $5 for transfers of up to $5,000 and $0 for higher amounts
Wise charges a percentage of your transfer, but that exact figure depends on the currencies you’re exchanging. The fee is wrapped into the amount you transfer. (Check out Wise’s pricing page for details on fees.) If you’re transferring money by credit card, you’ll pay a transaction fee.
$0 Via bank transfer
Typically 0.3% to 2% via credit card
About 1% ($3 minimum) to exchange currency
HiFX’s transfer fee is the big difference maker. It can weigh more heavily when you transfer smaller dollar amounts, but it’ll become your best friend as you send larger amounts.
On average, HiFX offers exchange rates within about 0.4% of the mid-market rate. For example, if the mid-market rate is 1 USD = 115.02 JPY, HiFX might offer 1 USD = 114.51 JPY. That’s quite a good exchange rate compared with many other money transfer services (especially banks).
One of the reasons users like Wise is because it exchanges currency at the mid-market rate. That’s technically better than what HiFX offers, but keep an eye on Wise’s percentage-based transfer fee.
Judged on exchange rate, Wise is the winner here. As always, you should factor in transfer fees before deciding on a money transfer service.
HiFX recommends allowing up to three business days for it to receive your money. You should also allow up to four business days for your transfer to be cleared by the receiving bank.
It takes up to four days to send money to Wise, depending on how you pay. It’ll take a few hours to two days for Wise to convert your currency. Finally, it takes a few business days for the money to be sent to your recipient. In total, you can expect your transfer to complete in one to six business days.
It could take up to seven days to complete a transfer through HiFX, but typically you can expect your transfer to complete in about the same time through both services.
You’ll have about 283 more Japanese yen if you send money through Wise. Assuming a rate of 1 JPY = 0.0087 USD, that works out to $2.46.
$1,000: It’s about even
1 USD = 114.72 JPY
1 USD = 115.28 JPY
You’ll have about 7 more yen if you send money through HiFX. That works out to $0.06.
$10,000: HiFX wins
1 USD = 114.72 JPY
1 USD = 115.28 JPY
You’ll have about 4,131 more Japanese yen if you send money through HiFX. That works out to $35.94.
The two services are about even for smaller amounts, but HiFX starts pulling away when you transfer more. This is because HiFX doesn’t charge fees for transfers of $5,000 or more, but Wise charges a 1% fee regardless of the amount you send.
HiFX and Wise are evenly matched if you’re sending smaller amounts. But for larger transfers, HiFX pulls away because of its $0 fee for transfers of $5,000 or more. If you’re transferring spending money for your college student studying abroad, either platform could work just fine. But if you’re transferring money for a down payment on a house, HiFX may be the cheaper option. You’ll need to compare your options to find a service that’s best for your situation.
Looking for more options?
Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
No. Unfortunately, neither HiFX nor Wise accepts cash or check.
HiFX and Wise are typically much cheaper than banks. Both charge lower fees and offer better exchange rates.
No. It’s free to sign up for both services.
The mid-market rate is what your money’s actually worth on the global market compared to another currency. It’s the midpoint rate between worldwide supply and demand for that currency — and the rate banks and transfer services use when they trade among themselves. Use this rate as a baseline to compare against the rates provided by your bank or transfer service. With it, you’ll discover which companies offer the best rates.
Kevin Joey Chen is a credit cards, banking and investments writer whose work and analysis have appeared on CNN, U.S. News & World Report, Business.com, Lifehacker and CreditCards.com. He's passionate about helping you get your finances in order by expertly navigating cutting-edge financial tools — including credit cards, apps and budgeting software.
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