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How safe is HiFX money transfer?

Information verified correct on January 21st, 2017

HiFX has competitive exchange rates and lower overhead than banks. Even better, it’s a great choice for security.

Offering transfers in 60 currencies, HiFX extends better exchange rates and transfer fees than you’ll find at big US banks. And sending money overseas is just a few clicks away using an easy online form. Take a look at the security measures in place to keep your money and information safe.

HiFX International Money Transfers

HiFX International Money Transfers

The secret to getting a competitive exchange rate when transferring money.

  • HiFX is currently offering new customers one free transfer when signing up. Standard fees apply thereafter for transactions that fall below their fee thresholds.
  • Transfer money between 20 currencies and enjoy scheduled regular transfers. No fee for transfers over US $5,000.

    How does HiFX protect my money?

    HiFX is serious about protecting your money and personal information when wiring it outside of the US. It complies with the US Treasury’s Office of Foreign Asset Control and other legal requirements and has a long history of successful transfers to put your mind at ease.

    • Trusted. HiFX transfers nearly $75 billion annually, working with such tech leaders as Google and Apple.
    • Secure Socket Layer encryption. It uses VeriSign technology and the same SSL packets used by the largest banks in the world.
    • Accountability. HiFX is owned by Euronext Worldwide, a publicly traded company listed on NASDAQ.
    • 24/7 customer service. Friendly help is available toll-free around the clock.
    • Experience. Founded in 1998, HiFX has transferred funds to 194 countries.

    What are my rights when it comes to money transfers?

    The Consumer Financial Protection Bureau established rules in 2013 to protect US citizens when transferring money internationally. Federal law now requires many credit unions, money transfer services and banks to disclose information both before and after a transfer.

    Before a transfer, you have the right to know:

    • The exchange rate.
    • Fees and taxes collected from you.
    • Fees charged by agents overseas and others involved in the transfer process.
    • The amount your recipient is expected to receive (excluding foreign taxes and recipient fees).

    You also have the right to know:

    • Your ability to cancel the transfer. Unless the transfer has been picked up or deposited, you have 30 minutes (and sometimes more) to cancel at no charge.
    • The company or bank’s process to investigate and fix any mistakes. It generally has 90 days to resolve any problems.

    These rules apply to all international transfers of $15 or more.

    How do I report suspicious activity to HiFX?

    HiFX will never email you to confirm passwords, transaction details or personal information. If you are the recipient of an email from someone claiming to be HiFX, do not respond. If you’re wary about an email or phone call, email customerservice@hifx.com or call 1-844-832-1367.

    How to avoid a money transfer scam

    In all likelihood you’ve heard about someone who’s fallen prey to a money transfer scam. Stay vigilant with these easy tips.

    • Don’t answer unsolicited phone calls and emails. Phishing scams often involve an email asking you to resend passwords or information. If you’re not sure whether it’s legit, go to the company’s website directly instead.
    • Don’t transfer money to someone you don’t know. If for an online sale or auction, be sure that you have all of the seller’s information. And do a little research online before sending your payment.
    • Ask questions. If a business responds quickly and accurately, that’s a good sign you’re working with a reputable company.

    Tips for picking up cash safely

    Knowing your money is secure during a transfer is important. But it’s just as vital to be safe when retrieving money. Follow these easy tips.

    TipDescription
    Call ahead.Learn the company’s business hours and choose a safe time to pick up your cash. Daylight hours are best.
    Bring a friend.Carrying money when alone can be dangerous. Ask a friend to come along.
    Deposit your money immediately.The likelihood of losing your money to theft or simple carelessness grows the longer you have it with you. Go straight to a bank and deposit your cash as soon as possible.
    Keep your cash hidden.Place your money in your purse or wallet before leaving the office. Carrying cash out in the open could make you a target.

    Bottom line

    HiFX is a safe choice to save money while sending money overseas. Compare transfer times and exchange rates to make sure it’s the option best suited for you.

    Common money transfer scams to watch out for

    ScamWhat to watch out forWhat to do
    Online purchasesAsking for money up frontDo not pay up front, ask to meet or arrange escrow
    Lottery and sweepsMust pay a fee to receive your prizeIgnore it; it’s not a real prize
    “Guaranteed” loansRequest to pay for your application or taxes before you receive the loanRip it up; do not send the money
    PhishingAsking for personal details over email (bank accounts, passwords, SSN)Do not reply or click any links – forward the email to spam@uce.gov
    CharityDonation requests from a fake charity posing as real one.Never wire money when donating to charity, regardless of their legitimacy.
    Nigerian dignitarySomeone contacts you to help recover a large sum of money, and need your bank account info to help pay fees.Never provide financial information over email.
    “Stranded traveler”A loved claims to be in trouble, and they are asking for you to send cash.Never send a money transfer until you can verify you know the recipient.
    Online datingGetting to know someone online and after you feel a connection, they ask you to wire money.Never send money to someone you have not met in person.

    Keep your money safe from money transfer scams

    FAQ

    How does HiFX set its exchange rates?

    It has a live connection to foreign exchange markets that adjusts right up until you confirm your transfer. If you transfer when the markets are closed, HiFX uses the rate at closing time.

    How much of a transfer fee does HiFX charge?

    HiFX charges a standard $5 fee for transactions up to $5,000. Transactions of $5,000 or more are free.

    Does HiFX accept cash or checks?

    No, HiFX only accepts bank transfers.

    What if my transfer hasn’t arrived?

    If your transfer hasn’t arrived within four days, call HiFX at 1-844-832-1367.

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