HiFX: What you need to know
HiFX is no longer available, so find out what this means for you.
If you already have an account with HiFX before this cut-off date, don’t worry – you’ll automatically be transferred to an XE account.
HiFX began operations in 1998, with the aim of investing in technology while doing away with unnecessary banking overheads. By succeeding in doing this, it now offers individuals and businesses better exchange rates when compared to banks.
HiFX has transferred over £130 billion till date, with customers in over 125 countries. More than 75,000 individuals and 5,000 businesses use the services of this money transfer company every year. It is authorised by the Financial Conduct Authority under the Payment Service Regulations 2009. It is a registered money services business with HM Revenue and Customs as well. Read our review of their services below.
HiFX exchange rates
Given that HiFX is amongst the leading money transfer companies in the UK, its purchasing power enables it to offer highly competitive exchange rates.
HiFX has a much lower overhead than banks because they purchase currency in bulk, which allows them to pass the savings on to you. Your exact exchange rate that HiFX charges depends on the rate at the time of your transfer.
How much does it cost to transfer money with HiFX?
It is free to transfer money with HiFX. Regardless of how much you wish to send, the fee will be £0!
- A name you can trust. HiFX is amongst the most prominent money transfer companies in the UK. When you deal with this business you know you’re in good hands.
- Competitive exchange rates. HiFX offers highly competitive exchange rates when compared to banks. It rates well against other money transfer companies as well.
- Quick turnaround time. Unlike banks that can take up to 10 business days to complete overseas fund transfers, with HIFX your transfer should go through in one to four business days.
- No cash pickup centres. HiFX does not have cash pickup centres, so you can only use its services to transfer money to bank accounts.
Minimum transfer amount and available currencies
HiFX lets you transfer as little as £50 or its equivalent in another currency. The maximum you can transfer using its online platform limits to £300,000. If you wish to transfer a larger sum, you can do so through a HiFX account manager.
This money transfer company deals in 142 currencies allowing you to transfer money worldwide, from elsewhere in Europe to North America, South America, Africa, Asia and Australia. The list of currencies you can purchase using the services of this company, include, but don’t limit to:
- US Dollar
- Canadian Dollar
- Mexican Peso
- Australian Dollar
- New Zealand Dollar
- Bulgarian Lev
- Swiss Franc
- Czech Koruna
- Danish Kroner
- Pound Sterling
- Croatian Kuna
- Hungarian Forint
- Norwegian Krone
- Polish Złoty
- Romanian Leu
- Serbian Dinar
- Swedish Krona
- UAE Dirham
- Bahraini Dinar
- Hong Kong Dollar
- Israeli Shekel
- Jordanian Dinar
- Japanese Yen
- Kuwaiti Dinar
- Sri Lankan Rupee
- Omani Rial
- Philippine Peso
- Pakistani Rupee
- Qatari Riyal
- Saudi Riyal
- Singapore Dollar
- Thai Baht
- New Turkish Lira
- Botswana Pula
- Kenyan Shilling
- Lesotho Loti
- Mauritius Rupee
- Swazi Lilangeni
- Tunisian Dinar
- South African Rand
What types of transfers can you carry out with HiFX?
HiFX can arrange a forward contract. This is useful if you want to make a payment in the future, but like the current exchange rate.
Similarly, you can arrange regular payments at a fixed predetermined exchange rate.
HiFX also offers a rate alert service. If you don’t need to make the payment urgently, HiFX will notify you when the exchange rate reaches whichever value you request.
The registration and transfer process
You can pay HiFX via bank transfer. You can also use your debit or credit card for most transactions.
To send money using HiFX, you have to register as a user first. You can do this online, in a matter of minutes. Upon signing up, HiFX may ask you to provide some kind of acceptable document to verify your identity and/or address. In such a scenario, you can scan a copy of the required document and send it across via email or by logging into the secure HiFX platform.
Once you register as a user, making a transfer requires that you follow a simple process:
- Login to the ‘My Account’ section of the HiFX website
- Enter the currency you wish to transfer
- Enter the amount you want to send
- Provide details of the recipient’s bank account
- Verify mode of payment
- Accept exchange rate and total cost
- Confirm transaction
You receive an email as soon as HiFX releases the payment. It can take one to four business days for the funds to get to the recipient’s bank account.
What other services does HiFX offer?
HiFX is a highly useful tool for individuals, but also has some practical options for businesses. For example, you can set up a business account and give a staff member access and capabilities to transfer small amounts of money, but any larger payments will require your ultimate approval.