Thorough Investigation Into How HiFX Compare With Other Providers

HiFX compare reviewHiFX was founded in 1998 and is a UK-based company, now with offices globally in Europe, Australia and New Zealand. Owned by their parent company, Euronet Worldwide, HiFX is part of the third largest money transfer company in the world. We’ve put together a HiFX review below to help you decide if HiFX is a good company to make international payments. On their website, they boast four things:

On their website, they boast four things:

  • Bank beating
  • Security
  • Simple
  • 60+ currencies

You can use our comparison site to compare a number of providers and banks that will let you transfer money overseas. To view the table, click here.

What will this HiFX review cover?

Here at The Currency Shop, we like to ensure a few things before we recommend any company to you.  Firstly we like to make sure they are good value for money, offer a level of ease and convenience for you and your circumstances, and most importantly, keep your money as safe and secure as it can be. In this article, we will explore:

  • How to make an international transfer
  • How safe is HiFX?
  • Fees and Charges
  • How long does the transfer take?
  • Pros and Cons of HiFX?

How to make an international transfer

HiFX’s minimum transfer amount is $50NZD and the maximum is $1,000,000NZD. HiFX only accepts bank transfer only – no credit or debit card. If you are transacting large amounts of money, then HiFX will assign you one of their own dedicated dealers to your account.

To make an international transfer through HiFX, you need to:

  1. Sign up with them online or over the phone
  2. Dependent on how much you are transferring, and how you wish to, you will get a rate give to you by a professional at HiFX
  3. Once agreed, send HiFX the money and they will do the rest
  4. You can then track your money

Ways to make an international transfer

You can make an international transfer in 2 ways:

You also have various methods of making an international transfer based on your circumstances:

  • Forward Contract: Where you can lock in the exchange rate before you make the payment.
  • Regular Payment: Fix the exchange rate on your regular payment agreed upon with HiFX
  • Rate Alert: If you wish to get alerts on the exchange rate if you know you have a payment coming up
  • Business Account: Helps to set up all suppliers as recipients to save you time

How safe is HiFX?

HiFX Limited holds a Derivatives Issuer Licence issued by the Financial Markets Authority (FMA) and is a Qualifying Financial Entity (QFE). HiFX also holds an Australian Financial Services Licence ‘AFSL’ issued by the Australian Securities and Investments Commission ‘ASIC’ (AFSL No. 240914). Last year alone the HiFX Group transacted over $18.5 billion of currency on behalf of 112,000 clients in 117 countries.

HiFX also use Norton security – 97 of the World’s 100 largest banks and over 93% of Fortune 500 companies use Norton. In addition, Norton secures more than one million web servers worldwide, more than any other Certificate Authority.

Fees and Charges

HiFX will not charge any transfer fees for transactions above $10,000NZD. They will, however, charge you a fixed transaction fee of $12NZD for anything under.

How long does the transfer take?

HiFX will try to process your payment the same day, otherwise, they say they will confirm that date of payment ‘at the earliest date’ they can make the payment. As HiFX are competitive with other transfer companies, we would assume this is the average of 1-2 business days.

You can read more about how long international money transfers take, here.

Pros and Cons of HiFX

PROS CONS
Cheaper than most banks You have to create an account with them
Different payment methods to suit different individuals and circumstances $12NZD transfer fee
Have a New Zealand office
Suitable for both personal and business use

Case Study

Fiona is looking to buy a house in Japan. With a forward contract, she’s secured her exchange rate so she knows exactly what the budget for her property is.

Fiona recently moved to Tokyo from New Zealand to pursue a new opportunity within her company. She is currently renting while she sells her New Zealand house and hopes to buy a property in Japan in the coming months. But she was finding it hard to know how much she could spend when exchange rates were constantly moving up and down.

So Fiona decided to take out a forward contract, which allows her to secure the exchange rate for up to two years with a small up-front deposit. She knows that exchange rates will continue to change, but she feels that it is more important to have the security that a forward contract offers her.

She now knows exactly how much she can spend and she can start making offers on properties.

Leave a Reply

Your email address will not be published. Required fields are marked *