HiFX is a UK-based company but have the ability to transfer to and from multiple currencies globally. They have offices throughout Europe, in Australia and New Zealand. They’re owned by a parent company Euronet making HiFX part of the third largest money transfer companies in the world. While they do not currently have offices established in Singapore, they are still available to make transfers from here with competitive rates and fees. This HiFX review is designed to help you decide if it a good option for your circumstances.
On their website, they boast four things:
- Bank beating
- 60+ currencies
What will this review cover?
At The Currency Shop, we like to ensure a number of criteria are met before we make a recommendation of a money transfer company. Value for money, timeliness of transfers, security and competitive rates and fees are all important factors to take into consideration when transferring money.
In this article, we will explore:
- How to make an international transfer from Singapore
- 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 $50SGD and the maximum is $1,000,000SGD. As payment, HiFX only accept bank transfer only. They do not accept credit or debit cards. For transactions over $50,000, HiFX will assign you a dedicated account manager to give you peace of mind that everything will go smoothly with your transfer.
To make an international transfer through HiFX, you need to:
- Sign up with them online or over the phone
- Depending on the amount you are transferring, you will get a rate given to you by a professional at HiFX
- Once confirmed, transfer HiFX the money and they will do the rest
- Through their website, you can track where your money is at in the transfer at any time.
Ways to make an international transfer
You can make an international transfer in 2 ways:
- Over the phone
You also have various methods of making an international transfer based on your circumstances:
- Forward Contract: Lock in the exchange rate before you make the payment in the future.
- Regular Payment: Fix the exchange rate on your regular payment agreed upon with HiFX
- Rate Alert: Stay up to date with the rates available and make your transfer when you’re ready.
- Business Account: HiFX can help you set up suppliers as recipients to save you time when making regular payments.
How safe is HiFX?
HiFX is licensed in many countries globally, and has a high degree of focus on security. 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 $5,000. They will, however, charge you a fixed transaction fee of $5 for anything under that amount.
How long does the transfer take?
Transfer times can be dependent on a number of factors. HiFX will attempt to process your payment on the same day, or the earliest date possible. As HiFX are competitive against other providers, we would assume this would be within 1-2 business days.
Pros and Cons of HiFX
|Cheaper than most banks||You have to create an account with them|
|Different payment methods to suit different individuals and circumstances||Fixed transfer fee for transfers under $5,000|
|Suitable for both personal and business use||Do not have an office in Singapore|
Felicia is currently living in Japan but wants to start sending some money to her home account in Singapore. She’s not in any rush to do and would like to try and do it at a time where the rate is as competitive as possible.
She decides to set up rate alerts with HiFX so that she can keep an eye on the rates and make her transfers at times when she is happy with it. With rate alerts, she was able to keep up to date with rates that were fluctuating constantly.
Rate alerts allowed Felicia to transfer at times when she was happiest with the rate, and with minimal fees. She began transferring money back to Singapore regularly so that she always had available funds when she travelled home.