Does HiFX compare? Find out whether it is a good option for international money and currency transfers.
HiF is one of the largest money transfer companies in the world. The are a subsidiary of Euronet (NASDAQ: EEFT), which is a publicly traded company that owns other well know companies such as Xe.com.
HiFX’s US operations are based in California but they offer full service to all 50 states.
The Currency Shop says:
- HiFX is most useful for individuals needing to transfer money consistently.
- Regardless of the transaction size HiFX provides very competitive exchange rates.
- If you’re interested in foreign exchange rates, fees and services of other providers check out our comparison tool.
What we will cover
The most important things for you to learn here are: is HiFX reliable and what it costs to send money through their service? In the following, we’ll explore:
- The ownership and safety/security practices of HiFX
- What fees and charges you should expect using HiFX?
- How to send and receive money with HiFX
- Is HiFX recommended?
The ownership and safety/security practices of HiFX
HiFX is owned by a parent company, Euronet Worldwide. Euronet is a multinational corporation the owns Ria Money Transfer, along with HiFX and as we mentioned, Xe.com. Their track record with safety and security is industry-leading, and their TrustPilot score reflects this.
HiFX is licensed as a money transmitter business and operates under USA anti-money laundering laws and regulations. For more details click here.
What fees and charges you should expect using HiFX?
Expect 2 basic fees when using HiFX — a flat transfer fee and a currency exchange margin.
Transfer Fee — HiFX have a very straightforward fee structure. They charge $15 for any transfer up to $10,000 (US dollars). Any transfer above $10,000 is fee-free.
Exchange rates — HiFX exchange rates are tied to live currency markets and because of this they often change minute to minute. They do have a handy tool on their website that allows you to check rates. Just select the currency you are transferring from and to, enter an amount, and you will be provided a quote.
If you want to compare HiFX rates to the big 4 banks and other money transfer providers, we’ve also built a comparison tool, which can be found here.
How to send and receive money with HiFX
In order to use HiFX’s services you’ll need to have an active account with them. Registering is easy (and free) if you don’t already have one.
You can sign up to a personal or business account and the process should take about 4-6 minutes. In some cases, you’ll need to verify your identity and this can be done with ID scan or through photographic images sent electronically. If you have any issues, their customer support team is there to help.
Depending on where you’re transferring money to, most transfers are completed in 1-2 business days.
The amount you can transfer ranges from small sums (the minimum is $50) to 6 figures — if you’re transferring high dollar amounts you can speak directly with a HiFX account manager.
How do you pay HiFX?
In order to ensure you transfer arrives on time make sure HiFX has received all your funds by the payment date.
The best method of funding a transfer is through a direct transfer from your bank account.
Can you use a credit card?
For both personal and individual accounts credit cards or checks are not accepted.
To find your HiFX bank details specific to your payment, look within the ‘Summary of Open Transaction’ page under the ‘Transaction’ tab once you have confirmed your transaction. From there it should be self explanatory.
Currency and country options
HiFX currently deals in 60+ currencies and has completed transactions in 194 countries around the world. For full details of their offerings click here.
Is HiFX recommended?
HiFX is best for individuals who do a high frequency of international transfers. Regardless of the transfer amount, you’re going to find a competitive exchange rate with them and their fee is reasonable. Overall they’re a good option for sending money overseas.
Pros of using HiFX:
- Attractive exchange rates and a low minimum transfer amount.
- User friendly website and responsive customer service.
- For businesses, they offer full access to forward exchange contracts, risk management advice, and foreign currency accounts.
Cons of using HiFX:
- No USD to USD transfers to domestic or overseas accounts.
- No cash. Payment by bank transfers only.
Related: to visit the full HiFX USA website click here.