HiFX was founded in 1998 and is a UK-based company, now with offices globally in Europe, Australia, USA and New Zealand. But they are contactable in Canada and available for transfers from here. 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 from Canada.
On their website, they boast four main features:
- Bank beating
- 60+ currencies
What will this HiFX review cover?
Here at The Currency Shop, we like to know that the companies we suggest meet certain criteria. Firstly that they are good value for money, are convenient, and most importantly, keep your money safe and secure. In this article, we will explore:
- How to make an international transfer from Canada with HiFX
- 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 do have a minimum transfer amount, it’s $50CAD. The maximum you can transfer is $1,000,000CAD. When it comes to making your payment, HiFX only accept bank transfer only. This means you can’t use a credit or debit card. One of the benefits of HiFX is that if you’re transacting a large amount, they will automatically assign you an account manager to help you through the process.
To make an international transfer through HiFX, you need to:
- Sign up and create an account with them either online or over the phone
- A rate will be provided to you by a professional from HiFX. This will be dependent on the amount you’re sending and how you wish to do it.
- Once you’ve agreed upon the rate, you can confirm it and make your payment to HiFX.
- You can track the transaction through your account on the HiFX website.
Ways to make an international transfer
With HiFX, you can make an international transfer in two ways:
- Over the phone
You also have various methods of making an international transfer based on your circumstances:
- Forward Contract: This is where you can lock in an exchange rate to make the payment at a later time.
- Regular Payment: Fix the exchange rate on your regular payments 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: through HiFX you can set up suppliers you transfer to regularly as recipients to make those transactions quick and easy.
How safe is HiFX?
Understandably, when you’re sending money overseas, you’re concerned about the safety and security of doing so. HiFX is financially licensed in many countries globally so you know you funds are being transferred securely
Additionally, HiFX use Norton security. To give you peace of mind, 97 of the World’s 100 largest banks and over 93% of Fortune 500 companies use Norton. In addition to this, Norton secures more than one million web servers worldwide, more than any other Certificate Authority.
Fees and Charges
HiFX have a very reasonable fee structure. If you’re transferring less than $5,000CAD there will be a fixed fee of $5CAD. For any amount over $5,000 you won’t be charged a transaction fee.
How long does the transfer take?
HiFX attempt to process the payment on the day you make it. If this isn’t possible, they will make it the earliest date possible from when you make the payment. As HiFX pride themselves on their competitiveness, we assume this time would be anywhere from one to two 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||$5CAD transfer fee|
|Suitable for both personal and business use||No Canadian head office.|
Brock is looking to buy a holiday house in France so he can holiday there with his family regularly. Utilising a forward contract with HiFX, he is able to secure an exchange so he can keep in mind a budget when looking at properties.
Brock travels to Marseille from Canada with his family regularly, they usually rent a property whenever they visit. Brock hopes to buy a property in France in the coming months. He was finding it hard to know how much he could spend when exchange rates were constantly moving up and down.
The forward contract allowed Brock to secure the exchange rate for up to two years with a small up-front deposit. He 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.
He now knows exactly how much he can spend and he can start making offers on properties.