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HiFX

HiFX Review
  • Editor Rating

  • Rated 4 stars
£50 to £300000
  • 80%

  • HiFX Review
  • Reviewed by:
  • Published on:
  • Last modified: June 13, 2016
  • Exchange Rates
    Editor: 86%
  • Website Friendly
    Editor: 94%
  • Customer Service
    Editor: 82%
  • Overall
    Editor: 80.8%

HiFX Review

Started out of frustration with the banks, HiFX offer both companies and private individuals a quick and easy way to convert £50 – £300,000 online at the touch of a button. They are passionate about offering significantly better exchange rates than high street banks whilst providing exceptional customer service.

HiFX launched at their Windsor headquarters in 1998 and within the next 15 years expanded its territories considerably, setting up offices in Spain, New Zealand and Australia with further developments planned for the future. In 2014, HiFX were acquired by US company Euronet, giving them wider scope to expand and providing more leverage in the US.

The HiFX online platform is both very easy to use and extremely fast compared to its competitors. Once you have registered to HiFX, you just need to verify the currency and amount, state where you want to send the currency and then confirm how you will pay them. HiFX boast over 10,000 independently verified 5/5 star reviews and use Norton Security used by 97 of the World’s top 100 banks.

HiFX

HiFX

HiFX has been owned by US payment company Euronet Worldwide since 2014 who have integrated it with the firm’s money transfer business, Ria. HiFX has offices in the UK, the US, Australia and New Zealand.


Services

HiFX offers the same transfer rates as its competitors, focusing on the savings it can offer against the bank fees and the better exchange rates it can deliver than banks. This is industry standard offered by all dedicated service providers..

Personal services are primarily foreign exchange transfers and exchanges, including spot transfers and exchanges and pension transfers; Fixed forward contracts, stop loss and limit orders services also available.

  • No fees for transfers over £3,000
  • HiFX can transfer currency by electronic, local and wire transfers.

Business and corporate accounts are HiFX’s primary clients. Sharing the same options as personal clients as well as flexible forwards and payment options tailored to business’ specific needs.

  • Forward contracts and market orders.
  • Online rate alerts by email including beneficiary notifications that alert recipients when finds have been transferred.
  • Global business services include end-to-end payments options permitting corporate business to deliver multiple payments globally from a single payment gateway.
  • Available as a standalone platform, managed service or integrated API.
  • Simple file upload online or via SFTP.
  • Automate payment verification and validation.
  • Consolidation of multiple currency files with specific delivery dates.
  • Complete activity log for detailed auditing.
  • Reciprocal Preference Agreement (RPA) Trade options

 

Website

In contrast to other currency Exchange company websites, HiFX’s  is an outdated, cold, impersonal bank counter. There’s simply no human touch to engage visitors, no content, no articles, nor any video. HiFX might well be a robot corporation programmed to rake in profit 24/7, its website indicates. Pages open to 4 separate windows specifically geared to the firm’s UK, US, Australian and New Zealand markets; each of these simply repeats the same message: ‘Sign up now because we’re processing a great deal of money.’

Very off putting.as a branding, HiFX is only going to appeal to a new consumer who doesn’t know the currency exchange market. Signing up may be easy, but today’s clients don’t want the same impersonal treatment a bank issues like cold cash. Corporate customers may continue using HiFX because they’ve establishes a relationship with this huge firm, but new eCommerce merchants would rather partner with a smaller firm offering a far more responsive approach.

Reviews

Given the size of HiFX and the fact that the company has been in business for 18 years, it’s no surprise they have over 9,875 reviews on TRUSTPILOT. HiFX  is rated 9.5 out of 10 with many satisfied clients and the  handful of unhappy ones who complain about  slow speed of transfer and  rates quoted not matching the below market rate received.

Independent industry reviewers have stated that: HiFX money transfer favours large transfers while Transferwise favours relatively small ones.  HiFX has the advantage over TransferWise for regular transfers: its free transfers makes it cost effective since Transferwise charges 0.5% of all amounts larger than 200GBP/EUR cost and a fixed payment of £1 or €1 on smaller payments

 

Editor’s Review:

Transferring over £100 billion for private and businesses clients, HiFX says they are large enough to undertake the biggest transactions, yet small enough to care about each and every client who trusts them with their international payments. The evidence doesn’t support this claim. Complaints include uncompetitive rates for small volume exchanges.

Another issue has been unresponsiveness to telephone inquiries, made by callers seeking to exchange modest amounts of currency.

Euronet Worldwide, HiFX’s parent company processed approximately $74 billion in ATM, prepaid and money transfers for roughly 200 financial institutions, 200 mobile operators and approximately 599,000 retailers.

Millions of individual customers are noted, almost as an afterthought by the gargantuan corporation. This doesn’t suggest HiFX as a good fit for the individual client who needs the bet exchange rate. Nor does it inspire the trust of a small business owner who wants a currency partner that recognizes their unique needs.

HiFX ‘s rapid growth has won it awards from Forbes Magazine. The company has served over 100,000 people and 6,000 businesses –proving itself a lucrative global enterprise. It doesn’t take the time to court, inspire or connect with small business owners on its website, however. HiFX has amply resources it could employ to share with merchants seeking support, but the firm prefers the out-dated large corporation stance one would expect from an industry giant that’s grown plump.

4 out of 5 stars for rates or 97.8%, personal services, noting the volume of large trade.

 

 

Pros

HiFX help more than 100,000 private individuals and over 6,000 businesses transfer money abroad every year. Their 24/7 online platform allows a customer to make and track payments at any time of the day or night and their high number of ‘Excellent’ customer reviews means that HiFX is one of the top international money transfer services around the world. HiFX also offer over 60 world currencies and allow you to lock in a rate when you’re ready.

Cons

They charge a fee of £9 for every transfer under £3000 which can sometimes make it difficult for customers who just want to test out the service and know how it works.