Review of HiFX Money Transfers Provider

Review of HiFX Money Transfers Provider

Halewood International Foreign Exchange Limited, more commonly known as HiFX, is one of the pioneers in P2P money transfer business. They are quite well-known around the world for their amazing customer service that they have been providing for the last 20 years. HiFX was founded by Shaun Taylor, Matthew Knowles, and Laurence Butcher in 1998. They are a game changer in providing the cheapest option for fund transfers around the world. Their services has reached more than 170 countries, and they can make transactions in over 142 currencies. The company became a part of the prestigious Euronet Group in 2014. Apart from personal money transfers, they also serve many businesses and their unique needs. Their services are highly appreciated by the customers, earning them a score of 9.4 out of 10 on TrustPilot. This article is focused on the HiFX review and their services in order to give you a better view of the company.

Get started with HiFX

A customer can transfer a payment with HiFX by registering a free online account. The registration process is very simple; you just have to submit your details and proof of identification for verification. Make your account and follow these to make a transaction:

  • Select your currency
  • Total amount to be sent
  • The required details of the sender
  • Complete details of the recipient and their account’s details

When all the details are entered, then you make the payment. An instant confirmation email is sent by HiFX as soon as the transfer is processed. You will also receive interim updates over SMS.

Is HiFX trustworthy?

HiFX has a license to operate by the Federal Conduct Authority to carry out financial transactions around the world. They are also authorized by Her Majesty’s Revenue and Customs to operate in the UK. As per the defined regulations, they keep the company’s funds separate from the customers’ fund. That way, your money is always safely held, even in a crisis. A high-end encryption system protects their website against any misuse of the customer’s details entered during the transaction. The customers find their services very reliable, and they trust HiFX for all of their international transactions.

How much will a transfer with HiFX cost you?

If you are wondering which service provider charges the least, you will be interested to know that HiFX charges nothing for fund transfers. They also offer very impressive exchange rates. But in the case of a payment made with a credit card, that fee would be applicable. But it’s not a secret that you can find a better exchange rate with some other service providers. You will notice a big difference in the amount received by the recipient if the exchange rates are poor. If the exchange rates are lower, you will receive less money in the end. HiFX has managed to become their customers’ favorite service by having zero fees. But without a better exchange rate, they won’t have the best deal for all exchanges. Even a small difference in the rates can make a tremendous difference. In that case, even offering zero transfer fee will not make much of a difference to its potential customers.

How much will a transfer with HiFX cost you?

Some Positive Aspects of HiFX

There are some characteristics of this service provider that makes it a customer favorite. It is a big organization with business in over 170 countries. Despite operating on such a big scale, they have excellent customer service. They have a great team of customer support staff who make sure that all of your issues are solved. They also have amazing speed; most of their transfers are finished in about one day! Even in the cases of complicated transactions, the money gets delivered in maximum 4 business days. This is much faster than banks who can take up to 10 business days to process your transfer. They also provide very convenient modes of payments like credit cards, debit cards, or with a bank account.

Areas of improvement for HiFX

It’s rather difficult to find flaws in HiFX, but I observed some limitations in their services. The most important one is their exchange rates. The rates they are offering now are okay, but there are other services that are providing better. For a customer, the exchange rate plays a very important role; it directly impacts the amount of money received by the recipient. Also, HiFX makes all their transfers directly to the recipient’s bank account. Unlike many other service providers, there are no options to personally collect the money.

HiFX final thoughts

HiFX is undoubtedly one of the best fund transfer services available. For any customer they are the complete package. But this doesn’t mean that they are perfect. The competition is severe in the business and companies are coming up with better options every day. Customers will always select the service which is cheapest for them. It is a fact that there are certain companies who are offering the same services with a smaller overall cost. But HiFX is a favorite for many of its customers; they seem to be completely loyal to them. The quality of their service is very good, and they have managed to keep their customers satisfied over the years. They also cater to many businesses to create specially-designed payment transfer solutions. HiFX holds an extremely clean track record I would definitely recommend it.

TransferWise Rates

TransferWise Rates

Nowadays, it is still difficult to send money abroad, because it can cost you very much. You need to choose the right provider which is not expensive and will transfer the money fast. There are many options, and it is not easy to make the right choice. When I was searching for different services for international money transfers, I found an honest service – TransferWise, and transferring money abroad has become much easier and cheaper. I didn’t want to transfer money at the unfair exchange rates, so I choose this service, because of TransferWise rates.

How does TransferWise work

Banks and other exchange providers transfer money between countries. TransferWise is different because it transfers money between its customers. It can sound complicated but actually, it is not. If you want to transfer 100 Dollars to Euros, the system will find someone who wants the opposite transfer. The money always stays in the country. You don’t need to understand how this complicated peer-to-peer system works, because you don’t need to make any interaction with other customers. It is all system’s work.

With this service, your money will arrive in 1 or 2 days. If you need to transfer larger amounts, it can take more than 2 days.

TransferWise fees

If you choose a bank as your provider, you will pay hidden charges. TransferWise is much cheaper than banks because there are no hidden charges. Its fee is fixed and small – 0.5 % of the amount for most of the locations.

You can calculate the potential fees on its website. This service is fair and honest because you can also compare its fees with fees that other banks or exchange providers can charge you and choose the best option for yourself.

TransferWise exchange rate

Many providers will give you their own exchange rate which is not the real exchange rate. Their mission is to make a profit through their exchange rates. TransferWise is different than other providers, because it is fair, and offers you the mid-market rates. The rate is the same for someone who wants to send hundred dollars and someone who wants to transfer larger amount such as million dollars.

Unlike banks and other exchange services, this service is transparent. On its website, you can see how much are TransferWise rates, fees and an amount received. There are no hidden charges anymore!

3000 Euros in Pounds

Send money with Exchange rate Transfer fee You receive Overpayements
TransferWise 0.8798 14.93 EUR 2,626.26 GBP  
WorldRemit 0.8726 3.99 EUR 2,614.32 GBP -11.94 GBP
Commerzbank 0.8780 27.50 EUR 2,609.86 GBP -16.40 GBP
Deutsche Bank 0.8764 36.55 EUR 2,597.17 GBP -29.09 GBP
WesternUnion 0.8494 2.90 EUR 2,545.74 GBP -80.52 GBP
BBVA 0.8464 28.00 EUR 2,515.50 GBP -110.76 GBP

As you can see from the table, if you send 3000 Euros to Pounds, you will receive the biggest amount with the first service – 2,626.26 GBP. With BBVA, you will lose the most money – 110.76 GBP comparing to TransferWise which is the winner.

10000 Euros in Pounds

Send money with Exchange rate Transfer fee You receive Overpayements
TransferWise 0.8798 49.75 EUR 8,754.23 GBP  
WorldRemit 0.8692 3.99 EUR 8,688.53 GBP -65.69 GBP
Sabadell 0.8586 0.00 EUR 8,586.00 GBP -168.22 GBP
LaCaixa 0.8600 60.00 EUR 8,548.40 GBP -205.82 GBP
BBVA 0.8464 70.00 EUR 8,404.75 GBP -349.47 GBP

If you send 10000 Euros to Pounds, with TransferWise you will get the best exchange rate (0.8798) and amount received – 8.754.23 GBP. With WorldRemit you will get a better fee, but you will lose 65.69 GBP (on the amount received), but with BBVA, you will lose the most – 349.47 GBP comparing to TransferWise which is the winner again.

3000 Pounds in Dollars

Send money with Exchange rate Transfer fee You receive Overpayements
WesternUnion 1.3758 0.00 GBP 4,127.40 USD +8.87 USD
TransferWise 1.3787 12.75 GBP 4,118.52 USD  
WorldRemit 1.3639 2.99 GBP 4,087.62 USD -30.89 USD
NatWest 1.3599 22.00 GBP 4,049.78 USD -68.73 USD
RBS 1.3599 22.00 GBP 4,049.78 USD -68.73 USD
Lloyds 1.3344 9.50 GBP 3,990.52 USD -127.99 USD

If you send 3000 Pounds to Dollars, Western Union is the cheapest option, and you will receive 8.87 USD more than with TransferWise. It has the best exchange rate – 1.3787, but its fee (12.75 GBP) is higher than Western Union fee (0.00 GBP). This time Western Union is the winner but maybe it is only running a promotion.

Transferring 1000 GBP

In this table, I will compare TransferWise exchange rates and XE.com rates. Imagine you want to send 1000 GBP to USA, Australia, India, and Poland. There are no big differences between the rates.

With TransferWise With XE.com
Exchange rate Exchange rate
To USA 1.3971 1.39771
To Australia 1.8379 1.83793
To India 92.8046 92.8814
To Poland 4.8054 4.80654

Transferring 1000 EUR

Imagine you want to send 1000 EUR to USA, Australia, India, Poland, and the UK. This table again shows us that these exchange rates are almost the same.

With TransferWise With XE.com
Exchange rate Exchange rate
To USA 1.2240 1.22379
To Australia 1.6097 1.60914
To India 81.2858 81.3181
To Poland 4.2082 4.20771
To UK 0.8755 0.875454

If you choose TransferWise for transferring money to your friends or family who live abroad, you won’t make a mistake, because TransferWise rates are the best rates. You will avoid unfair bank rates, and you will finally stop losing your money.