HiFX - Independent review

All you need to know before sending money with HiFX

Widely-loved by their customers with extremely high review ratings. More than 20 years of experience providing currency exchange services. Part of Euronet, a large, trusted financial services business.



HiFX review by Monito

HiFX is a large and trusted international foreign exchange business. Although they are a UK company and primarily serve individuals and businesses in the United Kingdom, they can transfer money between almost any two countries in the world. HiFX are widely trusted and appreciated by their customer base, scoring an enormously high 9.4 out of ten in customer reviews.

HiFX have been exchanging currency for over 20 years and are part of the Euronet Worldwide Group, a large, very successful, international financial services business.

You can easily setup an account online and make currency exchange transactions using their secure online platform (available all day, every day) or by contacting their customer service center. You can fund transactions via your bank account, debit card, or credit card. Be aware that funding via credit card will incur an additional fee.

You can get help with any type of transaction including the assistance of a personal account manager if you’re transferring large amounts. They also offer advice if you’re trying to target a specific rate, want to make multiple payments, or if you have complex needs. In addition to standard foreign exchange they provide forward contracts and other currency transfer services. They also have several business-specific services for international commerce.

HiFX lets you transfer money between over 120 countries and over 130 currencies with most transactions being completed the same working day. They offer good exchange rates with no fees, and provide regular updates on your transfer via email or SMS.

Overall, HiFX are a trusted, reliable, fast, and secure way to transfer money internationally, and we recommend them for your currency exchange needs.


PROS
  • You can trade between over 120 countries and 130 currencies.
  • Most transfers are completed in one working day, but can take up to four working days.
  • Widely loved by their customers, with glowing reviews.
  • You can fund via bank transfer, debit card, or credit card.
  • Regular updates via email or SMS.
  • Friendly, UK based telephone support.
CONS
  • There exchange rates are competitive, but not necessarily the best you will find.
  • All transfers are made to the recipient’s bank account. Local cash pickups are not supported.

 


Transferring a Large Amount Abroad?

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Reviews powered by

12,467 customer reviews on HiFX on Trustpilot


17 hours ago
by Valerie Webb

5 stars

I regularly send money to Spain from …

I regularly send money to Spain from U.K., and occasionally to other places. I always use HIFX, using a bank transfer to them. I have found them very...Read more

I regularly send money to Spain from U.K., and occasionally to other places. I always use HIFX, using a bank transfer to them. I have found them very prompt, and they communicate well the status of the transfer. Excellent service.

17 hours ago
by Laurence Coughtrey

5 stars

The transfer was easy and very quick

The transfer was easy and very quick. I would recommend the use of HI FX to anyone wanting to transfer money abroad or to the UK. A first class service at...Read more

The transfer was easy and very quick. I would recommend the use of HI FX to anyone wanting to transfer money abroad or to the UK. A first class service at a competitive rate.

17 hours ago
by Xowi

4 stars

Acceptable service, although the speed of fund transfer could be better.

Passable service to-date. I only wish you would significantly reduce fund transfer lag time, and provide a 24/7 service to Botswana.


More reviews

17 hours ago
by Dave Jones

5 stars

Very easy to use

Very easy to use, and i have very little skill.

17 hours ago
by Criss Partridge

2 stars

Take my money and take your time moving it overseas

We have used HiFx for years, many times over and have always had great experiences until our latest transaction. Our usual essentially monthly transfer...Read more

We have used HiFx for years, many times over and have always had great experiences until our latest transaction. Our usual essentially monthly transfer to our American bank account. We normally go onto the HiFx website in the morning, make the transaction and the money is in our American account by the afternoon USA time. On this occasion we went onto our HiFx account yesterday afternoon, setup the transaction, had the money leave our UK bank account by 3pm UK time only to find that it took until 3:50pm today for HiFx to get around to moving the money to the USA account and miss the close of banking. We rang HiFx this morning to be told that for some reason the money had not been sent today, but that it would be done within the next 30 mins and we would receive a text confirmation of this occurring or someone would ring us to let us know when it would occur. As I rang at 3:50pm today, we got the text confirmation of the money finally being sent to the USA. The one time when speed mattered to us and we were let down and told basically that HiFx could not explain the slowness of the transaction.

17 hours ago
by William

5 stars

Money is transferred to my Spanish …

Money is transferred to my Spanish account very easily and efficiently

17 hours ago
by P Bradley

5 stars

very good easy to transfer money abroad

very good easy to transfer money abroad

17 hours ago
by Keith

5 stars

I have just completed my first use of …

I have just completed my first use of HiFX to make an international transfer into a bank account in another country which also involved a Forex...Read more

I have just completed my first use of HiFX to make an international transfer into a bank account in another country which also involved a Forex transaction. The entire procedure was smooth and painless and the instructions on the screen were easy to follow. What I found especially amazing is the having received the Transaction Confirmaion at about 10 a.m. and then making an online funds transfer to HiFX I received notice from the foreign bank a few hours later that same day and after only 1 phone call the funds appeared in the foreign bank account by about 5 p.m. My previous experience with banks has been that it can take several days after funds are withdrawn from one account before they appear in a recipients account. With HiFX my funds were transfered half way across the world the same day. Many thanks HiFX!!

17 hours ago
by Gordon Toumaniantz

5 stars

Quick 'n easy.

Quick 'n easy. You set an exchange rate minimum. HiFX tell when to go; Then it's "quick 'n easy"; What's not to like ?

17 hours ago
by Neil

5 stars

excellent quick service

excellent quick service, & terrific rates. 3rd time i've used these guys now. additionally, i had need to phone these guys as i'd made a mistake, and...Read more

excellent quick service, & terrific rates. 3rd time i've used these guys now. additionally, i had need to phone these guys as i'd made a mistake, and boy -- what great service. i spoke to a nice lady, ( sorry forgot name, but she was pleasant & good !! ), who knew what she was talking about, and remedied my situ in nano seconds.

1 day ago
by Michael Breese-Davies

5 stars

Efficient and easy to use.

Always quick, efficient and easy to use.

1 day ago
by David

5 stars

Very easy process to use

Very easy process to use, I regularly transfer money abroad and have not had any problems using HiFx

1 day ago
by John Manley

5 stars

Easy to use …

Easy to use web pages that allow you to accept a rate and confirm the transaction. The money is then transferred quickly and was in my French bank account...Read more

Easy to use web pages that allow you to accept a rate and confirm the transaction. The money is then transferred quickly and was in my French bank account the next day.

1 day ago
by John

5 stars

Simple

Simple. Works

1 day ago
by HarryO

5 stars

A efficient quick service!

A efficient quick service!

1 day ago
by Charles Clark

4 stars

A positive start

I have only used the service twice so far. No compalints whatsoever but a little too early for 5 star! On the strength of the first two transfers I would...Read more

I have only used the service twice so far. No compalints whatsoever but a little too early for 5 star! On the strength of the first two transfers I would not hesitate to recommend trying HiFX.

1 day ago
by Mark Barrow

5 stars

Fast & Reliable

Fast,reliable, straightforward service giving reasonable rates, I use them regularly to send monies all over & I'd recommend them to anyone.

1 day ago
by Mr Peter Scotting

5 stars

Everything was done quickly and …

Everything was done quickly and efficiently.

1 day ago
by Gary

3 stars

Rang HIFX yesterday (16.40pm) to obtain …

Rang HIFX yesterday (16.40pm) to obtain mid-price and indicative rate to transfer £9k in AED dirhams. Quoted 4.7655 (mid) and 4.7456 (ind) by Kelly....Read more

Rang HIFX yesterday (16.40pm) to obtain mid-price and indicative rate to transfer £9k in AED dirhams. Quoted 4.7655 (mid) and 4.7456 (ind) by Kelly. Considered rate to be very good compared with TorFX. Registration and verification took 3 mins. (I have excellent credit rating) and now have access to live exchange platform. Now quoted 4.72. Big difference from 4.7456 quoted. Not happy bunny. However, had to transfer money, therefore, set up transfer @ 4.719. By the time I entered info the rate dropped further to 4.7173! Far cry from 4.7456 originally quoted. Beware,. I considered this to be misleading and dishonest.

1 day ago
by Brian

5 stars

Easy to transact and good rates.

Easy to transact and good rates.

2 days ago
by Chris Millard

5 stars

Reliable and effective company to trust …

Reliable and effective company to trust with your money transfers. Have trusted HIFX for many years.

2 days ago
by Barry Neale

5 stars

Easy to use

Easy to use - rates could be better but likely not the fault of HiFX.

3 days ago
by Martin O'Brien

5 stars

no reservations

no reservations, I would recommend this company to anyone.

4 days ago
by Gillian

5 stars

A first class service

A first class service, excellent rates and a speedy resolution.

4 days ago
by SARAH HOPKINS

5 stars

Great service as normal thanks

Great service as normal thanks

4 days ago
by Richard lyons

5 stars

So easy

So easy, all way use HiFx, why use any one else, thier the best.

4 days ago
by Richard

4 stars

Effective Service

Once you have set an account up, makes transfer simple,usually a competitive rate with no additional fee, fell for that one with others i.e slightly...Read more

Once you have set an account up, makes transfer simple,usually a competitive rate with no additional fee, fell for that one with others i.e slightly better rate but then 30 euro fee

4 days ago
by Patricia Bell

5 stars

A breath of fresh air

A breath of fresh air! I have been googling international transfers to company banks for days and every time I think that I have figured it out I...Read more

A breath of fresh air! I have been googling international transfers to company banks for days and every time I think that I have figured it out I encounter a problem. Straight forward, fast and easy to fill out. They dont ask you a million and one questions about the bank you are sending the funds to. Now, I know who to come to when I make any type of transfer from the comfort of my home!

5 days ago
by Richard Osborn

4 stars

Easy to use online experience but check the rates …

An easy to use online experience and good service although not necessarily always the best rate compared to some other providers, so worth checking first.

5 days ago
by Paul

5 stars

Have been using HIFX for a number of …

Have been using HIFX for a number of years now. Simple to use, a fair rate in comparison to the actual exchange rate and always beats the bank rates by...Read more

Have been using HIFX for a number of years now. Simple to use, a fair rate in comparison to the actual exchange rate and always beats the bank rates by far, Communication of the transaction from start to finish is excellent using personal text and email. Have already recommended to several of my friends. Have never had any problems whatsoever.


HiFX have some of the best customer reviews we’ve ever seen. They have an average score of 9.4 out of ten on Trustpilot, which is astonishingly high. 86% of reviewers rate their services at five stars, with fewer than 4% giving reviews of three stars or lower. They are very-widely loved by their customer base with reviewers citing their excellent customer service, competitive rates, and the speed of transfers. Many of their customers have been using HiFX for years and are delighted with the services.

Here’s a typical review, “I have used HiFX for several years and have always found the online service easy to use. Recently I needed help to transfer funds back to the UK and needed help with this. Their telephone service was excellent, the people I spoke with were friendly and very professional. They knew their stuff! I would recommend the company to anyone with absolutely no reservations.”

Because around 95% of reviews of HiFX were full of praise, it was quite difficult to find negative reviews. Of the ones we located, there wasn’t really a clear, overarching type of problem people had. Instead there were issues with getting accounts authorised, some money transfers taking a few days to get through, or accounts being closed due to inactivity.

Here’s an example of a two-star review, “Slow and requiring too much manual intervention. Therefore increased risk. Two days and counting between funds payment and receipt in their accounts. Not including final remittance of destination currency.” It’s notable that HiFX did respond to almost all negative reviews with explanations and offers to help resolve any outstanding issues.

Overall though, customer reviews for HiFX are among the best we have seen for any business — foreign exchange provider or otherwise.


Send money with HiFX


Can I trust HiFX?

Yes. HiFX is a large and well-known international foreign exchange provider offering services around the world. They are part of Euronet, the third-largest money transfer business in the world. In 2016 Euronet had nearly $2 billion in revenue, $250 million in income, and assets of over $2.5 billion. Euronet is the leading company in ATM services, processing over $70 billion in ATM withdrawals, money transfers, and prepaid products every year. Euronet Worldwide is listed on the Nasdaq with over 4,500 employees around the world. They have partnerships with hundreds of companies including Amazon, Visa, MasterCard, PayPal, Apple, and Google.

Euronet also owns Ria which lets you transfer money so recipients can pick up their cash in person.

HiFX serves over 6,000 businesses and 100,000 customers every year and they have already transferred over £140 billion for customers across 120 countries. They are authorised and licensed by the Federal Conduct Authority (FCA) and HMRC in the United Kingdom. They use extremely strong encryption and technology to protect clients funds and all client money is held in segregated accounts in line with regulatory requirements. HiFX are recognised all over the world as one of the market leaders in international money transfers.

The company has been featured in the Sunday Times, the Daily Mail, the Daily Telegraph and The Guardian.



How HiFX works

Step by step breakdown of how to use the service. HiFX’s currency exchange process works as follows:

  1. Setup an account with HiFX—they will need your name, address, phone number, and contact details.
  2. You may need to provide bank details and other proof of identification like a photo or scan of identification documents.
  3. You will need to let HiFX know the types of exchanges you are planning to complete.
  4. Decide the currencies that you want to exchange money between.
  5. Book a rate through the HiFX website or by calling their customer service center.
  6. Provide details of the sender and receiver of the funds, including the receiver’s bank account.
  7. Send money to HiFX, you can pay via bank transfer, debit, or credit card.
  8. HiFX converts the money and deposits it in the recipient’s bank account.
  9. You can track your transfer through email or get text message alerts and notifications.


 

HiFX Fees and Exchange Rates

HiFX fees

HiFX doesn't charge any transfer fees.

There are a couple of other situations where you may be charged a fee, although these are typically not levied by HiFX directly, or they are simply “passed through” by them.

  • The bank receiving your funds, or an intermediary bank, may deduct fees when crediting the payment. You should always check with the receiving bank to understand any fees that may be charged.
  • If you fund your transaction with a credit card, you will be charged a surcharge of around 1.6% of the transaction amount.

HiFX Exchange Rates

Overall, HiFX’s exchange rates are competitive, but they are not the best you will find on the market. They typically offer foreign exchange rates between 0.4% and 1.2% lower than the baseline interbank rate.

Here’s a comparison of converting British pounds sterling to Australian dollars.

Converting £1,000 to Australian dollars

  • Mid-market exchange rate (baseline) — 1.66640 AUD per GBP — $1666.40 AUD.
  • Exchange rate offered by HiFX — 1.6489 AUD per GBP — $1,648.90 AUD.
  • Difference between baseline and HiFX rate for £1,000 — $17.5.
  • Percentage in extra costs for using HiFX compared to baseline — 1.05%.
  • This does not take into account HiFX’s fee of £9.

Converting £10,000 to Australian dollars

  • Mid-market exchange rate (baseline) — 1.66640 AUD per GBP — $16,664.40 AUD.
  • Exchange rate offered by HiFX — 1.6564 AUD per GBP — $16,564.00 AUD.
  • Difference between baseline and HiFX rate for £1,000 — $100.40.
  • Percentage in extra costs for using HiFX compared to baseline — 0.6%.

Exchange rates are correct as at April 2017.



 

HiFX Mobile Applications

HiFX do not currently provide dedicated mobile applications. Their online platform is available through web browsers on desktops, laptops, smartphones, and tablets.


Additional Services From HiFX

HiFX does offer several additional services for people with more complex currency transfer needs. These include:

  • Forward contracts — you can “lock in” an exchange rate for a future date, up to two years in the future. This does incur a small fee and require a small, up-front deposit, but gives you peace-of-mind from fluctuating exchange rates.
  • Regular payments — you can set up regular payment agreements with HiFX and lock in exchange rates for transfers between currencies. These are typically paid for via direct debit, and in some cases there is no additional fee to pay.
  • Rate alerts — you can signup to receive rate alerts by email if a currency pair you are following reaches a certain exchange rate. This lets you take advantage when the foreign exchange rate is in your favor.
  • Business services — HiFX provides several dedicated services for businesses including: automatic notifications, international payment options, account control, multiple payments, forward orders, credit terms, three-year hedging, and early draw down.
  • HiFX is also available to developers to “white label” as a standalone platform, managed service, or fully integrated API.

The Story Behind HiFX

Founded out of frustration with the banking sector in 1998 by Shaun Taylor (current Executive Director), Laurence Butcher (current CEO) and Matthew Knowles (current Group Managing Director). HiFX stands for Halewood International Foreign Exchange Limited.

HiFX has offices in New Zealand since 2001 and in San Francisco since 2004. In 2014, the company was bought by the Euronet Worldwide group, thereby joining Ria and XE.


HiFX offices


United Kingdom

Maxis 1, Western Road
Bracknell, Berkshire
RG12 1RT
United Kingdom


Contacting HiFX

  • Email: info@hifx.co.uk.
  • Phone: +44 (0)1753 859159.

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Key facts about HiFX

Service information

Time to open an account A few minutes
Pay-in options Credit card
Debit card
Bank Account
Pay-out options Bank account
Minimum amount Yes
Maximum amount No
Available languages
English
Personnal transfers Yes
Business customers Yes
Advanced currency contracts Yes
Required documents ID, Proof of Address

Company information

Type of service provider Foreign exchange companies
Active since 1988
Headquarter Bracknell, Berkshire, UK
Offices in United Kingdom/New Zealand/United States
Regulated by FCA/HMRC

Contact information

Contact support info@hifx.co.uk
Service hour 24/7
Phone 0175 3859 159
Twitter @https://twitter.com/HiFX
Facebook https://www.facebook.com/pages/HiFX-plc/142327695906127


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