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?

Make the Most of Your Currency Exchange



Reviews powered by

13,706 customer reviews on HiFX on Trustpilot


13 hours ago
by Heather

5 stars

Great speed and service as always

Great speed and service as always

13 hours ago
by Peter

5 stars

Excellent service as always from HiFX

Excellent service as always from HiFX

13 hours ago
by Airbel

5 stars

Honestly I would recommend HiFX

Honestly I would recommend HiFX, fast and efficient. I am not a geek but I find their website easy to use and once registered with them the transactions...Read more

Honestly I would recommend HiFX, fast and efficient. I am not a geek but I find their website easy to use and once registered with them the transactions go through very quickly, and they keep me informed of the progress by e-mail. Really good!


More reviews

13 hours ago
by Catherine

5 stars

First class

Very quick, intuitive and easy to use.

13 hours ago
by Nicholas

5 stars

simple to transact

simple to transact, quick to undertake and good exchange rates

13 hours ago
by Martin

4 stars

Most of the money arrived

Most of the money arrived. I assume the receiving bank is charging a small fee (about 12€), because I never get the entire sum promissed by HiFX. I...Read more

Most of the money arrived. I assume the receiving bank is charging a small fee (about 12€), because I never get the entire sum promissed by HiFX. I assume this is my mistake

13 hours ago
by Michael

5 stars

easy to use

easy to use. good rates at zero cost and nice people

13 hours ago
by Stefan

5 stars

helpful staff,adaptive systems.no need …5 star company

helpful staff,adaptive systems.no need to use anybody else!

1 day ago
by Jochen

5 stars

Quick and easy.

Quick and easy.

1 day ago
by James

5 stars

Very prompt and efficient

Very prompt and efficient; easy to set up for repeat payments; clear communications.

1 day ago
by Barbara

5 stars

great for small and large transfers to …

great for small and large transfers to my French account

1 day ago
by Matilda

3 stars

HiFX is OK but it annoys me that they …

HiFX is OK but it annoys me that they send the money via another bank and I am charged. Why can't it be sent direct to Nedbank? When I bring up this...Read more

HiFX is OK but it annoys me that they send the money via another bank and I am charged. Why can't it be sent direct to Nedbank? When I bring up this matter with HiFX I am told nothing to do with them and are very patronising.

1 day ago
by G N HOWARD

5 stars

Good rate and trouble free transfers

Good rate and trouble free transfers

1 day ago
by Raymond

5 stars

Very very helpful and easy to use site.

Very very helpful and easy to use site.

1 day ago
by james g stones

5 stars

ALL IS GOOD

easy to use,good rate of exchange,I would certainly recommend to my friends.

1 day ago
by Mr Richard Mason

5 stars

Excellent service as always

Excellent service as always! Can't ask for better. Thank you.

1 day ago
by Felix

4 stars

Good and easy to use service

Good and easy to use service

1 day ago
by facb

5 stars

Excellent service and rates.Very …

Excellent service and rates.Very helpful with one query.Using again

2 days ago
by Jack Murphy

5 stars

Always compares best

We always compare rates before deciding who to transfer with and HiFX have been best every time. Excellent professional service.

2 days ago
by John Shelley

5 stars

The process of making the transfer was …

The process of making the transfer was easy, quick and the money was received in my account the following day.

2 days ago
by Adrian Gracia

5 stars

HiFX is efficient and simple

HiFX, is so simple to use. It’s very efficient, good rates prompt service and confirmations

2 days ago
by S B

5 stars

Excellent service

Excellent service, easy to use, reasonable rates, fast turnaround within 48 hours, 11/10

2 days ago
by Richard Priestley

5 stars

HIFX is a good system …

I have always found HIFX to be simple to use , reliable and helpful in relation to the information provided. I use HIFX for all my foreign currency...Read more

I have always found HIFX to be simple to use , reliable and helpful in relation to the information provided. I use HIFX for all my foreign currency transactions .

3 days ago
by Candido

5 stars

Very fast in transferring the funds …

Very fast in transferring the funds after receiving the payment

3 days ago
by Brian EDWARDS

5 stars

Works perfectly

Works perfectly. Could only be bettered by reducing their rates.

3 days ago
by Terence

5 stars

Very fast and efficient service

Very fast and efficient service. Would recommend with no hesitation

3 days ago
by Peter

5 stars

Helpful and very efficient with decent …

Helpful and very efficient with decent rate. Couldn’t ask for more.

3 days ago
by Mike Baxter

5 stars

Seamless transaction that for me was …

Seamless transaction that for me was effortless along with a competitive exchange rate.

3 days ago
by Lindsay

5 stars

Very efficient and speedy service.

Very efficient and speedy service.

3 days ago
by Colin

5 stars

I have used HIFX for a few years now …

I have used HIFX for a few years now they are so professional honest and just very good at what they do


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%.

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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