HiFX is an online foreign exchange platform that prides itself on offering better rates than banks and great customer service.
Online Money Transfers
HiFX allows individuals and businesses to make an international money transfer through their online platform, for many reasons, including; paying overseas bills, paying suppliers, emigrating etc. You select the currencies, the amount you wish to transfer and enter the recipient’s details - the platform will do the rest. In your account, you can track your payments 24 hours a day, 7 days a week. HiFX give you live rates and you can lock in your exchange rate to ensure the amount to be received.
Larger Transfers
HiFX will provide a dedicated account manager for users who make larger payments overseas. The account manager will work with you to understand your needs and suggest the best options to make your transfers cost effective. This includes forward contracts (allowing you to lock in the rate for 12 months) and market contracts.
KEY INFORMATION
Transfer Limits
For a one-off payment, the minimum transfer amount is $50. If you use the service regularly, there is a monthly minimum of $500. There is a maximum transfer limit of $1,000 if you use the online service. To make larger transfers you will need to contact HiFX over the phone. There is no limit on phone transfers.
Transfer Time
The time will vary depending on the amount you are transferring and the currencies you wish to exchange. You can use HiFX’s transfer time estimator for specific transfer times. Most transfers are typically completed within 1-3 working days.
Transfer Fees
There is a standard $15 fee per trade less than $10,000. All trades over $10,000 are free of charge. It is worth noting that although HiFX make no further charges, the recipient may be charged a fee by their bank for receiving the funds.
MORE INFORMATION ABOUT HiFX
How a transfer can be made:
You will need to create an account with HiFX before you can make an international money transfer. The sign-up process is simple and takes around 5 minutes to complete. You will need to provide proof of identity before HiFX send you an email to confirm your account. If you are making a transaction for a company, a company account will need to be created instead of a personal one. The signup process will differ slightly but will still be very simple.
PROS
- Very competitive rates
- Clear fee structure
- Access to over 60 countries
- Bank level security
- Available 24/7
CONS
- Low Maximum transfer limit online
- Higher fee compared to other FX providers
