HiFX are one of the larger, more established currency specialists in the UK. The company was founded in 1998 and now employs over 200 people.At the time of writing they’ve transacted over £154 billion of client funds, which highlights how big an operation they are.In the last five years having spoken to numerous business and personal clients using HiFX it is clear that they’re doing a good job at keeping their customers happy; to date not one of them has shown an nterest in moving away from HiFX.HiFX are part of the 3rd largest money transfer business in the world, namely Euronet Worldwide, which processed in the region of $74 billion last year alone.
Charges, Fees and Currencies
HiFX trade in 142 currencies enabling clients to transfer money to over 170 countries, meaning that it is more than likely they will be able to offer the currency you require.An example of the saving you will achieve compared to using your high street bank to transfer funds can be seen below. HiFX do not charge any upfront fees for transferring money. This however does not mean their service is free, clearly they have to make money somewhere; the same as all currency brokers, money transfer services and banks.As with all brokers, banks and services, HiFX make money by charging a margin on each exchange a client does. This margin is generally significantly less than the margin charged by a bank, who then also charge a fee on top! It is this reduced margin and zero fee that has led to the explosive growth of currency brokers and specialists, saving customers as much as 5% when compared to using a high street bank.
Customer reviews from review sites
As part of our round-up we have compile reviews from trustworthy sources below.Trustpilot shows an impressive 9.5 out of 10 from over 13,000 reviews at the time of writing. Just 1% of these are rated bad, with 97% rating the service as excellent or great.
Steps to sending funds with HiFX
Below is a diagram explaining how the money transfer process works when transferring money overseas with HiFX.After signing up, it takes 3 steps to complete your transfer:
What features do HiFX offer?
• Spot contracts
• Forward Contracts
• Regular Transfers
• Online and Telephone transfers
• Personal dealer (telephone only)
• Stop & Loss Market Orders (telephone only)
• Online signup with simple automated ID checksWhen reviewing currency brokers it is always good to see a company that offers both telephone and online transfers. We also particularly like the fact that HiFX offer automated ID checks which will significantly speed up the registration and approval process for new customers.