Halewood International Foreign Exchange Limited, more commonly known as HiFX, is one of the pioneers in P2P money transfer business. The spotless record of their performance in the last 20 years has earned them a name that is trusted and valued by millions of customers. HiFX was founded by Shaun Taylor, Matthew Knowles, and Laurence Butcher in 1998. Their primary focus is offering a cheaper and more reliable means of international fund transfers. 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.
How to transfer money with HiFX
It’s very simple to send money with HiFX. You can do it by signing up for their online account and submitting your details. But to get your account verified, you need to submit some proof of identity. Once the account is set up, you can send money by following these simple steps:
- Choose the nature of the transaction
- Select the currency and amount
- Fill in the details for the sender and the recipient
- Carefully fill in the bank details of the receiver and check once before submitting.
- Make a payment.
As soon as the payment is done your transfer is complete.
Is HiFX Safe?
HiFX has never given any reason to doubt the trust the market places in them. They belong to the prestigious Euronet Worldwide Group which is a well-known and reliable financial group with a clean background. Their customers have shown their trust and loyalty in HiFX through their reviews on Trustpilot. As much as 87% of the reviewers have rated them as “Excellent”. They place utmost importance on the safety of their customers’ money. This is why they keep customers’ funds in a separate account from the company’s own funds. They have also added an advanced encryption to their website to protect users’ details and their money. They are authorized and regulated by Her Majesty’s Revenue and Customs and the Federal Conduct Authority to process international fund transfers. Thousands of customers and businesses trust their money to HiFX due to these safety features.
How much will a transfer with HiFX cost you?
Where all major service providers are fighting to offer the lowest transfer fees, HiFX has zero transfer fees. They also offer very impressive exchange rates. But in the case of a payment made with a credit card, that fee would be applicable. It’s important to mention here that there are a few service providers who are offering better exchange rates than HiFX. Exchange rates play a major role when the money is converted and handed over to the recipient. Lower exchange rates will result in less money received by the recipient. 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. A little change in the exchange rate can affect the final amount substantially. In that case, even offering zero transfer fee will not make much of a difference to its potential customers.
How is HiFX Better?
HiFX possesses certain qualities which, when bundled together, makes it an amazing service provider. It is a big organization with business in over 170 countries. Even though they have a large customer base, they manage to satisfy pretty much all of them. Their dedicated and friendly customer support ensures that all of your queries are resolved. They also have amazing speed; most of their transfers are finished in about one day! In some difficult circumstances or for certain countries, the funds might take some a little more time to get delivered, about 3-4 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.
Some Limitations of 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. Better rates would draw more customers to their business because the customers always want to spend less. HiFX is also limited in that they send all payments only to bank accounts. They don’t provide direct cash pick up from a local office like many other service providers.
After my research, I can safely say that HiFX is one of the best in the international money business. It has more than the basic requirements, making it superior than the others. It saves you time, money, and is very user-friendly. Your money reaches its destination in just a couple of days. Most importantly, since they belong to a trusted group, you don’t have to worry about your funds not getting where they need to go. My final verdict on HiFX is that it has earned all the hype it has received, and you should definitely give it a try.