Shaun Taylor was a man frustrated by the exchange rates the banks were charging in the United Kingdom. In 1998, he had enough of this and decided to come up with a banking alternative and that is how HiFX was founded. The HiFX target was the employed sending cash overseas.
With over 20 years in the financial market, the company has grown and expanded rapidly with offices in New Zealand, US and Australia. In the year 2014, Euronet from America bought HiFX but retained its brand name and its employees. Euronet is among the top three cash transfer institutions in the world.
Today, the company has a reputation for its excellent and affordable financial services.Globally, the company is rated as the best among the currency transfer institutions. Praises from its satisfied customers have seen the company get best reviews making its growth easy.
In the United Kingdom, the institution is regulated by Financial Conduct Authority while FMA regulates it in New Zealand. In Australia, the company is under FOS regulations.
How does Hifx Work?/ Registrations:
By following this -step by step- procedure, it will help you in understanding currency exchange process in HiFX as well as registering.
• When opening an account with HiFX, the following information is required from you: Your full names, the current phone number that you are using. Your address and contact details should also be provided. Account opening is free, and no monthly charges to your account.
• Your scanned identification documents should also be provided. These acts as the proof of your identity. A passport size of your recent photo scanned is all required.
• HiFX has several types of exchanges so you are required to indicate clearly which types of transfers you want to complete.
• Indicate the currency you want to be used in foreign exchange.
• Book a rate using the company’s website or call their customer care desk.
• Information regarding the sender is required as well as the receiver’s information including details of his bank account.
• You can use your credit or debit cards as well as transferring to the bank.
• After this, the company will change the cash to your chosen currency and send it to your intended recipient.
• During this process, you can track the cash you have sent through text or emails alerts.
HiFX Transfer Fees:
For all the transfers you make through HiFX, you will incur zero transfer charges. This is contrary to its competitors in the market that charges you directly. Your recipient bank or institution while crediting the payments might charge a certain transfer fee. It’s always good to check and confirm with your receiving bank how much is their transfer fees. This is because some institutions charge way too high than the others. If in any case, you use your credit card, be aware of a surcharge amounting to1.6% of the amount you are transferring.
HiFX Exchange Rates:
HiFX has some of the best competitive exchange rates in the market today. Their foreign exchange rates range between 0.4% to 1.2%. This is a bit lower compared with the interbank rates.
Currently, you can get the company’s services through online platforms. These include web browsers, smartphones among others. HiFX also has an app that helps you calculate currency conversion rates but only works with androids and iPhones.
HiFX Extra Services:
For those people that require a bit more complex cash transfer services, HiFX offers some additional services which might be of more benefit to them. These services are as listed below:
• Rare rates- What this means is that you can be receiving emails the rare alerts if the pair of the currency that you are following gets to a certain rate.
• Forward Contracts- If you are HiFX client, you have an option of locking in for future an exchange rate for a period of not more than two years. For you to use this option, an up-front deposit and a small fee will be required from you. This means that you will be protected from any exchange rate fluctuation for the period you have locked in your exchange rate.
• Business Services- For businesses, HiFX is dedicated to providing some pro-business services. These services include International payments, forward orders, automatic notifications, three years hedging, account controls as well as the early drawdown.
• To white label developers, the company is also available as a standalone platform, integrated API or managed service.
Today, the company has spread out to more than 100 countries worldwide. These include countries from Africa, Europe, North America, Australia as well as Asia. Today HiFX is serving over 6000 business entities and more than 100,000 clients every single year. More than 140 billion dollars has been transferred through HiFX across the more than 100 countries it’s operating.
Benefits of Using HiFX:
• As earlier stated, the institution changes zero exchange rates thus no transfer fee is required. This will help you in knowing the exact figure that you are paying.
• HiFX offers one of the world’s fastest money transfer option.
• The use of Norton Security which is authorized by FCA makes it have one of the most secure systems in the market.
• The company has the best rates as compared to the street banks.
• Only one day is required to complete most transfers. The longer a transfer can take with HiFX is four days.
• The glowing reviews show you clearly how the institution is widely loved by its clients.
• The institution’s client base in the UK can enjoy a customer care telephone support.
Going with the reviews by its customers, it’s true most people have been satisfied with HiFX services. 85% of the reviews have been positive compared to 15%. Most of the satisfied clients feel the pricing and service delivery was way above board. The 15% complains has been some minor errors in the system calculations. In summary, though service delivery has been consistent, in general, it can be termed as way better.