HiFX, found online at HiFX.com, is a financial website that offers their customers a bank to bank transfer system where they can perform foreign currency exchanges at significantly better rates than at a local bank.
How Does It Work?
According to their website, HiFX was established in 1998 out of frustration with traditional banks and with a determination to be a different and more affordable option, both for individuals and for businesses.
HiFX claims that each year, they help more than 100,000 people and 6,000 businesses transfer money quickly, easily, securely and at exchange rates more affordable than those at traditional banks, and they are available to schedule exchanges 24 hours a day, seven days a week.
However, this company wants people to understand that they are not your average alternative to traditional banks, which often means that they have significant limitations on what they are able to. HiFX, on the other hand, says that they are large enough to undertake the biggest transactions, while still being small enough to care about all of their clients and their individual payments.
Customers who are interested in using this service can go to their website to see what currencies they are currently working with and what rates are currently available.
The exchange rates offered by this company are linked to live foreign exchange markets, meaning that when the markets are open, rates will constantly be fluctuating. Your particular rate will not be locked into you officially confirm your transaction; at this point it will not change.
If you need to transfer money over the weekend while the markets are closed, the exchange rate will be the exact rate at the time the markets last closed; this rate will not be able to change until the markets re-open.
Because this company does not charge a fee unless it completes the service you have requested, they also do not offer their customers a Refund Policy. The company is clear that all their customers are expected to carefully go over the details of their transfer before they submit it, as all transfers are final. If you do submit a transfer and realize that a mistake has been made, they ask that you contact their Customer Service team by phone as soon as possible so their team can address the problem.
Customer Service Contact Info
Customers who would like to contact Customer Service with any questions, concerns, or complaints can do so by phone at 844-832-1367 or by email at Info@HiFX.com.
HiFX worked over the course of years to expand their locations throughout the world to be able to expand into bank to bank transfers, and was recently acquired by Euronet Worldwide, making them part of the third largest bank to bank transfer system in the world. Generally speaking, they are a well-respected company within the financial industry.
Competitors and Alternatives?
Alternatives to traditional currency exchanges have gotten more popular over the years as the global community has expanded, so if you determine that HiFX is not the best company for your needs, there are other alternatives that might better suit you, including TransferWise, CurrencyFair, MidPoint, MoneySwap, and many others.
If you have experience with this company or their products, please leave your HiFX reviews below.