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HiFX Vs FairFX

We know how hard it can be to make a decision between the vast numbers of foreign exchange and money transfer companies available. So take a look at our thorough comparison of what is on offer at HiFX and FairFX:

When were they established?

HiFX

HiFX was established in 1998, with a view to providing individuals and corporate clients alike with ‘bank-beating’ foreign exchange rates.

FairFX

FairFX has been in existence for just a decade (2007) and in that short time it has evolved into one of the UK’s most popular choices for foreign exchange and money transfer transactions across the world.

Currencies offered

HiFX

HiFX customers can choose from up to 60 different currencies for exchange or transfer at rates significantly better than those offered by the high street banks.

FairFX

FairFX clients can exchange up to 41 different currencies using the company’s innovative cloud-based peer-to-peer (P2P) platform for exchange and money transfers.

Minimum transfer

HiFX

– £50 (UK)

FairFX

– £500 (UK)

Can you convert and send funds online, phone or email?

HiFX

All HiFX clients receive access to the highly-secure HiFX online trading platform that enables users to submit currency orders or money transfers at the touch of a button. Transactions can also be ordered via telephone.

FairFX

Although FairFX takes foreign exchange and money transfers via telephone, it primarily encourages clients to use its P2P online platform to make their low-cost transactions through a single cloud-based tool.

Where do they have offices?

HiFX

In order to cope with increased demand, HiFX now has headquarters in the following locations:

– UK
– Spain
– Australia
– New Zealand

FairFX

As a UK-based foreign exchange company, FairFX is situated in Europe’s financial capital, the City of London.

Who are they regulated by?

HiFX

UK: Financial Conduct Authority (FCA)

Australia: Financial Ombudsman Service (FOS)

New Zealand: Financial Markets Authority (FMA)

FairFX

UK: Financial Conduct Authority (FCA)

What are their fees?

HiFX

Transfer fees of £9 are only applicable to money transfers below £3,000.

FairFX

FairFX charges no fees to its customers for money transfers. FairFX prepaid card holders are charged £9.95 per card.

Positive or negative online reviews

HiFX

HiFX customers tend to be very pleased with the service they receive on the whole, with 11,000 TrustPilot reviews resulting in an ‘Excellent’ score of 9.3/10.

FairFX

With more than 4,000 customer reviews on the FairFX TrustPilot page at the time of writing, FairFX too has an ‘Excellent’ score of 9.2/10.

Have they won any awards?

HiFX

– 2011, Tech Innovation Awards NZ
– 2011, Australia Business Awards

FairFX

– 2016, Most Trusted Prepaid Card Provider (Moneywise Customer Service Awards)
– 2015, Best Currency Exchange Service (ADVFN International Financial Awards)
– 2015, Best USD Travel Prepaid Card (Prepaid365 Awards)
– 2015, Best Foreign Exchange/Travel Money Retailer (British Travel Awards)
– 2014, Money Transfer Innovation Award (Moneynet Awards)

Alternative Currency Brokers and Money Transfer Firms

Currency BrokerWho are they?What do they offer?CEO InterviewMore Info

OFX

Currency broker OFX have transferred over £78b in currency conversions for 1 million customers around the global. They have a network of 115 global banking patterns, offer over 55 currency pairs, are regulated by over 55 global regulators and offer 24/7 customer service. OFX offer personal and business currency brokerage with zero commission. They offer same-day payments and forwards online or over the phone with 80% of all major currency transfers processed in 24 hours. Sarah Webb OFX Read Sarah Webb Interview Get A Quote

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Currencies Direct

Currencies Direct have helped more than 325,000 customers move money internationally since they were founded in 1996. With them customers can transfer 40+ currencies to 120+ countries. They have more than 20 global offices and employ over 500 currency experts. 24/7 transfers online, over the phone and by app No transfer fees Personal currency expert Spot and forward contracts, limit orders and rate alerts Specialist business transfer services and risk management solutions

Marc Morley-Freer – Currencies Direct Global Head of Personal Clients Marc Morley-Freer Interview

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TorFX

TorFX have been connecting their customers with great exchange rates and no transfer fees since 2004. They’ve won the Moneyfacts Consumer Award for International Money Transfer Provider of the Year five times (2016 – 2020) and have also won the Best Customer Service award four times (2016, 2017, 2019 and 2020). They have a five-star ‘Excellent’ TrustScore on Trustpilot. Dedicated account management The ability to transfer over the phone, online or by app Great exchange rates and hidden fees Tailored transfer services Free market updates Nigel Fox – Managing Director, TorFX

Nigel Fox MD Interview

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RAM FX

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Assure Hedge

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