HiFX Vs Transferwise
Looking for the best foreign exchange or money transfer service provider can be tricky with so many companies looking to take your money. Let us help you make up your mind with our comparison of HiFX and TransferWise below:
When were they established?
Founded in 1998, the HiFX brand has long held a commitment to providing global money transfers at rates that beat those offered by high street banks. It’s also regularly featured within national newspapers and the online press for the simplicity of their service.
One of the newest foreign exchange providers online, TransferWise was formed in 2011 by Estonian pals, Taavet Hinrikus and Kristo Kaarmann, with a dream to destroy the hidden cost of currency exchange.
Up to 60 currencies are available to HiFX customers to transfer at ‘bank-beating’ rates.
TransferWise customers can benefit from sending and receiving 19 different currencies from across the globe: US dollars, Pounds sterling, Euros, Australian dollars, Canadian dollars, Swiss franc, Swedish krona, Norwegian krone, Polish zloty, Danish krone, Czech koruna, Hungarian forint, Romanian leu, Japanese yen, New Zealand dollars, Singapore dollars, Brazilian real, Croatian kuna.
– £50 (UK)
– £1 (UK)
– $1 (Australia, US & Canada)
Can you convert and send funds online, by phone or email?
HiFX has developed a bespoke online trading platform to enable its customers to place foreign currency orders at their leisure at the most competitive rates. Those less literate with online trading systems who prefer to use more traditional methods can telephone the HiFX customer service team to complete their transactions.
TransferWise customers can choose from one of the following methods to trade their currency:
– Using the TransferWise mobile app
– Via the dedicated TransferWise trading platform
– Online chat functionality
Where do they have offices?
HiFX have offices based in the UK (London) and Cyprus.
TransferWise is now very much a global foreign exchange company, with offices dotted around the world including: the UK, Estonia, Hungary, Ukraine, the USA, Japan and Australia.
Who are they regulated by?
UK: Financial Conduct Authority
Australia: Financial Ombudsman Service
New Zealand: Financial Markets Authority
UK: Financial Conduct Authority
What are their fees?
A £9 transfer fee is valid for all money transfers made less that amount to less than £3,000.
Money transfers less than £400 incur transfer fees of just £2.
Positive or negative online reviews
Boasting almost 11,000 TrustPilot reviews, HiFX has an ‘Excellent’ online reputation overall, with a TrustPilot score of 9.3/10.
The TransferWise TrustPilot page is even more prolific, with over 35,000 reviews at the time of writing, contributing to another ‘Excellent’ score of 9.5/10.
Have they won any awards?
– 2011, Tech Innovation Awards NZ
– 2011, Australia Business Awards
– 2015, Entrepreneur of the Year (EY)
– 2015, WEF Tech Pioneer
– 2014, Boldness in Business Award (Financial Times)
– 2013, Best European Startup (Europas European Tech Startup Awards)
Alternative Currency Brokers and Money Transfer Firms
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|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.||Read Sarah Webb Interview|| Get A Quote|
|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|| Get A Quote|
|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|| Get A Quote |
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