If you live in the United Kingdom or have business in the country, you’ve be glad to know that you really don’t need to put up with the low exchange rates and hidden fees being charged by banks and money transfer services. Out of the many remittance services based in the United Kingdom, two companies stand out HiFX and TransferWise. In this article, we’re going to do a HiFX vs TransferWise apples-to-apples comparison so you can decide on which service to use. Read More
HiFX is really a foreign currency broker that’s been owned by Euronet Worldwide since 2014. It provides foreign currency and worldwide cash transfer services to individuals and company clients. It specializes in two areas: Supplying cash transfer services for overseas property purchase and immigration. In other words, it’s a large scale-operation that’s best for people who are:
1: Saving money in other countries and would like to transfer their savings to their UK bank accounts
As worldwide cash transfer specialist, HiFX handles billions in foreign currency transaction every year, both on the internet and on the phone. People have used HiFX’s services to safely convert anywhere from 50 to 300,000 pounds into numerous other foreign currencies at the touch of a mouse. Aside from handling bigger money transfers, they provide highly competitive forex rates and private service available via its telephone transfers service. Most HiFX users agree that it’s easier and cheaper to transfer money through the company (especially those that involve large amounts) compared to their own backs. If you want to know how much money it would cost to move money through HiFX, please check out the company’s official website.
TransferWise, on the other hand, is peer-to-peer cash transfer service. It basically works like a bank-to-bank transfer, however, in the peer-to-peer enterprise model, the cash isn’t sent straight from the sender’s foreign bank account to the recipient’s local bank account. Rather, the cash is rerouted to ensure that the cash is moved to your local bank account. So, whenever you send money, TransferWise arranges the transaction to ensure that the recipient gets to be a local bank transfer in his own currency. So the basic model would look like this (actual transfer details may vary):
1: Sender transfers money through TransferWise
2: TransferWise arranges so that the sender sends money to the recipient’s bank account in the same location, for example, one bank account in England to another bank account in England
3: TransferWise arranges so that the recipient receives money through a local transfer in his own country, for example, a bank account in Estonia from another bank account in Estonia
Commissions at TransferWise are charged at .5% (definitely cheaper than other services). There’s full support for 17 foreign currencies and 6 currencies that are on a ‘send only’ basis. If you need more information about TransferWise’s services, please check out the company’s official website. And that’s it for our article on HiFX Vs TransferWise.