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About Hawk FX
Hawk FX, authorized by the Foreign Services Authority (FSA) to operate as a foreign exchange consultant, specializes in international money transfers, international payments including bulk payments, foreign exchange risk management, and forward and spot contracts.
Hawk FX Exchange rates and fees
Like other international money transfer services, Hawk FX charges a combination of fees and an exchange rate margin. Even though the exchange rates are updated daily, Hawk FX generally offers lower rates than what's offered at traditional banks.
Exchange rate
Hawk FX uses the mid-market rate, and clients may use their user-friendly currency chart tool on their website to compare and contrast rates. A quick web search may provide users the mid-market rate for their currency exchange transactions.
Customer exchange rates depend on the currencies used for each transaction. Since Hawk FX tabled rates are compared against GBP, we will check US Dollars (USD) conversion to the British Pound Sterling (GBP).
As of July 2022, the mid-market rate for USD 1 would yield GBP 0.83.
Hawk commits to offering competitive rates, so it regularly checks the exchange rates offered by the leading high street banks. To get a quotation for desired rates, clients may contact Hawk FX at +44 (0) 330 380 30 30.
Transfer fees
Hawk FX does not charge any online and phone transfer fees to send or receive money. There are also no transfer fees for transactions above £5,000.00. It encourages its clients to seek the assistance of Hawk’s currency experts to get the deal for their international money transfer transactions.
Additional costs
Hawk FX charges a currency exchange margin. But because they intend to have their customers get more value for their money, Hawk FX margins are about 4% lower than that of the other banks.
How do Hawk FX’s transfer fees compare to using other money transfer providers?
Hawk FX prides itself on its expertise in high-value and high-volume transfers yielding lower fees. With the lower fees, Hawk's clients enjoy cost savings of as much as 5% of the transfer value. Hawk FX also utilizes limit and stop-loss market orders to take advantage and protect client transfers.
We can compare other money transfer providers like XE and Wise to Hawk FX. In terms of transfer speed, XE has the fastest transfer speed enabling clients to finish the transfer within minutes.
It was established that Hawk FX does not charge any transfer fees, while XE charges $3.00 per transaction and Wise transfer charges start from $2.26.
Since Hawk FX does not charge any transfer fees for transactions above £5,000.00, clients who make hefty transfers may enjoy their services more with personalized service through their account manager.
Hawk FX pros and cons
- Hawk FX’s Rate Alert feature – this feature notifies clients via email or phone when the market rate for the requested currency approaches their desired rate.
- Personalized service – Currency experts are assigned to account holders to guide the clients through the process. That way, clients fully understand the charges as the currency experts tailor the service with the account holders’ specific needs.
- Products and services - Hawk offers a broader range of products and services compared to traditional banks.
- Competitive exchange rates – Hawk FX rates are still lower than traditional banks even though they charge a currency exchange margin. On top of this, they do not charge any fees when sending or receiving money.
- Security – Hawk FX is regulated by the Financial Conduct Authority (FCA), which is a good indicator that your money is safe. The SSL encryption it uses also offers a secure connection for everyone who logs on to its website.
- Reach - It can send money to 212 countries and more than 35 currencies
- Protection against current market volatility - Hawk FX can lock in an exchange rate for up to 1 year. It also provides its clients regular updates on the currency market.
- UK-based Customer support - Although phone support service is available 24/7, online chats are available only during UK banking hours.
- No cash pickups - Payments are made by bank account, and you can send money to a bank account only
- High minimum transfer amount - It requires a minimum of GBP 10000, limiting the number of clients who can avail of the service.
How to Send and Receive Money with Hawk FX
Sending money with Hawk FX is simple, with currency experts on hand to talk you through the process and provide jargon-free guidance.
How to Send Money with Hawk FX
While it can take less than ten minutes to make an online money transfer with Hawk FX, customers with more complex needs may need to allow more time. Although with currency experts on hand to talk you through the process, sending money with Hawk FX is straightforward. To get started follow these simple steps.
Open account
Select currency, transfer amount and destination
Send Payment
Receive notifications
How to Receive Money with Hawk FX
Most international money transfers will arrive on the same day, but this largely depends on the currency being sent and the receiving bank. In some cases, it may take up to two working days for money transfers to arrive. There are just two steps to receiving money through Hawk FX:
Inform payee of your personal details
Receive funds
Top Destinations for Sending Money with Hawk FX
Hawk FX is based in London and serves 35 currencies across 212 countries. Here are a few of their key destinations:
As one of the largest markets in the world, Hawk FX follows the US Federal Reserve closely, publishing weekly roundups in their market report.
France received 6.7% of the UK’s remittances in 2021. This means that after Nigeria (15.4%) and India (14.7%) it is the third largest receiver of money transfers from the UK.
With a booming property industry, Hawk FX often deals with large currency transfers to facilitate property purchases in the Iberian country.
Summary
Hawk FX is known for its convenient and tailored international money transfer solutions. Apart from its low exchange rates, Hawk boasts of a personalized service achieved through its pool of currency experts who are ready and able to assist their account holders.
With its fee-free transactions above GBP 5,000, Hawk FX positions itself as the best option for users with high-volume transfer needs. This advantage is strengthened by its transparent pricing model, which proves that users are getting the best rates possible.
All told, Hawk FX remains to be one of the better options for international money transfer services.
