HiFX Review: Exchange Rates, Transfer Fees & Alternatives

HiFX and XE have merged, existing HiFX customers can access their account on XE.

Read our XE Review.

HiFX was a UK-based foreign exchange broker and payments provider. The company specialises in providing foreign exchange and international money transfer services to people and businesses. While HiFX is accessed by new users by logging onto a joint XE/HiFX account, HiFX offers its own unique money transfer services. HiFX maintains its own transfer service, recurring transactions, recipient details, and transaction history. At the same time, they've borrowed expertise from XE and work with them to advance together.

Euronet acquired both XE and HiFX in 2014, and HiFX has since transformed itself under the globally recognised XE brand. The company still serves its former clients and operates similarly to the way it did before Euronet's purchase. Euronet owns HiFX, XE, and Ria Money Transfer, so HiFX has changed in many ways since the company decided to attach itself to XE. If you're planning on trying out HiFX, you'll need to create a joint account with them and XE.

What are their exchange rates?

You'll notice that if you're looking for HiFX's exchange rates, you'll be directed to the XE currency conversion calculator. It's difficult to put an exact number on the exchange rates offered by HiFX, but you can expect to save up to half of each transactions' fees when you choose them over a bank. Their rates are close to or the exact same as what you'd get from XE. Furthermore, HiFX dropped all its other fees in 2017, making their offer even more competitive.

HiFX, like its partner XE, does't charge any stated upfront fees. Instead, they each charge a small margin on midmarket rates. Exchange rates are fixed the moment a transfer is locked in. Margins on the exchange rate typically cost users between 1.3% and 1.6%. In some cases, this rate can be as high as 2%.

What HiFX costs to use?

Because there are no other fees, it is easy to determine costs incurred through exchange rate markups. For example lets assume you're sending money to Bangladesh (BDT) from US (USD).

If you send $1000 to Bangladesh, you'll pay about $13 as the result of HiFX's margins. This is a good rate, although it's not the cheapest option in most cases. This rate is 1.3% of the value of the transfer, but this rate is subject to change based on volume and the currencies being exchanged.

Continuing with the example of Bangladesh, exchanging for the Bangladeshi Taka can be cheaper if the money is sent in other currencies. Rates for transfers from Europe (in EUR) typically bring the cost down to only 1% of transfer. If the money is sent from Canada (CAD) or the UK (GBP), the rate is closer to 1.5%.

In any case, the average cost of an international transfer through HiFX is 1%-2.2%.

*These rates are only applicable at the time of writing and are subject to change at any time.

How do I transfer money with them?

To transfer money with HiFX, you'll need to first register an account with them and XE. Signing up with them is only slightly more complicated than what you'd get elsewhere and it only takes 5-10 minutes. Make sure you're ready with proof of address and ID documents. After you sign up and link your payment option, you can get ready tosend your first transfer abroad.

Sending money with HiFX is easy. You simply use their interfaces to select the currency you're sending, the amount being sent, and the recipient. After you lock in the transfer, they take care of the rest.

What other products do they offer?

HiFX works alongside XE to provide several financial services. All of these functions can be found on HiFX links, which redirect you to XE's website.

XE offers foreign exchange services and a currency converter that seeks to provide the best currency exchange rates for individuals and businesses. You can use their platform to access current and historical foreign exchange data.

They also provide a daily email update with exchange rates on over 80 currencies. These emails include headlines for relevant news, as well as changes to central bank interest rates.

The Personal Currency Assistant offered by XE is a popup that allows you to conduct your money transfer business while surfing the web.

HiFX and XE offer many more specific financial services. Most of these services are related to foreign exchange and currency conversion. That being said, they also offer several resources for calculating travel expenses.

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April Summers
April Summers
April is a trained journalist and the Content Editor for She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she's not writing about global remittances she can be found daydreaming about her next holiday abroad.