TransferWise operates as a peer-to-peer platform, where it matches buyers and sellers of currencies, although the only thing you will be aware of is the notification that your transaction has been completed. It is not able to execute the matching in every country and therefore some transfers can only be conducted as a local transfer within the country. The company implements transparent fees across their platforms and exchanges.

TransferWise base their rates on the Reuters mid-market rate, on top of which it charges a nominal rate dependent upon transfer size, currency and country being transferred to. Their online calculator will help determine the fees due to be charged for transfers. Their fee structure makes it difficult to make an accurate comparison, without going through a full range of values and currencies.

HiFX is a traditional currency transfer payments provider, which has carried out over £150bn in transfers since it started, although there are no details as to the annual average amount. It has products to suit the personal transfer market as well as businesses. The fee-free structure for the UK market places it at a competitive advantage to TransferWise. The company has risk management contracts available, aimed at the sophisticated investor, but has a maximum transfer value of £350,000 in the personal account section. This means HiFX will not be suitable if you are considering a large payment in excess of this value.

TransferWise is very good at eliciting feedback from their customers with over 40,000 reviews on Trustpilot earning them the full 5-star rating. There are some negative comments from customers and one recurrent theme looks to be around the point at which your identity is verified as this may not be at the first transfer. This could impact the timescale of your transfer. Therefore, if the nature of your transfer is urgent, check whether they will need to verify you and how long this will take, to avoid lengthy delays and missing crucial deadlines – for completion of a property purchase, for example. HiFX have also secured a 5-star rating on Trustpilot from 13,500 customers.

HiFX has a dedicated blog page where they post content relevant to either personal or business customers. They also have guides and other content which you may find useful. If you are transacting in anything under $10,000, you must carry out your transfer via their website. Full details are given below.

 

TransferWise
Amount Received
£ 200.00
EUR226.82
USD257.21
CAD339.06
AUDn/a
£ 13.50 Avg. Saving vs. Banks ?
Go to site
HiFX
Amount Received
£ 200.00
EURn/a
USDn/a
CADn/a
AUDn/a
£ 0.00 Avg. Saving vs. Banks ?
Go to site
?
Est. 1998
TransferWise
Fee: ? 0.5% to 1.5%
Bank Partner: ?
Speed: ? 1-5 days
Local Settlement: ? Europe
Transfer Methods ?
Phone and online transfer services
Regulated By: ?
FCA, FinCEN
General Notes Get your free multi-currency account, to pay and get paid around the world with the real exchange rate. Say bye bye to crazy bank fees for good.
Country Notes When you pay by debit or credit card, most banks charge an additional fee. These processing fees vary depending on the kind of card you use and where it was issued.
HiFX
Fee: ? No Fees
Bank Partner: ?
Speed: ? 1-3 days
Local Settlement: ? Global
Transfer Methods ?
Phone and online transfer services
Regulated By: ?
FCA
General Notes Offices in UK, USA, Australia and New Zealand.
Country Notes Coverage in over 60 currencies across the globe.

TransferWise Features

  • Peer-to-peer platform
  • Nominal fees on transfers
  • Transfers completed within 1–4 days
  • Borderless accounts without overseas address requirement
  • Offers four currencies: AUD, EUR, GBP or USD
  • Single payment or repeat payment options
  • Provides rate information and fees prior to transfer via online calculator
  • Payments via debit card, Apple Pay, SWIFT transfers and bank transfers
  • Secure payments function available via TransferWise feature in Facebook Messenger
  • 5-star Trustpilot rating from over 40,000 reviews
  • Uses mid-market rate supplied by Reuters

HiFX Features

  • No fees in the UK
  • 5-star Trustpilot rating from over 13,500 reviews
  • Website available in UK, USA, Australia and New Zealand
  • 140 currencies traded with transfers to over 170 countries
  • Transfer between £50 to £350,000 or $100 to $500,000 for US Dollars (AUD $50)
  • Trade online 24/7
  • Transfer to HiFX from credit/debit card (not available in Australia or New Zealand) or bank transfer
  • Investor information and guides available
  • Quick and easy to open an account online
  • Payments completed in 1–3 days
  • Stop loss and market orders available by telephone
  • Access to a personal dealer by telephone
  • App available for tracking currency rates
  • Spot and forward contracts available
  • Global payment solutions available for businesses to enable multiple transactions

The pros and cons of using TransferWise

pros

Make transferring on the go simple, with their new TransferWise bot available through Facebook Messenger

Offers the ability to carry out batch payments to up to 1000 recipients – useful for regular payments to self-employed contractors or freelancers.

The main website is available in: English, French, German, Italian, Japanese, Hungarian, Polish, Portuguese, Russian and Spanish.

cons

Difficult to compare easily to other providers due to the fees, but does make them

transparent and details them all at the start, so there are no surprises

Cannot accept out bound payments from Hong Kong

Customers have voiced concerns about the specific point at which Transferwise verify your identity as this may not be your first transfer. This could impact your transfer timescales, so best to confirm directly with them if you do have an urgent, large transfer due.

The pros and cons of using HiFX

pros

Mass payment solutions allows you to complete thousands of payments in one go

Broad range of countries and currencies available 

Contracts to hedge against risk for businesses are available

Dedicated telephone account support for transfers over $10,000

Can deal with regular overseas currency conversions
 

cons

Only accepts transfers up to £300,000 online. 

Only 19 currencies available through online platform

cons

Difficult to compare easily to other providers due to the fees, but does make them

transparent and details them all at the start, so there are no surprises

Cannot accept out bound payments from Hong Kong

Customers have voiced concerns about the specific point at which Transferwise verify your identity as this may not be your first transfer. This could impact your transfer timescales, so best to confirm directly with them if you do have an urgent, large transfer due.

cons

Only accepts transfers up to £300,000 online. 

Only 19 currencies available through online platform

TransferWise
Amount Received
£ 200.00
EUR226.82
USD257.21
CAD339.06
AUDn/a
£ 13.50 Avg. Saving vs. Banks ?
Go to site
HiFX
Amount Received
£ 200.00
EURn/a
USDn/a
CADn/a
AUDn/a
£ 0.00 Avg. Saving vs. Banks ?
Go to site

Price Comparison

TransferWise

 TransferWise does not charge fees for bank transfers. There are, however, card fees incurred when paying through debit or credit card. Payments are only allowed to the country or region that is registered on the card.

 

 

Currency

 

Maximum Amount

 

Card Fees

 

Business Card Fees

GBP

£2000

Debit – 0.2%

Debit – 75p

Credit – 0.3%

Credit – 1.7%

 

 

An additional 3% is charged to hedge against exchange rate fluctuations for specific amount transfers. Fees are paid according to the calculated charges on the original amount inputted for transfer.

 

HiFX

 UK based transactions are free of charge. Transfers made in USD incur a $5 fee. AUD and NZD based transfers are correspondingly charged $15.

 

International Presence

TransferWise can support up to 27 currencies and provide transfer services to over 50 countries. HiFX however has access to over 170 countries and can facilitate trading using 120 currencies. Prospective clients can choose to open personal or business accounts with these global companies. Each contains corresponding services to suit their needs.

 

Ease of Use

 New users can open an online account with TransferWise very quickly. The website is easily navigable and account functions are simple to familiarise yourself with. Google or Facebook accounts may be used to set up a new account. Furthermore, the Facebook Messenger enabled TransferWise bot makes transfers simpler. Hassle-free regular payments can be made through their borderless account functions using USD, GBP, EUR and AUD. Customer services are available during office hours from Monday to Friday. Clients can contact the company via live chat through their website, telephone and email.

HiFX users can go online and track market rates using an app available for iOS, Android and BlackBerry. These are connected to XE.com, its sister company. Most clients can transact online. They can also choose to do their transactions over the telephone for certain amounts.

Compare Other Currency Rates

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Other International Money Transfer Quotes

OFX (US)

?
Est. 1998

OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

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OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

Amount Received
GBP £157.09
USD $30.42
saved vs. banks

Average US Bank

Average of the top US Banks costs as compiled by our own FXC Intelligence group

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Average of the top US Banks costs as compiled by our own FXC Intelligence group

Amount Received
GBP £154.78
USD $27.54
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WorldRemit

?
Est. 2010

WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

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WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

Amount Received
GBP £156.98
USD $30.28
saved vs. banks

MoneyGram

?
Est. 1940

MoneyGram is a leading remittance provider serving countries across the globe.

 

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MoneyGram is a leading remittance provider serving countries across the globe.

 

Amount Received
GBP £159.94
USD $33.98
saved vs. banks

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FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.