CurrencyFair or HiFX – which of these companies should you use to transfer funds overseas? When compared to leading banks, you stand to get a better deal through either of them. The larger question is, how do they rate against each other? On Trustpilot, a website that publishes reviews for online businesses, HiFX averages at 9.5 out of 10. CurrencyFair scores slightly better, at 9.6.
When choosing between these two specialist money transfer companies, pay attention to factors other than the Trustpilot score. For instance, you can access the CurrencyFair website in English, French, and Polish. While HiFX has dedicated websites for the U.S., the UK, Australia, and New Zealand, access to all four websites is only available in English.
To simplify the decision making process, this HiFX vs. CurrencyFair comparison delves into additional aspects, including:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
International Funds Transfer Service Fees
Whether you use the services of CurrencyFair or HiFX, the fees you have to pay depend on multiple factors.
- Fees to this peer-to-peer funds transfer company depend on whether your transfer finds a match.
- If it does, you pay 0.15% of the transferred amount plus a flat €3 fee.
- If it does not, you pay 0.4% to 0.5% of the transferred amount plus a flat €3 fee.
- On average, transfers through CurrencyFair attract 0.35% of the transferred amount as fees.
- The fees you have to pay depend on the HiFX website you access.
With the UK-based website, transfers under £3,000 attract a flat £9 fee. All transfers over this amount are free of charge.
- Enjoy a fee free transfers on HiFX UK.
- With the American website, a $5 fee applies for transfers below $5,000. Transfers over this amount do not incur any fees.
- If you used the Australian website, you will have to pay a $10 fee for transfers under $10,000.
- With the website set up for the New Zealand market, transfers under $10,000 attract a $12 fee.
Ease of Use
Sign up with HiFX or CurrencyFair, and you will notice that the application process takes no more than a few minutes. However, you have to wait until verification of your details before you can start using your account. If website access in a European language is preferred, the scale tilts in favor of CurrencyFair.
- The only option for international customers to make payments is via electronic bank transfers.
- If you are a resident of Ireland, you can pay using a debit card issued by an Irish bank.
- CurrencyFair apps for devices that use iOS and Android simplify transferring funds while on the move.
- CurrencyFair’s Exchange Rate Alert is now available. Get exchange rate via email.
- HiFX accepts payments via electronic bank transfers, debit cards, and credit cards.
- The company does not provide apps for mobile devices as of now.
Regular Overseas Payments
Both companies allow you to make regular overseas transfers.
- Watch a TransferWise YouTube video on how to apply your exclusive discount.
- When CurrencyFair and TransferWise go head to head.. who wins?
- Compare CurrencyFair and TransferWise.