UKForex or HiFX – should you consider using the services of one company over the other? The answer may be yes. However, making the right choice requires that you pay attention to your specific needs. What I can say with certainty is that both companies offer dependable international fund transfer services.
Thousands of users have reviewed these fund transfer companies on Trustpilot, and both rate well. UKForex garners 9.2 out of 10, whereas HiFX averages a little higher, at 9.5 out of 10. If you compare the fund transfer services of these companies to most leading banks, you will learn why banks continue to see their share of the pie shrink.
When choosing between these two companies, factors such as where you live, how much money you want to send, and the destination country can make a difference. To help you make the right choice, I have divided this HiFX vs. UKForex comparison into these sections:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
International Currency Transfer Fees
When comparing UKForex and HiFX fees, you will see the scale tilt in favor of one of these companies. However, before you make a decision, find out how much money the recipient stands to receive, because the exchange rate plays an equally important role.
UKForex does not assess any fees to process international fund transfers.
- The HiFX website you use has a bearing on the fees you have to pay.
- If you log on to the UK-based website, transfers over £3,000 do not attract any fees. If you transfer less than this amount, you have to pay a £9 fee.
- The website for the American market provides fee-free transfers for amounts over $5,000. Transfers under this amount attract a $5 fee.
- The Australian website charges a $10 fee if you transfer less than $10,000.
- If you use the New Zealand-based website, you have to pay a $12 fee for transfers less than $10,000.
Ease of Use
Whether you choose HiFX or UKForex, you can submit an online application in just a few minutes. Before you can login to your account and initiate a transfer, you must wait for the verification of your details.
- International customers can make payments via electronic bank transfers.
- The company may provide other payment options depending on the country of your residence, which you learn about in the deal confirmation.
- UKForex apps for iOS and Android enable you to transfer funds using your mobile device.
- HiFX operates dedicated websites for residents of the UK, the U.S., Australia, and New Zealand.
- You can make payments via electronic bank transfers, debit cards, and credit cards.
- There is no app for mobile devices. However, all four HiFX websites reduce down to the screen size of your mobile device.
Whether you register with UKForex or HiFX, you can access websites of both companies only in English. Some prominent alternatives that provide website access in foreign languages include Currencies Direct, Azimo, and TransferWise.
Regular Overseas Payments
You can use the services of either specialist fund transfer company to set up regular payments.
- Do HiFX have adequate competition or is it all the same with a different name?
- Learn how to redeem the exclusive UKForex voucher.
- Read more on UKForex’s features here.