How to make the most of your next transfer with HiFX.
Must read: HiFX is no longer available
As of 26 January 2019, HiFX will be merging with XE. This means you won't be able to use HiFX to send money overseas. Instead, check out if XE Money Transfer is right for you in our full review.
If you already have an account with HiFX before this cut-off date, don't worry – you'll automatically be transferred to an XE account.
International money transfers can be expensive and offer poor exchange rates if carried out through your bank or regular companies. If you make regular international money transfers, these additional expenses and lack of value can really add up, adding thousands onto the cost of your international property or meaning your family gets less out of what you send them.
HiFX offers you the ability to convert funds into over 20 currencies and transfer them internationally at the touch of a button and does so with low fees and competitive rates. It's also regulated by the Australian Securities and Investments Commission (ASIC) and employs a number of safety practices.
HiFX offer a range of currencies, including:
- Australian Dollar (AUD)
- Canadian Dollar (CAD)
- United States Dollar (USD)
- Euro (EUR)
- Great British Pound (GBP)
- Hong Kong Dollar (HKD)
- Papua New Guinean Kina
- Singapore Dollar (SGD)
- Danish Krone (DKK)
- Japanese Yen (JPY)
- Thai Baht (THB)
- Vanuatu Vatu (VUV)
- Indian Rupee (INR)
- New Zealand Dollar (NZD)
- Philippine Peso (PHP)
- Solomon Islands Dollar (SBD)
- Swedish Krona (SEK)
- United Arab Emirates Dirham (AED)
- Central Pacific Franc (XPF)
- Fiji Dollar (FJD)
- Mexican Peso (MXN)
- Norwegian Krone (NOK)
- Samoan Tālā (WST)
- South African Rand (ZAR)
- Swiss Franc (CHF)
Competitive foreign exchange rates
As mentioned, HiFX offers very competitive rates when exchanging money. This is because HiFX minimises their overheads and maximises their use of the right technology.
This is combined with the fact that if you transfer amounts greater than the thresholds set by HiFX, they won’t charge you transfer fees. If you transfer amounts less than this, you’ll be charged fees, so see the table below to get an idea of what these fees and fee free thresholds are.
|Currency being sold||Fee free threshold||Transfer fee if under threshold|
|Australian Dollar (AUD)||10,000||15|
|New Zealand Dollar (NZD)||10,000||12|
|Indian Rupee (INR)||365,000||700|
|Great British Pound (GBP)||3,000||7|
|Thai Baht (THB)||250,000||500|
|United States Dollar (USD)||5,000||5|
|Philippine Peso (PHP)||355,000||685|
Below is a quick comparison of the rates HiFX offers compared to some of our other services when trading $1000 AUD to USD. Rates are current at the time of writing and do not include fees. Note that these rates are spot rates, meaning that the rate you actually receive could differ when you carry out your transaction.
|USD received when changing $1000 AUD||$930.40||$930.58||$930.50|
Who can benefit from HiFX?
HiFX is available for many types of Australians looking to convert and move funds overseas. Some of these include:
International property owners - Buying property overseas can net Australian investors healthy profits, especially due to our strong currency. Unfortunately, unlike regular domestic property investment, exchange rates can add an extra layer of risk to your investment. HiFX can be used to set up regular transfers to pay off your foreign mortgage, and can help you save fees and on exchange rates.
Migrant workers - Moving to Australia can see you get a better salary to send back to your family, but like any other international transfer, you can get more bang for your buck by using a service like HiFX.
International students - While studying in Australia you might need to send money back home to pay for expenses.
How to use HiFX
If you feel HiFX could be a useful service to you, you can carry out a transfer easily.
- Register. First you’ll need to sign up, which is free and can be done at any time of the day. You can register by clicking the 'Go to Site’ button above. You will also need to provide identification documents including your passport and drivers licence as well as a document certifying your address.
- Get a quote. After you've registered you’ll need to discuss with HiFX what currencies you need and what type of transfer you’re looking to make. They can help suggest different ways to carry out your transaction.
- Give your recipient’s details and when you’d like to pay them. The next step will require you to let HiFX know who you’re transferring to and when, and also will require you to provide a security payment.
- Send HiFX your transfer funds. You’re now ready to send HiFX your money and being the transfer.
- Track your payments. You can now sit back and track your payments to ensure they reach their destination.