HiFX claims they charge no transfer fees on all transfers.
However, you still have to be aware some other fees which HiFX are not liable for when sending money to them. HiFX encourages you to pay by bank transfer or debit card. But before you start to fund HiFX, you need to check with your sending bank and the receiving bank, as they may charge some fees. Credit card transactions will cost you an additional fee of 1.6% of total amount.
HiFX offers bank beating exchange rate which is very competitive. This rate varies by type of currency. Therefore, the markup from NZD to USD, for instance, is 1% more than mid-market rate. The average markup on exchange rate tends to be 1.5%.
HiFX advises you 1-4 working days for the money to be delivered to recipient’s account. The method you use to pay HiFX will affect the whole processing time. Funding via credit or debit card results your money to reach HiFX immediately. Bank transfer usually takes up to 3 days for them to receive your money.
HiFX’s customer service is 24/7 either by phone or email. Customers can complete their transfers on website or over phone. However, lack of mobile app makes HiFX far behind most competitors.
It is also un-convenient for clients when it comes to comparing transfer costs. You’re allowed to check exchange rate only after you logged into their website. That means you have to sign up for a free account first before you can compare and transfer. From our experience, it only takes a couple of minutes to finish register. But you’ll need to upload the following documents to be approved,
1 x Proof of Identity: passport, national ID card, or driver license.
1 x Proof of Address: recent utility bill or bank statement.