Why should I use HiFX rather than my bank?
Essentially there are four reasons why you should use a currency specialist like HiFX rather than your bank:
You’ll save money by getting a better exchange rate. Exchange rate comparisons undertaken by national newspapers showed that the high street banks can charge up to 4% more to exchange your money. 4% doesn't sound a lot but this means if you were changing £100,000 into Euros, for example, you'd pay around £4,000 more than if you'd used a currency company like HiFX.
HiFX will transfer your money abroad completely free of charge.* If you use your bank you'll be subject to a number of additional bank charges which include commission fees (up to another 2% of the amount you are transferring) and transfer charges (usually £25 for each and every transfer).
Unlike your bank, for amounts of £20,000 and above, HiFX will allow you to fix a favourable exchange rate for up to 1 year protecting your money from adverse currency movements.
Service – for many people transferring money overseas is not something they do everyday. HiFX will provide you with all the help and expert advice you need in a simple straightforward way.
Put simply – don't let the banks cash in! Shop around and compare the rates given by your bank with an established currency broker.
* No transfer fees for amounts of £3,000 and above. £9 for amounts below £3,000.
This does not include the cost of you transferring the funds to HiFX and any charges incurred where the funds being sent are in a different currency to the destination bank account.
Is my money safe with HiFX?
HiFX PLC is authorised by the Financial Conduct Authority under the Payment Services Regulations 2009, registration 462444, for the provision of payment services. HiFX PLC is also a registered MSB with HM Revenue & Customs – registration number 12131222.
Security of Funds
When buying or selling currency with us, your funds are held either in pooled client trust bank accounts or are held at one of our counterparty brokers as cash in transit or collateral to meet our obligations relating to clients’ trades. Funds can be used to fulfil the contractual obligations of our clients but will never be anywhere other than:
- In the segregated client accounts.
- With our banking counterparties.
- In transit i.e. being sent.
HiFX Online uses VeriSign – the system preferred by 97% of the World’s top 100 banks and 93% of Fortune 500 companies. VeriSign is also used billions of times a day by companies and consumers across the World.
Some additional facts and figures about HiFX include:
- HiFX are the Service Provider for The Post Office’s ‘International Payments' service. If you send money overseas through the Post Office, you will be talking to and dealing with HiFX. Visit the Post Office website
- Last year HiFX advised on and executed over £9billion in foreign exchange and is trusted by over 40,000 people and 2,000 corporate clients each year around the world.
- We have an exceptionally strong balance sheet and no debt. HiFX plc group net assets at 30 June 2012 were £18.3m one of the strongest in the industry. Our accounts are available on our website at - HiFX Accounts.
- HiFX has offices in both the northern and southern hemispheres and a workforce of over 200 employees.
- We have in excess of £2billion placed on the Money Markets on behalf of our commercial customers.
- HiFX is one of the first third party companies to be promoted by Westpac Banking Corporation. As of 30 September 2009 The Westpac Group employed approximately 37,000 people worldwide with global assets of $590 billion. For more information please visit the Westpac website.
How much does it cost to use HiFX?
We believe in fairness and total transparency saving you money. There are no transfer fees for amounts of £3,000 and above. For amounts below this a £9 fee will apply.
*This does not include the cost of you transferring the funds to HiFX and any charges incurred where the funds being sent are in a different currency to the destination bank account. As part of the service, HiFX provides one free transfer per trade.
This does not include the cost of you transferring the funds to HiFX and any charges incurred where the funds being sent are in a different currency than the destination bank account.
As part of the service, HiFX provides one free transfer per trade. If you would like to send multiple transfers as part of a single trade, these will be charged at £15.
How is my exchange rate calculated?
This depends on a number of factors:
Your payment method. Credit card payments incur a processing fee of 1.5%. Please note this is factored into the rate you are offered and not charged separately.
- The amount you’re transferring.
- The currency you’re buying.
- The exchange rates at the time of purchase.
How does HiFX make money?
Like your high street bank we make our money in the difference between our buy and sell prices i.e the spread.
Unlike your bank, we don’t load on extra charges. We also have much lower overheads and buy huge volumes of currency each year, so we can pass extra savings on to you.
How and why should I sign up?
Opening a HiFX foreign exchange account is quick and easy. Registration is free. There’s no obligation to trade, but you can access the HiFX Online service or call us for help and guidance. We’ll also give you all the right tools and information you’ll need to keep in touch with exchange rate movements. When you sign up we’ll give you a Client Number and you’ll be asked to create your own username and password to access our online services. Keep this information safe – you’ll need it every time you log in.
How much can I transfer using HiFX?
For transactions over £20,000 you can call your personal dealer. Online, you can transfer between £50 and £300,000 to a limit of £300,000 each day.
I live outside of the UK. Can I use your service?
Yes, but due to the high levels of security we have in place to protect our customers, we are unable to automatically verify overseas addresses and identities. We will need scanned copies of your ‘Proof of Address’ and ‘Proof of Identity’. Depending on your country of residence we may then post you an ‘Activation Code’ that you must confirm you have received. Please note, we are unable to offer our money transfer services to clients located in the United States of America (USA) and Quebec (Canada). For clients located in other Canadian provinces we can provide spot transfers (but not forwards or regular payment agreements).
All clients located outside of the United States and Canada can still use the service and make international payments to / from the United States of America (USA) and Canada.
What types of transactions can I undertake?
HiFX online only allows spot transactions only i.e (buy now pay now). However, Spot, Forward and Market Order transactions are all available for amounts of £20,000 and above via our Telephone Transfer service and we can also automate regular transfers. Please call us on +44(0)1753 859 159 and we can explain the best option for your requirements.
What payment methods can I use?
We accept a wide range of debit and credit cards. You can also pay via electronic transfer (i.e BACS and CHAPS).
Are my details protected?
Our online services are fully encrypted using the highest form of security certificates provided by VeriSign. (See also: Is my money safe with HiFX? for more details.)