Q.
What information will I need to give when I sign up?
A.
We take security and consumer protection online very seriously. So, as part of the sign up process, we have to carry out an identity check (this is not a credit check) in order to comply with UK anti-money laundering regulations. To aid identification we will ask for a passport or UK driving licence number.
Q.
I live outside of the UK. Can I use your online service?
A.
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.
Q.
What if the currency I want to send is not listed?
A.
We provide all the most popular currencies. If the currency you are interested in is not shown in the tab ‘Currencies Available’, please call our Regular Payments Team on +44 (0) 1753 751768 to discuss your requirements.
Q.
How is my exchange rate calculated?
A.
The rate you are offered by your dealer will be dependent upon a number of factors including:
- The amount you’re transferring
- The currency you’re buying
- The exchange rates at the time of purchase
- The exchange rate levels at the time of purchase.
- The interest rate differences between the two currencies you are transacting.
Q.
Are there any hidden charges?
A.
No. We don’t charge you to send your international money transfers.
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.
Q.
Why do I have to pay a security payment to set up a Regular Payment?
A.
To set up your Regular Payment, HiFX buys your total currency requirement up front. In order to do this, the market requires a deposit as security, in the same way it requires a deposit for trading a forward contract. This deposit is equal to one month’s payment for each year of the contract. The deposit is not a fee and is used for the final payment(s).
Q.
How does HiFX make money?
A.
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 have much lower overheads and buy huge volumes of currency each year, so we can pass these extra savings on to you.
Q.
What payment methods can I use?
A.
HiFX accepts payment of the initial security payment via electronic transfer (i.e. BACS and CHAPS). This initial payment must be made from the same bank account from which the Direct Debit is set up.
Q.
Is my money safe with HiFX?
A.
HiFX PLC is authorised by the Financial Services 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
Online Security
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.
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.
Some additional facts and figures about HiFX include:
HiFX is 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 HiFX at the Post Office.
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 2010 were £11.5m one of the strongest in the industry. Our accounts are available at HiFX Annual Report 2010.
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.
Q.
Are my details and personal information protected?
A.
Our online services are fully encrypted using the highest form of security certificates provided by VeriSign.
Q.
What is HiFX’s Privacy Policy?
A.
We are committed to protecting your privacy both on and offline. View a copy of the HiFX Privacy Policy.