Q.
How much can we transfer using HiFX’s Foreign Exchange Dealing services?
A.
Corporate FX Dealing Services are only available for businesses that transact in excess of £1million of FX per annum. There is no maximum limit, though some minimum transaction sizes may apply, depending on the type of foreign exchange transaction that you wish to undertake.
Companies that trade below £1 million per annum can still take advantage of our highly competitive exchange rates available via our Corporate Online International Payments service.
Q.
Is our money safe with HiFX?
A.
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
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.
Q.
Our company is outside of the UK. Can we use your 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 company addresses and identities. You will therefore need to provide additional documentation as directed. 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 types of transactions can we undertake?
A.
Spot, Forward and Market Order transactions are all available. Please discuss your needs with your personal dealer who will explain the best option for your requirements.
Q.
How is our exchange rate calculated?
A.
This depends on a number of factors:
- The amount you’re transferring
- The currency you’re buying
- The exchange rates at the time of purchase
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.
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 we use?
A.
You pay funds to HiFX via electronic transfer (i.e. BACS and CHAPS).
Q.
Do you offer transaction timing advice?
A.
Yes to FX Dealing Clients. Timing of transactions can be critical. Your personal dealer cannot predict exchange rate movements, but will provide vital market information to help inform your buying and selling decisions. With HiFX you’re not obliged to accept the on-the-day exchange rate, so you can make currency fluctuations work for you.
Of course, with opportunities come risks and we offer a range of advice and hedging tools, including forward contracts, limit orders and stop-loss orders to protect you.
Q.
How do we keep track of payments?
A.
Our secure and convenient online payments service ensures you’re able to process international payments with ease in a controlled and cost effective manner.
You can manage your account 24/7 online, wherever you are in the World. You can set up multi-beneficiary payment templates and settlement instructions. You can prepare individual or bulk payments for authorisation, approve payments and keep track of all transactions.
And, of course, your personal dealer is always ready to offer support and answer queries.
Q.
What other services does HiFX offer?
A.
Our corporate foreign exchange services include online international payments, comprehensive FX risk management advice and money brokerage.
We also provide a range of services for private individuals, including international money transfers, travel money and overseas property insurance.
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 and our cookie policy.