Your questions, answered in full - Sign up online today and you could be saving money on all your international money transfers in just a few minutes.
It’s really that simple!
Q.
How do I sign up?
A.
Opening a HiFX foreign exchange account is quick and easy and can be done 24 hours a day. It carries no obligation to trade and you’ll also get access MyHiFX. Designed to keep you one step ahead, MyHiFX enables you to set personalised rate alerts, access live customer rates, monitor your key currencies and make international payments – all in a few clicks and at bank beating exchange rates.
Q.
What sort of computer do I need?
A.
We’ve made sure HiFX Online works with a wide range of PC and Mac browsers which have a reasonable market share (but not beta or dev versions). If you have a PC it will need to have Internet Explorer (I.E.) 7 or later.
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.
Do you accept payment by non-UK credit/debit cards?
A.
While we currently cannot accept debit and credit cards which are not registered to a UK address, as an overseas client you can still take advantage of the discounted rates online by arranging an electronic transfer via BACS or CHAPS.
Q.
What happens when I sign up?
A.
We’ll give you a Client Number and you’ll be asked to create your own username and password. Keep this information safe – you’ll need it every time you log in.
Q.
What if the currency I want to send is not listed?
A.
We provide all the most popular currencies online. For a wider range of transactions (amounts of £10,000 and above) please call +44(0)1753 859 159 to discuss your requirements.
Q.
What types of transactions can I undertake online?
A.
Only Spot (buy now, pay now) transactions can take place online. For Forward transactions (that allow you to fix the exchange rate for up to 12 months) and Regular Transfers, please call our Customer Services Team on +44(0)1753 859 159. They will discuss your requirements and explain the best options depending on your individual circumstances.
Q.
How is my 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.
Your payment method. Credit card payments incur a processing fee of 1.6%. Please note this is factored into the rate you are offered and not charged separately.
A.
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.
| Sold Ccy |
Fee Amount |
Threshold |
| AUD |
15 |
10,000 |
| CAD |
15 |
10,000 |
| CHF |
15 |
5,000 |
| EUR |
10 |
3,500 |
| GBP |
9 |
3,000 |
| NZD |
12 |
10,000 |
| USD |
15 |
5,000 |
*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.
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 online?
A.
HiFX Online accepts a wide range of debit and credit cards and you can also make payments to HiFX via electronic transfer (i.e. BACS and CHAPS and Faster Payments).
| Transaction value |
UK Registered credit or debit card |
Electronic transfer |
| £50 to £20,000.00 |
|
|
| £20,000.00 to £70,000 |
|
|
| £70,000.01 to £300,000 |
|
|
For cards registered outside the UK, please see "Do you accept payment by non-UK credit/debit cards?"
Credit card payments incur a processing fee of 1.6%. Please note this is factored into the rate you are offered and not charged separately.
Please note that if you are paying via electronic transfer, the account to which you send your funds will be a currency account based in the U.K. If you are sending funds from an overseas bank account, we recommend that you confirm that you can readily access your funds before you complete a transaction with us.
Q.
How much can I transfer using HiFX Online?
A.
A minimum of £50 and a maximum of £300,000 per online transaction, to a limit of £300,000 each day. For larger transactions please call our Customer Service Team on +44(0)1753 859 159 (Option 3).
Q.
Is my 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
Online Security
HiFX Online uses Norton – the system preferred by 97% of the World’s top 100 banks and 93% of Fortune 500 companies. Norton 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 the Post Office website here
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 2013 were £18.3m one of the strongest in the industry. Our accounts are available here.
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 Norton.
Q.
What is HiFX’s Privacy Policy?
A.
We are committed to protecting your privacy both on and offline. A copy of our Privacy Policy can be found here.