Why should I use HiFX for my international money transfers rather than my bank?
Essentially there are four reasons why you should use a currency specialist like HiFX rather than your bank:
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You’ll save money by getting a better exchange rate. A recent mystery shop undertaken by a national newspaper showed that the high street banks were charging 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 company like HiFX.
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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), transfer charges (usually £25 for each and every transfer) and finally, depending on where you're sending the money up to another half a percent for bank receiving fees. In the event that a client is charged we will arrange a full refund upon proof in the form of a bank statement. Note: this does not include charges incurred where the funds being sent are in a different currency than the destination bank account.
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Unlike your bank, HiFX will allow you to fix a favourable exchange rate for up to 2 years protecting your money from adverse currency movements. We always remind clients that you'd never agree to buy a property in the UK without knowing the final cost. If you agree to buy an overseas property without fixing the exchange rate at the start, that's exactly the gamble you’re taking. Bear in mind that the average off-plan property takes 2 years to be built and you can see the risks involved by not fixing the rates at the outset.
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Service - buying a property abroad is a significant investment. HiFX will provide you with all the help and expert advice you need in a simple straightforward way. We are used by over 25,000 people a year and only 5% or our clients are wealthy – most are builders, doctors, middle managers, plumbers etc.
Put simply – don't let the banks cash in! Shop around and compare the rates given by your bank with an established currency broker.