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
A recent survey undertaken by a national newpaper 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.
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 can include commission fees (up to another 2% of the amount you're 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.
Fix the rate for up to 2 years
Unlike your bank, HiFX will allow you to fix a favourable exchange rate for up to 2 years thus 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, so you can see the risks involved if you choose not to fix the rate at the outset.
Excellent customer service
Buying a property abroad is a significant investment. Our goal is to make sure you have all the right information and tools you need to protect yourself from fluctuating exchange rates. HiFX will provide you with all the help and expert advice you need.
*In the event that a client is charged we will arrange a full refund upon proof in the form of a bank statement (Sterling equivalent). Note: 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.