HiFX Anyone used them

[Sunnyone]

As the title, has one one heard of or used HiFX for foreign exchange. We buy products from Europe and pay in Euro, sometimes months after the contract are signed.

I'm interested if anyone has used them for either Spot deals or Forward contract?

Thanks in advance

[loafer123]

I have, but only for standard FX, which they sorted out fine.

I know another firm who do sophisticated stuff but I have an interest in them so won't breach rules by posting them. PM me if you would like an introduction.

[Sunnyone]

Thanks
I've messaged you.

[Ean218]

Yes, use them all the time for Euros, USD & JPY spot & forward. Service has always been very good, however they sold out to a US outfit a couple of years ago and I feel the spreads are being stretched somewhat.

[wilwak]

We bought a property in Spain using a forward contract with them a few years ago.

Also use them every six months to send Euros to our account in Spain.

Very good and efficient.

[essayer]

Another recommendation here, always very prompt and efficient, although I haven't been following the spreads that carefully recently - I looked at some others but the transfer fees etc often made it seem like staying with hifx was cheaper

[ReaderScars]

I used them when Transferwise couldn't complete a transaction. Needed to send a lump sum to UAE. Would definitely use again.

[Mudgey]

I use both Transferwise & HiFX, as others have mentioned Transferwise is cheaper but it doesn't always allow you to chose what currency you would like to send, quite often I find manufacturers bordering Europe like to be paid in Euro rather than their official currency.

[Ean218]

In light of the above, I've just checked both HiFx and Transferwise. Hifx are marginally cheaper for GBP/USD transactions but about 0.5% more expensive for Euros and JPY.

[arfur]

Ean218 said:

In light of the above, I've just checked both HiFx and Transferwise. Hifx are marginally cheaper for GBP/USD transactions but about 0.5% more expensive for Euros and JPY.

I used to use HiFX but then Transferwise came along. So much easier and hassle-free. Wouldn't use anyone else now tbh

[LDN]

Glad I've seen this thread. We used hifx for a French property purchase and still use hifx now, for a lot of business - I'll be checking out Transferwise having read this thread.

[superlightr]

curious as to you protection with these firms? How does it work ? You transfer say £50k to them they then transfer the equivalent to another currency for a fee? What protection do you have if they don't give back the money of go bust?

[essayer]

superlightr said:

curious as to you protection with these firms? How does it work ? You transfer say £50k to them they then transfer the equivalent to another currency for a fee? What protection do you have if they don't give back the money of go bust?

FCA "authorised" firms have to keep to various regulatory rules related to authorised persons, risk, proper governance etc., and should keep the money in a separate client account.
HiFX and TransferWise are both authorised according to the FCA site.

e.g. Electronic Money Regulations 2011 http://www.legislation.gov.uk/uksi/2011/99/regulat...

Edited by essayer on Thursday 2nd February 11:29

[Noblebenn]

Chris Canning at Argentex. Great guy and he personally looks after many Pistonheads members and beats every comparison rate we've always had. Other FX companies use Argentex themselves.

[Ean218]

kapiteinlangzaam said:

As a quick example for people.

I send between 4-500GBP to the UK every month from my EUR account.

To be fair a £400 transaction is not really HiFX's market, I'm surprised they even do it.

[FrancesC]

I can second NobleBenn. I use Chris at Argentex for my larger transactions-rates have always been excellent and Chris has given me some advice in the past that has saved me a fair amount of money.

[anonymous-user]

I have used them for 18 months now and have probably transferred £50k of AUD in that time without an isue. I Had a quick look at transferwise and if I was transferring $10000 AUD I would be aound £40 better off. Not a massive amount better off, but HIFX takes 2/3 days (more if it is over a weekend) whereas I much prefer the sound of a transfer taking a couple of hours.

Think I might give transfer wise a go next time.

[Sunnyone]

Thanks for all the recommendations and info, used HiFX today for a forward contract and pleased with the rate and service.