HIFX is it safe??

worrypants

Any advice much appreiciated
Has anyone ever used HIFX for currency exchange? ever careful I am just a little concerned about the safety of these currency exchange organisations, should I be?
Is anyone able to offer any experience/knowledge on just how safe these types of organisations are? will my money be protected between the point of me paying in to exchange money and my money arriving abroad in the foreign currency?
ever grateful for any opinons and advice
Thanks

peterbaker

I havent used a currency exchange outfit for absolutely years ... probably 10 years. I always use a no commission / no VISA charge credit card like Nationwide VISA Credit Card for purchases and no commission /no VISA charge debit card like Nationwide Flexaccount for hole in the wall cash.

It wasn't always so, but I think tens of thousands of MSE'ers do the same now after getting the hint over the years on MSE.

Correct me if I am wrong anyone and am missing even cheaper exchange deals by not changing cash before I go?


Have you time to apply before you go ?

PS Sorry this didnt answer your question directly ...

worrypants

thnaks for your reply
I am talking large amounts of currency so tourist rates will not give me the best rate as far as I am aware

I am bying a home in Canada:D

peterbaker

Sorry worrypants. My next thought would be Citibank. I don't have a Canadian dollar account but I do have a US dollar account with them linked to my Sterling account in such a way that I can exchange money back and forth online anytime I like, and instantly see what rate I am getting before I do it, without incurring any commission and at what used to be at least a very good rate and unusually narrow buy/sell spread.

Haven't checked it for ages however ... have been waiting for the US dollar to go to $2.25 to the £ playing with it again:)

JoseChungsDoomsday

HIFX are a major forex dealer, I see people using them everyday. You'll be safe :j

worrypants

many thanks both much appreciated

itsakidsworld

HIFX are a very good company. I have used then numerous times and they deal with you in a very creditable manner.

Only once have I found a cheaper deal in many years of trading and that was because I received very good exchange rates through my Spanish bank as a gesture of goodwill for being a good customer!

Regarding euros to UK pounds yes they do exchange and because they have a Spanish bank account as well as a UK account you will not get charged for any stupid amounts of commission by the Spanish banks to transfer your cash. You call HIFX in the UK and explain to them your situation. After signing up and agreeing an exchange rate, you then contact your lawyer who deposits the said amount of euros into HIFX account in Spain. Then when funds are clear HIFX pay the amount into your UK account.

For me they are best but as always you will get someone who has had a bad experience. Recommendations are the best form of business!