Does anyone use HiFX?

[oodya]

Hello,

Just looking to get people's thoughts / ideas about online international transactions. I purchase some goods from the Far East and previously used Barclays Telegraphic Transfers. However, I soon realised that I was being charged over £30 (inc £5 admin fee) per transaction.

I then came across a company called HiFX (I think I found it on Money Saving Expert website). They seem to only charge £9 for transactions under £3,000 and do not charge an admin fee for transactions over £3,000.

I mainly purchase goods in USD from China so I would be interested in hearing other people's thoughts on HiFX and any others that might be useful for me.

I have not had any problems with HiFX to date (touch wood) - I'm just curious about other people's views.

 

[GraemeL]

I use CaxtonFX for USD to China (and other places). No charge for transaction.

All on line and easy to use.

G

 

[Deleted member 59730]

Used HiFX once. Never again. They delayed transaction over a minor detail by which time the exchange rate had moved against me. Even Barclays will hold the rate at the day of instruction.

 

[Lentinus]

xe trade through www.xe.com just paid £1000 to china got a good rate and it cost me £14. I have used xetrade for 10+ years. Don't fall for the low/free fees, check what they are skimming on the exchange rate.

 

[MOIC]

Banks will also rip you off on the exchange rate apart from higher transaction fees.

This can be considerable.

 

[Raw Rob]

I use TransferWise and CurrencyFair, both of which are peer-to-peer money transfer systems which give almost the interchange exchange rate with very low fees, you get a much better deal than even the likes of CaxtonFX or HiFX. Not sure if either will do what you want, I only use them within Europe and to the USA, not the China.

(Both links are affiliate links, you get a free transfer from each if you use the links.)

 

[Maple Sourcing]

My clients use HiFX to send money from UK/Australia to me (in China), it's super fast. I always receive on the same date or next working date.

I'm not sure how much handling cost my clients pay, but they are really quick.

 

[barrov]

I used to have a business between the UK and Italy and was making transactions of around £30k at a time. Barclays exchange rates were DIRE and if I remember correctly each transfer was costing me about £250 - £300 compared to the actual market exchange rate. It's not the fees that cost you but the actual exchange rate used and how close that is to the real market exchange rate.

I have used HIFX many times and their exchange rates are extremely good. The funds arrive ridiculously quickly too - faster than a domestic Italian bank transfer, which is quite incredible really. I highly recommend HIFX.