HiFx

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jfanning

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#1542574 27-Apr-2016 09:25

ajobbins:

I use currencyonline.co.nz all the time, which I believe is now owned by HiFx (Given I pay into the "HiFx Trust Account" for transfers).

They are WAY cheaper than the banks. Here is an example for me sending AU$2,000 to NZ. First is Currency Online, second is Commonwealth Bank.

CommBank is a 3.5% premium over Currency Online. For nothing. And it's slower.

Does currencyonline charge you AUD$12 for the transfer? I only pay NZD$9 when I use them

ajobbins

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#1542667 27-Apr-2016 11:28

jfanning:

Does currencyonline charge you AUD$12 for the transfer? I only pay NZD$9 when I use them

It costs me NZ$9 when sending TO Australia, but AU$12 sending FROM Australia. Not sure why it's different, perhaps regulatory costs.

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Kyanar

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#1542714 27-Apr-2016 12:21

eracode:

At the end of the day (literally) HiFX have to do their aggregated FX transactions with a bank, like anyone else. They are really only a middleman wholesaler and if they give you a better rate than your bank this simply means that your bank is not being nice enough to you.

Actually, they don't. They only have to do the offset between how much they collected each side and how much needs to be paid. Which is usually a favourable result for them. So if there's $1,000,000 going from AU to NZ, and $800,000 going from NZ to AU, they only have to come up with $200,000 AU (probably closer to $220,000 in destination currency) in order to balance their transfers. And since that's composed of let's say 680 people each paying a $3 fee, that can balance out.

Geektastic

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#1542727 27-Apr-2016 12:43

kiwiharry:

surfisup1000:

I'm not sending out, just transferring between my gbp account to my nzd account.

I get quotes first, if the bank has a similar rate I'd just use the bank.

I was just wondering if they hifx can be trusted ... as I'll be sending them all of my earnings from foreign sources.

I use HiFX to transfer all my foreign earnings back into NZ. I've been using them for about 1 year now. No issues at all.

No - Panama, surely?

eracode

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#1542730 27-Apr-2016 12:47

Kyanar:

eracode:

At the end of the day (literally) HiFX have to do their aggregated FX transactions with a bank, like anyone else. They are really only a middleman wholesaler and if they give you a better rate than your bank this simply means that your bank is not being nice enough to you.

Actually, they don't. They only have to do the offset between how much they collected each side and how much needs to be paid. Which is usually a favourable result for them. So if there's $1,000,000 going from AU to NZ, and $800,000 going from NZ to AU, they only have to come up with $200,000 AU (probably closer to $220,000 in destination currency) in order to balance their transfers. And since that's composed of let's say 680 people each paying a $3 fee, that can balance out.

Yes - but the banks can do that each day too. So surely that puts both the banks and operators like HiFX all in the same boat.

Thinking again - my word 'aggregated' may be wrong but I was trying to say that HiFX still need to settle via a bank.

Sometimes I just sit and think. Other times I just sit.

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