HiFx

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surfisup1000

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#195597 26-Apr-2016 11:05

Has anyone here used HiFx.co.nz for currency conversions?

Seems easy, you lock in a rate, send them the cash, and they send it back to your account in your required currency.

They seem legit, but I'm hesitant to send money to a business I've only found by google.

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meow
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#1542110 26-Apr-2016 11:38

It works out around the same price as sending it via your bank - and with your bank you're covered by their guarantees.

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surfisup1000

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#1542113 26-Apr-2016 11:40

michaelmurfy:

It works out around the same price as sending it via your bank - and with your bank you're covered by their guarantees.

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.

jmh

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#1542118 26-Apr-2016 11:47

I've used Hifx, xe.com and moneycorp to do currency exchanges. Way cheaper than the bank, better rates, and very easy to do online. I've had no problems or concerns.

surfisup1000

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#1542124 26-Apr-2016 11:50

jmh:

I've used Hifx, xe.com and moneycorp to do currency exchanges. Way cheaper than the bank, better rates, and very easy to do online. I've had no problems or concerns.

Perfect, thanks for the info.

mdf

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#1542127 26-Apr-2016 11:57

There aren't any guarantees about anything, but HiFX are members of the [url]NZFMA[url=http://www.nzfma.org/Site/about_nzfma/who_are_our_members.aspx] (the financial markets association) and on the FSP register. So that's a pretty good start.

surfisup1000

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#1542137 26-Apr-2016 12:06

Of interest, I just obtained a rate from ASB for my transfer. The asb rate was 1.001255 times more expensive than hifx so I'll go with ASB this time. But I do get the asb rate direct from their money market team and they give better quotes than those advertised inside ASB retail branches.

Trying to get all my money out of pounds before the brexit vote!!!! Could get ugly.

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Geektastic

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#1542148 26-Apr-2016 12:27

I've used them many times. They are just fine.

Martynnz

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#1542150 26-Apr-2016 12:32

I've used NZ forex multiple times and they have a great efficient service. This was from Australia to NZ and vice versa. They were far cheaper than the bank as the rate was better and also their fees were much cheaper. Not sure if they do UK to NZ but assume they would.

ajobbins

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#1542184 26-Apr-2016 13:38

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.

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ajobbins

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#1542185 26-Apr-2016 13:41

I've send 10's of thousands in both directions AU<>NZ and never had an issue. The money is held in trust accounts until settlement so no reason not to trust it.

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surfisup1000

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#1542186 26-Apr-2016 13:45

ajobbins:

I've send 10's of thousands in both directions AU<>NZ and never had an issue. The money is held in trust accounts until settlement so no reason not to trust it.

Great, thanks for the feedback.

It is a bit tricky to figure out if some company you've never used previously are trustworthy.

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khull

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#1542484 27-Apr-2016 00:17

If the receiving account also charges a fee, there is no way it will end up cheaper. Unless you are moving large sums of money

eracode

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#1542512 27-Apr-2016 03:40

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.

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kiwiharry

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#1542517 27-Apr-2016 06:55

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.

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jmh

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#1542518 27-Apr-2016 07:09

khull: If the receiving account also charges a fee, there is no way it will end up cheaper. Unless you are moving large sums of money

A receiving bank wouldn't normally charge a fee if the money has already been converted into the local currency, which is what HiFx et al do. I move my money from the UK into a normal Kiwibank account and get charged no fees because it is in NZ dollars by the time it gets there. You only get charged a fee if they have to convert it to dollars which they don't need to if you are using a currency transfer co. When you set up the transfer you have to make sure you ask for the local currency, eg. NZ dollars.

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