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HIFX changes


Jazzer
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I have looked into this too and in my experience the cheapest transfer for small amounts say below £250 (although it varies according to destination and currency) is to use the Post Office Moneygram service above this amount it starts to get up to standard bank charges of £25 per transaction. My understanding is regular transfers are still free with HIFX
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  • 2 weeks later...
On the front page of the HIFX website there's a 'calculator', but also a rider (if you seek it out) which says that this is 'the inter-bank rate, not available to individuals' and to request a quote. Anyone know how they calculate the actual amount you get? Also, is this the best option for transferring house-buying amounts?

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I completed all my account opening online with World First. They did try to ring but I was out so we did it online but I don't imagine getting a call is a problem.

The charge for online transfers under £5000 is only £10. The better rates can still make it worthwhile but I still keep an account with 4X Currency who are free but offer lower rates.

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In the past, I have used Hifx and Caxton.  Then, the last time I transferred a substantial amount, I used Moneycorp after Kitty recommended them.

What I found useful with Moneycorp is that they will transfer to 2 different accounts without charging for either.  Let me explain, I wanted some of the money to go to the notaire and some to go to our French bank account.  Caxton was going to charge me £15 for the "second" transfer but Moneycorp transferred to both places for free.

Plus, after I told them the rate Caxton was offering me, they matched that rate.

It doesn't do any harm, if you are transferring a large amount such as for house purchase, to pretend to dither and ask, is that the best rate you could do for me?

That tactic has proved successful for me on at least 2 occasions.

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  • 3 weeks later...
FWIW all FX companies charge fees, it's just a question of how they are disguised. HiFX scrape a fraction off the rate whereas some others charge a separate sum but at the end of the day of course all that counts is what you actually get for your £.

I understand the desire to get the best deal but unless there is something going on which is likely to significantly influence it then rate watching is a nerve wracking mugs game so do the deal and live with it would be my honest advice.

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How right you are, Erns!

Of course, look at one organisation against another and, of course, if you have no time imperative to exchange, wait around to see if the rate goes up. 

Then, as Erns says, you just have to do the deal and get on with life.

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