Jazzer Posted July 12, 2011 Share Posted July 12, 2011 I see from 1August HIFX will transfer on line amounts from £50 to £300,000. Amounts below £3000 will be given better rates but a fee of £9 will be levied. Regular transfers are not affected. Link to comment Share on other sites More sharing options...
meiklejohn Posted July 13, 2011 Share Posted July 13, 2011 One of the reasons I use HiFX is the lack of transfer fee.I can't imagine the money saved on the better exchange rate will add up to £9 on any of my transfers.Time to shop around I think Link to comment Share on other sites More sharing options...
Jazzer Posted July 13, 2011 Author Share Posted July 13, 2011 My immediate reaction also.I suppose it would be interesting in obtaining daily quotes for say "2K" and then from the date of the new system seeing what difference it makes allowing for the £9 fee. Link to comment Share on other sites More sharing options...
under the cosh! Posted July 19, 2011 Share Posted July 19, 2011 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 Link to comment Share on other sites More sharing options...
Théière Posted July 20, 2011 Share Posted July 20, 2011 Just tranfered with money bokers and the rate was 111.23. The fee 3.5 euros so Hifx still looks worth it for the better rate and inc the 9 pound fee on a 1000 transfer break even looks about 500 then. How does that compare? Link to comment Share on other sites More sharing options...
Rose (& Greyman) Posted July 20, 2011 Share Posted July 20, 2011 I've just started using World First. Transferred £5000 today at 1.1258 with no fees and I send the money to them today and it is in my French account tomorrow. Their online system is also excellent, it took me 30 secs to do the deal on their system and another minute online with my bank to send them the funds.www.worldfirst.com Link to comment Share on other sites More sharing options...
Jazzer Posted July 20, 2011 Author Share Posted July 20, 2011 Looks good.Was account opening easy? I see that they ring you back rather than complete on line. Link to comment Share on other sites More sharing options...
Théière Posted July 21, 2011 Share Posted July 21, 2011 Ok if you are transferring £5000+ other wise the fee is £15 only £9 with HIFX Link to comment Share on other sites More sharing options...
Bordering Posted August 1, 2011 Share Posted August 1, 2011 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? Link to comment Share on other sites More sharing options...
Théière Posted August 1, 2011 Share Posted August 1, 2011 Yes that is the interbank rate displayed, from previous transaction though the rate you get is very close to it. Link to comment Share on other sites More sharing options...
Rose (& Greyman) Posted August 1, 2011 Share Posted August 1, 2011 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. Link to comment Share on other sites More sharing options...
mint Posted August 1, 2011 Share Posted August 1, 2011 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. Link to comment Share on other sites More sharing options...
Bordering Posted August 1, 2011 Share Posted August 1, 2011 Thanks for the feedback, I'll have a look at the options suggested. Now just a matter of hanging out for the best rate, and hoping it doesn't get worse and worse as I watch it... Link to comment Share on other sites More sharing options...
mint Posted August 1, 2011 Share Posted August 1, 2011 Well, Bordering, it's no comfort but the best day to change is either yesterday or tomorrow![:D] Link to comment Share on other sites More sharing options...
meiklejohn Posted August 16, 2011 Share Posted August 16, 2011 For my last monthly transfer I ended up using The Post Office FX.No fees but a a lower rate than HIFX.But this still ended up cheaper than the £9 it would have cost with HIFX.I did notice Post Office FX and HIFX clearly have a relationship. Link to comment Share on other sites More sharing options...
AnOther Posted August 17, 2011 Share Posted August 17, 2011 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. Link to comment Share on other sites More sharing options...
mint Posted August 17, 2011 Share Posted August 17, 2011 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. Link to comment Share on other sites More sharing options...
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