sending money to CM bank using HIFX

[wigantojapan]

Has anyone used this service from the UK

What was the rates compared to a Uk bank

Was the money paid into the CM bank or how

Any info appreciated cheers

Thinking of sending either 2000-3000 pounds

[baywatch82]

Hi ! I know the service. You will get better rate than any bank. You will be asked to submit some documents to them (passport copy, address proof) to make an account. After that you can make transfer and you will never use bank to do it again. Rate is getting higher as more money you send.

I have been using ozforex, which is very similar, because I had funds located in Australia.

Don't be worry about your money safety, you will get money in few business days with a receipt and deal confirmation.

[thetefldon]

I use HIFX from UK. Usually good rate but lower than Thai banks. No UK charges if you transfer £3000 + £9 if not. Bangkok Bank charge to receive funds max 500 Baht.

Once account set up is complete transfers can be managed online. Always transfer in GBP. Takes up to 5 days. I fund my HIFX account by a free transfer from my UK bank account.

[wigantojapan]

so even if the rate is cheaper than the Thai banks whilst you have to pay a 9 pound plus 500 baht fee that is still better over all than paying the uk bank charge plus the thai bank handling charge if sending money from Uk bank
is that correct understanding?
Do you or anyone else have some figures
Thank you

[Maybole]

I use HiFX via the Post Office on line. It gives a lower rate than a Thai bank but the fees charged by my bank for a Telegraphic Transfer mean that it is cheaper up to £3200. Also,. it it consistent in getting to the correct account in 4 days max. Ther is little chance of a Bank employee diverting it to pay his gambling debts.

[Card]

I use HIFX from UK. Usually good rate but lower than Thai banks. No UK charges if you transfer £3000 + £9 if not. Bangkok Bank charge to receive funds max 500 Baht.

Once account set up is complete transfers can be managed online. Always transfer in GBP. Takes up to 5 days. I fund my HIFX account by a free transfer from my UK bank account.

So what do HiFX get out of it if you transfer GBP as GBP without conversion? They are a company that makes money from volume exchanges like Superrich and keeping the spread narrow. If there is no conversion and no commission, why do they do it? Unless they make money from small transfers where a commission is added. I have a HiFX account set up but I want to transfer GPB unconverted and my bank only charges 20 quid per transaction irrespective of the amount so I don't know if HiFX offers any advantages. Any comments?

[true blue]

hsbc charge 17.50 to transfer gbp,and a 24 hour turn round,