increased costs with HIFX transfers
Hi folks I send money from the UK to the US each month. Until now HIFX had no transfer costs and they also refunded any costs at the receiving end (for me that's $12 that Bank of America charge for wires).
Now it costs me 9GBP to send from HIFX and the $12 to receive. What do you all do to keep costs down? I cannot afford to transfer less often. Cheers |
Re: increased costs with HIFX transfers
Originally Posted by savannah_boy
(Post 9563078)
Hi folks I send money from the UK to the US each month. Until now HIFX had no transfer costs and they also refunded any costs at the receiving end (for me that's $12 that Bank of America charge for wires).
Now it costs me 9GBP to send from HIFX and the $12 to receive. What do you all do to keep costs down? I cannot afford to transfer less often. Cheers |
Re: increased costs with HIFX transfers
Originally Posted by Elvira
(Post 9563090)
XE Trade?
|
Re: increased costs with HIFX transfers
Originally Posted by savannah_boy
(Post 9563116)
What are the costs involved? Do you use them personally?
have used them for years No problems, ever |
Re: increased costs with HIFX transfers
Originally Posted by Elvira
(Post 9563146)
never paid a penny
have used them for years No problems, ever Thanks |
Re: increased costs with HIFX transfers
Originally Posted by savannah_boy
(Post 9563185)
Ok Elvira can you tell me what their rate for GBP to the USD is today? It won't let me get a rate until I sign up. HIFX gave me 1.5982
Thanks |
Re: increased costs with HIFX transfers
Originally Posted by Elvira
(Post 9563190)
1.00 GBP = 1.62 USD
|
Re: increased costs with HIFX transfers
Originally Posted by savannah_boy
(Post 9563192)
wow that rate looks good, what security checks did they perform on you to set up your account?
I remember standard 'apply for an account' type Qs, but it was a long time ago. Took about a week to set up. why not give them a call. I have always found them very helpful. |
Re: increased costs with HIFX transfers
Originally Posted by savannah_boy
(Post 9563192)
wow that rate looks good, what security checks did they perform on you to set up your account?
You sure you didn't check out the wrong site? |
Re: increased costs with HIFX transfers
I just signed up for xe, took 48 hours but other than the online application I did nothing else. Wire transfers cost money but if you can wait a few extra days and don't need to tag on a reference number (like if you are paying a bill to a company or similar) then the service is free. At least from UK to USA and vice verso plus a few other countries. To give you an example, I booked a trade on the 9th and it was sent out to the UK yesterday and they quote up to 7 business days to get to the recipient.
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Re: increased costs with HIFX transfers
Originally Posted by Duncan Roberts
(Post 9563553)
I just signed up for xe, took 48 hours but other than the online application I did nothing else. Wire transfers cost money but if you can wait a few extra days and don't need to tag on a reference number (like if you are paying a bill to a company or similar) then the service is free. At least from UK to USA and vice verso plus a few other countries. To give you an example, I booked a trade on the 9th and it was sent out to the UK yesterday and they quote up to 7 business days to get to the recipient.
|
Re: increased costs with HIFX transfers
i cant be sure but I think HiFX only charge if you're transferring over more than a set limit. I know I was charged for a larger than normal transfer but nothing for the several smaller ones i've done
I'd suggest calling them and asking if you can make severla smaller one's a month. At the least I'd expect them to not want to lose your custom so they might be able to come to an agreement |
Re: increased costs with HIFX transfers
another vote for XE
They seem to be +/- 1.75% of spot. Example spot now £= 1.6560, they buy @ 1.6270 and sell @ 1.6870 |
Re: increased costs with HIFX transfers
I just used the Post Office International transfers for a large sum of money yesterday - because it was around 4pm UK time, it didn't go through until today.
Money was paid from my UK bank account using my debit card, left Post Office (who use HiFx) and is already showing as an inward wire credit on my Wells Fargo account in Utah. Got a rate of 1.6221. No charge. |
Re: increased costs with HIFX transfers
Originally Posted by rallybug
(Post 9565305)
I just used the Post Office International transfers for a large sum of money yesterday - because it was around 4pm UK time, it didn't go through until today.
Money was paid from my UK bank account using my debit card, left Post Office (who use HiFx) and is already showing as an inward wire credit on my Wells Fargo account in Utah. Got a rate of 1.6221. No charge. |
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