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Old Aug 16th 2011, 3:16 pm   #1
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Default 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.
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Old Aug 16th 2011, 3:19 pm   #2
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Default Re: increased costs with HIFX transfers

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Originally Posted by savannah_boy View Post
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
XE Trade?
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Old Aug 16th 2011, 3:30 pm   #3
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Default Re: increased costs with HIFX transfers

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XE Trade?
What are the costs involved? Do you use them personally?
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Old Aug 16th 2011, 3:45 pm   #4
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Default Re: increased costs with HIFX transfers

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What are the costs involved? Do you use them personally?
never paid a penny

have used them for years

No problems, ever
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Old Aug 16th 2011, 4:06 pm   #5
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Default Re: increased costs with HIFX transfers

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Originally Posted by Elvira View Post
never paid a penny

have used them for years

No problems, ever
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
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Old Aug 16th 2011, 4:08 pm   #6
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Default Re: increased costs with HIFX transfers

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Originally Posted by savannah_boy View Post
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
1.00 GBP = 1.62 USD
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Old Aug 16th 2011, 4:09 pm   #7
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Default Re: increased costs with HIFX transfers

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Originally Posted by Elvira View Post
1.00 GBP = 1.62 USD
wow that rate looks good, what security checks did they perform on you to set up your account?
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Old Aug 16th 2011, 4:12 pm   #8
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Default Re: increased costs with HIFX transfers

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Originally Posted by savannah_boy View Post
wow that rate looks good, what security checks did they perform on you to set up your account?
i expect all the information is on their website.

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.
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Old Aug 17th 2011, 12:29 am   #9
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Default Re: increased costs with HIFX transfers

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Originally Posted by savannah_boy View Post
wow that rate looks good, what security checks did they perform on you to set up your account?
http://www.xe.com/ all the info is on the site, from the rate to what you need to do, they've made it easier too from a couple years ago where you had to faff around so much...

You sure you didn't check out the wrong site?
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Old Aug 17th 2011, 1:32 am   #10
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Default 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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Old Aug 17th 2011, 1:57 am   #11
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Default Re: increased costs with HIFX transfers

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Originally Posted by Duncan Roberts View Post
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.
well I did a quick calculation and with XE it would have saved me 60 GBP on a 2000 transfer so it seems worth it for sure. I will sign up and do a one off transfer and see how I feel after that.
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Old Aug 17th 2011, 2:43 pm   #12
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Default 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
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Old Aug 17th 2011, 3:01 pm   #13
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Default 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
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Old Aug 17th 2011, 7:07 pm   #14
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Default 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.
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Old Aug 18th 2011, 1:22 pm   #15
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Default Re: increased costs with HIFX transfers

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Originally Posted by rallybug View Post
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.
Thanks for that. Interesting that HIFX are charging extras if you go straight though them now BUT if you use the post office (who use HiFX) it's free! hmmm
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