£ To $ Bank Or Fx Company ?
 

Please anyone who has used,
bank,
hifx,
ozforex
or any other way to change thier £s to $s

let me explain
hubby was a bit worried as to how we know for sure that the last two of the above dont do a runner with all your money,
so i gave them a ring and also told him that it seems most of you are all using them
i was telling my mother-in-law about hifx the other day and
today she has rung my hubby at work to tell him that
shes spoken to someone about this and that she dosent think its a good idea for
HIM to exchange the money this way!!!!

so for all of you that have used thease companies already would you tell me how i go about checking thier credentials

and weather they have done a runner with your money ?

Iam totaly pulling my hair out with people today!!!:mad:

Thank god for the expats:D

I have used HIFX to transfer my bond to Oz and i am sure others on here have used them also. They were far more competitive than anywhere else i had tried and have been on hand more than once to answer my calls however stupid the question.

footie chick

Thanks footie chick
:D

Any one else??

We have just used Hifx and I don't have any concerns. We got a good rate on the day (Tue) and I am sure all will complete as it should. They have been going too long and dealing with far too much money to get away with ripoff's. Never thought to ask about being underwritten mind you.. They are VERY efficient in all they have done so far.

The standard bank rates are rubbish.

Yeh this was my point
we will end up about $7000 better off if we exchange with hifx or ozforex
the banks are poo!;)

Alan Collett is recommending HIFX on his website, There is no way he would do that if there was any issue ever...

By the way if you tell them I said to use them apparently I get a bottle of wine!

Seriously: -
1) They are to mature to be dodgy in the obvious way.
2) They are happy for you to deal at the premises.
3) They come with a number of good feedbacks
4) They are cheap.

I am sure you can check the companies house etc for a background. The only other thing worth checking is what happens if they go bust mid transfer.. or if they transfer to the wrong account..But that can happen to regular banks too...

Thanks Ericb
You have been most helpfull:D

Maybe you should ask the Mother in Law what exactly she knows that many many others do not with regards to HIFX or changing money in this way.

I am sure we would be intrigued to know and with the wealth of experience on this forum, both from people past (already in Oz) and present (still waiting to go), could well put to bed any rumours that the MIL may have heard.

By the way, I have used HIFX and they have always been totally professional and no probs at all.

Do you have to have a Oz bank account first for HIFX to pay your converted currency into or do HIFX hold it for you until you have one?

Im affraid the question would go more like what dosent she know
(one of them);)

but thanks for the input
:D

Depends on how you are going to transfer your money. If you are doing a 'forward contract' then no you dont need an account at the time.

If you are doing a 'spot', then yes you will as they will need somewhere to put the money into.

I used HIFX today. They are efficient, rates are OK.

Used them before more than once, no problem over trust issues.

I recommend them, no personal links with them except as a client.

Ask HIFX, they can certainly convert for you and hold for a few days without you telling them where to send it. I guess they might wonder what you want them to do with your AUD after a few days.

For all I know they will keep it on deposit for you indefinitely but no doubt not at a good rate of interest.

Re: £ To $ Bank Or Fx Company ?
 

Yeah it's a major worry changing substantial amounts of money, I was going to use HIFX or another until Jaykay said that she had used First Direct, I contacted them about exchanging £100k and the difference between them and HIFX was $200, in my opinion it aint worth the hassle of wiring the money here or there. The chances of HSBC goin' bust are pretty remote. Check out your local banks you may be suprised ;)