Damson

We forwarded a large amount of cash with HiFx for currency to pay out and our balance paid in mid-October when the exchange rate was more favourable.

However, with the recession and worry about packing up our pretty successful business to move to a situation which may be not so favourable is dragging us down, to the extent that (although we have our visas) we probably won't now be going.Cries. The whole plan of moving to Oz for us was to start again and having cashed everything in, not to worry about cash for a while. However, OH is now worried long-term about working again and it would therefore bring a whole new set of problems which we hadn't factored in when we started this whole process.

Does anyone know if we can settle up and get out of the 'forwarded' HiFx currency now, as we have a pretty hefty deposit that it would be good if we got back. Just a thought

sj oldfield

Have you tried emailing them?

Cant rain all the time2

Is it possible to do a deal with someone on the forum who wants to exchange £ to $?

sj oldfield

I would have thought they would be referring to quite a large amount of money

Bermudashorts

Not sure I understand the issue. Can you not just convert deposit back to £ and only lose transaction costs?

Damson

Sorry, yes it isn't clear. What I wanted to do is pay the full amount now and get the exchange rate that was available in October. You've probably guessed by now that finance (along with many other things) isn't my strong point.

Bermudashorts

So you had some kind of forward agreement, was it an option? was there a fixed date on it? i.e. you fixed an exchange rate around October but was there a specific date you were supposed to complete the transaction?

I think a quick call to HIFX would sort it out. Assuming you were about to complete the transaction, then all you need to do is change it back to £. You will be better off for doing so as well with the way the rates have gone.

Damson

Thanks for that. Yes we forward fixed for mid October and paid a 10% deposit (was fixed at $2.51 - the good old days!) with us being contracted to pay the balance this mid October. However, I'm looking to pay them the whole amount now and then change the full amount back in £'s. Confusing, sorry.

Bermudashorts

I really cannot imagine that they would agree to sell you $ at £1 = $2.5 and immediately buy back at £1= $2.1 today if they are not legally obliged to (speaking as ex investment bank accountant). But they might agree to deal on the 10% deposit.

A very canny move back in October last year though. Respect!

Damson

Many thanks all for your responses, I'll get OH to speak to HiFX (over to you luv!) about maybe doing something with the deposit. I really feel for all those who are having to buy at the current exchange rate.

DrWho

Surely if you've forward fixed at ~ 2.50/1 then completing the contract and changing back at ~2.25/1 makes sense...? and money...

jayne3411

we're in the same position as you not exchanged money, but because of the economy will probably not be emigrating, as we live a pretty comfortable life now and would be foolish to stat from scratch in a country which is just starting to feel the effects of the recession. My biggest gripe is that we have to validate the visa and don't want to throw that much money away, good luck with your money

Iando

You should be able to bring forward the deal,you will get a lower rate -based on interest rates being lower here but a nice profit.

Speak to your dealer at HIFX

MarkMC

I was in a similar situation where I could not complete just before xmas. Had a chat with HIFX and did the reverse deal, then ended up owing them about $60. They were very understanding and the trader said they have had others do similar and HIFX have ended up owing money out.

Give them a call, ask about the reverse deal over the whole amount (dont mention the deposit) you may make a good profit.

Windsor2

LorrieLou

Give us a call and we'll talk you through the options available.

Best Regards

Mark Bodega
Director - HiFX