Hifx Australia.

Old Oct 19th 2004, 12:36 pm
  #1  
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Default Hifx Australia.

Hi,

Im already set up with HIFX UK. But i want to be able to buy some $$ when im over in Oz when the exchange rate gets better.

I know that HIFX have an office in Australia, will they except a Sterling Cheque? My funds will be in the UK (In my bank) and when i want to deal I want to be able to just send HIFX Australia a sterling cheque. I cant do this via HIFX Uk as it would take a while to send the cheque from Australia and they only give you a few days to make payment/dopsits.

Anyone done any dealings with HIFX Australia?

Thanks.
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Old Oct 19th 2004, 1:24 pm
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Default Re: Hifx Australia.

I suggest you might call Naomi or one of her colleagues at HIFX in Sydney - contact details are at http://www.hifx.com.au/index.asp, and if you want an intro you can say that Alan at Go Matilda mentioned them to you.

For reference HIFX (Australia) have a client bank account in the UK, and I think it probable that you will need to be in a position to transfer funds into that account (at Barclays I recall) when you want to buy A$'s - which in turn will most probably require you to set up internet banking and/or an agreement with your bank in the UK so they can accept faxed payment instructions from you when you are in Australia.

Best regards.



Originally Posted by itsasecret
Hi,

Im already set up with HIFX UK. But i want to be able to buy some $$ when im over in Oz when the exchange rate gets better.

I know that HIFX have an office in Australia, will they except a Sterling Cheque? My funds will be in the UK (In my bank) and when i want to deal I want to be able to just send HIFX Australia a sterling cheque. I cant do this via HIFX Uk as it would take a while to send the cheque from Australia and they only give you a few days to make payment/dopsits.

Anyone done any dealings with HIFX Australia?

Thanks.
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Old Oct 19th 2004, 3:42 pm
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Default Re: Hifx Australia.

Originally Posted by Alan Collett
I suggest you might call Naomi or one of her colleagues at HIFX in Sydney - contact details are at http://www.hifx.com.au/index.asp, and if you want an intro you can say that Alan at Go Matilda mentioned them to you.

For reference HIFX (Australia) have a client bank account in the UK, and I think it probable that you will need to be in a position to transfer funds into that account (at Barclays I recall) when you want to buy A$'s - which in turn will most probably require you to set up internet banking and/or an agreement with your bank in the UK so they can accept faxed payment instructions from you when you are in Australia.

Best regards.

You should be able to do an electronic transfer from anywhere in the world I think?
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Old Oct 20th 2004, 10:34 am
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Default Re: Hifx Australia.

Agreed, but if you have a bank account already in the UK it would be easiest (and should be cheapest) to remit funds to another UK£ bank account in the UK ...

Best regards.



Originally Posted by 65 million
You should be able to do an electronic transfer from anywhere in the world I think?
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Old Oct 21st 2004, 1:33 am
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Default Re: Hifx Australia.

Originally Posted by Alan Collett
Agreed, but if you have a bank account already in the UK it would be easiest (and should be cheapest) to remit funds to another UK£ bank account in the UK ...

Best regards.
Unless you bank with NatWest...

I had horrendous problems with NatWest due to leaving it too late to transfer as I was waiting for the rate to improve.

1. I set up a HIFX account in the UK.

2. I didn't realise it's against regulations to deal with them when you get to Oz, when this was explained to me I had to set up an Oz HIFX account (same process, more or less - fax your details).

3. I then had to 'do a deal' (agreeing the rate over the phone) with HIFX OZ and arrange for the funds to be transferred from my UK NatWest account to HIFX's UK account. This is where my problems began...

I left my UK current account open to deal with final bills and any other loose ends, actually it's still open, which is probably a bit naughty, anyway - when I phoned NatWest and explained that I wanted to transfer from my current account to another UK current account from Oz (where I was on 'holiday') they said I couldn't do it over the phone, or fax - nope, I'd have to send them signed written instructions. HIFX had a contract date a week later - this meant I'd have to get the written instructions to the UK and get NatWest to do the transfer within a week. Of course this was impossible - in fact, while I sent the paperwork (about $20) to the address they specified, when I chased it up I was told that all paperwork goes to a central loaction regardless of the branch address specified. This was a week and a half later when HIFX had already rolled the contract date forward by a week and NatWest said they still hadn't received the original instructions. I then had to send them again by special post (EMS? - cost about $45). When I finally heard from NatWest a week later (HIFX had rolled forward a week again) they had the instructions - but the original ones - I knew there was another written instruction on the way which said the original had been lost and to ignore it if it turned up. After several phone calls at all hours of the night I finally got it sorted out 3 weeks after the original contract date.

I don't have internet banking with NatWest but so wish I had. There again, if it's anything like the NatWest/Royal Bank of Scotland IT systems I've worked on in the past it may have been easier to do it all by snail mail.

Anyway, finally got my money at a rate of 2.525.

Cheers,

Big.
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Old Oct 21st 2004, 1:47 am
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Default Re: Hifx Australia.

Eeeeek!

The other point to be aware of with NatWest is that I believe the maximum total daily transfers possible online via their NetBanking arrangements is £10,000 ...

Best to set up an agreement for the bank to accept a payment authority by fax before you depart the UK. I know this is possible because I've done it ...

Best regards.



Originally Posted by Big Galah
Unless you bank with NatWest...

I had horrendous problems with NatWest due to leaving it too late to transfer as I was waiting for the rate to improve.

1. I set up a HIFX account in the UK.

2. I didn't realise it's against regulations to deal with them when you get to Oz, when this was explained to me I had to set up an Oz HIFX account (same process, more or less - fax your details).

3. I then had to 'do a deal' (agreeing the rate over the phone) with HIFX OZ and arrange for the funds to be transferred from my UK NatWest account to HIFX's UK account. This is where my problems began...

I left my UK current account open to deal with final bills and any other loose ends, actually it's still open, which is probably a bit naughty, anyway - when I phoned NatWest and explained that I wanted to transfer from my current account to another UK current account from Oz (where I was on 'holiday') they said I couldn't do it over the phone, or fax - nope, I'd have to send them signed written instructions. HIFX had a contract date a week later - this meant I'd have to get the written instructions to the UK and get NatWest to do the transfer within a week. Of course this was impossible - in fact, while I sent the paperwork (about $20) to the address they specified, when I chased it up I was told that all paperwork goes to a central loaction regardless of the branch address specified. This was a week and a half later when HIFX had already rolled the contract date forward by a week and NatWest said they still hadn't received the original instructions. I then had to send them again by special post (EMS? - cost about $45). When I finally heard from NatWest a week later (HIFX had rolled forward a week again) they had the instructions - but the original ones - I knew there was another written instruction on the way which said the original had been lost and to ignore it if it turned up. After several phone calls at all hours of the night I finally got it sorted out 3 weeks after the original contract date.

I don't have internet banking with NatWest but so wish I had. There again, if it's anything like the NatWest/Royal Bank of Scotland IT systems I've worked on in the past it may have been easier to do it all by snail mail.

Anyway, finally got my money at a rate of 2.525.

Cheers,

Big.
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Old Oct 21st 2004, 3:21 am
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Default Re: Hifx Australia.

Originally Posted by itsasecret
Hi,

Im already set up with HIFX UK. But i want to be able to buy some $$ when im over in Oz when the exchange rate gets better.

I know that HIFX have an office in Australia, will they except a Sterling Cheque? My funds will be in the UK (In my bank) and when i want to deal I want to be able to just send HIFX Australia a sterling cheque. I cant do this via HIFX Uk as it would take a while to send the cheque from Australia and they only give you a few days to make payment/dopsits.

Anyone done any dealings with HIFX Australia?

Thanks.
I was in this exact situation. There are 2 things of note

Firstly you used to be able to deal with HIFX in the UK when in Oz but now the Oz authorities have stopped this. Therefore you will have to set up an account with HIFX in Oz. Just as easy as setting up a UK account.

Secondly they are closely linked and I think the Oz business actually uses the UK client bank accounts. Even if it doesn't all the time it is no problem on an individual basis and you can still transfer your funds to the UK accounts even though you are officially dealing with the Oz business.
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Old Oct 21st 2004, 3:24 am
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Default Re: Hifx Australia.

Dunno how Alan managed to set up that fax authority - all the banks with whom I have accounts in the UK said a definite NO to this, it all had to be done using the signed orginal forms. As a matter of interest, which bank was it, Alan?

There are far too many tales of woe kicking around about so-called 'international banking' - evey time I read an expats newspaper there's some new perfidy related to it. The latest for me is that it has just taken me *3 weeks* to get hold of my salary from the UK.

The procedures put in place by the banks in the last few years to make transfering money so difficult are supposed to prevent money-laundering (specifically of terrorists' funds). However all they've served to do is to p*ss off innocent members of the public, while all the evidence shows that the money launderers are merrily carrying on as before.

IMO we should all be writing to the boards of our banks to complain about this, as it is in no-one's best interest.

Anya
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Old Oct 21st 2004, 3:31 am
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Default Re: Hifx Australia.

I can do it with my NatWest personal account, and with my Collett & Co client bank accounts, which are with Cater Allen. I spoke with the latter earlier this week as I have to distribute some funds within the UK, and they said I should fax details and they will do the rest (for no fee).

Maybe I should offer to hold monies on behalf of you guys, and to transfer funds to hifx as and when you want to convert UK£'s into A$'s ... :-))

Incidentally, I believe the hifx client account for the Sydney office isn't the same one as that which is used by the company in the UK.

Best regards.




Originally Posted by anya4oz
Dunno how Alan managed to set up that fax authority - all the banks with whom I have accounts in the UK said a definite NO to this, it all had to be done using the signed orginal forms. As a matter of interest, which bank was it, Alan?

There are far too many tales of woe kicking around about so-called 'international banking' - evey time I read an expats newspaper there's some new perfidy related to it. The latest for me is that it has just taken me *3 weeks* to get hold of my salary from the UK.

The procedures put in place by the banks in the last few years to make transfering money so difficult are supposed to prevent money-laundering (specifically of terrorists' funds). However all they've served to do is to p*ss off innocent members of the public, while all the evidence shows that the money launderers are merrily carrying on as before.

IMO we should all be writing to the boards of our banks to complain about this, as it is in no-one's best interest.

Anya
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Old Oct 21st 2004, 7:25 am
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Default Re: Hifx Australia.

Originally Posted by anya4oz
Dunno how Alan managed to set up that fax authority - all the banks with whom I have accounts in the UK said a definite NO to this, it all had to be done using the signed orginal forms. As a matter of interest, which bank was it, Alan?

There are far too many tales of woe kicking around about so-called 'international banking' - evey time I read an expats newspaper there's some new perfidy related to it. The latest for me is that it has just taken me *3 weeks* to get hold of my salary from the UK.

The procedures put in place by the banks in the last few years to make transfering money so difficult are supposed to prevent money-laundering (specifically of terrorists' funds). However all they've served to do is to p*ss off innocent members of the public, while all the evidence shows that the money launderers are merrily carrying on as before.

IMO we should all be writing to the boards of our banks to complain about this, as it is in no-one's best interest.

Anya
I did mine with a fax authority with Natwest - they phoned me back afterwards to confirm. Set it up with the manager of the local branch by going to see him personally.
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Old Oct 21st 2004, 7:29 am
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Default Re: Hifx Australia.

Originally Posted by anya4oz
Dunno how Alan managed to set up that fax authority - all the banks with whom I have accounts in the UK said a definite NO to this, it all had to be done using the signed orginal forms. As a matter of interest, which bank was it, Alan?
I set up a fax authority with HSBC in the UK, no problems.
 
Old Oct 21st 2004, 7:31 am
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Question Re: Hifx Australia.

i am abit confused now. we are hoping to transfer some money over to australia once a month as my husband will still we getting a UK wage. Can we do this ourselves or do we need to use someone like hifx, and if we do hifx in uk or australia.
amanda
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