HIFX- OX to UK

Old Apr 13th 2013, 11:26 am
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Default HIFX- OX to UK

Anyone sent large money from OZ to UK with HIFX ?
I would be really nervous of my local bank cocking up the transfer of life savings to HIFX (limit to Uk 350 k in one go)
Also, the transfer of money into a UK vulnerable bank..ie Halifax, RBS ,given ths savings guarantee is only 85k.
I'd be on terterhooks until deposited in UK account for sure
For UK transfer, do you need just acct /sort code ? or SWIFT or other code ?
Just theoretical
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Old Apr 13th 2013, 2:45 pm
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Default Re: HIFX- OX to UK

Just have accounts in Australia and the UK in the same currency that you want to make the transfer in and there will be no issues whatsoever.

If you are worried about your bank going under then you need to do some research and NOT have an account at a bank you do not feel comfortable with. It's as simple as that.

For UK transfer you just need an account number and sort code, for transfer TO the UK you are better off with your account number in IBAN format and a SWIFT code. Those two are the key.
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Old Apr 13th 2013, 4:24 pm
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Default Re: HIFX- OX to UK

If HIFX is the same as Ozforex who I use regularly then it works like this:

You sort the deal with the representative.
You transfer from you Australian Bank to their Australian Bank having previously provided the sort code and account number of your UK bank.
They do the rest.

It really is that simple. I do it regularly with Ozforex, it all gets done online apart from a confirmation call from the broker at Ozforex.

As for the rest I have no idea.
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Old Apr 13th 2013, 6:56 pm
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Default Re: HIFX- OX to UK

Maybe another important question here is how solid are currency brokers like HFX, Moneycorp etc. Ther are not banks and are not regulated like banks and for a brief period whilst your transfer takes place, they have your money. I don't think it is held in an escrow account?

That said, I use both of these myself as they offer real savings over high street banks, but I wouldn't shift the whole of my savings in one lump that way. In any case, I don't think you will get an excahnge rate which is massively different for the higher sums. For some reason, they seem reluctant to disclose their break points where the rate changes. The only way I found is to use their online facility and get a series of quotes for different amounts.
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Old Apr 15th 2013, 7:42 am
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Default Re: HIFX- OX to UK

OzForex and HiFX are not the same company.

OzForex are part of the OzForex Group - we have a number of other brands, notably, USForex, UKForex, NZForex and CanadianForex. Combined we are one of the biggest foreign exchange providers in the world. You can read dmore about us here: http://www.ozforex.com.au/about-us/the-company.
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Old Apr 15th 2013, 8:24 am
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Default Re: HIFX- OX to UK

Originally Posted by KurtC
OzForex and HiFX are not the same company.

OzForex are part of the OzForex Group - we have a number of other brands, notably, USForex, UKForex, NZForex and CanadianForex. Combined we are one of the biggest foreign exchange providers in the world. You can read dmore about us here: http://www.ozforex.com.au/about-us/the-company.
I know that, I was meaning in the way they sort out their deals. I use Ozforex every month so know that.
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Old Apr 15th 2013, 8:42 am
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Default Re: HIFX- OX to UK

FWIW, the FCA (was FSA) £85K 'guarantee' is per person per banking group. Thus a couple (for accounts in joint names) has a £170K 'guarantee'. You can spread as well but not different accounts in the same banking group eg accounts with Halifax and BOS count as 1 but a couple can in theory put £170 in RBS group, £170 in HSBC group etc and be 'guaranteed' they are covered.

Thus, if anyone was worried about transferring to the UK, as long as you choose institutions covered by the FCA you can't go wrong. If you have more than £85K for a single person or £170K for a couple then you transfer to more than one banking group.

As said, the mechanics are very straight forward providing you furnish the OzForex, HIFX or whatever dealer with the appropriate information about your UK account(s).

Last edited by OzTennis; Apr 15th 2013 at 8:59 am.
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Old Apr 15th 2013, 9:00 am
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Default Re: HIFX- OX to UK

Originally Posted by Pennines49
Anyone sent large money from OZ to UK with HIFX ?
I would be really nervous of my local bank cocking up the transfer of life savings to HIFX (limit to Uk 350 k in one go)
Also, the transfer of money into a UK vulnerable bank..ie Halifax, RBS ,given ths savings guarantee is only 85k.
I'd be on terterhooks until deposited in UK account for sure
For UK transfer, do you need just acct /sort code ? or SWIFT or other code ?
Just theoretical
A swift/bic code and an IBAN (international bank account number) might be essential. Best to check with your bank. I'd shop around in terms of foreign exchange providers to see which one can offer you the best exchange rate.
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