Ozforex vs. HiFX (read the small print!)
#1
Ozforex vs. HiFX (read the small print!)
Having set up our Oz bank accounts we're getting closer to transferring our money across.
I've now read the "client agreements" of both Ozforex and HiFX and discovered one important difference between the two (well, important to me anyway).
Ozforex's small print says they don't hold "client funds on trust or in segregated accounts". HiFX however *do* hold client monies in their client trust bank account which is seperately identifiable from HiFX's own funds. This means that our funds are held separately from company funds, protecting them from creditors.
What this means is that if Ozforex were to go bust, we would just be one in a possibly long line of creditors amd may lose all our money they are holding at the time. If HiFX were to go bust, we would get all our money back.
Ozforex would probably say there is no chance of them ever going bust. But we are in our 40s and transferring our life savings. However small/unlikely the risk - we can't risk it.
So, we'll go for HiFX for the "big" transfer and with Ozforex (tranzfers) for the little ones. (HiFX don't do little transfers.)
If you think I am being over cautious that's fine, but someone may find the above helpful.
Gina
I've now read the "client agreements" of both Ozforex and HiFX and discovered one important difference between the two (well, important to me anyway).
Ozforex's small print says they don't hold "client funds on trust or in segregated accounts". HiFX however *do* hold client monies in their client trust bank account which is seperately identifiable from HiFX's own funds. This means that our funds are held separately from company funds, protecting them from creditors.
What this means is that if Ozforex were to go bust, we would just be one in a possibly long line of creditors amd may lose all our money they are holding at the time. If HiFX were to go bust, we would get all our money back.
Ozforex would probably say there is no chance of them ever going bust. But we are in our 40s and transferring our life savings. However small/unlikely the risk - we can't risk it.
So, we'll go for HiFX for the "big" transfer and with Ozforex (tranzfers) for the little ones. (HiFX don't do little transfers.)
If you think I am being over cautious that's fine, but someone may find the above helpful.
Gina
#2
Account Closed
Joined: Jul 2005
Posts: 1,693
Re: Ozforex vs. HiFX (read the small print!)
Having set up our Oz bank accounts we're getting closer to transferring our money across.
I've now read the "client agreements" of both Ozforex and HiFX and discovered one important difference between the two (well, important to me anyway).
Ozforex's small print says they don't hold "client funds on trust or in segregated accounts". HiFX however *do* hold client monies in their client trust bank account which is seperately identifiable from HiFX's own funds. This means that our funds are held separately from company funds, protecting them from creditors.
What this means is that if Ozforex were to go bust, we would just be one in a possibly long line of creditors amd may lose all our money they are holding at the time. If HiFX were to go bust, we would get all our money back.
Ozforex would probably say there is no chance of them ever going bust. But we are in our 40s and transferring our life savings. However small/unlikely the risk - we can't risk it.
So, we'll go for HiFX for the "big" transfer and with Ozforex (tranzfers) for the little ones. (HiFX don't do little transfers.)
If you think I am being over cautious that's fine, but someone may find the above helpful.
Gina
I've now read the "client agreements" of both Ozforex and HiFX and discovered one important difference between the two (well, important to me anyway).
Ozforex's small print says they don't hold "client funds on trust or in segregated accounts". HiFX however *do* hold client monies in their client trust bank account which is seperately identifiable from HiFX's own funds. This means that our funds are held separately from company funds, protecting them from creditors.
What this means is that if Ozforex were to go bust, we would just be one in a possibly long line of creditors amd may lose all our money they are holding at the time. If HiFX were to go bust, we would get all our money back.
Ozforex would probably say there is no chance of them ever going bust. But we are in our 40s and transferring our life savings. However small/unlikely the risk - we can't risk it.
So, we'll go for HiFX for the "big" transfer and with Ozforex (tranzfers) for the little ones. (HiFX don't do little transfers.)
If you think I am being over cautious that's fine, but someone may find the above helpful.
Gina
Dave
#3
Re: Ozforex vs. HiFX (read the small print!)
After the christmas hamper saga on the news, this is very useful info due to the amounts people transfer. Good thinking, really useful!
J x
J x
#4
Re: Ozforex vs. HiFX (read the small print!)
You never know in this day and age.
Its takes a lifetime to save your hard earned cash but only a moment to loose it. How any times do we hear these sort of stories with large multi nationals going bust and innocent people loosing their life savings????
Heart breaking.
FF.
#5
Re: Ozforex vs. HiFX (read the small print!)
Having set up our Oz bank accounts we're getting closer to transferring our money across.
I've now read the "client agreements" of both Ozforex and HiFX and discovered one important difference between the two (well, important to me anyway).
Ozforex's small print says they don't hold "client funds on trust or in segregated accounts". HiFX however *do* hold client monies in their client trust bank account which is seperately identifiable from HiFX's own funds. This means that our funds are held separately from company funds, protecting them from creditors.
What this means is that if Ozforex were to go bust, we would just be one in a possibly long line of creditors amd may lose all our money they are holding at the time. If HiFX were to go bust, we would get all our money back.
Ozforex would probably say there is no chance of them ever going bust. But we are in our 40s and transferring our life savings. However small/unlikely the risk - we can't risk it.
So, we'll go for HiFX for the "big" transfer and with Ozforex (tranzfers) for the little ones. (HiFX don't do little transfers.)
If you think I am being over cautious that's fine, but someone may find the above helpful.
Gina
I've now read the "client agreements" of both Ozforex and HiFX and discovered one important difference between the two (well, important to me anyway).
Ozforex's small print says they don't hold "client funds on trust or in segregated accounts". HiFX however *do* hold client monies in their client trust bank account which is seperately identifiable from HiFX's own funds. This means that our funds are held separately from company funds, protecting them from creditors.
What this means is that if Ozforex were to go bust, we would just be one in a possibly long line of creditors amd may lose all our money they are holding at the time. If HiFX were to go bust, we would get all our money back.
Ozforex would probably say there is no chance of them ever going bust. But we are in our 40s and transferring our life savings. However small/unlikely the risk - we can't risk it.
So, we'll go for HiFX for the "big" transfer and with Ozforex (tranzfers) for the little ones. (HiFX don't do little transfers.)
If you think I am being over cautious that's fine, but someone may find the above helpful.
Gina
#6
Joined: Jan 2006
Location: Sydney
Posts: 47
Re: Ozforex vs. HiFX (read the small print!)
Naturally we are keen to respond and highlight the safety of using OzForex. The comments below with repect to the UK are general in nature.
:: Regulation:
Australia is fully regulated for foregn exchange where the UK is not. In the UK absolutely anybody can open a forex business without any financial regulatory oversight.
The UK has the FSA which is equivalent to ASIC in Australia. As far as I know none of brokers in the UK are regulated by the FSA. The HMRC in the UK (which UK operators must register with) only checks money laundering compliance and does not police financial security, training, insurance, etc.
ASIC in Australia requires that we meet minimum captial requirements like a bank, requires that we submit audited financials, ensure staff undergo significant and ongoing training among many other requirements. It's extremely onerous to comply with which is why there are very few independent forex providers in Australia, where in the UK there are literally 100s.
So if you choose a UK provider they are not regulated (except for money laundering), if you choose an Australian provider they are fully regulated. If a UK provider has an Australian office, that office may be regulated but the parent company is probably not.
:: Insurance:
OzForex carries very high levels of insurance for "Professional Indemnity" and "Crime". This protects our company (and your funds) against fraud and many other risks. This is not required in the UK (because its not regulated) but is required in Australia.
:: Ownership:
There will be announcement later today about OzForex that will make even the most cautious BE member feel OzForex is by far the safest of non-bank providers. I will post a part two to this response ASAP.
I know HIFX to be reputable so I am not saying they are unsafe, I am just saying we are safe as well even though the businesses run in different regulatory environments. Thanks for listening and happy to respond to any questions.
Kind regards,
Matt Gilmour
Managing Director
Last edited by mgilmour; Jun 14th 2007 at 11:06 pm.
#7
Re: Ozforex vs. HiFX (read the small print!)
FWIW I have found OzForex and Tranzfers to be very proactive and helpful: I use them each month to bring my pension across.
#8
Re: Ozforex vs. HiFX (read the small print!)
Having set up our Oz bank accounts we're getting closer to transferring our money across.
I've now read the "client agreements" of both Ozforex and HiFX and discovered one important difference between the two (well, important to me anyway).
Ozforex's small print says they don't hold "client funds on trust or in segregated accounts". HiFX however *do* hold client monies in their client trust bank account which is seperately identifiable from HiFX's own funds. This means that our funds are held separately from company funds, protecting them from creditors.
What this means is that if Ozforex were to go bust, we would just be one in a possibly long line of creditors amd may lose all our money they are holding at the time. If HiFX were to go bust, we would get all our money back.
I've now read the "client agreements" of both Ozforex and HiFX and discovered one important difference between the two (well, important to me anyway).
Ozforex's small print says they don't hold "client funds on trust or in segregated accounts". HiFX however *do* hold client monies in their client trust bank account which is seperately identifiable from HiFX's own funds. This means that our funds are held separately from company funds, protecting them from creditors.
What this means is that if Ozforex were to go bust, we would just be one in a possibly long line of creditors amd may lose all our money they are holding at the time. If HiFX were to go bust, we would get all our money back.
#9
Banned
Joined: Jun 2007
Posts: 10
Re: Ozforex vs. HiFX (read the small print!)
Rgds
#10
Re: Ozforex vs. HiFX (read the small print!)
Ozforex seem to be only interested in those based in the UK. Even though I have a large amount of money to transfer, they have not got back to me both times I have set up accounts : (
#11
Re: Ozforex vs. HiFX (read the small print!)
When I set up my Ozforex account I got a reminder email from HIFX the next day asking if I wanted to remain on their list.
Just a pure coincidence.
Or very suspicious...
Just a pure coincidence.
Or very suspicious...
#12
Re: Ozforex vs. HiFX (read the small print!)
i have to say
that i have had no problems transfering 2 large amounts (well large to us) with Ozforex
I have found them to be helpful in both the UK and since being here in Oz!
I would recommend them everytime,
I have heard a few stories regarding HIFX, but then i suppose there are stories regarding Ozforex as well
I can only speak from personal experience and thier customer service is one of the best that i have ever had to deal with
that i have had no problems transfering 2 large amounts (well large to us) with Ozforex
I have found them to be helpful in both the UK and since being here in Oz!
I would recommend them everytime,
I have heard a few stories regarding HIFX, but then i suppose there are stories regarding Ozforex as well
I can only speak from personal experience and thier customer service is one of the best that i have ever had to deal with
#13
Re: Ozforex vs. HiFX (read the small print!)
i have to say
that i have had no problems transfering 2 large amounts (well large to us) with Ozforex
I have found them to be helpful in both the UK and since being here in Oz!
I would recommend them everytime,
I have heard a few stories regarding HIFX, but then i suppose there are stories regarding Ozforex as well
I can only speak from personal experience and thier customer service is one of the best that i have ever had to deal with
that i have had no problems transfering 2 large amounts (well large to us) with Ozforex
I have found them to be helpful in both the UK and since being here in Oz!
I would recommend them everytime,
I have heard a few stories regarding HIFX, but then i suppose there are stories regarding Ozforex as well
I can only speak from personal experience and thier customer service is one of the best that i have ever had to deal with
Just wish the B****y rate would go :curse:up so that we can use them again
#14
Re: Ozforex vs. HiFX (read the small print!)
I've used both. Both were just as helpful and had similar rates, but i switched from HiFX to OzForex as even though I did all the laundering checks in the UK I had to repeat them all again once i had migrated to Oz. Annoyed me in having to do that, and as a result perfect excuse to switch and try OzForex.
After using both, I find OzForex alot simpler to use online and trade, but it does lack a bit of personal touch that HiFX has in their not-so automated systems. Personally i prefer Ozforex.
Both unfortunately cant/wont give advice or at least give a speculative opinion as to where rates are possibly going with the forcasted news on the horizon. They all refer you to charts which we all know are historical and no indication of what will happen. A little more off the cuff "information" would be nice - and yes put some clause that we wont sue you for getting it wrong....!
After using both, I find OzForex alot simpler to use online and trade, but it does lack a bit of personal touch that HiFX has in their not-so automated systems. Personally i prefer Ozforex.
Both unfortunately cant/wont give advice or at least give a speculative opinion as to where rates are possibly going with the forcasted news on the horizon. They all refer you to charts which we all know are historical and no indication of what will happen. A little more off the cuff "information" would be nice - and yes put some clause that we wont sue you for getting it wrong....!
#15
Re: Ozforex vs. HiFX (read the small print!)
Naturally we are keen to respond and highlight the safety of using OzForex. The comments below with repect to the UK are general in nature.
:: Regulation:
Australia is fully regulated for foregn exchange where the UK is not. In the UK absolutely anybody can open a forex business without any financial regulatory oversight.
The UK has the FSA which is equivalent to ASIC in Australia. As far as I know none of brokers in the UK are regulated by the FSA. The HMRC in the UK (which UK operators must register with) only checks money laundering compliance and does not police financial security, training, insurance, etc.
ASIC in Australia requires that we meet minimum captial requirements like a bank, requires that we submit audited financials, ensure staff undergo significant and ongoing training among many other requirements. It's extremely onerous to comply with which is why there are very few independent forex providers in Australia, where in the UK there are literally 100s.
So if you choose a UK provider they are not regulated (except for money laundering), if you choose an Australian provider they are fully regulated. If a UK provider has an Australian office, that office may be regulated but the parent company is probably not.
:: Insurance:
OzForex carries very high levels of insurance for "Professional Indemnity" and "Crime". This protects our company (and your funds) against fraud and many other risks. This is not required in the UK (because its not regulated) but is required in Australia.
:: Ownership:
There will be announcement later today about OzForex that will make even the most cautious BE member feel OzForex is by far the safest of non-bank providers. I will post a part two to this response ASAP.
I know HIFX to be reputable so I am not saying they are unsafe, I am just saying we are safe as well even though the businesses run in different regulatory environments. Thanks for listening and happy to respond to any questions.
Kind regards,
Matt Gilmour
Managing Director
:: Regulation:
Australia is fully regulated for foregn exchange where the UK is not. In the UK absolutely anybody can open a forex business without any financial regulatory oversight.
The UK has the FSA which is equivalent to ASIC in Australia. As far as I know none of brokers in the UK are regulated by the FSA. The HMRC in the UK (which UK operators must register with) only checks money laundering compliance and does not police financial security, training, insurance, etc.
ASIC in Australia requires that we meet minimum captial requirements like a bank, requires that we submit audited financials, ensure staff undergo significant and ongoing training among many other requirements. It's extremely onerous to comply with which is why there are very few independent forex providers in Australia, where in the UK there are literally 100s.
So if you choose a UK provider they are not regulated (except for money laundering), if you choose an Australian provider they are fully regulated. If a UK provider has an Australian office, that office may be regulated but the parent company is probably not.
:: Insurance:
OzForex carries very high levels of insurance for "Professional Indemnity" and "Crime". This protects our company (and your funds) against fraud and many other risks. This is not required in the UK (because its not regulated) but is required in Australia.
:: Ownership:
There will be announcement later today about OzForex that will make even the most cautious BE member feel OzForex is by far the safest of non-bank providers. I will post a part two to this response ASAP.
I know HIFX to be reputable so I am not saying they are unsafe, I am just saying we are safe as well even though the businesses run in different regulatory environments. Thanks for listening and happy to respond to any questions.
Kind regards,
Matt Gilmour
Managing Director
I used Hifx on my way out to Oz and had no problems. We are now using Ozforex as we are back in the UK and I have done a number of transfers with them now in the last few months to and from Oz and they have been brilliant. Even when I accidently transferred $20k to them because I was testing my bank account and didn't think it would allow me to transfer that much and it did, I just rang up and they sent it straight back! Just wanted to put in a good word.
Jo