HIFX ???? is it the same as the banks ????? help please ??
Oct 9th 2008, 9:23 pm
#1
Forum Regular
Thread Starter
Joined: Jan 2008
Location: Essex to Hervey Bay
Posts: 69
HIFX ???? is it the same as the banks ????? help please ??
Hi sorry call me an idiot if you will , but I am a bit concerned if the credit crunch affects HIFX like the banks or not ??
Just sucured a deal with them . Now im in a panic because if the banks are in trouble is it the same for them ?? Could they go under also ?
Only paid 10% , but wouldnt like to loose it .
Would love some opinions please .
Thanks in advance xxx
Just sucured a deal with them . Now im in a panic because if the banks are in trouble is it the same for them ?? Could they go under also ?
Only paid 10% , but wouldnt like to loose it .
Would love some opinions please .
Thanks in advance xxx
Oct 9th 2008, 9:30 pm
#2
BE Enthusiast
Joined: Mar 2008
Location: Manly, NSW
Posts: 313
Re: HIFX ???? is it the same as the banks ????? help please ??
Hi sorry call me an idiot if you will , but I am a bit concerned if the credit crunch affects HIFX like the banks or not ??
Just sucured a deal with them . Now im in a panic because if the banks are in trouble is it the same for them ?? Could they go under also ?
Only paid 10% , but wouldnt like to loose it .
Would love some opinions please .
Thanks in advance xxx
Just sucured a deal with them . Now im in a panic because if the banks are in trouble is it the same for them ?? Could they go under also ?
Only paid 10% , but wouldnt like to loose it .
Would love some opinions please .
Thanks in advance xxx
nervous times though..
Oct 10th 2008, 4:20 pm
#3
BE Enthusiast
Joined: Dec 2004
Posts: 524
Re: HIFX ???? is it the same as the banks ????? help please ??
Hi Goosefat
Completely understand your concerns given the current economic climate.
When using a currency broker your money goes into a client trust account which is segregated from company funds i.e your money will be protected by their Banker (HiFX's corporate bankers are Barclays). This would then come under any Government guarantee protection currently in place depending upon the amount.
When choosing a currency specialist, my check list would be as follows:
- Do they hold your money in segregated client trust accounts. Essentially this means that your funds are held separately from company funds protecting it from creditors etc (as described above).
- Do they have professional indemnity insurance protecting customers from staff fraud etc.
- Do they have direct access to SWIFT. SWIFT is the worlds largest payments and settlements network for domestic and international trades. Direct access ensures you the client benefit from faster payments and enhanced security.
- Do they have audited accounts on their website?
- Any other market memberships or associations? HiFX for example are a member of the IAMTN (International Association of Money Transfer Networks) to lobby the government to try to get the money transfer business regulated as well to protect customers from the smaller brokers.
- How many staff do they have and what turnover? Obviously a medium/large established company is more trustworthy than 2 guys in a room somewhere who have just started up!
Personally if it were me I'd always choose one of the larger brokers. The two largest are HiFX and Moneycorp. Last year for example HiFX handled over £20billion in foreign exchange and helped over 30,000 private individuals buy and sell currency. Approx 20% of our new business comes direct from customers recommending us to their friends and family. We are also trusted by over 2,000 corporate clients including The Royal Mail, HMV and Dyson.
No doubt you will have heard of Martin Lewis' site moneysavingexpert.com. The link below also contains info which may be of interest.
http://www.moneysavingexpert.com/ban...oney-transfers
Hope this helps. Please feel free to email me directly if I can be of any further assistance.
Mark Bodega
Director - HiFX
Completely understand your concerns given the current economic climate.
When using a currency broker your money goes into a client trust account which is segregated from company funds i.e your money will be protected by their Banker (HiFX's corporate bankers are Barclays). This would then come under any Government guarantee protection currently in place depending upon the amount.
When choosing a currency specialist, my check list would be as follows:
- Do they hold your money in segregated client trust accounts. Essentially this means that your funds are held separately from company funds protecting it from creditors etc (as described above).
- Do they have professional indemnity insurance protecting customers from staff fraud etc.
- Do they have direct access to SWIFT. SWIFT is the worlds largest payments and settlements network for domestic and international trades. Direct access ensures you the client benefit from faster payments and enhanced security.
- Do they have audited accounts on their website?
- Any other market memberships or associations? HiFX for example are a member of the IAMTN (International Association of Money Transfer Networks) to lobby the government to try to get the money transfer business regulated as well to protect customers from the smaller brokers.
- How many staff do they have and what turnover? Obviously a medium/large established company is more trustworthy than 2 guys in a room somewhere who have just started up!
Personally if it were me I'd always choose one of the larger brokers. The two largest are HiFX and Moneycorp. Last year for example HiFX handled over £20billion in foreign exchange and helped over 30,000 private individuals buy and sell currency. Approx 20% of our new business comes direct from customers recommending us to their friends and family. We are also trusted by over 2,000 corporate clients including The Royal Mail, HMV and Dyson.
No doubt you will have heard of Martin Lewis' site moneysavingexpert.com. The link below also contains info which may be of interest.
http://www.moneysavingexpert.com/ban...oney-transfers
Hope this helps. Please feel free to email me directly if I can be of any further assistance.
Mark Bodega
Director - HiFX
Oct 11th 2008, 12:01 am
#4
da Bonehead
Joined: Jan 2004
Location: Lion in da jungle
Posts: 22,767
Re: HIFX ???? is it the same as the banks ????? help please ??
No doubt you will have heard of Martin Lewis' site moneysavingexpert.com. The link below also contains info which may be of interest.
http://www.moneysavingexpert.com/ban...oney-transfers
http://www.moneysavingexpert.com/ban...oney-transfers
Interesting link Mark.....
Whoops! Sorry, you've landed on a page that doesn't exist!
Hope your currency transfers are more successful
Oct 11th 2008, 1:03 am
#5
Account Closed
Joined: Jun 2006
Posts: 0
Re: HIFX ???? is it the same as the banks ????? help please ??
Oct 14th 2008, 8:46 pm
#6
Forum Regular
Thread Starter
Joined: Jan 2008
Location: Essex to Hervey Bay
Posts: 69
Re: HIFX ???? is it the same as the banks ????? help please ??
Hi Goosefat
Completely understand your concerns given the current economic climate.
When using a currency broker your money goes into a client trust account which is segregated from company funds i.e your money will be protected by their Banker (HiFX's corporate bankers are Barclays). This would then come under any Government guarantee protection currently in place depending upon the amount.
When choosing a currency specialist, my check list would be as follows:
- Do they hold your money in segregated client trust accounts. Essentially this means that your funds are held separately from company funds protecting it from creditors etc (as described above).
- Do they have professional indemnity insurance protecting customers from staff fraud etc.
- Do they have direct access to SWIFT. SWIFT is the worlds largest payments and settlements network for domestic and international trades. Direct access ensures you the client benefit from faster payments and enhanced security.
- Do they have audited accounts on their website?
- Any other market memberships or associations? HiFX for example are a member of the IAMTN (International Association of Money Transfer Networks) to lobby the government to try to get the money transfer business regulated as well to protect customers from the smaller brokers.
- How many staff do they have and what turnover? Obviously a medium/large established company is more trustworthy than 2 guys in a room somewhere who have just started up!
Personally if it were me I'd always choose one of the larger brokers. The two largest are HiFX and Moneycorp. Last year for example HiFX handled over £20billion in foreign exchange and helped over 30,000 private individuals buy and sell currency. Approx 20% of our new business comes direct from customers recommending us to their friends and family. We are also trusted by over 2,000 corporate clients including The Royal Mail, HMV and Dyson.
No doubt you will have heard of Martin Lewis' site moneysavingexpert.com. The link below also contains info which may be of interest.
http://www.moneysavingexpert.com/ban...oney-transfers
Hope this helps. Please feel free to email me directly if I can be of any further assistance.
Mark Bodega
Director - HiFX
Completely understand your concerns given the current economic climate.
When using a currency broker your money goes into a client trust account which is segregated from company funds i.e your money will be protected by their Banker (HiFX's corporate bankers are Barclays). This would then come under any Government guarantee protection currently in place depending upon the amount.
When choosing a currency specialist, my check list would be as follows:
- Do they hold your money in segregated client trust accounts. Essentially this means that your funds are held separately from company funds protecting it from creditors etc (as described above).
- Do they have professional indemnity insurance protecting customers from staff fraud etc.
- Do they have direct access to SWIFT. SWIFT is the worlds largest payments and settlements network for domestic and international trades. Direct access ensures you the client benefit from faster payments and enhanced security.
- Do they have audited accounts on their website?
- Any other market memberships or associations? HiFX for example are a member of the IAMTN (International Association of Money Transfer Networks) to lobby the government to try to get the money transfer business regulated as well to protect customers from the smaller brokers.
- How many staff do they have and what turnover? Obviously a medium/large established company is more trustworthy than 2 guys in a room somewhere who have just started up!
Personally if it were me I'd always choose one of the larger brokers. The two largest are HiFX and Moneycorp. Last year for example HiFX handled over £20billion in foreign exchange and helped over 30,000 private individuals buy and sell currency. Approx 20% of our new business comes direct from customers recommending us to their friends and family. We are also trusted by over 2,000 corporate clients including The Royal Mail, HMV and Dyson.
No doubt you will have heard of Martin Lewis' site moneysavingexpert.com. The link below also contains info which may be of interest.
http://www.moneysavingexpert.com/ban...oney-transfers
Hope this helps. Please feel free to email me directly if I can be of any further assistance.
Mark Bodega
Director - HiFX
Thanks so much for taking the time to reply in such detail.
I went ahead with the deal , it was fantastic HIFX have been fantastic with all my questions . Also I need to make a few changes and they were great.
Thanks again
Tammy
T
