HiFx recent money transfer anyone?
#1
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Joined: Oct 2011
Location: Wellington - I miss Castles, the NHS & English school system
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HiFx recent money transfer anyone?
Have you had to pay for the money to go into your NZ bank account?
last transfer I made was over a year ago, was over the £3000 so did not pay HiFx and as far as I am aware, I have never paid for the money to be deposited into my ANZ bank account.
can anyone shed any light?
last transfer I made was over a year ago, was over the £3000 so did not pay HiFx and as far as I am aware, I have never paid for the money to be deposited into my ANZ bank account.
can anyone shed any light?
#2
Forum Regular
Joined: Aug 2014
Posts: 181
Re: HiFx recent money transfer anyone?
We get charged at both ends when transferring money from UK account to NZ account 😁
#3
Re: HiFx recent money transfer anyone?
I've transferred money with both HiFx and NZforex. THe NZforex transfer was just a couple of months ago. I have not been charged by our receiving bank this end . Nor have we been charged by the exiting back in the UK.
#4
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Joined: Oct 2009
Location: Lower Hutt
Posts: 243
Re: HiFx recent money transfer anyone?
I used NZForex a few weeks ago, and a similar company a few years ago, to go from Nationwide to ANZ, no charges. Someone did a swift transfer (bank to bank) from the UK to our bank, we got charged and so did they. Companies like HiFix incur those landing charges on your behalf, so they're cheaper in the long run.
#5
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Joined: Jul 2015
Posts: 15
Re: HiFx recent money transfer anyone?
I used UKForex (same company as ozforex and nzforex) - no charges either end. You transfer your money from your UK bank account to their UK bank account in sterling (so no charges there) and then they transfer the money from their NZ account to your NZ bank account in NZD (so no charges at the other end).
I looked into other companies but not all have NZ branches so there could be international payment fees imposed by your NZ bank to receive money from abroad
I looked into other companies but not all have NZ branches so there could be international payment fees imposed by your NZ bank to receive money from abroad
#6
Re: HiFx recent money transfer anyone?
I've used xe. com, moneycorp and hifx and never been charged, either by my UK bank (Halifax) or NZ Bank (Kiwibank). This is because I send pounds from my UK account to the exchange company, and they send dollars to NZ, so no exchange rate fees apply. I don't really understand why you would be charged unless there is some misunderstanding and you have sent pounds to NZ by mistake. Can't explain it.
#7
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Joined: Oct 2011
Location: Wellington - I miss Castles, the NHS & English school system
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Re: HiFx recent money transfer anyone?
so it seems direct bank to bank incurs charges but if you use a middle man, exchange company, and are transferring an amount over their criteria to pay fees to them then its free.
#8
Re: HiFx recent money transfer anyone?
Having considered it, I wonder whether there is some confusion between currency conversion and a bank transferring money overseas. I can see how both would incur a fee, so if dealing with banks, your UK bank charged you for sending pounds abroad and the receiving bank charged you for converting to NZ dollars. When I send money to an intermediary their bank account is in the UK. By the time the money gets to NZ it has already been converted into dollars, so no bank fees.
#9
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Location: Auckland
Posts: 35
Re: HiFx recent money transfer anyone?
Seems you cannot be sure whether you will get charged or not - ANZ said there would be a charge and the following is quoted from the HiFX FAQ on their website:
"Charges
Whilst we always send the exact amount of money you specify in the transaction, the bank receiving your funds, or an intermediary bank, may deduct fees when crediting the payment. Unfortunately we have no control over these charges and therefore we won't reimburse you, should you be charged."
And this from TorFx Terms and Condition:
"16.1 TORFX will send the full amount of currency converted to the Payee in accordance with the Payment Instruction. However TORFX cannot guarantee the Payee's payment service provider will not deduct a charge for receiving any Onward Payment. It is the responsibility of the Client to confirm with the Payee's payment service provider the details of any charges."
"Charges
Whilst we always send the exact amount of money you specify in the transaction, the bank receiving your funds, or an intermediary bank, may deduct fees when crediting the payment. Unfortunately we have no control over these charges and therefore we won't reimburse you, should you be charged."
And this from TorFx Terms and Condition:
"16.1 TORFX will send the full amount of currency converted to the Payee in accordance with the Payment Instruction. However TORFX cannot guarantee the Payee's payment service provider will not deduct a charge for receiving any Onward Payment. It is the responsibility of the Client to confirm with the Payee's payment service provider the details of any charges."
#10
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Joined: Jul 2014
Location: Beachlands, Auckland
Posts: 229
Re: HiFx recent money transfer anyone?
I use HiFx. Kiwibank charge me on this end - can't remember how much - 12 bucks or something I think.
#11
Nz
Joined: Mar 2012
Location: Canterbury
Posts: 368
Re: HiFx recent money transfer anyone?
I always transfer money every few weeks with hifx. I pay $12 to transfer it. I have no costs the other side
#12
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Joined: Mar 2008
Location: Kapiti Coast, Wellington
Posts: 704
Re: HiFx recent money transfer anyone?
Companies like Hifix or Moneycorp give you a slightly lower rate which is where they take their commission from. They certainly don't do it for nothing!
#13
Forum Regular
Joined: Nov 2014
Location: Auckland
Posts: 35
Re: HiFx recent money transfer anyone?
We have done a comparison HSBC/HiFx with my daughter in NZ and we in the UK using Facetime. The exchange rate for HiFx was better than the bank.
The rates are obviously all lower than the 'million' rate as used in various Apps and other programs.
The rates are obviously all lower than the 'million' rate as used in various Apps and other programs.
Last edited by 462; Jul 31st 2015 at 8:35 pm. Reason: Addition.
#14
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Joined: Nov 2014
Location: Auckland
Posts: 35
Re: HiFx recent money transfer anyone?
More information. We decided to do an initial test - our UK bank - HiFX to Westpac. We only used the minimum 50GBP for this test. We had to pay HiFX the minimum under £3k transaction charge of £9, but that is normal and accepted. HiFx were paid by debit card.
Westpac charged 27NZD for the transaction/landing fee !!
Westpac charged 27NZD for the transaction/landing fee !!
#15
Re: HiFx recent money transfer anyone?
We used a company, Torfx, for a large sum and smaller sum and each time ANZ charge us $15 for money going in to our NZ account
Last edited by moonie2011; Aug 10th 2015 at 7:08 pm.