Foreign Exchange

Common Questions

Below are some of the most commonly asked questions about FX dealing.  If you have any additional questions, please do not hesitate to ask one of our specialist dealers.

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Do I have to have an account in the destination country?

No – but we do need to pay money into an account i.e. we cannot pay cash.

How do I transfer money to HiFX?

Once you have bought your currency from HiFX, or your Market Order has been filled, you will receive a Contract Note (invoice) detailing our bank details and where you should transmit the funds.    
You can transfer funds to HiFX via:

  • CHAPS
  • BACS
  • Telegraphic Transfer

Please note we do not accept cash, or funds from third parties.*  
*Unless the third party is an FSA regulated company or they are registered lawyers/solicitors.

What should I check before deciding which broker to use?

As with any financial services company, do your research:

  • Check for additional charges (sending and receiving)
  • Check the rate you’re quoted is the rate you’ll receive
  • Check they have direct access to SWIFT, the world’s largest payments and settlements network
  • Check they hold your money in segregated client trust accounts
  • Check they hold professional indemnity insurance

If I use HiFX, is my money safe?

  • HiFX holds your money in segregated client trust accounts with our bankers Barclays.  This means that your funds are held separately from company funds, protecting it from creditors etc.
  • HiFX holds professional indemnity insurance protecting customers' funds from staff fraud etc.
  • HiFX is one of the only currency specialists in the world with direct access to SWIFT. 
  • SWIFT is the world’s largest payments and settlements network for domestic and international trades.  Direct access ensures you, the client, benefit from faster payments and enhanced security. 

How can I keep track of where my funds are?

Please call our Back Office Team on +44 (0)1753 751 751 (Option 3)

What is interbank rate?

This is the rate at which banks and brokers buy and sell money to each other.

Where is my value for money?

Our remit is simple, to protect your company’s profits from inevitable foreign exchange risk. In the process of advising on how to best manage foreign exchange within the risk matrix, we save our clients substantial sums of money.