Foreign Exchange

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Setting up a Regular Payment Abroad (RPA) will take no more than a few minutes of your time. Simply follow the steps below to start making regular currency transfers abroad:

Setting up your account

  1. If you are not already a client of HiFX, we first need to register you as a client in order to open a foreign exchange account, enabling you to instruct a dealer to buy or sell currency over the telephone. You will find more detailed information on the account opening process in our common questions section .
  2. Having discussed your requirements your dealer will offer you an exchange rate. If you are happy with the rate offered, you should instruct your dealer to proceed with the transaction. 

Transferring £’s from the UK

Once you have bought your currency from HiFX, your dealer will arrange a direct debit over the telephone to avoid the need to complete any additional paperwork. You will need to pay a deposit for the contract which is equal to one month’s payment for each year of the contract. The deposit is then used for the final payment(s).  

Please note that the initial deposit will be automatically taken after 10 calendar days. Thereafter, ongoing direct debits will be collected on a pre-agreed date every month. Should your first payment be required within 10 days, the deposit and first instalment can be made by bank transfer.

Once this has been arranged, you will receive a Contract Note (invoice). The Contract Note details the collection dates and amounts to be debited from your UK bank. Please fill in and return the Onward Payment Instructions Form (telling us where you require the currency to be sent).

Transferring US$’s from the USA or €’s from Spain

Once you have bought your currency from HiFX at an agreed rate, you will receive a Contract Note(invoice) and Direct Debit Form. The contract note details the collection dates and amounts to be transferred from your bank. You will need to pay a deposit for the contract which is equal to one month’s payment for each year of the contract. The deposit is then used for the final payment(s).

Note: as the direct debit may take up to 4 weeks to establish you need to pay HiFX the deposit by bank transfer. Please also fill in and return the onward payment instructions Form (telling us where you require the currency to be sent) and the direct debit form.