Foreign Exchange

Common Questions

Here are a selection of the questions we are most commonly asked by clients who want to transfer money abroad:

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
  • Cheque (only for amounts of below £50,000). 

Please note we do not accept cash.

Guide to International Payments and Clearance Times

Payment
method

Clearance
(business days)

Same day
urgent

Spot contract

Forward contract
deposit

Forward contract
balance

CHAPS*

Same day

tick

tick

tick

tick

BACS

3*

cross

cross

tick

tick

Telegraphic
Transfer

1-3

cross

tick

tick

tick

Cash

No

No

No

No

No

* CHAPS - please note the remitting bank may charge you £20-25 for guaranteed same day transfers.
** Payment needs to be sent in good time to ensure it arrives on time. Please speak to a member of the HiFX Team to confirm clearance periods and times.

How does HiFX make money?

Like your high street bank we make our money in the difference between our buy and sell prices i.e. the spread. As we have much lower overheads we can pass these savings on to our customers.  

What regulations exist for Foreign Exchange in Australia and New Zealand?

Unfortunately when it comes to transacting foreign exchange, New Zealand’s present regulatory environment has not addressed the issue of protecting retail customers. Australia’s regulatory environment however is much more sophisticated and leads the way in consumer protection.
In keeping with Australian regulation both HiFX NZ Ltd and HiFX Australia Pty Ltd, have acquired Australian Financial Services Licences (AFSL) and are regulated by the Australian Securities and Investments Commission (ASIC).

ASIC is responsible for enforcing and regulating company and financial services laws to protect consumers, investors and creditors. ASIC regulates the financial markets and corporations within Australia. This provides our clients with the added security that there are strict guidelines and regulations in place to protect their interests

Our registration and licence details are:

HiFX NZ  Ltd: ARBN: 106 779 953
AFS Licence No: 240914
HiFX Australia Pty Ltd. ABN: 78 105 106 045
AFS Licence No: 240917

HiFX is authorised by its licence to offer financial product advice in the following financial products:

  • Deposit and payment products limited to basic deposit products
  • Derivatives
  • Foreign exchange contracts
  • Interests in managed investment schemes excluding investor directed portfolio services

and to deal and make a market in the following financial products:

  • Derivatives
  • Foreign exchange contracts

HiFX is required, under its licence, to have an independent auditor (Deloittes) confirm that it has complied with its licence obligations, be it financial or otherwise.