Q.
How do we sign up?
A.
Opening a HiFX foreign exchange account is quick and easy. It’s free and there’s no obligation to trade and you can access HiFX Online. We’ll also give you all the right tools and information you need to keep in touch with exchange rate movements and save money.
Q.
What sort of computer do I need?
A.
We’ve made sure HiFX Online works with a wide range of PCs and Macs. If you have a PC it will need to have Internet Explorer (I.E.) 7 or later.
Q.
How much can my business transfer using HiFX Online?
A.
A minimum of $50 and a maximum of $500,000 per online transaction, to a limit of $500,000 per day. For larger annual requirements ($5million+ per annum) please call our Customer Service Team on +61 2 8270 4500
Q.
Our business is outside of Australia. Can we use your online service?
A.
Yes, but due to the high levels of security we have in place to protect our customers, we are unable to automatically verify overseas addresses and identities. We will need scanned copies of your ‘Proof of Address’ and ‘Proof of Identity’. Depending on your country of residence, we may then post you an ‘Activation Code’ that you must confirm you have received.
Please note, we are unable to offer our money transfer services to clients located in the United States of America (USA) and residents of Quebec (Canada). For clients located in other Canadian provinces we can provide spot transfers (but not forwards or regular payment agreements).
All clients located outside of the United States and Canada can still use the service and make international payments to / from the United States of America (USA) and Canada.
Q.
What happens when we sign up?
A.
We’ll give your company a Client Number and you’ll be asked to create your own username and password. You must keep this information safe – as it will be needed every time your company logs in.
Q.
What if the currency we want to send is not listed?
A.
We provide all the most popular currencies online. If the currency you wish to transfer is not shown in the ‘Currencies Available’ tab (for amounts of $30,000 and above) please call +61 2 8270 4500
Q.
What types of transactions can we undertake online?
A.
Only Spot (buy now, pay now) transactions can be undertaken online. For Forward transactions (that allow you to fix the exchange rate for up to 12 months) for amounts over $40,000, please call our Corporate Online Team on +61 2 8270 4500 to discuss your requirements.
Q.
How is the exchange rate calculated?
A.
This depends on a number of factors:
- The amount you’re transferring
- The currency you’re buying or selling
- The exchange rates at the time of purchase
Q.
Are there any hidden charges?
A.
No. We believe in fairness and transparency so you save money. We don’t charge you commission and clearly show any fees charged by us on smaller transactions. We do not charge fees on larger transactions. Click here to view our fees.
Please note:
This does not include the cost of you transferring funds to HiFX, any fees charged by your bank to receive your purchased currency, or any charges incurred where the funds being sent are in a different currency than the destination bank account
As part of the service, HiFX provides one free transfer per trade (over the defined threshold limits) . If you would like to send multiple transfers as part of a single trade, these will be charged at $15.
Q.
How does HiFX make money?
A.
Like your high street bank we make our money in the difference between our buy and sell prices i.e. the spread.
We also have much lower overheads and buy huge volumes of currency each year, so we can pass these extra savings on to you.
Q.
Is my money safe with HiFX?
A.
HiFX Australia Pty Limited is regulated by the Australian Securities and Investments Commission, AFS Licence No. 240917. (refer Security of Funds above)
Online Security
HiFX Online uses VeriSign – the system preferred by 97% of the World’s top 100 banks and 93% of Fortune 500 companies. VeriSign is also used billions of times a day by companies and consumers across the world.
Security of Funds
All funds received by HiFX from Clients and Hedge Counterparties or which are paid by HiFX to Clients and Hedge Counterparties (including Sold Currency, Bought Currency and Margins) will be received into and paid out of our segregated Security Trust Accounts.
HiFX considers client protection to be of paramount importance and our treatment of monies received from clients provides significantly more protection than others provide. HiFX has granted for the benefit of its clients a registered first ranking security (held by an independent Trustee) over:
(a) the Security Trust Accounts; and
(b) HiFX’s rights under its Hedge Contracts, (including in respect of payments by way of security or collateral as support for HiFX's obligations under its Hedge Contracts )
Some additional facts and figures about the HiFX group include:
• Last year HiFX advised on and executed over £14.5billion in foreign exchange and is trusted by over 40,000 people and 2,000 corporate clients each year around the world.
• We have an exceptionally strong balance sheet and no debt.
• HiFX has offices in both the northern and southern hemispheres and a workforce of over 200 employees.
• We have in excess of $3billion placed on the Money Markets on behalf of our commercial customers.
• HiFX is one of the first third party companies to be promoted by Westpac Banking Corporation. As of 30 September 2009 The Westpac Group employed approximately 37,000 people worldwide with global assets of $590 billion. For more information please visit the Westpac website.
Q.
Are my details and personal information protected?
A.
Our online services are fully encrypted using the highest form of security certificates provided by VeriSign.
Q.
What is HiFX’s Privacy Policy?
A.
We are committed to protecting your privacy both on and offline. View a copy of the HiFX Privacy Policy.