Q.
How do I 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.
What information will I need to give when I sign up?
A.
We take security and consumer protection online very seriously. So, as part of the sign up process, we have to carry out an identity check (this is not a credit check) in order to comply with Australian anti-money laundering regulations. To aid the identification process, you may be required to provide your passport/drivers licence as photo ID and a recent document confirming your proof of address (e.g. utility bill or bank statement).
Q.
I live outside of Australia. Can I 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 international payments services to people located in the United States of America (USA).
Q.
What happens when I sign up?
A.
We’ll give you a Client Number and you’ll be asked to create your own username and password. Keep this information safe – you’ll need it every time you log in.
Q.
What if the currency I want to send is not listed?
A.
We provide all the most popular currencies online. If the currency you wish to transfer is not available online (for amounts of $30,000 and above) please call +61 2 8270 4500 to discuss your requirements.
Q.
What types of transactions can I undertake online?
A.
Only Spot (buy now, pay now) transactions can take place online. For Forward transactions over $30,000 (that allow you to fix the exchange rate for up to 6 months) and Regular Transfers, please call our Customer Services Team on +61 2 8270 4500. They will discuss your requirements and explain the best options depending on your individual circumstances.
Q.
How is my exchange rate calculated?
A.
This depends on a number of factors:
- The amount you’re transferring
- The currency you’re buying
- 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 the funds to HiFX and 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.
Q.
What payment methods can I use online?
A.
HiFX Online accepts payments via electronic transfer.
Q.
How much can I transfer using HiFX Online?
A.
A minimum of $50 and a maximum of $350,000 per online transaction, to a limit of $350,000 each day.
For larger transactions please call our Customer Service Team on +61 2 8270 4500.
Q.
Is my money safe with HiFX?
A.
HiFX Limited is regulated by the Australian Securities and Investments Commission, AFS Licence No. 240917.
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. A copy of our Privacy Policy can be found here.