Step by Step Guide to setting up a Regular Payment
Setting up a Regular Payment Abroad (RPA) will take no more than a few minutes of your time. Simply follow the steps below:
Setting up your account for Private Client Currency Services
We need to register you as a client of HiFX Ltd (our Australasian parent company and the counterparty to any FX transactions). This will enable you to instruct a dealer to buy or sell currency over the telephone. You will find more detailed information on the account opening process here.
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 for 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). As the establishment of your Direct Debit can take several weeks, we may also request that you pay your initial months instalment up front. Both your deposit and initial transfer must be transferred electronically as soon as you have established your RPA Contract.
Once your contract 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 Instruction Form (telling us where you require the currency to be sent).
Transferring NZD or AUD from New Zealand or Australia.
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). As the establishment of your Direct Debit can take several weeks, we may also request that you pay your initial months installment up front. Both your deposit and initial transfer must be transferred electronically as soon as you have established your Regular Payments Abroad Contract. Please fill in and return the Onward Payment Instruction Form (telling us where you require the currency to be sent) and return the completed Direct Debit form.