It's a good service but I wish they would display 'real' exchange rates not Interbank rates
So, how many people care about Interbank rates? I don't know any, and I have worked in consumer facing financial services for over 25 years. I believe consumers want to know for a set amount of cash how many euros they will receive, from the outset (or vice versa), they do not want to know how many euros it equates to using Interbank rates. You do get to know, but once you are logged in, and at that point you think, well, I might as well. So HiFX, why don't you display actual conversions? I really cannot believe others do not complain about it, perhaps as the real rate is marginally better than other providers offer, we consumers just accept it. It is shameful and I reckon once the FSA gets bored with grabbing the easy money from fining institutions they might just turn to you for mildly misleading folk. Yes you do explain what the rate is, so you are not in breach, but come on, you could do better! The service/process by the way is really good though!
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As I'm sure you're aware, whenever you make an international money transfer, the rate you receive will be affected by a number of factors including: - the currencies you're looking to buy and sell, - the amount you're looking to transfer, - and the type of transaction you're looking to undertake eg: spot, forward, market order etc.
As a result we only show the interbank exchange rates on our homepage. We do however, try to make this clear via the 'about this figure' link and hover over directly underneath the exchange rate shown on the currency converter.
Specifically we state......"All figures shown are based on today's Interbank rates. This is the rate at which banks and brokers buy and sell money to each other. Private individuals and small to medium sized businesses cannot access these rates. They are therefore provided for indicative purposes only. For a quote please contact us.
As you quite rightly say though, getting a real time quote either online of over the phone is really easy and there's no obligation to actually undertake the transfer. In fact many of our clients get multiple quotes and they seem to prefer doing this as they can go on to make a transfer immediately at the price quoted with any fees broken out for complete transparency.
Rest assured that I've passed your comments on to the team and asked them to see if there's anyway they could make it clearer.
Thanks once again for taking the time to post your review.