Highly Competitive Rates? - The web-site calculator showed me an exchange rate of £0.8420 to the Euro. What I actually got was £0.8534. My bank offered £0.8436.
No hidden fees? - True, but the fees that do apply are not exactly prominent.
Fast and Easy to use? - Not so! Only after several e-mail exchanges was my first transaction approved. This after the funds had been deposited with HiFX. The facility to use a Debit Card was not available on my first transaction.
A brand you can trust? - Maybe! Only time will tell. I'm being asked to review the service before I've got my money.
Customer Services? - Excellent! Despite my misgivings, everyone I spoke to was polite and helpful, and responded quickly to my needs.
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Thanks for taking the time to post your review. It's greatly appreciated.
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. With regards the prominence of the fee information - I've passed your comments on to both the marketing and IT teams to see if there's anything they can do to further improve this for other customers.
With regards the exchange rate itself being worse than that offered by your bank. I’d like to reassure you that every couple of weeks we get an independent research company called DQM to check all the main high street bank/building society exchange rates to make sure our overall price (including banking charges, exchange rates and other fees) is better. We also include all the main currency co's.
I can therefore only think that when you compared our rates to those of your bank either the exchange rate had moved significantly or, quite a long period of time elapsed between the comparisons. As you know, exchange rates fluctuate by the second and if this was the case, the exchange rate could have moved in your favour thereby distorting the comparison.
Finally with regards the debit card issue you had. Client security is a real priority for us. Sometimes this means clients can't use a debit card for their first transaction. Whilst it’s frustrating for the effected customer I’m sure you’ll also understand that it’s because we take the security of client funds very seriously and only have your best interests at heart.
Please don't get me wrong we're not complacent by any means and we're constantly looking at new ways of improving the services we offer in the future. But as i said when it comes to offering value for money, complete peace of mind and the best security in the industry we honestly believe we offer a unique service.
Thanks once again for choosing HiFX and for your feedback. Please don't hesitate to contact me directly if you have any further questions.