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HiFX

WHO IS RECEIVING MY MONEY ?

Apart from the fees I pay to both HIFX and my receiving bank in the USA on each monthly transfer, a further $20 is claimed each month by an alleged unknown intermediary Why ????????????.

20 June 2013

Reply from HiFX

Dear Sally

Thanks for taking the time to post your review.

Like all the large currency specialists we hold numerous overseas bank accounts(including a US Dollar account with Barclays New York) to ensure client funds are transferred in the quickest, most cost effective way possible, regardless of where they are being sent to, or from.

However unlike other countries around the world, the recent US government FinCen ruling now stipulates that in order for us to be able to operate as an MSB (money service business) within the USA, we would have to apply for the relevant licences. Having looked into the time and costs associated with doing this, HIFX, like many other currency specialists decided not to do so.

As a result we are legally unable to accept electronic transfers into our US based, US Dollar account and the fees you've incurred were charged either by your bank in the US or an intermediary bank and not us.

I've just checked the website and we try to make it clear that whilst we always send the exact amount of money you specify in the transaction, the bank receiving your funds – or an intermediary bank - may deduct fees before making the payment.

Unfortuneatly we have no control over the charges levied by third party banks or foreign exchange providers. In fact we used to cover the fees the banks charged however, more and more banks both in the UK and overseas, are increasing their international banking fees. So, as I'm sure you'll understand, it's simply not possible for us to do this anymore (i.e cover the unnecessary charges other financial institutions levy).

Thanks once again for taking the time to post your review and if you have any further questions please don't hesitate to contact me directly.

Kind regards,

Mark Bodega
Director – HiFX.

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Sally
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United Kingdom

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