We may just go beyond the date we fixed the exchange rate for

Totally new to this game.  We are in the process of purchasing and have fixed our exchange rate with HiFX until the 30th January 2007.  We did this on the 1st December thinking that it allowed plenty of time to raise the deposit through the re-mortgage of a property, our IFA said it would take about 3-4 weeks for everything to go through.

Does anyone know what happens with HiFX and the deposit we have paid / exchange rate agreed if we do not have the funds available to complete by the transaction by the due date?

Hi ,

We also dealt with HiFX but our time limits were only days- ie we got a rate, and the money should have been there within 48 hours, we explained that it would take our bank  3 days to get the money there and they accepted it.

 

Therefore if you're only going to be a couple of days out, it might not matter, if you're more than that they may give you a lower exchange rate, dependent on the rate at the time ie if the rate is better, they'll stick with what they offered you originally, if worse, they may cut your rate. 

I think that you should give them a quick call and explain your position, I've found them very helpful, even on general enquiries.

Good luck!!

Sharon

Thanks for the reply Sharon.  I got the money into my Bank Account in the afternoon of the 30th (the last day) and managed to get to the bank with minutes to spare to authorise a CHAPS transfer to HiFX.  The counter staff then informed me that sending the CHAPS Fax was no gurantee that the money would reach the designated account on the same day.

So I rang HiFX and explained the situation and as you said they were very understanding and told me not to worry as they are "...not to a couple of days..."

Peace of mind at last.

Whew, you really must be over the moon, Kelju. Well done.

Hi Kelju

You may be interest in looking at "HiFX problems, delays transferring money" on this site. I have just had to warn them that I will take them to court if they do not settle my claim in the next two weeks. It appears that they are OK when there are no problems, but when things go wrong they just dump you. We were put in breach of contract and could not complete on out Spanish home because (it seems) of their ill-managed computer system upgrade and now we are told they did nothing wrong (not quite what I was told at the time!)

My advice - don't use HiFX.

I had much the same problems with Foreign Currency Direct