Having Emigrated ourselves we realise that our site visitors will in fact need to perform one or more currency transactions in order to facilitate a purchase over seas or across the border. Some people might simply contact their bank and instruct them to buy their currency for them. However, there are potential huge savings to be had by speaking to a 'specialist currency broker'.
Although no one can predict future exchange rates with 100% accuracy, HIFX has consistently been ranked by Reuters as one of the top five most accurate currency forecasters in the world. I have set up a relationship with HIFX because their focus is on educating clients in the currency they need to buy, securing the best exchange rate and then transferring funds free of charge - making the whole process as simple and cost effective as possible.
HIFX service includes:-
• No commissions
• Free transfer of funds
• Offices in the United States, Europe, Australia and New Zealand
• Commercial exchange rates
• Guaranteed forward prices (up to 2 years in advance)
• Regular Payments Abroad service for international mortgages or pension transfers
Whether you are buying property, relocating, or simply need to make regular payments abroad, the corporate rates of exchange and corporate services offered by HIFX's Private Client Services Group is worth looking into in more detail.
What is Currency Risk?
A Canadian property priced at CAD$500,000 would have cost USD$611,200 in early October 2004. By the end of December that same property would have increased in cost to USD$683,350 due to the change in the exchange rate. That difference works out to $72,100 or an 11.8% increase in less than 3 months. This is a classic example of avoidable currency risk. If the Canadian Dollars had been purchased or reserved in October through booking a forward contract, the cost would have been fixed and thus the currency risk eliminated.
HIFX will walk you through several different strategies that you can implement in order to protect against currency risk including locking in today's exchange rate for up to 24 months FOR FREE. To learn more contact a consultant or request more information from the HIFX web site.
Regular Payments Abroad (RPA)
The problem is that if you simply use your bank from month to month you will not only be charged wire transfer fees every month, but you will also receive a different rate of exchange every time you call (exchange rates historically fluctuate up to 4% on a monthly basis).
In essence your mortgage will cost you a different amount every month and you will have the added hassle of needing to contact your bank every month. This is both risky as well as cumbersome!
HIFX's RPA service is designed to eliminate this risk and hassle. You can fix one exchange rate for 6 to 24 months worth of payments and HIFX will then set up a direct debit to ensure that your payments are made on time every month with no wire transfer fees charged. (HIFX is the only currency broker to have eliminated all bank receipt charges. As a result they can guarantee that clients will not have to pay any receipt charges when they send funds abroad.)
RPA service includes:-
• Never miss a payment
• Simple direct debit with your bank
• Fixed exchange rates for up to 24 months
• No commission (most main stream banks can charge up to 3%)
• Guaranteed forward prices (up to 2 years in advance)
• EVERY monthly transfer is FREE (which could save you over $300 per year)
You will know the exact cost of your mortgage payments and you can rest assured that HIFX's back office is looking after your accounts; simplicity and peace of mind!
Currency Converter
For your free no obligation currency consultation please fill in the following details and one of our consultants will call you. All client details passed to HIFX are confidential. Under no circumstances will any client information be passed to any other organization.