Not So Risky Business
Special Friday Edition
Dear Parler Paris Reader,
I’m about to save you a whole pile of money…at least some of you.
If you spend any length of time in France or other foreign country with currency other than the US Dollar, have a bank account elsewhere or investments and need to transfer money between currencies, then what I’m about to tell you will definitely save you a whole pile of money, not to mention time, and all the while, reducing the risk.
It’s a very natural process to simply call or contact your bank and instruct them to wire transfer the funds from your bank to a bank or to a person or business in another country, at whatever rate of exchange they offer. And you might just accept their rate of exchange for what it is, think nothing about it other than you’re gaining or losing money in the process and within a few days your US Dollars turn into Euros or Pounds or Yen or whatever.
If you’re traveling and you just need a small amount of cash, the ATM machines work wonderfully — for about $1 to $2 as a fee to use the machine, you can extract foreign currency at the bank’s rate with no interest, as long as you’re using a “debit” card vs. a “credit card” and go on your merry way. One small problem can the daily limit imposed which is usually between $300 and $500.
But, what if you’re buying a property in France and suddenly you need to transfer the 10% deposit or the 20% down payment, the notaire fees or the monthly mortgage payments? Those could be a huge chunks of money. If you’re paying cash, then to ignore what I’m about to tell you is absolutely foolish.
Remember these letters: H-I-F-X. Call it high-fex, or hee-fex or just HiFX, it doesn’t matter. These foreign exchange specialists will save you time and money when buying currency and making regular transfers overseas. Period.
The way it works is that HiFX acting as a broker discounts the commission on the rate of exchange. In fact, they charge about half of what the bank is charging. Remember, this is how banks earn their money and most banks are pretty rich, n’est-ce pas? So, when you make a transfer, you save about half of the commissions you would have paid to the bank.
But my bank screwed up and misread the transfer instructions. They eliminated HiFX from the process and transferred the funds directly to the bank in England. You may not believe this, but it’s true. The difference in the rate of exchange was over $400! That’s a lot of money to lose for nothing, if you ask me…and do you think the bank covered the loss admitting to their mistake? Of course not! My loss, their gain.
Okay, now imagine this. You’ve purchased your overseas property and you may still need to make regular currency transfers abroad. Reasons for this may include several different things. Your mortgage (or rent) first and foremost. But you may also have pension transfers, rental income from the property, school fees, salary transfers, business transfers.
The process is fully automated and guarantees clients will never miss a payment, so you can sleep at night or travel all you want without worry your bills aren’t being paid. All you need to do is arrange a monthly ACH/direct debit to HiFX and they take care of everything else.
The savings you’ll have don’t end there. Not only will you get a competitive exchange rate, with NO commission charges and NO receiving fees at any bank (guaranteed), but they make sure you’ll receive more for your money!
Let’s assume that your overseas mortgage is 1,200 Euros every month. And let’s even assume that the rate of exchange you get from the bank is the same as with HiFX. (Figures are for illustration purposes only and may not reflect present rates and bank charges.) You’d still save quite a bit of money while simplifying your life:
With HiFX you could save up to $93.34 each month or $1120.08 every year. Over the typical life of a mortgage (15 years) using HiFX would save you $16,801.20.
I use HiFX for all my transfers. We recommend HiFX to all our clients. To transfer money any other way is simply foolish.
Check it out. Get the rate from HiFX and then call your bank and calculate the savings. It’s a phone call or email away.
Be sure to tell them Adrian sent you! And if they don’t treat you like GOLD, please let me know about it. They have never once disappointed me with their top notch service and professionalism.
A la prochaine…
P.S. If you can do better than HiFX, I’d like to know about it! I bet you can’t.
Not So Risky Business
This entry was posted in 2006, Parler Paris and tagged Adrian Leeds, Adrian Leeds Editor, Adrian Leeds Group, ATM machines, bank account, bank charges, Bank HiFX Exchange, British Sterling, business, Business Parler, business transfers, commission charge, competitive exchange rate, currency, daily limit, Erica Simone, exchange rate, foreign currency, foreign exchange specialists, FREE Receiving fee, FREE Transfer fee, Friday Edition, huge chunks, international money transfers, Leeds® Adrian Leeds, merry way, monthly mortgage payments, parler paris, Parler Paris classifieds, Parler Paris Email, parler paris reader, pension transfers, Private Client Services, Property, receiving fee, regular currency transfers, regular payments, regular payments service, regular transfers, Risky, Sacré Cœur Photo, salary transfers, transfer, transfer fee, transfer instructions, US Dollars. Bookmark the permalink.