Hi all,
We are about to set up a direct debit with HiFX. It will be for 12 months at an agreed rate of exchange and there are no additional costs.
A sum of money in pounds sterling transfers to HiFX each month from our Bank account in the UK, they convert to Euros and transfer to our Bank accout in Spain where the Bank there debits the account to pay the mortgage etc; each month.
The rate offered will depend on the term of the direct debit, 24 months is the max, and also the monthly debit required for transfer.
The above will ensure our mortgate and utility bills are covered in the first year and gives us chance to explore alternative methods and perhaps paying lump sums off our mortgage when the rate of exchange is good, if and when that day arrives.
Regards,
raileng