FX Brokers Feedback

Bonzodog

It appears that no one on these pages has been willing to point an accusing finger at the role that Barclay's Bank has played in the whole mess.

Even within this forum, the first rumblings of discontent and indication that all was not well at FXA was raised as early as Feb 2009 by "Simplastic" (page 1 of this forum). Furthermore, Feb 23rd is the date of the posting. The date that this forum member may first have experienced difficulty in weeding money out of FXA was in all probability much earlier.

Also, given that it was by pure chance that most members of this forum (myself included) came across a site which facilitated customers to air complaints and share experience, makes one wonder how many other unfortunates there are out there still who don't know who to complain to or where/how to air their complaint.

All this begs the question as to when precisely when alarm bells could have (and should have) started ringing at Barclay's that all was not as it should be at FXA and taken steps to freeze their account and/or warn potential customers much earlier at those first signs of trouble at the company. Given the nature of their trade (member to member trading) and what they claim on their website in respect of escrow accounts, the nature of their income (membership and transaction fees rather than speculation), I feel that Barclay's as much as FXA are to blame for failing to safeguard the interests of members of the public. Mind you, given the monumental mess that Barclay's and other banks managed to get themselves into in the wake of the banking crises, that's hardly surprising but no less actionable.

I do feel that rather than chasing after FXA World which as mentioned elsewhere would be throwing good money after bad, it may prove more fruitful if those of us who have suffered financial loss should more thoroughly investigate Barclay's role in this farrago with a view to possible action against them.

Pshemek

When I went to Barclay's in March to report fraud they told me to !!!! off!

richardlang

Whose side is Barclay's and who do they think are their customers?

Bonzodog

I've received an email from Rizwan Ali. Doubtless, most of the others in this forum must have received the same. The email suggests that all problems have now been sorted and outstanding payments to members should be fully paid out by 10th August.

(mind you, it doesn't say which year!)

I would suggest it would help others owed money by FXA that as and when (and of course if) any such payments are received, members confirm receipt on these pages so that we may know whether this is just another ruse by the company or whether, as they claim, they really intend to repay members the the huge sums owed.

mhancock_2

Well, I am not suprised that the 10th is here and there is no sign of any funds being returned...like Bonzodog says, would be great to hear if anyone does get anything or hears from Rizwan / Vijay but I am not holding out much hope at this stage.

hasani007

I recently made a money transfer to Spain via OnlineFX, the person i spoke to offered to beat any competitor! i went ahead and shopped around and found out there rate was very competitive, they do take a £15 transfer fee, but i think most companies take that anyways. All in all very happy with there service. Transfer took about 3 business days to complete by the way.

crunchie1

HIFX are offering free transfers on amounts over £250 from 1st September. I need to transfer amounts of between £250 and £2000 to a Turkish euro account. I can't see any catches, which would make them very competitive for transfers of these sort of amounts. Does anyone know if there is a snag ?

Bonzodog

Have all other FXA victims had an email from DC Bartlett?
The email does not make clear whether funds owed are to returned in the form of the original currency used for purchase (£Sterling in my case) or in the currency purchased? If anyone has already been reimbursed, perhaps they can clarify this point.

GunnerB

My money has now landed in the Spanish bank account - what a relief!

Once bitten twice shy - I'll be happy (ish) to stump up the extra with HSBC just to have peace of mind in future.

Best wishes to all who posted the useful information.

mhancock_2

Had the email from Jacqui and have the GBP portion of what I had with FXA back but still waiting for the foreign currency portion to appear......