Currency Express - Pricing Error

mrblack85

Hi,

This morning I ordered some currency form the Currency Express website, where they were offering a rate of 2.3731 Bulgarian Levs to the Pound.

A relative at my house received a phone call 3 hours later informing them that an order from a Mr Warwood had been cancelled due to the exchange rate being incorrect. I have not yet been contacted directly by them.

The confirmation e-mail I have from them states that the order is only subject to security checks against my card details, and states nothing about the verification of the rate they have quoted. They have made the money unavailable in my account (my available balance now shows my previous balance less my oder cost), but they have not actually withdrawn any funds.

What are the rules and regulations regarding my legal right to the money? Should I just accept that the rate was clearly incorrect and go back to using any of the other foreign exchange sites that offer a better rate?

Thanks in advance for any advice!

whatusername

mrblack85 wrote: »

Hi,

What are the rules and regulations regarding my legal right to the money? Should I just accept that the rate was clearly incorrect and go back to using any of the other foreign exchange sites that offer a better rate?

Thanks in advance for any advice!

It appears so, many have had the same after buying USD

M4RKM

yup... one thing i find amazing though, is that they're just calling up the number on the order, and leaving a message with anyone who answers, rather than waiting til the person making the order is available

mrblack85

After an e-mail to them explaining my displeasure about their lack of direct contact they justified their cancellation as follows:

"We state in our T&C’s that, “We will acknowledge receipt of your order, but this acknowledgement shall not constitute our acceptance of your order”."

and

"Please note that the payment made was a pre-auth transaction, which in turn allows us as a company to either accept or reject these funds. When in pre-auth status, the funds are sat in your card issuer’s suspense account."

Looks like i'm not getting the good rate I ordered at. You'd think as a company they'd at least match the next highest rate out there at the moment! As it is they're about 4th in the listing.

mrblack85

In an interesting twist, and as what I can only assume is a generous good will gesture, they have offered me currency at the exact rate they bought the money at today.

Higher than anything else being offered on the net (but not the originaly rate), so I've said thank you and overall am happy with the result