HELP - LOST MONEY TRANSFER (EUROs to £££) via Currencies DIRECT

ajoconnell

I have a euro bank account and wanted to transfer 3000 EUR into my sterling account, I followed advice on MSE and used CURRENCIES DIRECT in order to get the best exchange rate and lowest fee (see MSE section on foreign currency transfers under £5000).

Since then, the money (£2049 equiv) has left the euro account, received within 24 hours by CURRENCIES DIRECT. They then supposedly transferred immediately to my ALLIANCE & LEICESTER account from their HSBC UK account via BACS. Then... THE MONEY WENT MISSING :mad: I waited 8 days phoned Currencies Direct, they put a trace on it. 6 days later still nothing. CD (Currencies Direct) tell me that it's sitting somewhere in A&L's systems and that the trace could take months (!!!!!), A&L say HSBC are responsible, I am £2049 short and powerless.

Or am I??? What should I do?

Please can someone help?!

Thanks a million.
Annabelle

Takecareofthepennies

Don't get bogged down chasing A & L or HSBC. Your dealings are solely with CD.
Are they regulated by the FSA?

If you have not done so yet, complain in writing and ask for their official complaints procedure. Make it clear that you expect interest and compensation for your hassles unless they now resolve the matter within a few days.

As an aside, £2,049 for € 3k is a shocking rate (1.4641). Are you sure this is correct??

Jigar_Shah

Dear Annabelle,

I am very sorry to hear of the difficulties you had with your recent transaction with Currencies Direct. I am pleased to know that the funds are now in your account.

I can assure you that the payment was made and the funds debited from our account on the day you requested. Unfortunately, through no fault of our own, there are occasions when funds do get lost within the banking system. Despite our best efforts to trace the funds and we emailed and called HSBC and Banco Santander on 14,15,16, 20 and 22 September, the banks could not tell us where your funds were located. We are continuing to pursue Banco Santander for an explanation of why the funds took so long to be credited to your account so that we can try and take steps to prevent this occurring in future.

Although the delay in your receipt of funds is not our fault, perhaps we could have explained how the tracing process works in more detail and we have taken action to rectify our communication to customers as part of our continuous training programme.

If there is any further assistance we can provide, please don’t hesitate to contact me.

Yours sincerely

Jigar Shah