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Tricky situation with a fx broker..would you sue?
cem
Posts: 391 Forumite
Summary:
Amount involved is about: £1.5k
I used a well known FX broker on the high street to transfer some funds to China about 2 weeks ago. Beneficiary has not received the funds so far.
After various excuses through out the last 2 weeks, the broker is claiming that the beneficiary bank has put the money into the wrong account so they cant do anything.
I am asking to be refunded and telling them to request reversal of the payment so they get the money back. They are refusing to do so and are asking me to hold on until they get a response from the bank (this has been going on all this week) and are also telling me that the intermediatory bank they use in the uK to make actually make the transfer has had no luck in getting a response from the bank in China. As apparently it is beneficiary's bank in china which is not responding to any messages.
I am wondering what my options are if this goes completely south..can I take TEG to small claims court to get my money back? Clearly my contract is with them and the money really been fully transferred...kind got over the halfway line and never got to the actual person.
Really appreciate your thoughts / guidance on this.
Amount involved is about: £1.5k
I used a well known FX broker on the high street to transfer some funds to China about 2 weeks ago. Beneficiary has not received the funds so far.
After various excuses through out the last 2 weeks, the broker is claiming that the beneficiary bank has put the money into the wrong account so they cant do anything.
I am asking to be refunded and telling them to request reversal of the payment so they get the money back. They are refusing to do so and are asking me to hold on until they get a response from the bank (this has been going on all this week) and are also telling me that the intermediatory bank they use in the uK to make actually make the transfer has had no luck in getting a response from the bank in China. As apparently it is beneficiary's bank in china which is not responding to any messages.
I am wondering what my options are if this goes completely south..can I take TEG to small claims court to get my money back? Clearly my contract is with them and the money really been fully transferred...kind got over the halfway line and never got to the actual person.
Really appreciate your thoughts / guidance on this.
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