Currency company Ace-FX blames technical glitch as 1,000 customers see pre-Brexit tra

arsenal0789

After 4 days of trying to contact ACE FX i finally got through to them yesterday, the offer i was offered for us dollars was 1.33, the current rate on there website was 1.32. Not a very good deal at all considering i bought my dollars at 1.46 and have now lost around $300

arsenal0789

Hi everyone,

I've been in touch with the financial ombudsmen to raise a complaint and am going to speak to citizens advice and hmrc.

maybe if we all do this we may have some more joy!

ACE-FX Is an absolute joke of a company and this issue needs to be dealt with completely unfair and the preferential rates they are offering are farcical!!

poppy10_2

Incredibly sneaky stuff from AceFX. The exchange rates went down unexpectedly and they refused to honour the deals they had made. Avoid this company at all costs, the last thing you want from a foreign exchange company is untrustworthiness. Remember Crown FX which collapsed taking hundreds of customers' cash with it. That was also 'recommended' by MSE's Travel Money tool

agarnett

Never mind fraud, sounds more like like out and out theft to me.

lazymike

I sent these guys euros to buyback to sterling well after the brexit vote and they still ripped me off with an appalling rate that was nowhere near the rates advertised on their website, to the tune of 60 pounds. And I made sure to check their advertised rates continuously on the day that they received my money. These guys are clearly rip-off merchants. Just look at their reviews on trustpilot. They put in complaint/takedown requests on any bad reviews, and have clearly filled the site up with hundreds of copied and pasted, one sentence, fake reviews.

AVOID AT ALL COSTS. MSE, please remove them from the site!!!!

callum9999

agarnett wrote: »

Never mind fraud, sounds more like like out and out theft to me.

Good job you're not a judge then as it's obviously no such thing (how could it possibly be theft if they give you your money back...).

While incredibly annoying, their explanation makes perfect sense. If the system they were using crashed (which it definitely did as I was trying to access XE directly at the time) leaving the exchange rates radically wrong, they could be losing a large sum of money. I'd expect the likes of Travelex to honour it as they're big, but I'm not sure AceFX has the customer base or margins for such a large loss to be unnoticeable.

Kernow666

arsenal0789 wrote: »

After 4 days of trying to contact ACE FX i finally got through to them yesterday, the offer i was offered for us dollars was 1.33, the current rate on there website was 1.32. Not a very good deal at all considering i bought my dollars at 1.46 and have now lost around $300

you haven't lost anything as you never had it in the 1st place

poppy10_2

Kernow666 wrote: »

you haven't lost anything as you never had it in the 1st place

What if I divert your paycheck to my bank account? You haven't lost anything as you never had it in the first place.

danielthomark

poppy10 wrote: »

What if I divert your paycheck to my bank account? You haven't lost anything as you never had it in the first place.

That would be theft as it would fall under

Definition of “theft”

1 Basic definition of theft.

(1)A person is guilty of theft if he dishonestly appropriates property belonging to another with the intention of permanently depriving the other of it; and “thief” and “steal” shall be construed accordingly.

(2)It is immaterial whether the appropriation is made with a view to gain, or is made for the thief’s own benefit.

agarnett

callum9999 wrote: »

Good job you're not a judge then as it's obviously no such thing (how could it possibly be theft if they give you your money back...).

What "money" did they give back? Was it:

1. the expensive currency that they had contracted to provide, or
2. the less expensive currency that they had already accepted as consideration but then reneged on the deal, thus permanently depriving the customer of the original benefit of exchanging their pounds pre-Brexit?

While incredibly annoying, their explanation makes perfect sense. If the system they were using crashed (which it definitely did as I was trying to access XE directly at the time) leaving the exchange rates radically wrong, they could be losing a large sum of money. I'd expect the likes of Travelex to honour it as they're big, but I'm not sure AceFX has the customer base or margins for such a large loss to be unnoticeable.

Really? So now we are to feel sorry for amateurs playing big-boys games but who actually aren't in a position to manage the risks in their chosen business environment?