Aus Dollars back to UK £

cheekimonkey

Hi All

I have been back in the UK now for over 4 years but have kept monies in my NAB Bank Account all this time.

As you can appreciate with the Aus Dollar being better than the GB £ at the moment I locked in a deal with UK Forex last week only to see that the rate has gone up even higher today.

I have had an email from them today stating to send over funds or they will cancel the deal.

Does anybody know whether I will be charged if I do not go ahead with this please?

Any advice in this matter would be greatly appreciated thank you.

atush

I dont use them so suggest you read over the contract details given when you entered it.

Many allow you to leave w/o penalty, some dont.

bowlhead99

cheekimonkey wrote: »

I locked in a deal with UK Forex last week

I have had an email from them today stating to send over funds or they will cancel the deal.

If you literally "locked in" a deal that you are on the wrong side of - i.e. your contact rate is worse than the current market rate - then it is not much of a lock-in if you can walk away penalty free. They would lose their shirts if they had to cancel contracts that were winners for them, without charge, but honour those which were losers for them and winners for the customer. They would already be out of business.

However, if you *didn't* lock in a guaranteed contracted rate, merely agreed that you would send them money on a specific date which they would translate at their spot-rate at the time they receive the funds, and you were just given an "indicative rate" or a "quote" - rather than a hard and fast contract for a certain dollar amount to be settled on a certain day...

Then yes they will probably be OK to cancel the arrangement with no charge; they would not be out of pocket(other than the cost of setting up your account relationship in the first place)- easy come easy go.

If it was a proper contracted rate and amount, you may find their 'offer' to cancel the contract doesn't get you out of paying them an agreed penalty. Which might perhaps include interest for the amount of days your payment to them was late before the contract was formally ended.