Bad rates and Unhelpful service from Currencies Direct. Advice needed please!

mg08_2

I needed to transfer some money over from my home account for a deposit on a house. It’s the first time I’ve transferred money overseas and wasn’t sure how it all worked or what was the best way to go about it. After checking for advice here on moneysavingexpert.com, I decided to contact Currencies Direct as they came up as recommended. I filled in the online quote form and promptly got a call off one of their sales agents who advised me that they would beat the banks rates by at least 3-5% if I transferred with them. He gave me a rate, which seemed to be the same as my bank had offered but after saying this I was reassured it wasn’t and they would beat it, all I had to do was go back online, register, input the amount of money I wanted to transfer and I would be given a live rate. This I did BUT I didn’t get a rate that beat my banks or that I was promised on the phone, the rate I was emailed was the same as my bank! As I had read that the bank was quicker and more importantly a safer to way to transfer the money I went back to my bank and made the transfer with them. This was last week and I have since received daily calls from Currencies Direct, first telling me I have to transfer the money and when I advised I couldn’t, it had already been moved, I was told to pay a large fee to them for not doing so or face legal action. I hadn’t realised that by a few clicks of a mouse, with no exchange of money I’d apparently agreed to buy their rate and entered into a contract with them? Is this right? Can anyone give me some advice on this please, I can’t afford to pay this fee and it doesn’t seem right considering I was talked into buying a rate that they couldn’t provide? I have asked and emailed Currencies direct to see if they can help me resolve the matter some other way but they won’t respond to my email and just keep threatening legal action. Expected more from such a big company who advertises to provide customers with great rates and experience if they use their services.

PeacefulWaters

Please can you put some paragraphs in.

safesound

Reformatted for easier reading. Paragraphs matter.

mg08 wrote: »

I needed to transfer some money over from my home account for a deposit on a house. It’s the first time I’ve transferred money overseas and wasn’t sure how it all worked or what was the best way to go about it. After checking for advice here on moneysavingexpert.com, I decided to contact Currencies Direct as they came up as recommended.

I filled in the online quote form and promptly got a call off one of their sales agents who advised me that they would beat the banks rates by at least 3-5% if I transferred with them. He gave me a rate, which seemed to be the same as my bank had offered but after saying this I was reassured it wasn’t and they would beat it, all I had to do was go back online, register, input the amount of money I wanted to transfer and I would be given a live rate.
This I did BUT I didn’t get a rate that beat my banks or that I was promised on the phone, the rate I was emailed was the same as my bank! As I had read that the bank was quicker and more importantly a safer to way to transfer the money I went back to my bank and made the transfer with them.
This was last week and I have since received daily calls from Currencies Direct, first telling me I have to transfer the money and when I advised I couldn’t, it had already been moved, I was told to pay a large fee to them for not doing so or face legal action.
I hadn’t realised that by a few clicks of a mouse, with no exchange of money I’d apparently agreed to buy their rate and entered into a contract with them? Is this right? Can anyone give me some advice on this please, I can’t afford to pay this fee and it doesn’t seem right considering I was talked into buying a rate that they couldn’t provide?

I have asked and emailed Currencies direct to see if they can help me resolve the matter some other way but they won’t respond to my email and just keep threatening legal action. Expected more from such a big company who advertises to provide customers with great rates and experience if they use their services.

mgdavid

mg08 wrote: »

........ I decided to contact Currencies Direct as they came up as recommended. .........

where exactly did they 'come up recommended'?
Can you quote a source or preferably a link?

The 2 most often recommended by people who actually use currency brokers seem to be Transferwise and CurrencyFair.

uncletomcobbly

If you sign up for Transferwise through this referral link, you'll get your first transfer up to £500 free of fees.

https://transferwise.com/u/samuelp40

If 3 people sign up, I'll get £50 which I'll donate to BBC Children in Need.