XE.com

KGNI

Has anyone else had problems using this service, and if so, how did you get your money back.

Over a week ago I tried to make a foreign currency payment to Spain through their service. The payment was put on hold as I was traveling and not in the UK when I tried to make the payment, and their site picked up on this - fair enough. I was asked to contact them, and once I explained that I was travelling they said all would be fine.

But they never made the payment. They have refused all my requests to cancel the payment and return the money. When I phone to ask what is happening they tell me they are "investigating" and will respond within 3 weeks! They have hung up on me on several occasions and have now locked me out of my account.

I reported all of this to Thames Valley Police, who instructed me to report it to ActionFraud, which I have done.

But still I am without my money (almost £1000), cannot make contact, and am at my wits end with the whole situation.

Anyone, any advice at all?

Voyager2002

Very strange...

I used to use them quite a bit, most recently about 18 months ago. Payments often took up to a week to arrive, but they were pretty good about sorting out problems.

Your story sounds as if they suspect fraud or money-laundering, in which case the law would forbid them from giving you any kind of explanation. All that you can do is make sure that you give them any information or evidence that they might request to enable them to clear things up.

There are other threads on the 'banking' board by people whose accounts were frozen because of suspicion of illegal activity. Sadly people in this situation have no rights and are not given any information, and the fact that xe are based in Canada rather than within the EU means that you are in an even weaker position than are customers of a British or EU bank.

KGNI

So what happens to my money? Surely they can't keep it?

They told me they needed more information, but it was provided immediately. If they still need more information, why are they not asking for it. But they are refusing to even engage.

There have been other suspicious goings on, they have lied to me directly on at least two occasions (I have recorded all telephone conversations). And locking me out of my account - why do that?

Caz3121

the complaints process is in the T&Cs https://transfer.xe.com/docs/terms_xemtuk_c.pdf?_ga=2.197912939.57632925.1523959644-494896911.1443253730

KGNI

Thanks Caz - I have already lodged a complaint, it doesn't really seem to make any difference. The staff don't care about having a complaint made, and I'm still without my money.

Tried contacting them again today, but no response

Voyager2002

KGNI wrote: »

So what happens to my money? Surely they can't keep it?

They told me they needed more information, but it was provided immediately. If they still need more information, why are they not asking for it. But they are refusing to even engage.

There have been other suspicious goings on, they have lied to me directly on at least two occasions (I have recorded all telephone conversations). And locking me out of my account - why do that?

If they suspect money-laundering they are not allowed to say so, and that situation could well lead to them lying (since obviously they would not be allowed to tell you the truth!).

Since you have given them all the information they requested, they will now keep you waiting until they have looked at it carefully -- and since only a tiny number of people will have the seniority required for this task, the wait is likely to be long. And again, refunding your money would also be against the law.

The only consolation is that once they have decided that you are not a criminal they are likely to pay compensation.