US ($) Currency Thread 1 (closed - use thread 2)

FEvans

dont be surprised then to get a letter asking for the £50 fee at some stage.

if they did pursue this you would not be able to refuse payment.

at the end of the day these companies work by placing your order for a future sale/purchase of dollars. its only right that they should be able to reinforce an order once made. they lose out otherwise

thats why the distance selling regs do not apply to these transactions.

i have dealt with similar companies before over the phone and they will inform you that the call is being recorded and hence once the order is placed you become bound by the agreement and that you will have to pay a fee to cancel the order.

its the same by ticking a box to say you have read the terms and conditions, its there quite clearly that due to the circumstances of such a transaction that they are able to charge a fee if the same is canceled.

jetskidia

I have been told that sometimes people coming back from holiday sell their excess $$$ on ebay.
Have you ever heard of this?
I have done some ebay searches but cant find anything?
Thanks

lou29

Go back a few pages and you will see some results on this.
Pg 37 & 34

Dealmad

Baz wrote: »

I placed an order with them a few weeks back and an order with crown too (Are they both the same?), but then placed an order with TEG a little later at a better rate. So just ignored the tms and crown orders.

They called me but I just said I didn't need it anymore. She said ok no problem. No mention of a fee. At that point I had only placed the order, had not transfer any money or sent them ID etc.

Did you phone the order or place it online?

Theres no way on earth I would pay them a £50 fee though despite what was said on there T & C's.

Yup i did the simliar to you i ordered from them and crown also but then ended up with a better rate else where , ive never ordered online money before so i didnt know once you placed an order you were legally bound to it ....i had not sent no money either i also did it on the internet.

Guess my own fault for not reading the t&c but they should make it more clear at the start and end of the order , so how many people read t&c when placing an order?

Plus i thought only once you sent money it was binding?

So now im told i owe £100 altogether ,all i can say to that is i never placed the order so i have no clue what there on about

Btw they cant place this on my credit file can they considering that i never even applied for credit? she gave me an attitude so i gave her one back and she slammed the phone down on me so dont have a clue where i stand

Baz_2

FEvans wrote: »

dont be surprised then to get a letter asking for the £50 fee at some stage.

if they did pursue this you would not be able to refuse payment.

at the end of the day these companies work by placing your order for a future sale/purchase of dollars. its only right that they should be able to reinforce an order once made. they lose out otherwise

thats why the distance selling regs do not apply to these transactions.

i have dealt with similar companies before over the phone and they will inform you that the call is being recorded and hence once the order is placed you become bound by the agreement and that you will have to pay a fee to cancel the order.

its the same by ticking a box to say you have read the terms and conditions, its there quite clearly that due to the circumstances of such a transaction that they are able to charge a fee if the same is canceled.

Well they can try.

Can't see what they are losing out on. If they want to guarantee not getting orders ignored then why don't they accept immediate payment methods. Simple really.

Its ridiculous, Ill just tell them I never recieved any communication from them to tell me what to do so I placed an order elsewhere with a company that could. You can't conduct transactions liek that over email and expect to be able to make charges like that.

To hell with their terms and conditions.

Here is the relevant clause btw

TELEPHONE ORDERS
The Client may give the Company oral or written instructions relating to a purchase and delivery of currency and/or Travellers Cheques. In the case of oral orders, the Company shall be entitled to act upon the Orders placed by a client, but may, at its own discretion require written confirmation of any particular order before agreeing to accept that order. In the case of an oral order the Company may confirm the order by fax and/or electronically (or by post if neither fax nor email is possible) to the client. Once an oral instruction has been given and accepted by the Company dealer, there is a binding contract between the client and the Company to execute the order.

CANCELLATION POLICY
The Company reserves the right to cancel any order at any time for any reason. In the event of the Company cancelling an order the customer will be reimbursed the full amount paid, by cheque or credit transfer depending on the initial form of payment.
In the event of a customer cancelling a forward currency order the Company reserves the right to charge £50 or 3% of the order value, whichever is the greater, plus any expenses incurred by our agents in collecting this fee.
Once an ASAP order has been placed, it cannot be cancelled, however, the company may buy back the currencies, (NOT Travellers Cheques), through the buy back option.

My order was not a forward order though and was not a telephone order, there is not a similar clause regarding internet orders being binding. I just can't see how they can enforce such a term that ASAP orders cannot be cancelled if I have not given them the money and therefore not completed the order process. Plus its very miss leading, what does it all mean? £50 for them hitting the delete key on an order.

Very dodgy T&C's and verging on the scummy in my opinion.

I also note the www.tegforex.co.uk whom I did get my money from do not have any such similar clauses.

FEvans

look at the end of the day they are a very well established company and have terms equivalent to the majority of these types of company.

when you placed your order you are obviously ordering a forward currency transaction this is different to a normal exchange business.

the whole point of the confirmed order is that once the order is submitted they also can not change their rate ie the rate is guaranteed at that point irrespective of when they receive your payment. customers would have enough to say if they were free to change the rate for example if is got worse before payment was received. you cant have it both ways. a lot of these traders do not accept paymen by card - bacs payment only.

i assume that once the order is completed they at that point will start the process of purchasing the forward contract for the dollars you requested to what ever banking organisation they deal with. they are unlikley to be able to back out of that transaction at that point anyway. if the buyer then cancels and refuses payment i assume they make a loss which they then recover through the £50 charge.

if you read the terms of business then this is set out quite clearly. i have now read a negative comment about crowncurrency to date so they are obviously doing something right. if they do pursue you then you would have no leg to stand on

Baz_2

Dear me, again as I said, I did not buy a forward contract, I just bought on the day for delivery as soon as possible. Do you know what a forward contract actually is? So why do you keep ignoring that? The T & C's do state forward contracts when mentioning the £50. So if you dont buy one does that mean theres no fee for cancelling? If you order online does that mean theres no fee for cancelling as it only mentions the contract being binding under telephone orders. Can you not see why those T & C's are confusing?

You come out with a lot of words but none of them have any substance, very similar to the majority of the drivel you post in this thread IMO.

Reading the full set of T & C's there are some real stonkers in there and compared to the teg T & C's they are far from standard. I know where my money will go in future.

elliedfwannabe

hi,

i need to buy about 2,500 pounds worth of dollars in the next 3 weeks, where is the best place to change that amount of money? noticed people on here talking about crown currency exchange, are there any others you would recommend for that amount of money?

FEvans

Baz wrote: »

Dear me, again as I said, I did not buy a forward contract, I just bought on the day for delivery as soon as possible. Do you know what a forward contract actually is? So why do you keep ignoring that? The T & C's do state forward contracts when mentioning the £50. So if you dont buy one does that mean theres no fee for cancelling? If you order online does that mean theres no fee for cancelling as it only mentions the contract being binding under telephone orders. Can you not see why those T & C's are confusing?

You come out with a lot of words but none of them have any substance, very similar to the majority of the drivel you post in this thread IMO.

Reading the full set of T & C's there are some real stonkers in there and compared to the teg T & C's they are far from standard. I know where my money will go in future.

there is no need to get abusive with me,

obviously you have no clue what a forward contract is this from wikipedia

"A forward contract is an agreement between two parties to buy or sell an asset at a specified point of time in the future. The price of the underlying instrument, in whatever form, is paid before control of the instrument changes. This is one of the many forms of buy/sell orders where the time of trade is not the time where the securities themselves are exchanged."

what crown currency offer is this type of transaction. irrespective of how long crown currency have your money for its this type of contract. you agree to buy dollars at a set date in the future - that could be a week or a year, that my friend is a forward contract.

TEg do not offer this type of transaction , they offer a normal exchange service like the post office etc hence their terms will be different. may be you should do a bit of research before you question my knowledge

Baz_2

I studied forward contracts and put and call options when I became an ACA, I'm well aware of what they are and do not need wikipedia to gather my knowledge.

For the third time. I did not buy a forward contract. There was no specified date in the future. It was the same order as I made with teg, i.e they give me a rate, I ask them to fix it and they give me the time it takes for a BACS payment to clear and get the money in their account and they send me my dollars immediately. You do understand that if you accept their rate on the day, that does not constitute a forward contract?

Are you trying to say all orders placed with crown are forward contracts, but the same order with teg is not a forward contract despite the mechanics being identical?

I think you just like to be awkward, its the only reason why you just plain ignore the facts presented to you.