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

Froggitt

The Company reserves the right to cancel any order at any time for any reason

Like, for example, you buy from them at $1.60 for January, they dont hedge and hope to be able to buy themselves at $1.60 in January, the rate goes down to $1.20, theyll make a loss on you, so they cancel the order?

That clause is totally untenable, and theyll lose all business if it stays in.

I wouldnt want to be repaid in full, I would want to be repaid the amount of sterling now required to buy my dollars.

sturll

Froggitt wrote: »

Like, for example, you buy from them at $1.60 for January, they dont hedge and hope to be able to buy themselves at $1.60 in January, the rate goes down to $1.20, theyll make a loss on you, so they cancel the order?

That clause is totally untenable, and theyll lose all business if it stays in.

I wouldnt want to be repaid in full, I would want to be repaid the amount of sterling now required to buy my dollars.

Its clearly a contravention of UCTA 1977, if you were to end up losing a lot of money i would certainly take legal action.

Froggitt

Presumably theyve been following this thread with interest, and changing their T&Cs on the fly as a result......I dont expect the current set of T&Cs to make it much past the end of the day

bairn7

I hope they are monitoring this thread beacuse I have used them a few times for currency and have found them to be very efficient to deal with but unless this unfair cancellation term is changed, they have just lost a customer!

Froggitt

Unless they change this ridiculous term, they will have lost as a customer anyone who reads this site, and I am sure Martin will remove their link, as their T&Cs now preclude them from being a "best buy".

bairn7

Incidentally, the same T&Cs have been changed on travelmoneyservices.co.uk. I presume this is the same company trading under different names as the websites/rates are very similar and the terms are identical. I actually think there are a few similar companies so I urge everyone to check the Ts and Cs to see what the cancellation policy is.

markelock

just bought £1000 in US at 1.51 from currency exchange for february next year.

I think by then, my £1000 should have earnt them enough to take a loss on any dropping in the exchange rate. plus I would also have thought they'd be buying $ in advance.

i hope so anyway

FEvans

this term has been in their conditions for some time now.

veggie4life

I'm so fed up. I was going to get it when it was at 1.75 as i'm going to NY in Feb. Do you think it will have inproved by feb time or should I just go for it no and change up with the best bureau now ?

Blink_Eden

veggie4life wrote: »

I'm so fed up. I was going to get it when it was at 1.75 as i'm going to NY in Feb. Do you think it will have inproved by feb time or should I just go for it no and change up with the best bureau now ?

Going in March and seen a few reports it is due to slide further, so I am looking at getting some now (probably - lol)