travelfx

prettyangry

I ordered currency online off Travelfx. I have used them in the past without issue. Yesterday I paid by direct bank transfer which they accepted. They later email to inform me that before my order can be processed, they want photos of my passport, my driving license, the reason I want the currency (I told them for holiday) the printed proof of booking a trip, also they want to see the transaction to travelfx on my bank statement!! Whilst I understand that money laundering is a problem, I believe that all of these online currency dealers should make it clear that they will want all of this personal information PRIOR to taking your cash. I told them to cancel my order but was told that there would be a hefty cancellation fee. I called them this morning on [Removed by Forum Team] the number given online only to be told that number is something to do with travelfx but not the number to discuss my order. I was beginning to think that this was a fraudulent transaction. They have since emailed to tell me my order will be processed. I wont be using them again. AVOID

eskbanker

They do say in their Ts & Cs that they don't necessarily know in advance exactly which AML measures will apply to your transaction:

The Regulations also require us to keep full records together with copies of identification provided (where obtained) of all transactions. Our Anti Money Laundering policy may require us to select your transaction for enhanced verification. We will attempt to electronically verify you however should we be unsuccessful we will require documentation as follows:

Acceptable forms of identification are:

[standard photo and address ID proofs] 

Please note we can only accept copies or scans of original documents, not those printed from the internet.

This list is not exhaustive and the specific nature of your transaction may need to be taken into account.

You may be required to prove the source of the funds you are using to pay for your transaction and the purpose of the transaction. Should this be the case we will contact you specifically regarding this. This will most likely not be at outset of the transaction. You agree that you will have available and provide to us the necessary documents in the format requested to prove these should we so request them and further agree that your failure to do so to our satisfaction may result in the cancellation of your transaction at your cost. Should you fail to provide the necessary evidence within seven days then we reserve the right to cancel the transaction as having failed the Anti Money Laundering process.

https://www.travelfx.co.uk/travel-fx-terms-and-conditions