Currency company Ace-FX blames technical glitch as 1,000 customers see pre-Brexit tra

Former_MSE_Faye · 29 June 2016 at 1:09PM

Holidaymakers have lost out on hundreds of pounds after currency exchange company Ace-FX cancelled 1,000 orders...

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'Currency company Ace-FX blames technical glitch as 1,000 customers see pre-Brexit transactions cancelled'

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michaels · 29 June 2016 at 1:39PM

I bet had the vote and the pound gone the other way Ace-FX would have fulfilled all the orders and pocketed the extra profits.

Effectively by cancelling the orders they had a one way bet on sterling movements. Despite the T&Cs this smacks of fraud.

Pincher · 29 June 2016 at 1:52PM

This is the worry of the Uber philosophy.

You think it's cheap, and a great deal, until the driver has to slow down, and there are no brakes.

EssexExile · 29 June 2016 at 2:01PM

Bizarrely, Ace-FX promised to "make up any losses" by offering preferential exchange rates for life to affected customers if they use the firm's services in future.

Has anyone tested this yet?

Yolina · 29 June 2016 at 3:34PM

They cancelled on Friday morning the order I had for CHF but there was no mention of any future preferential rate for life on their email, just to contact them if I still wished to get currency at the current rate and if so they would do their best to accommodate (!) erm, no thanks.... Apparently their website shouldn't have let me put an order, but did so due to an "error". Yeah, right, like I'm going to believe that one.

Needless to say, I shan't be using their services again.

Kernow666 · 29 June 2016 at 4:21PM

that's what people get from dealing with a company like this just for the sake of a few extra euros / dollars / etc

Yolina · 29 June 2016 at 4:50PM

Kernow666 wrote: »

that's what people get from dealing with a company like this just for the sake of a few extra euros / dollars / etc

The difference would currently be about £70 on what I was looking to exchange so although I agree that it's not a particularly massive amount in the great scheme of things, I would rather have it in my pocket that not

I don't think the point is so much about the few quid here and there but more that they were happy to take the orders and then simply decided not to honour them.

Edit: here's the full email I received from them:

"Due to the referendum and the huge fluctuations in the market we are unable to honour your order

Our website should not have allowed you to place any orders for this time but unfortunately an error occurred allowing you to do so

I understand the frustration this may cause but unfortunately ACE-FX holds the right to restrict any currency or order and cancel any order as per our Terms and Conditions

If you wish to still collect currency at the current rates please contact us and we will do our best to accommodate you

Once again we apologise for the inconvenience this may cause

Kind Regards,
ACE-FX"

£mem0616 · 29 June 2016 at 6:07PM

This happened myself and my partner. I placed my currency order on Thursday 23rd June at 05.50. My partner placed her order at 06.05. We received all order numbers and delivery confirmation emails. This was one hour before EU Referendum voting started.

Funds for both transactions were taken from our account on Friday 24th June. Delivery was confirmed for the Saturday.

At 23.54 on the Friday we both received cancellation emails stating "EU referendum caused our website to crash" etc etc.

Extremely disappointed and question if the EU result had gone the other way, would these orders have been honoured? Hmmmm......

We have lodged a formal complaint with ACE-FX and await their response.

It would be interesting to know the details of other let down customers timings and responses, to see how they all fit together.

theblagger · 29 June 2016 at 8:58PM

Sounds well dodgy

Yolina · 29 June 2016 at 9:07PM

£mem0616 wrote: »

It would be interesting to know the details of other let down customers timings and responses, to see how they all fit together.

I only ordered late on Thursday night for collection on Monday afternoon. Also because I was going to pay when collecting, no funds were taken.
I got the confirmation email shortly after ordering and the cancellation email by 11am Friday morning.

Good luck, I hope you get somewhere with the formal complaint

Former_MSE_Faye · 30 June 2016 at 11:29AM

Hi everyone.

Ace-FX has just Tweeted us: "All customers have received full refunds and we are now in the process of compensating each customer."

When pressed on details, the firm added: "We are directly working with each customer to compensate them for any direct losses."

Affected customers, let us know whether you hear from the firm over the coming days - and if you do, what they're offering you.

Many thanks.

MSE Forum

Currency company Ace-FX blames technical glitch as 1,000 customers see pre-Brexit tra

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