Furious - Advice on this please
Discussion
I have just got married in Greece to my lovely Greek wife and as part of the celebrations we received quite a bit of money (well for me anyway) from the guests.
I used a company in the UK to transfer the money to my wife's Greek bank account to pay for lots of the wedding bills in advance and this all went fine. We had a little bit of money left over so this week I wanted to transfer 3,000 euros back to pay off my credit card with some residual stuff from the honeymoon, so I phoned them up to get the money transferred.
They said that should be no problem and sent the paperwork through for me to sign. I then phoned them up saying that this would be coming from my wife's account, how does she do the transfer - I hadn't signed any paperwork. They informed me that this isn't possible due to money laundering rules etc... so she would have to setup a separate account with them and do the transfer. So we did that and then decided to transfer more money (as the pound seems to be getting stronger) so changed the value. This has all gone fine.
They have just phoned me up saying that they have not received my funds, to which I explained the above and they said that I had got confused and I still owe them the money. I said you advised me I couldn't do it so we changed it to my wife.
They then said they will have to sell it back into the market, and they will give me a ring if I owe them anything to which I said fine. They then phone my wife up and say that they will make a loss and they are taking the amount from her transfer, and told her I had agreed to this.
1 - They are transferring my debt to her separate account, can they do this?
2 - I never signed any paperwork on the original deal they are claiming I didn't pay, surely they can't do this?
I used a company in the UK to transfer the money to my wife's Greek bank account to pay for lots of the wedding bills in advance and this all went fine. We had a little bit of money left over so this week I wanted to transfer 3,000 euros back to pay off my credit card with some residual stuff from the honeymoon, so I phoned them up to get the money transferred.
They said that should be no problem and sent the paperwork through for me to sign. I then phoned them up saying that this would be coming from my wife's account, how does she do the transfer - I hadn't signed any paperwork. They informed me that this isn't possible due to money laundering rules etc... so she would have to setup a separate account with them and do the transfer. So we did that and then decided to transfer more money (as the pound seems to be getting stronger) so changed the value. This has all gone fine.
They have just phoned me up saying that they have not received my funds, to which I explained the above and they said that I had got confused and I still owe them the money. I said you advised me I couldn't do it so we changed it to my wife.
They then said they will have to sell it back into the market, and they will give me a ring if I owe them anything to which I said fine. They then phone my wife up and say that they will make a loss and they are taking the amount from her transfer, and told her I had agreed to this.
1 - They are transferring my debt to her separate account, can they do this?
2 - I never signed any paperwork on the original deal they are claiming I didn't pay, surely they can't do this?
If i've read this correctly, it appears they cannot take a payment on your behalf from your wife (inspite of saying they could) but can willingly transfer your (theoretical) debt to her account.... Hmmm, extremely inconsistent and does NOT sound fair to me/legal.
Sounds like a total con. I'm sorry I couldn't be more help.
Edited to say: Just -re-read it - If you signed no paperwork agreeing to a "debt" transfer (incurred by their own stupidity) then the ball is in YOUR COURT....
Ask them where you agreed to allow this? Evidence please. And without evidence of such, you want all your money returned (yours and wife). you didn't sign any FX contract so you want your money back please.
Sounds like a total con. I'm sorry I couldn't be more help.
Edited to say: Just -re-read it - If you signed no paperwork agreeing to a "debt" transfer (incurred by their own stupidity) then the ball is in YOUR COURT....
Ask them where you agreed to allow this? Evidence please. And without evidence of such, you want all your money returned (yours and wife). you didn't sign any FX contract so you want your money back please.
Edited by Murcielago_Boy on Thursday 16th July 18:03
Edited by Murcielago_Boy on Thursday 16th July 18:03
Murcielago_Boy said:
Ask them where you agreed to allow this? and without it evidence of such, you want all your money returned.
That is what I think, though are looking through T&Cs to see if they can do it based on phone records... but seems they bought the money to try and get a quick win before I authorised it and are trying to cover their backs.Though would presume they are big enough to be moving lots of money around that this doesn't make a difference!
RacingPete said:
Murcielago_Boy said:
Ask them where you agreed to allow this? and without it evidence of such, you want all your money returned.
That is what I think, though are looking through T&Cs to see if they can do it based on phone records... but seems they bought the money to try and get a quick win before I authorised it and are trying to cover their backs.We did £600K with them p/a up to that point and then we dumped them. I hate these companies, they're all pr1cks.
Just read the T&Cs on their site and they say
TandCs said:
The Client may give ***** oral or written instructions relating to a transaction for
the purchase or sale and delivery of currency. In the case of oral instructions, *****
shall be entitled to act upon the instructions placed by a Client. Once an oral
instruction has been given and accepted by a ***** dealer, there is a binding
contract between the Client and ***** for ***** to execute the order and the Client
to pay the sums due to the Company under the terms of the contract. ***** may
also, in its absolute discretion, require the Client to return a signed contract note to
the Company within 30 minutes of the transaction being agreed orally. If this is
required, your ***** dealer will inform you on the telephone at the time of placing the
trade. In the event that a signed contract note is required, the formation of a contract
is not dependent on the return of the contract note and the contract becomes binding
once an instruction has been given and accepted by a ***** dealer on the
telephone. Failure to return the signed contract note within this period may result in
termination of the trade as detailed in section 10 of these terms.
***** reserves the right to store all telephone recordings and use them to resolve
any dispute arising between ***** and the Client.
I can't remember if they said I needed to sign a contract or not.the purchase or sale and delivery of currency. In the case of oral instructions, *****
shall be entitled to act upon the instructions placed by a Client. Once an oral
instruction has been given and accepted by a ***** dealer, there is a binding
contract between the Client and ***** for ***** to execute the order and the Client
to pay the sums due to the Company under the terms of the contract. ***** may
also, in its absolute discretion, require the Client to return a signed contract note to
the Company within 30 minutes of the transaction being agreed orally. If this is
required, your ***** dealer will inform you on the telephone at the time of placing the
trade. In the event that a signed contract note is required, the formation of a contract
is not dependent on the return of the contract note and the contract becomes binding
once an instruction has been given and accepted by a ***** dealer on the
telephone. Failure to return the signed contract note within this period may result in
termination of the trade as detailed in section 10 of these terms.
***** reserves the right to store all telephone recordings and use them to resolve
any dispute arising between ***** and the Client.
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