Currencies Direct

[andisnaith]

Hi

I need some advice quickly, I recently arranged to transfer some funds from sterling to euro's through currencies direct over the telephone, which they say is now a legal contract. They have sent me a contract via email but I have not yet signed it and sent it back to then. Is there any way of getting out of the contract without paying them the £600 or so they claim they will loose out on by selling the money back to the exchange?

Kind regards

Andi

 

[mattw]

You could take out a contract to sell for the amount in euros that you have just bought, effectively offsetting it, providing you use the same value date.

You would then only have to pay them the difference between the two rates.


They probably would not charge you the £15 transfer fee as there is no onward settlement. You would have to confirm this though..

 

[rossmark68]

Hi
Even though you haven't signed the contract I believe it is legally binding. You must have signed something to initially set up your account and this would have all your contractual details on
cheers

 

[andisnaith]

Thanks for taking the time to reply, the account was set up over the internet. Just wondered if there was a way of getting out of these things. The employee at currency direct was quite pushy and advised me that the exchange rate was going to drop and that he couldn't see anything in the future to make it go back up. Stupidly I believed him and are now stuck with a low rate of 1.462 we all have to learn some how!!!

 

[rossmark68]

Hi
If they have told you it is definately going to drop then I would say you may have grounds to complain as they have missold the currency to you. They can predict it may drop but no one can definately say it will rise or fall. Ask to speak to the top manager available and see if the call was recorded
cheers

 

[mattw]

I'm pretty certain they record the calls. I think thats actually what makes it contractual as they record you saying yes to book the deal..

If its any consolation I rang HSBC for a quote today for a small deal of 1500 EUR and they advised an indicative of 1.461 + £9 transfer charge. So in actual fact, your price isn't that bad.