Travelex Market Makers and Telegraphic Transfers

[cogs]

I don't know how many of you use overseas brokers, but it suits my style of trading best. Unfortunately I chose to use Travelex to handle my latest telegraphic transfers.

Travelex is a market maker in the forex market, speak quite openly about it in their PDS, and quite corrupt in my recent experience, those who choose to use their services I would recommend using another source to make international transfers. I now use my bank who handles transfers in hrs, usually less than 1/2 day.

9 weeks ago I initiated a funds transfer from the US, today I have still not received my money, only to find out travelex have been holding and using my funds. Traces were ignored and a recall back to the US was initiated some time ago, still travelex held the funds and refused to communicate with US banks. The finance provider I use in Aust rang Travelex >7 times, every time they denied receiving or seeing the funds.

Today after lodging and application with F.O.S over 2 weeks ago, now they finally admit receiving a recall some time ago, and will process it now. Who knows if they will or not, but it was a considerable amount of money and I would like to make others who use them aware of their practices.

Am I here to name and shame? Yes. Very unhappy and lodged with ASIC.

 

[tothemax6]

I don't know much about Travelex.

I looked at one of their LED buy and sell price boards at one of their outlets once, noted the spreads, and possibly exclaimed out loud: "F--k that!".
Jip, I know that much.

 

[cogs]

More and more over the past 1-2 years I seem to chasing up corrupt actions by service industries. From Telstra, Optus, my internet service provider, now the third FX company and now my bank!

Every case reported to F.O.S to get them to either, tow the line and refund, or return things to the way they were before. Every case I have won.

Corruption amongst the big guns seems rife, and it often appears they rely on consumers not investigating their actions to provide them with their cream.

I was astounded at this blatant attempt to steal my funds by Travelex.

All I can ad is everyone needs to investigate anything suspiscious. Reporting to Finance Ombudsman Service (F.O.S) is simple and online, costs nothing but gets results and makes companies accountable.