A lot of forex brokers run a wire transfer scam
Jul 27th 2009, 4:22 pm
#46
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Joined: Jul 2009
Location: Balatonkerestur, Hungary
Posts: 62
Re: A lot of forex brokers run a wire transfer scam
1.58 JDR, you must have moved yours two years ago, the pound wasn't anywhere near that high since August 2007.
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http://fx.sauder.ubc.ca/cgi/fxplot?b...g&a=lin&m=0&x=
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http://fx.sauder.ubc.ca/cgi/fxplot?b...g&a=lin&m=0&x=
Jul 27th 2009, 10:37 pm
#47
Senior Moment
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Re: A lot of forex brokers run a wire transfer scam
Wow, interesting, and which company do you use? Whenever I transfer money (and I have made several transfers around the globe this year) the first question Travelex ask me is how much!
Maybe it's a bit like a regular monthly savings plan, if you agree to make transfers every month then they give you a better rate?
Maybe it's a bit like a regular monthly savings plan, if you agree to make transfers every month then they give you a better rate?
In the past I have used ITT Moneycorp and HIFX, but these were for large amounts. I have used Travalex, but only for holiday money as its easier
Jul 28th 2009, 8:37 am
#48
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Joined: Jun 2009
Posts: 66
Re: A lot of forex brokers run a wire transfer scam
Generally, the reason why you get a better rate for doing a monthly direct debit rather than small lump sums is beacuse you are actually commiting to buy a whole years worth of currency. ie do a 12month regular payments on a dd basis actually means that you are buying £12k, not £1k each month
Jul 29th 2009, 7:23 am
#49
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Joined: Jul 2009
Location: Balatonkerestur, Hungary
Posts: 62
Re: A lot of forex brokers run a wire transfer scam
I hate to ask but in this case what would happen if you simply cancelled the agreement after say four months - I don't want to suggest anything devious here but presumably if you cancel your direct debit the currency company can't do much about it except blacklist you?
Or do they make you guarantee the payment in some way - I remember having a direct debit with Sky years ago which I ultimately cancelled (amicably!) because I moved abroad and then found that I couldn't cancel my payment through the bank because they told me that the cancellation had to come from Sky!
At the time I thought that this must be a violation of the banking laws if I wasn't actually in control of my account!
Or do they make you guarantee the payment in some way - I remember having a direct debit with Sky years ago which I ultimately cancelled (amicably!) because I moved abroad and then found that I couldn't cancel my payment through the bank because they told me that the cancellation had to come from Sky!
At the time I thought that this must be a violation of the banking laws if I wasn't actually in control of my account!
Jul 29th 2009, 3:30 pm
#50
Forum Regular
Joined: Jun 2009
Posts: 66
Re: A lot of forex brokers run a wire transfer scam
I hate to ask but in this case what would happen if you simply cancelled the agreement after say four months - I don't want to suggest anything devious here but presumably if you cancel your direct debit the currency company can't do much about it except blacklist you?
Or do they make you guarantee the payment in some way - I remember having a direct debit with Sky years ago which I ultimately cancelled (amicably!) because I moved abroad and then found that I couldn't cancel my payment through the bank because they told me that the cancellation had to come from Sky!
At the time I thought that this must be a violation of the banking laws if I wasn't actually in control of my account!
Or do they make you guarantee the payment in some way - I remember having a direct debit with Sky years ago which I ultimately cancelled (amicably!) because I moved abroad and then found that I couldn't cancel my payment through the bank because they told me that the cancellation had to come from Sky!
At the time I thought that this must be a violation of the banking laws if I wasn't actually in control of my account!
Jul 30th 2009, 10:21 pm
#51
Senior Moment
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Re: A lot of forex brokers run a wire transfer scam
I hate to ask but in this case what would happen if you simply cancelled the agreement after say four months - I don't want to suggest anything devious here but presumably if you cancel your direct debit the currency company can't do much about it except blacklist you?
Or do they make you guarantee the payment in some way - I remember having a direct debit with Sky years ago which I ultimately cancelled (amicably!) because I moved abroad and then found that I couldn't cancel my payment through the bank because they told me that the cancellation had to come from Sky!
At the time I thought that this must be a violation of the banking laws if I wasn't actually in control of my account!
Or do they make you guarantee the payment in some way - I remember having a direct debit with Sky years ago which I ultimately cancelled (amicably!) because I moved abroad and then found that I couldn't cancel my payment through the bank because they told me that the cancellation had to come from Sky!
At the time I thought that this must be a violation of the banking laws if I wasn't actually in control of my account!
Aug 3rd 2009, 10:44 am
#52
Forum Regular
Joined: Jun 2009
Posts: 66
Re: A lot of forex brokers run a wire transfer scam
I agree, you are only tied in if you fix the rate, if you do it on a floating exchange rate then you can cancel or fix whener you want
