Ozforex...not liable for any screwups??!!!
May 23rd 2006, 1:06 am
#16
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Thread Starter
Joined: May 2004
Location: Sunshine Coast
Posts: 284
Re: Ozforex...not liable for any screwups??!!!
Originally Posted by spalen
If you read this properly all that it actually says is
- If Ozforex make a mistake and you lose out on a rate because they didnt execute a trade by accident or force majeure, bank postal delay...etc... then
under law they are not liable for the loss or consequential loss of that action.
- If they think the transaction was suspicious so delayed it, or were asked by a regulator to delay it, then they're not liable if they acted in good faith. ie they genuinely thought it to be suspicious.
- NO Company will underwrite or indemnify you for consequential loss, because consequential loss is unbounded . You could claim 5 years of rental fees if your house move failed because ozforex monies hit your account 1 day late and caused a cheque to bounce (ridiclious example but it shows consequential loss).
It does not indemnify them from losing your money completely. Stealing your money. Etc - they're regulated by the UK authorities and ASIC in Aus so they have to keep client money seperate from company money, have reserves sufficient to cover daily exposures etc etc etc. Ive referred over 30 people to ozforex (thanks!) and not heard of any problems with them. Ive been using them for over a year and found them to be nothing but outstanding.
- If Ozforex make a mistake and you lose out on a rate because they didnt execute a trade by accident or force majeure, bank postal delay...etc... then
under law they are not liable for the loss or consequential loss of that action.
- If they think the transaction was suspicious so delayed it, or were asked by a regulator to delay it, then they're not liable if they acted in good faith. ie they genuinely thought it to be suspicious.
- NO Company will underwrite or indemnify you for consequential loss, because consequential loss is unbounded . You could claim 5 years of rental fees if your house move failed because ozforex monies hit your account 1 day late and caused a cheque to bounce (ridiclious example but it shows consequential loss).
It does not indemnify them from losing your money completely. Stealing your money. Etc - they're regulated by the UK authorities and ASIC in Aus so they have to keep client money seperate from company money, have reserves sufficient to cover daily exposures etc etc etc. Ive referred over 30 people to ozforex (thanks!) and not heard of any problems with them. Ive been using them for over a year and found them to be nothing but outstanding.
thanks for the reply (thanks to everyone else too).
The reason we were worried is that it 'sounds' like if we set up a forward to buy at 2.50 but someone read it wrong and bought at 2.05 then we would be liable for their mistake.
It's good to hear from everyone though that there haven't been any problems. Makes us feel a bit safer about entrusting them with our life savings!
Thanks again for all your replies
May 23rd 2006, 11:51 am
#17
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Joined: Nov 2005
Location: Melbourne's Inner North
Posts: 1,003
Re: Ozforex...not liable for any screwups??!!!
I thought I had a problem with Ozforex/tranzfers with money taking ages to come through... turned out that it was actually my mistake (by way of my old dad not following instructions!!!!)
Ozforex Managing Diredtor was straight on email, got the whole thing sorted, even apologised for MY mistake.... couldn't have been more helpful!
100% recommendation for those guys!!!
Ozforex Managing Diredtor was straight on email, got the whole thing sorted, even apologised for MY mistake.... couldn't have been more helpful!
100% recommendation for those guys!!!
May 23rd 2006, 11:54 am
#18
Joined: Jan 2005
Location: Asia Pacific
Posts: 4,922
Re: Ozforex...not liable for any screwups??!!!
Used them heaps of times and in fact yesterday. Recommend them.
May 23rd 2006, 12:04 pm
#19
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Joined: Jun 2005
Posts: 138
Re: Ozforex...not liable for any screwups??!!!
Hi, We have used them a few times since we arrived- no problems here, all straight forward and quick.
Donna
May 23rd 2006, 12:08 pm
#20
da Bonehead
Joined: Jan 2004
Location: Lion in da jungle
Posts: 22,767
Re: Ozforex...not liable for any screwups??!!!
This company will grow because they not only offer very competitive rates but they also have customer service spot on.
Good service means happy clients who come back.
Happy clients talk to their friends and acquaintences.
Advocacy is a very powerful tool.
Good service means happy clients who come back.
Happy clients talk to their friends and acquaintences.
Advocacy is a very powerful tool.
May 23rd 2006, 12:17 pm
#21
Account Closed
Joined: Jul 2004
Posts: 4,235
Re: Ozforex...not liable for any screwups??!!!
When we came over, we used this lot and I cant rave about their service highly enough either. I got a great rate at the time, better than the others listed and even when I screwed it up from the other end, they went out of their way to make sure it sorted out to our benefit.
Just thought I would throw another option out there.
Just thought I would throw another option out there.
May 23rd 2006, 12:36 pm
#22
ah-beng
Joined: Aug 2004
Location: ^.^
Posts: 3,113
Re: Ozforex...not liable for any screwups??!!!
Originally Posted by Bix
Advocacy is a very powerful tool.
Im gonna look that word up - and if its rude - im gonna fight you
May 23rd 2006, 1:15 pm
#23
Lost in BE Cyberspace
Joined: Nov 2003
Location: Scotland
Posts: 7,949
Re: Ozforex...not liable for any screwups??!!!
Originally Posted by ub40fan
Yes, but he was on about being able to lock in an exchange rate or something. I don't know it got a bit technical, but the idea was that it was better for me, so I went for it.
We've used HIFX a number of times and can heartily recommend them too. All deals recorded as evidence, everything dealt with promptly, no commission, reasonably good rates etc - no worries and I don't get an iPod or M&S vouchers or whatever for saying so.
I think it's fair to say that having viewed a number of threads on this topic over a long period you can't really go wrong with HIFX, OzForex or Tranzfers. Why not register with all 3 and go with the best rate you can get for the really significant transfers such as house sale proceeds etc? (I have and will).
The Nationwide FlexAccount also seems to get a high recommendation for an account you can keep open in the UK, no fees, use the plastic cards in Australia etc. It's an account I'll open in due course.
OzTennis
May 23rd 2006, 1:18 pm
#24
da Bonehead
Joined: Jan 2004
Location: Lion in da jungle
Posts: 22,767
Re: Ozforex...not liable for any screwups??!!!
Originally Posted by spalen
Im gonna look that word up - and if its rude - im gonna fight you
Hrmph.....you obviously know not who you are talking to
But you'll like the word
You are a very big proponent.
May 24th 2006, 8:12 am
#25
An Australian Citizen !!
Joined: Aug 2004
Location: Terrigal - NSW Central Coast since June 2005
Posts: 1,237
Re: Ozforex...not liable for any screwups??!!!
Originally Posted by Pollyana
I've used tranzfers for three years - signed up for Forex but they said tranzfers would be better as its smaller amounts. Found Paul very helpful, have referred them to loads of posters now and in three years I haven't read about anyone having any problems - I know lots of posters use them now.
I believe Paul even posts on here at times.
I believe Paul even posts on here at times.
Jim
May 24th 2006, 11:41 am
#26
Home and Happy
Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,814
Re: Ozforex...not liable for any screwups??!!!
Originally Posted by Jimclevs
Got your iPod yet then, Pol
Jim
Jim
May 24th 2006, 12:11 pm
#27
NEO LIVES
Joined: Dec 2004
Location: ADELAIDE
Posts: 929
Re: Ozforex...not liable for any screwups??!!!
Originally Posted by Salli
Hi there,
we're just investigating the foreign exchange companies and have been reading the small print in the terms and conditions. In the OzForEx ones it says that even though they may screw up, they are not liable for any money they lose you! This seems a little unreasonable and has made us wary of using them....if they need to have something like that in the small print it makes it sound as if they screw up alot!
Has anyone had any experiences of using them?
Do all the foreign exchange companies have this in their small print?
Thanks for your opinions.
we're just investigating the foreign exchange companies and have been reading the small print in the terms and conditions. In the OzForEx ones it says that even though they may screw up, they are not liable for any money they lose you! This seems a little unreasonable and has made us wary of using them....if they need to have something like that in the small print it makes it sound as if they screw up alot!
Has anyone had any experiences of using them?
Do all the foreign exchange companies have this in their small print?
Thanks for your opinions.
Just used Ozforex to transfer all our money to Aus.. and it was all very easy..just set up an an account and made one call to OK the deal and that was about it...
We got $2.39 and now it's $2.49.....
Corker
May 25th 2006, 1:29 am
#28
Lost in BE Cyberspace
Joined: Mar 2003
Posts: 9,397
Re: Ozforex...not liable for any screwups??!!!
Over a dozen or more Tranzfers transfers I've had a couple of cock-ups - both caused by me giving customer numbers for the recipient bank account instead of the account numbers!
In each case when the money didn't arrive in a few dys I contacted Tranzfers and they couldn't have been more helpful, sorting it out and pushing the money from a suspense account to the correct one. They several times phoned Oz-Uk to check if it had been done.
Apparently this sort of thing happens all the time: they have someone who sorts it all out nd reconciles trades when it does.
In each case when the money didn't arrive in a few dys I contacted Tranzfers and they couldn't have been more helpful, sorting it out and pushing the money from a suspense account to the correct one. They several times phoned Oz-Uk to check if it had been done.
Apparently this sort of thing happens all the time: they have someone who sorts it all out nd reconciles trades when it does.
May 25th 2006, 6:48 am
#29
Forum Regular
Joined: Jan 2006
Location: Sunshine Coast
Posts: 126
Re: Ozforex...not liable for any screwups??!!!
Originally Posted by Salli
Hi there,
we're just investigating the foreign exchange companies and have been reading the small print in the terms and conditions. In the OzForEx ones it says that even though they may screw up, they are not liable for any money they lose you! This seems a little unreasonable and has made us wary of using them....if they need to have something like that in the small print it makes it sound as if they screw up alot!
Has anyone had any experiences of using them?
Do all the foreign exchange companies have this in their small print?
Thanks for your opinions.
we're just investigating the foreign exchange companies and have been reading the small print in the terms and conditions. In the OzForEx ones it says that even though they may screw up, they are not liable for any money they lose you! This seems a little unreasonable and has made us wary of using them....if they need to have something like that in the small print it makes it sound as if they screw up alot!
Has anyone had any experiences of using them?
Do all the foreign exchange companies have this in their small print?
Thanks for your opinions.
May 25th 2006, 6:56 am
#30
Lost in BE Cyberspace
Joined: Mar 2003
Posts: 9,397
Re: Ozforex...not liable for any screwups??!!!
I think possibly one answer is that the approach might be different depending on whether you're doing a one-off large sum, or a regular movement.
If you're sending say the product of a house sale you might want to negotiate an acceptance price and wait for that to come up - might be a long wait <g>.
If you are sending a regular amount just go with the flow - some you win and some you lose.
You're unlikely to beat the system anyway unless you are very lucky so best to go with whoever does the best deal on the day.
If you're sending say the product of a house sale you might want to negotiate an acceptance price and wait for that to come up - might be a long wait <g>.
If you are sending a regular amount just go with the flow - some you win and some you lose.
You're unlikely to beat the system anyway unless you are very lucky so best to go with whoever does the best deal on the day.
