Ozforex...not liable for any screwups??!!!
May 22nd 2006, 3:56 pm
#1
Forum Regular
Thread Starter
Joined: May 2004
Location: Sunshine Coast
Posts: 284
Ozforex...not liable for any screwups??!!!
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 22nd 2006, 4:00 pm
#2
BE Enthusiast
Joined: Oct 2005
Location: Blighty
Posts: 950
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.
Hi...you beat me to it! I was just gonna post a similar thread about the merits of OzForex, HIFX and Transferz.
I was wondering what made one choose one above another?
I think all of these hold the funds in client account...so if things do go pearshaped...then at least the creditors can't touch your money.
I believe that as long as you get an order confirmation...then any 'screw-up' would render them liable. It certainly sounds dodgy what you have read.
TC
May 22nd 2006, 4:07 pm
#3
BE Forum Addict
Joined: Mar 2004
Location: Brisbane
Posts: 1,927
Re: Ozforex...not liable for any screwups??!!!
Originally Posted by touchingcloth
Hi...you beat me to it! I was just gonna post a similar thread about the merits of OzForex, HIFX and Transferz.
I was wondering what made one choose one above another?
I think all of these hold the funds in client account...so if things do go pearshaped...then at least the creditors can't touch your money.
I believe that as long as you get an order confirmation...then any 'screw-up' would render them liable. It certainly sounds dodgy what you have read.
TC
I was wondering what made one choose one above another?
I think all of these hold the funds in client account...so if things do go pearshaped...then at least the creditors can't touch your money.
I believe that as long as you get an order confirmation...then any 'screw-up' would render them liable. It certainly sounds dodgy what you have read.
TC
May 22nd 2006, 4:07 pm
#4
Forum Regular
Thread Starter
Joined: May 2004
Location: Sunshine Coast
Posts: 284
Re: Ozforex...not liable for any screwups??!!!
This is what it says on the OzForEx terms and Conditions.....
8.2 No Liability The Company shall not be liable to the Client for
(i) any costs, expenses, liabilities or losses, including consequential or indirect losses, resulting from the failure by the Company to execute a Transaction in accordance with a Client's instructions. The Company excludes all liability to the fullest extent permitted by law even if such loss was foreseeable;
(ii) any unexpected fees and costs, incorrect or incomplete beneficiary details;
(iii) any damages, costs, expenses, liabilities or losses, including consequential or indirect losses, incurred by the Client or a third party as a result of the Company acting in good faith in response to suspicious transactions or in response to requirements from regulatory authorities; or
(iv) any delay in payment or resultant costs, expenses, liabilities or losses, including consequential or indirect losses, relating to the delay in payment under this Agreement which is caused by the Client or any other third party. This includes but is not limited to bank delay, postal delay, failure or delay of any fax or electronic transmission or delay caused by accident, emergency, government intervention, force majeure or incorrect or incomplete information provided by the Client. The Client acknowledges and accepts that the Client is solely responsible for ensuring that all and any payments required to be paid by the Client under any Transaction between the Client and the Company are made promptly and in accordance with the time limits required by the particular Transaction
8.2 No Liability The Company shall not be liable to the Client for
(i) any costs, expenses, liabilities or losses, including consequential or indirect losses, resulting from the failure by the Company to execute a Transaction in accordance with a Client's instructions. The Company excludes all liability to the fullest extent permitted by law even if such loss was foreseeable;
(ii) any unexpected fees and costs, incorrect or incomplete beneficiary details;
(iii) any damages, costs, expenses, liabilities or losses, including consequential or indirect losses, incurred by the Client or a third party as a result of the Company acting in good faith in response to suspicious transactions or in response to requirements from regulatory authorities; or
(iv) any delay in payment or resultant costs, expenses, liabilities or losses, including consequential or indirect losses, relating to the delay in payment under this Agreement which is caused by the Client or any other third party. This includes but is not limited to bank delay, postal delay, failure or delay of any fax or electronic transmission or delay caused by accident, emergency, government intervention, force majeure or incorrect or incomplete information provided by the Client. The Client acknowledges and accepts that the Client is solely responsible for ensuring that all and any payments required to be paid by the Client under any Transaction between the Client and the Company are made promptly and in accordance with the time limits required by the particular Transaction
May 22nd 2006, 4:19 pm
#5
BE Enthusiast
Joined: Oct 2005
Location: Blighty
Posts: 950
Re: Ozforex...not liable for any screwups??!!!
Originally Posted by Salli
This is what it says on the OzForEx terms and Conditions.....
8.2 No Liability The Company shall not be liable to the Client for
(i) any costs, expenses, liabilities or losses, including consequential or indirect losses, resulting from the failure by the Company to execute a Transaction in accordance with a Client's instructions. The Company excludes all liability to the fullest extent permitted by law even if such loss was foreseeable;
(ii) any unexpected fees and costs, incorrect or incomplete beneficiary details;
(iii) any damages, costs, expenses, liabilities or losses, including consequential or indirect losses, incurred by the Client or a third party as a result of the Company acting in good faith in response to suspicious transactions or in response to requirements from regulatory authorities; or
(iv) any delay in payment or resultant costs, expenses, liabilities or losses, including consequential or indirect losses, relating to the delay in payment under this Agreement which is caused by the Client or any other third party. This includes but is not limited to bank delay, postal delay, failure or delay of any fax or electronic transmission or delay caused by accident, emergency, government intervention, force majeure or incorrect or incomplete information provided by the Client. The Client acknowledges and accepts that the Client is solely responsible for ensuring that all and any payments required to be paid by the Client under any Transaction between the Client and the Company are made promptly and in accordance with the time limits required by the particular Transaction
8.2 No Liability The Company shall not be liable to the Client for
(i) any costs, expenses, liabilities or losses, including consequential or indirect losses, resulting from the failure by the Company to execute a Transaction in accordance with a Client's instructions. The Company excludes all liability to the fullest extent permitted by law even if such loss was foreseeable;
(ii) any unexpected fees and costs, incorrect or incomplete beneficiary details;
(iii) any damages, costs, expenses, liabilities or losses, including consequential or indirect losses, incurred by the Client or a third party as a result of the Company acting in good faith in response to suspicious transactions or in response to requirements from regulatory authorities; or
(iv) any delay in payment or resultant costs, expenses, liabilities or losses, including consequential or indirect losses, relating to the delay in payment under this Agreement which is caused by the Client or any other third party. This includes but is not limited to bank delay, postal delay, failure or delay of any fax or electronic transmission or delay caused by accident, emergency, government intervention, force majeure or incorrect or incomplete information provided by the Client. The Client acknowledges and accepts that the Client is solely responsible for ensuring that all and any payments required to be paid by the Client under any Transaction between the Client and the Company are made promptly and in accordance with the time limits required by the particular Transaction
I've just skimmed through HIFX's T&Cs..and I can't find anything similar.
However, it does include some crap about if they can't get you the agreed price..then they can excercise a margin call...and if its not in the client's favour..the client will have to foot the cost. I guess that means.eg...if they say you're gonna get $2.50...and you on;y end up getting $2.48...then too bad!!!!!
TC
May 22nd 2006, 4:54 pm
#6
ah-beng
Joined: Aug 2004
Location: ^.^
Posts: 3,113
Re: Ozforex...not liable for any screwups??!!!
Originally Posted by Salli
This is what it says on the OzForEx terms and Conditions.....
8.2 No Liability The Company shall not be liable to the Client for
(i) any costs, expenses, liabilities or losses, including consequential or indirect losses, resulting from the failure by the Company to execute a Transaction in accordance with a Client's instructions. The Company excludes all liability to the fullest extent permitted by law even if such loss was foreseeable;
(ii) any unexpected fees and costs, incorrect or incomplete beneficiary details;
(iii) any damages, costs, expenses, liabilities or losses, including consequential or indirect losses, incurred by the Client or a third party as a result of the Company acting in good faith in response to suspicious transactions or in response to requirements from regulatory authorities; or
(iv) any delay in payment or resultant costs, expenses, liabilities or losses, including consequential or indirect losses, relating to the delay in payment under this Agreement which is caused by the Client or any other third party. This includes but is not limited to bank delay, postal delay, failure or delay of any fax or electronic transmission or delay caused by accident, emergency, government intervention, force majeure or incorrect or incomplete information provided by the Client. The Client acknowledges and accepts that the Client is solely responsible for ensuring that all and any payments required to be paid by the Client under any Transaction between the Client and the Company are made promptly and in accordance with the time limits required by the particular Transaction
8.2 No Liability The Company shall not be liable to the Client for
(i) any costs, expenses, liabilities or losses, including consequential or indirect losses, resulting from the failure by the Company to execute a Transaction in accordance with a Client's instructions. The Company excludes all liability to the fullest extent permitted by law even if such loss was foreseeable;
(ii) any unexpected fees and costs, incorrect or incomplete beneficiary details;
(iii) any damages, costs, expenses, liabilities or losses, including consequential or indirect losses, incurred by the Client or a third party as a result of the Company acting in good faith in response to suspicious transactions or in response to requirements from regulatory authorities; or
(iv) any delay in payment or resultant costs, expenses, liabilities or losses, including consequential or indirect losses, relating to the delay in payment under this Agreement which is caused by the Client or any other third party. This includes but is not limited to bank delay, postal delay, failure or delay of any fax or electronic transmission or delay caused by accident, emergency, government intervention, force majeure or incorrect or incomplete information provided by the Client. The Client acknowledges and accepts that the Client is solely responsible for ensuring that all and any payments required to be paid by the Client under any Transaction between the Client and the Company are made promptly and in accordance with the time limits required by the particular Transaction
- 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.
May 22nd 2006, 4:56 pm
#7
Des
Joined: Nov 2005
Location: London? or Melbourne?
Posts: 118
Re: Ozforex...not liable for any screwups??!!!
hi
just wondering has anyone just reported any problems with them so far ie with regards to whats in the small print???
those of you who have used maybe might be able to answer this one.good post though did not even read the small print, just hope it wont happen to me
des
just wondering has anyone just reported any problems with them so far ie with regards to whats in the small print???
those of you who have used maybe might be able to answer this one.good post though did not even read the small print, just hope it wont happen to me
des
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 22nd 2006, 5:00 pm
#8
Lost in BE Cyberspace
Joined: Nov 2005
Location: at the bottom of a wine glass
Posts: 28,176
Re: Ozforex...not liable for any screwups??!!!
Originally Posted by Des
hi
just wondering has anyone just reported any problems with them so far ie with regards to whats in the small print???
those of you who have used maybe might be able to answer this one.good post though did not even read the small print, just hope it wont happen to me
des
just wondering has anyone just reported any problems with them so far ie with regards to whats in the small print???
those of you who have used maybe might be able to answer this one.good post though did not even read the small print, just hope it wont happen to me
des
I've heard nothing but good reports about them and having spoken to them I trust them with our money 100%
I'll refer you to Spalen's post as he has worded it far better than I could, but generally the small print is there for their protection in case of unforseeable problems that they have no control over.
May 22nd 2006, 5:19 pm
#9
Australia's Doorman
Joined: Jan 2005
Location: The Shoalhaven, New South Wales, Australia
Posts: 11,056
Re: Ozforex...not liable for any screwups??!!!
Well, we haven't used OzForex yet, but we are signed up with them and will use them to move our rather meagre pot of money over to Oz in about six weeks time.
May 22nd 2006, 5:26 pm
#10
Where I want to be
Joined: Jan 2005
Location: In my own head
Posts: 3,220
Re: Ozforex...not liable for any screwups??!!!
well, I have just used them to transfer the bond money to the SIL, and they have been great. I actually signed up to Tranzfers, but a guy called Paul rang me and said I would get a better deal on OzForex, was I interested. I said ok and he has done everything for me.
Transferred my account over, sent me some paperwork for id purposes, phoned me to make sure I got everything, answered every e-mail I sent very quickly, first one within 10 mins!!!!!
My transfer won't be complete until the end of the week, cos the UK bank will take it's time putting the money in their account, but I am confident that the money will make it to it's destination.
If it does we will definately be using them to transfer the money from the house sale too.
Shirley
Transferred my account over, sent me some paperwork for id purposes, phoned me to make sure I got everything, answered every e-mail I sent very quickly, first one within 10 mins!!!!!
My transfer won't be complete until the end of the week, cos the UK bank will take it's time putting the money in their account, but I am confident that the money will make it to it's destination.
If it does we will definately be using them to transfer the money from the house sale too.
Shirley
May 22nd 2006, 7:00 pm
#11
Forum Regular
Joined: Jun 2005
Location: Willetton, WA
Posts: 108
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.
Marina x
May 22nd 2006, 7:32 pm
#12
Forum Regular
Joined: Mar 2005
Posts: 269
Re: Ozforex...not liable for any screwups??!!!
arent transferz and ozforex the same/sister companies ?
Originally Posted by ub40fan
well, I have just used them to transfer the bond money to the SIL, and they have been great. I actually signed up to Tranzfers, but a guy called Paul rang me and said I would get a better deal on OzForex, was I interested. I said ok and he has done everything for me.
Transferred my account over, sent me some paperwork for id purposes, phoned me to make sure I got everything, answered every e-mail I sent very quickly, first one within 10 mins!!!!!
My transfer won't be complete until the end of the week, cos the UK bank will take it's time putting the money in their account, but I am confident that the money will make it to it's destination.
If it does we will definately be using them to transfer the money from the house sale too.
Shirley
Transferred my account over, sent me some paperwork for id purposes, phoned me to make sure I got everything, answered every e-mail I sent very quickly, first one within 10 mins!!!!!
My transfer won't be complete until the end of the week, cos the UK bank will take it's time putting the money in their account, but I am confident that the money will make it to it's destination.
If it does we will definately be using them to transfer the money from the house sale too.
Shirley
May 22nd 2006, 7:34 pm
#13
Lost in BE Cyberspace
Joined: Nov 2005
Location: at the bottom of a wine glass
Posts: 28,176
Re: Ozforex...not liable for any screwups??!!!
Originally Posted by skyblue
arent transferz and ozforex the same/sister companies ?
May 22nd 2006, 7:58 pm
#14
Where I want to be
Joined: Jan 2005
Location: In my own head
Posts: 3,220
Re: Ozforex...not liable for any screwups??!!!
Originally Posted by skyblue
arent transferz and ozforex the same/sister companies ?
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.
May 22nd 2006, 9:40 pm
#15
Home and Happy
Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,804
Re: Ozforex...not liable for any screwups??!!!
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.
