NatashaB

Received the email below this morning... GRRRR! Any quick recommendations for who I can use instead? Any ideas why they would stop offering the service?


Regrettably I write to inform you that, due to changes in legislation, we will be unable to continue to offer our international money transfer services to clients located in the United States of America (USA). As a result, any existing transactions that you have outstanding with Currency Online will be completed in the normal way, however you will be unable to undertake any new transfers.

Below we have anticipated some of the questions you may ask. Should you have any further questions please email us at [email protected] or call us on our free phone number 1866 420 7697.

Q: Can I still access my online account?
A: Yes. While you will be unable to undertake further FX transactions with Currency Online, you can still log into your account and have full access to review funds held on account plus any current and historical transactions.
Q: What happens to my existing FX transactions?
A: Simply complete the contract as normal. Please ensure you deliver your funds by the agreed value date and we will pay your purchased funds to the nominated beneficiary.
Q: What do I do if I have a Market Order in place?
A: As the outcome of a market order is an FX transaction we will unfortunately need to cancel any outstanding Market Orders you have. We shall, if we have not already done so, be calling you directly.
Q: What if I am no longer located in the USA?
A: Simply provide us with your new proof of address and you will be able to continue to use our services as normal.
Once again, please accept our sincere apologies for any inconvenience this may cause. We will of course let you know should we resume our services to US based clients. In the meantime, we thank you for your support and understanding.

studentgwant

I received the same email as well. And wondered what the new legislation was. I'm thinking of using xe.com in the future.

NatashaB

I have an xe.com account but if the change is due to 'legislation' i am concerned they will go the same way. I've also been looking at xoom.com which seems to be pretty fast although the rates aren't quite as good.

NSBlake

This is annoying - I got the same email.

Anyone got any recommendations? as I make a transfer each month back to the UK.

theOAP

Possibly you are one of the first casualties of the complications (uncertainty) connected with the 'pass through' reporting/withholding requirements of FATCA. (legislation)

Or, it may be an operations difficulty, and has nothing to do with FATCA.

NatashaB

http://www.irs.gov/businesses/corpor...236667,00.html

Link with FATCA info for anyone interested.

NatashaB

Husband has just tested xoom.com and the money arrived in his account within an hour using the debit card option (more expensive than a bank transfer).

lansbury

World First stopped online transactions some months ago because of this. At least they still take phone transactions.

Lets hope XE keep as normal.

Bob

xe and hifx would probably be the best options...it would seem like the majority of their business is in this direction, so it would seem odd for them to abandon it.

It probably is all related to the FATCA business.

theOAP

It would appear that currency online are part of the HiFX group:

http://www.currencyonline.com/co/about_us/default.asp

Look under 'With currency online your money is always safe and secure'.

lansbury

Yes indeed you are right. HiFX moved me over to their online trading which is what currencyonline.com is. Only difference HiFX are in the UK, currency online in New Zealand, if that is a significant difference?

lansbury

I've just spoken to MoneyCorp in London, who I have an account with, and they are setting me up for online trading no problem at all. They also have a US office 407-352-5890

NSBlake

I was looking to set up an account with MoneyCorp (because they have a US office they can continue to transfer from US to UK whereas Currency Online don't have a US based office). However they advised their bank account to where you would have to pay the dollars (for the GBP I would have bought) is based in the UK not the US - the fee from BoA would be $45 and not the $10 they charge for transferring to a US based account.

Anybody else found this with MoneyCorp?

Jordan Tilley

Hi

New US legislation has prevented unauthorised currency companies from transferring money for people based in the USA.

Moneycorp have offices over the world including America and we are still able to help people transfer money securely at preferential rates with no fees.

As there are a few ways we can help (including online transfers and regular payments) please feel free to private message me and I can explain what we might be able to do relative to your situation.

Jordan