Money transfers
#1
Forum Regular
Thread Starter
Joined: Feb 2008
Location: Lincolnshire
Posts: 291
Money transfers
Aaargh ...
Had terrible problems getting my funds transferred from my credit union to Moneycorp ... Only certain staff trained to send wires ... Then they are only part time so not always available.
THen they said the info provided by Moneycorp was inadequate so had to go back to MOneycorp for clarification.
Monday this week they finally sent the wire. THis morning I found out the money had not arrived and this was because the Credit Union had sent it to the wrong bank!
they are recalling the wire and allegedly are now sending it to the correct bank.
Apart from having a rant, some words of reassurance. IF this happens to you, apparently money is never lost and can always be tracked.
It is scary though when your money isi out there in cyberspace!
Had terrible problems getting my funds transferred from my credit union to Moneycorp ... Only certain staff trained to send wires ... Then they are only part time so not always available.
THen they said the info provided by Moneycorp was inadequate so had to go back to MOneycorp for clarification.
Monday this week they finally sent the wire. THis morning I found out the money had not arrived and this was because the Credit Union had sent it to the wrong bank!
they are recalling the wire and allegedly are now sending it to the correct bank.
Apart from having a rant, some words of reassurance. IF this happens to you, apparently money is never lost and can always be tracked.
It is scary though when your money isi out there in cyberspace!
#2
Re: Money transfers
Aaargh ...
Had terrible problems getting my funds transferred from my credit union to Moneycorp ... Only certain staff trained to send wires ... Then they are only part time so not always available.
THen they said the info provided by Moneycorp was inadequate so had to go back to MOneycorp for clarification.
Monday this week they finally sent the wire. THis morning I found out the money had not arrived and this was because the Credit Union had sent it to the wrong bank!
they are recalling the wire and allegedly are now sending it to the correct bank.
Apart from having a rant, some words of reassurance. IF this happens to you, apparently money is never lost and can always be tracked.
It is scary though when your money isi out there in cyberspace!
Had terrible problems getting my funds transferred from my credit union to Moneycorp ... Only certain staff trained to send wires ... Then they are only part time so not always available.
THen they said the info provided by Moneycorp was inadequate so had to go back to MOneycorp for clarification.
Monday this week they finally sent the wire. THis morning I found out the money had not arrived and this was because the Credit Union had sent it to the wrong bank!
they are recalling the wire and allegedly are now sending it to the correct bank.
Apart from having a rant, some words of reassurance. IF this happens to you, apparently money is never lost and can always be tracked.
It is scary though when your money isi out there in cyberspace!
#3
Re: Money transfers
Oh dear we use a Credit union for just about everything here. I shall brace myself for the bother when the time comes.
Other than those hiccoughs, how did the transfer go, are you please with the time it took to arrive in UK via Moneycorp? Were the rates good?
Other than those hiccoughs, how did the transfer go, are you please with the time it took to arrive in UK via Moneycorp? Were the rates good?
#4
Forum Regular
Thread Starter
Joined: Feb 2008
Location: Lincolnshire
Posts: 291
Re: Money transfers
Will update once the money arrives.
Thus far, very happy with the way Monecorp have handled things. Always quick to reply to emails; keeping you posted with rates, clear explanations.
My dealer is willing to contact the CU if there are any further queries.
Other than the issues with international transfers (I had a similar problem with my money coming out here in 2008 - the money was stuck at CU HQ), the CU has been great to deal with.
Thus far, very happy with the way Monecorp have handled things. Always quick to reply to emails; keeping you posted with rates, clear explanations.
My dealer is willing to contact the CU if there are any further queries.
Other than the issues with international transfers (I had a similar problem with my money coming out here in 2008 - the money was stuck at CU HQ), the CU has been great to deal with.
#5
Forum Regular
Thread Starter
Joined: Feb 2008
Location: Lincolnshire
Posts: 291
Re: Money transfers
Money arrived today ...
The Credit Union got it right at last ....
Will let you know how I get on with Monecorp. At the moment the rate has gone up to 1.60 - was hoping to get an exchange at 1.58 ... makes a lot of difference on a substantial amount.
Fingers crossed.
The Credit Union got it right at last ....
Will let you know how I get on with Monecorp. At the moment the rate has gone up to 1.60 - was hoping to get an exchange at 1.58 ... makes a lot of difference on a substantial amount.
Fingers crossed.
#6
Back home at last!
Joined: Mar 2012
Location: UK to AUS to USA, now home in UK
Posts: 259
Re: Money transfers
What was your overall experience with Moneycorp in the end?
#7
Forum Regular
Joined: Apr 2010
Posts: 53
Re: Money transfers
Don't mean to derail this thread but we have used Ozforex quite a bit this year after seeing some on here recommending them.
The set up in the US took a few weeks due to identity checks etc but thereafter has been smooth sailing. They called after we made the first online trade as a security precaution but thereafter we have moved money to UK with a three to four day turnaround. I think trades over $30,000 were free of any charges and the rate was approx 0.75% lower than the spot rate so all in all we have been pleased
The set up in the US took a few weeks due to identity checks etc but thereafter has been smooth sailing. They called after we made the first online trade as a security precaution but thereafter we have moved money to UK with a three to four day turnaround. I think trades over $30,000 were free of any charges and the rate was approx 0.75% lower than the spot rate so all in all we have been pleased
#8
Forum Regular
Thread Starter
Joined: Feb 2008
Location: Lincolnshire
Posts: 291
Re: Money transfers
Moneycorp was fine. I dealt with Sonia who was very good at keeping in touch. They transferred the money into my account promptly. What more can I say?
#9
Back home at last!
Joined: Mar 2012
Location: UK to AUS to USA, now home in UK
Posts: 259
Re: Money transfers
Unfortunately it has been announced that we are no longer able to deal with clients based in the USA, outside the state of Florida.
We are currently liaising with both lawyers and regulators to seek clarity on the licensing requirements for dealing with these particular clients.
I am sorry for the inconvenience.
I'm not sure if this is going to be an ongoing situation or just a temporary problem. Ozforex also said no to transfers from California, due to a licensing problem. Hopefully one or other of them will get sorted before we actually need to move our money!
#10
Re: Money transfers
Oh dear I hope they get sorted soon we are in CA too. Maybe a hop across the border to Nevada for banking is in order for us.
#11
Forum Regular
Joined: Mar 2012
Posts: 142
Re: Money transfers
We have a Federal licence for the whole of America, however we have been advised by our lawyers that we need to seek state licencing. We have now suspended all new accounts until this licence is in place and we should be in a position to open new accounts in the next few months. Existing clients will be able to trade depending upon their state.
We pride ourselves on the security and brand of our company, as such we always make sure we adhere to the relevant licences and regulations. We do apologise for any inconvenience and we hope to have the situation rectified as soon as possible.
Kind regards
Sarah
We pride ourselves on the security and brand of our company, as such we always make sure we adhere to the relevant licences and regulations. We do apologise for any inconvenience and we hope to have the situation rectified as soon as possible.
Kind regards
Sarah
#12
Back home at last!
Joined: Mar 2012
Location: UK to AUS to USA, now home in UK
Posts: 259
Re: Money transfers
We have a Federal licence for the whole of America, however we have been advised by our lawyers that we need to seek state licencing. We have now suspended all new accounts until this licence is in place and we should be in a position to open new accounts in the next few months. Existing clients will be able to trade depending upon their state.
We pride ourselves on the security and brand of our company, as such we always make sure we adhere to the relevant licences and regulations. We do apologise for any inconvenience and we hope to have the situation rectified as soon as possible.
Kind regards
Sarah
We pride ourselves on the security and brand of our company, as such we always make sure we adhere to the relevant licences and regulations. We do apologise for any inconvenience and we hope to have the situation rectified as soon as possible.
Kind regards
Sarah
Thanks Sarah,
Please can you post to let us know when you are in a position to open new accounts?
#13
Re: Money transfers
We have a Federal licence for the whole of America, however we have been advised by our lawyers that we need to seek state licencing. We have now suspended all new accounts until this licence is in place and we should be in a position to open new accounts in the next few months. Existing clients will be able to trade depending upon their state.
We pride ourselves on the security and brand of our company, as such we always make sure we adhere to the relevant licences and regulations. We do apologise for any inconvenience and we hope to have the situation rectified as soon as possible.
Kind regards
Sarah
We pride ourselves on the security and brand of our company, as such we always make sure we adhere to the relevant licences and regulations. We do apologise for any inconvenience and we hope to have the situation rectified as soon as possible.
Kind regards
Sarah
#14
Re: Money transfers
FYI, Moneycorp offer a service where they open a bank account with CAJA Murcia aimed at those who wish to transfer large sums from Spain e.g. proceeds of a house sale.
You present your bankers draft for the house sale (or switch from your existing bank account) into CAJA Murcia and then to Money corp. There are zero bank charges for the transfer.
You present your bankers draft for the house sale (or switch from your existing bank account) into CAJA Murcia and then to Money corp. There are zero bank charges for the transfer.
#15
Forum Regular
Joined: Feb 2011
Location: Apex NC
Posts: 60
Re: Money transfers
We have a Federal licence for the whole of America, however we have been advised by our lawyers that we need to seek state licencing. We have now suspended all new accounts until this licence is in place and we should be in a position to open new accounts in the next few months. Existing clients will be able to trade depending upon their state.
We pride ourselves on the security and brand of our company, as such we always make sure we adhere to the relevant licences and regulations. We do apologise for any inconvenience and we hope to have the situation rectified as soon as possible.
Kind regards
Sarah
We pride ourselves on the security and brand of our company, as such we always make sure we adhere to the relevant licences and regulations. We do apologise for any inconvenience and we hope to have the situation rectified as soon as possible.
Kind regards
Sarah
I'm assuming that it's in your best interest to set up these state licenses sooner rather than later?
I live in NY and have an account with you, is this situation likely to take a while to resolve?
Best Regards
Ryan