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Money transfers

Money transfers

Old Apr 28th 2012, 1:20 am
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Default 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!
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Old Apr 28th 2012, 9:42 am
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Default Re: Money transfers

Originally Posted by Moggiemiss View Post
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!
My experience with credit unions is that they are like a mom and pop store when it comes to international wires. I had almost exactly the same experience as you. In fact my credit union used to wire the money to Wachovia, who then wired the money to my UK bank.
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Old Apr 28th 2012, 3:15 pm
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Default 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?
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Old Apr 29th 2012, 12:03 pm
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Default 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.
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Old Apr 30th 2012, 12:25 pm
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Default 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.
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Old May 24th 2012, 6:11 pm
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Default Re: Money transfers

Originally Posted by Moggiemiss View Post
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.
What was your overall experience with Moneycorp in the end?
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Old May 25th 2012, 1:54 pm
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Default 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
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Old May 25th 2012, 6:53 pm
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Default 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?
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Old May 25th 2012, 7:03 pm
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Default Re: Money transfers

Originally Posted by Moggiemiss View Post
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?
Thanks for that, Moggiemiss. I contacted Moneycorp this week to try to set up an account and this was their response:-

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!
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Old May 25th 2012, 9:05 pm
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Default 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.
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Old May 30th 2012, 3:49 pm
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Default 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
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Old May 30th 2012, 4:40 pm
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Default Re: Money transfers

Originally Posted by Sarah Davie View Post
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

Thanks Sarah,
Please can you post to let us know when you are in a position to open new accounts?
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Old May 30th 2012, 11:04 pm
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Default Re: Money transfers

Originally Posted by Sarah Davie View Post
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
Originally Posted by Pombat View Post
Thanks Sarah,
Please can you post to let us know when you are in a position to open new accounts?
Agreed can you let us all know when it's sorted.
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Old May 31st 2012, 9:43 am
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Default 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.
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Old Jun 12th 2012, 8:48 pm
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Default Re: Money transfers

Originally Posted by Sarah Davie View Post
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
Hi 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
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