Bitzi

I used Moneycorp in 2008 to transfer my pounds to dollars.

Now I am moving back to the UK and they are not able to do this (dollars back to pounds) because I live in California!

Makes no sense why a California address allows this discrimination. So frustrating!

Jerseygirl

You aren't the first person to experience this...people have posted about it recently.

Mummy in the foothills

Still not sorted out yet?
Something to do with new regulations Bitzi. They were supposed to be sorting it out a couple of weeks ago or so.

markwm

Do you have a UK address you could use? Friend or relative, perhaps?

Have you tried using XE.com? I've not transferred anything back myself but can't see why you wouldn't be able to.

Bitzi

Hi
It's not as easy as having just a UK address. The address linked to the bank account from which the funds are coming from is in CA. Apparently it applies to New York as well.

I will check out XE.com, thanks...

Pombat

Moneycorp told me if I could wait until we are back in the UK, I could then apply from my UK address and transfer the funds over, but I didn't want to do that and risk there being a problem getting my money out of the US! We have gone with xe.com instead - Moneycorp's loss!

Bob

Quite a few threads on this, but the gist of it is that Moneycorp were only state licensed to operate in Florida at the moment I think it was, so if you aren't in Florida, they can't deal with you.

Just use xe.com

HighCountry

I haven't used Moneycorp (and it sounds like I haven't missed anything), but I do use XE and have transferred money both ways with no problems.

E3only

I had similar issues albeit from Australia to CA. XE works tho ....

KurtC

Try UKForex, part of the OzForex Group.

Sarah Davie

Many thanks for your posts, I’m sorry we have been unable to help in this instance. Trust us, it’s frustrating not to be able to help from our side.

As we have a licensed office in Orlando we are currently only able to trade clients based in the Florida State. Good news, however, is that we are actively working alongside the regulators to be a position to further offer our service in the US. As you might imagine it’s not a quick and simple process but we are moving as fast as we can. We are sorry for any inconvenience this has caused you and are happy to speak to you to explain further if you want to call us on +44 (0) 207 828 7000. This does not affect our ability to offer any other currencies.

AdrianSaunders

They've just cut me off too. I have been using Moneycorp for about 7 years to transfer my pension from GBP to USD every month. Today, out of the blue, they have cancelled my contract "due to requirements of the US Banking Secrecy Act". Given banking regulation in the States is federal, I don't understand why the state you happen to reside in makes any difference(I live in Washington State). Neither have I managed to discover anything that might have changed requirements under the Act recently. Luckily, I am not entirely reliant on my monthly pension transfer, so I have some time to locate an alternative.

KurtC

UKForex is licensed in 15 states and that should be 30-40 by the year end. Please see here for which states we are licensed in: http://www.usforex.com/about-us/legal.

We look forward to helping you.