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Ask Jo C. Your Own Question
Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 32086
Experience:  Over 5 years in practice
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I wanted to transfer funds from GBP to USD. I called my

Customer Question

I wanted to transfer funds from GBP to USD. I called my usual broker intending to leave a message (I'm in US, they're in UK) but they picked up and they quoted me a "spot rate" of 1.325. I agreed for them to send me the paperwork (which they have the wrong address on) and then over email asked what the fee was as something didn't seem right. The trader started talking in "approximate" figures. I've asked if they do not have an exact record - they claim the rate "was around 1.33" when I called so their fee is "approximately 0.5%".
However I know I was on the phone from 5:37am to 5:39am and when I checked the actual rates the lowest it was during that time was 1.44 - so the rate they're actually charging is closer to 1.5%. I've confronted the trader that they're incorrect and haven't heard back yet. I haven't signed the "contract note" they sent through with instructions on where to send the money or transferred any money to them yet. It has a maturity date noted of June 28th.
As they have mislead me in writing and haven't signed the contract note - although it states they've actioned the trade (based on my phone call - although it doesn't directly state that) am I bound to this complete this deal with them? Can I report them to a financial authority?
Submitted: 1 year ago.
Category: Law
Customer: replied 1 year ago.
edits: I haven't signed the contract yet note yet. It has a place for me to sign as authorised signatory and it also has their bank details, and a space I should fill out for where they should send the funds to.It does state they've actioned the trade - which would have been based on my phone call with them, although it doesn't explictily state that the trade was based on a phone call.
Expert:  Ash replied 1 year ago.

Hello my name is ***** ***** I will help you.

Just to be clear, did you ACTION the trade?

Customer: replied 1 year ago.
understandinging it to be around 0.5% commission. Now I've checked and they're lying. They won't directly answer what the rate was and they're sending graphs and other information that was not at the same time I called - but an hour before.
Expert:  Ash replied 1 year ago.

Did you action the trade?