Currenxie returns transfers.

[diatessaron]

Hello,

Long story short, GBP to EUR transfer. Sent to individual accounts, very low amounts.

Reasons for cancellation:

1. Payment cancelled
2. Internal policy

I've already sent them an email but these 2 were urgent transfers. Has anyone ran into these before? It was working fine, we've had more than 7 figures in total transactions without a problem. This is an IT business, paying 2 outsourced devs who will start full time in 2 weeks.

 

[uk29]

Not had issues with returned transfers but I think they must be trying alternative banking routes.

Normally my same currency (GBP to GBP) wires to UAE clear in a few hours with no intermediary bank fees, however, the last transfer took 3 days and there was a small intermediary fee on the receiving end when it arrived in the UAE.

Could be worth reaching out to their support team, I've spoken with them over e-mail previously and had good support.

 

[diatessaron]

uk29 said:
Not had issues with returned transfers but I think they must be trying alternative banking routes.

Normally my same currency (GBP to GBP) wires to UAE clear in a few hours with no intermediary bank fees, however, the last transfer took 3 days and there was a small intermediary fee on the receiving end when it arrived in the UAE.

Could be worth reaching out to their support team, I've spoken with them over e-mail previously and had good support.
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They collected all the fees and left me with the EUR doh948"", a currency I don't want to hold right now. Sent them an email but it will take another 3-4 hours for them to reply. I hate delays such as this one, it makes one look unprofessional.

 

[uk29]

Keep me posted on what their support team say, interested in their response

 

[Clank]

You need to open a ticket and tell them which of their intermediary banks to use and they will set up for you manually.

It happened to me.

 

[Forester]

diatessaron said:
Hello,

Long story short, GBP to EUR transfer. Sent to individual accounts, very low amounts.

Reasons for cancellation:

1. Payment cancelled
2. Internal policy

I've already sent them an email but these 2 were urgent transfers. Has anyone ran into these before? It was working fine, we've had more than 7 figures in total transactions without a problem. This is an IT business, paying 2 outsourced devs who will start full time in 2 weeks.
Click to expand...

Well, never experienced something like this. More accounts with them, the oldest being more than 2.5 years old, a similar turnover like yours.
I am surprised.

diatessaron said:
Sent them an email but it will take another 3-4 hours for them to reply. I hate delays such as this one, it makes one look unprofessional.
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To be honest, with all due respect, I do not consider 3-4 hours for the reply as an unprofessional delay... Or do you mean the delay with payments and consequently, your bad reputation? In such a case I would agree, naturally.
Have you tried to call them, at Currenxie? (I am accustomed to see the phone number of the clerk in the signature of every support e-mail.)

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[diatessaron]

Jbb1 said:
You need to open a ticket and tell them which of their intermediary banks to use and they will set up for you manually.

It happened to me.
Click to expand...

Has this happened because I do not have a EUR account with them but was sending a EUR transfer?

Forester said:
To be honest, with all due respect, I do not consider 3-4 hours for the reply as an unprofessional delay... Or do you mean the delay with payments and consequently, your bad reputation? In such a case I would agree, naturally.
Have you tried to call them, at Currenxie? (I am accustomed to see the phone number of the clerk in the signature of every support e-mail.)
Click to expand...

My bad, I meant it is unprofessional for me. I still do not have a response from Currenxie but I believe it is the above fact that caused the issue.

 

[Forester]

diatessaron said:
Has this happened because I do not have a EUR account with them but was sending a EUR transfer?
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This is not a problem. (I presume that you have a standard multi-currency account.) Just it is necessary to create the payment order during the working hours of the FX department which are not 24/7 but something like (I don't recall exactly) 8AM-9PM HK time on business days ”“ but you are definitely aware of this.
But what could have happened (now it has come to my mind):
If the payment is in favor of the account in Eurozone, Currenxie will automagically send it as a SEPA transfer (unfortunately not in your but in their name, I am afraid; at least in some cases) ”“ unless you have told them explicitly that you want to transfer to this beneficiary via SWIFT. And if the recipient's account is not SEPA capable, only SWIFT (it can happen), then the payment will fail. Exactly this happened once to me; it might correspond to the message “Payment cancelled”.
Re: this “Internal policy” message, would you mind sharing the beneficient details? I mean what bank he/she uses and his/her residence? Feel free to PM me if you do not want to share it publicly. I am thinking about something but it might be irrelevant as well...

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[hiju]

diatessaron said:
My bad, I meant it is unprofessional for me. I still do not have a response from Currenxie but I believe it is the above fact that caused the issue.
Click to expand...

you should give them some time to answer. You are not their only customer and there may be circumstances that course delays in replies.

 

[diatessaron]

The problem was solved back in July. It had to do with their intermediary banks. This topic got out of my mind so I forgot to update it. We got other issues with them right now but I'll make a post one we figure it out. Don't disappoint me Currenxie.

 

[diatessaron]

They closed our account today, after going back and forth with our accountant for 2 weeks. I have a pretty good idea as to why the account was closed but I think mentioning it here is a bad idea and I don't have Mentor Group Gold yet. Feel free to PM me if you're interested in knowing more and why AML is bs when the compliance department is made of unprofessionals.

My journey continues, I have yet to find a solution. I wonder how long I'll keep looking for before I decide to start a brand new EMI.

 

[diro]

If all invoices aren't in order or if they don't match the amounts received or sent, it will cause problems.