XE.com account closed

[JohnnyDoe]

After 2 years and about $1m moved through it:

We are unable to make the payment and have refunded your funds at no loss to you. We have taken this action in order to maintain our duty of care towards you as our customer and to ensure we do not breach our regulatory obligations.

Unfortunately, we are unable to continue to offer you our international payments service and have closed your account. We will not be able to provide any further information as to the reason why.

Ps. The payment was to a big UK law firm. I had already sent money to it twice before.

So we can add XE.com to the list of clown banks/EMI/money transfer services or whatever they are.

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[lavel]

Isn't it the second account they close of yours!

 

[Martin Everson]

Sounds like you went beyond their risk tolerance in terms of total transactions value perhaps.

I use XE literally everyday.....but just their mobile app currency converter smi(&%

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[NicolasMaduro]

I'm pretty sure OP is in a high risk industry, and I think it would be nice to disclose? Cause many EMIs you are banned from didn't really support your business model?

Last edited: May 5, 2022

 

[koohl]

He must be high risk with all the accounts he get closed.

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[Sols]

I wonder why it is that this keeps happening to some people and almost never to others.

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This is the probably the answer to your question.

 

[JohnnyDoe]

koohl said:
He must be high risk with all the accounts he get closed.
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It was a personal account which I used to pay lawyers and Amex monthly statements”¦

lavel said:
Isn't it the second account they close of yours!
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No it's the first time, I was actually happy with them

Sols said:
I wonder why it is that this keeps happening to some people and almost never to others.
Click to expand...

I have no idea. I moved some money but not huge amounts, and all sent to big firms like law firms and Amex.
XE is just another shitty company

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[KDX]

Crazy how you can't even bank in todays world.. complete shitshow. And then there's the EU calling for more regulation!

 

[JohnnyDoe]

KDX said:
Crazy how you can't even bank in todays world.. complete shitshow. And then there's the EU calling for more regulation!
Click to expand...

Now I don't even know how to send gbp to a uk law firm from a EU bank 🙁

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[KDX]

JohnnyDoe said:
Now I don't even know how to send gbp to a uk law firm from a EU bank 🙁
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My bank allows all sorts of currency payments here in Finland, but the exchange rate is pretty expensive, not cheap...

 

[csp dubai]

this is crap , we are at mercy of idiot compliance officer , we are not be able to pay want we want with our own money , everybody should move to cripto

 

[daxbr]

Sols said:
I wonder why it is that this keeps happening to some people and almost never to others.
Click to expand...

Would it be because some people took time to establish a personal acquaintance with a bank official rather than surrendering a video with xxx samples?

 

[boomy]

You can't trust a single EMI or Bank, you always need to have several of each. Like the fox have several holes to get out of.

 

[kilor]

I made a transfer + exchange (or I tried) of only 9000 euro now they are stuck and they asking for KYC 🙁

 

[Martin Everson]

kilor said:
I made a transfer + exchange (or I tried) of only 9000 euro now they are stuck and they asking for KYC 🙁
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Can you not just provide them with the KYC?

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[diro]

Providing KYC works well with XE they asked me 2 days ago for a transfer of 13000 euro.

 

[maxmoney]

JohnnyDoe said:
After 2 years and about $1m moved through it:

We are unable to make the payment and have refunded your funds at no loss to you. We have taken this action in order to maintain our duty of care towards you as our customer and to ensure we do not breach our regulatory obligations.

Unfortunately, we are unable to continue to offer you our international payments service and have closed your account. We will not be able to provide any further information as to the reason why.

Ps. The payment was to a big UK law firm. I had already sent money to it twice before.

So we can add XE.com to the list of clown banks/EMI/money transfer services or whatever they are.
Click to expand...

Would you be able to get your account reopened maybe after some time or is this permanent condition if you get banned from XE ?

 

[wellington]

JohnnyDoe said:
After 2 years and about $1m moved through it:

We are unable to make the payment and have refunded your funds at no loss to you. We have taken this action in order to maintain our duty of care towards you as our customer and to ensure we do not breach our regulatory obligations.

Unfortunately, we are unable to continue to offer you our international payments service and have closed your account. We will not be able to provide any further information as to the reason why.

Ps. The payment was to a big UK law firm. I had already sent money to it twice before.

So we can add XE.com to the list of clown banks/EMI/money transfer services or whatever they are.
Click to expand...

That's for AML or the like - flagged I'd imagine somewhere you'll also start to have more issues as they now add CFAS or similar markers

 

[maxmoney]

wellington said:
also start to have more issues as they now add CFAS or similar markers
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What do you mean with that and open database for bad ID's ? what is CFAS ?

 

[JohnnyDoe]

wellington said:
That's for AML or the like - flagged I'd imagine somewhere you'll also start to have more issues as they now add CFAS or similar markers
Click to expand...

No, it's just for their badly trained monkeys. I'm opening and using new accounts elsewhere without any problem.

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