I don't know how many of you use overseas brokers, but it suits my style of trading best. Unfortunately I chose to use Travelex to handle my latest telegraphic transfers.
Travelex is a market maker in the forex market, speak quite openly about it in their PDS, and quite corrupt in my recent experience, those who choose to use their services I would recommend using another source to make international transfers. I now use my bank who handles transfers in hrs, usually less than 1/2 day.
9 weeks ago I initiated a funds transfer from the US, today I have still not received my money, only to find out travelex have been holding and using my funds. Traces were ignored and a recall back to the US was initiated some time ago, still travelex held the funds and refused to communicate with US banks. The finance provider I use in Aust rang Travelex >7 times, every time they denied receiving or seeing the funds.
Today after lodging and application with F.O.S over 2 weeks ago, now they finally admit receiving a recall some time ago, and will process it now. Who knows if they will or not, but it was a considerable amount of money and I would like to make others who use them aware of their practices.
Am I here to name and shame? Yes. Very unhappy and lodged with ASIC.