Consumer complaint received 2024-07-14
Product: Money transfer, virtual currency, or money service — Foreign currency exchange
Issue: Unexpected or other fees — 
Company: Currencies Direct Inc. (PA)

Complaints : 1. Attempt to extort money from an individual on a financial transaction that was never authorized.

2. When asked to provide logs and artifacts that such transaction ever took place, they have not done so.

3. Planform didnt provide a process to remove sensitive information from users profile or close users account. ( Once you are registered and provided your financial information, you can not unsubscribe. ) 4. Website didnt have appropriate information to make complaints or raise serious concerns with doubtful business processes.

Summary Statement : I am writing to make a formal complaint against Currencies Direct regarding their deceptive practices, misleading information, restrictive and attempts to extort or coerce.

I live in the USA and had plans to do some property investment ( renovation work ) in the XXXX XXXX ( XXXX ). The work will necessitate that I transfer monies from the XXXX to the XXXX. Therefore, in XXXX XXXX, I searched online and registered with about XXXX money transfer companies, including XXXX XXXX. In each occasion, before I transfer money, I often check the spot exchange rate on all money transfer companies. I had never used XXXX XXXX previously and, even though they were XXXX of the XXXX registered with, I have never used them. My preference had always been XXXX Money Transfer. 

On XX/XX/year>, I wanted to make a money transfer from the XXXX to the XXXX. I checked XXXX Money Transfer that I had been using for most of my transfer. Their rates were slightly worse than what I had used earlier. I decided to check the rates for the other XXXX money transfer companies : Currencies Direct, XXXX XXXX, and XXXX XXXX. The USD : XXXX XXXX rate was slightly better with Currencies Direct and so I decided to give them a try on this occasion. 

XXXX XXXX rate converter for Currencies Direct is on the main page. After observing the rates were slightly better than that for XXXX Money Transfer, and wishing to use an alternative company to give me options in my transfer, I clicked on the link to begin the process. 
The first step was to include my information. 
The next step was then to send money to the bank account of Currencies Direct. 
When I read the next requirement, I immediately stopped the process. That was concerning wiring my money into the back of another company. 
I stopped the process as it was concerning wiring money into the bank of another company. After stopping the process with XXXX XXXX, I logged out and went into XXXX Money Transfer and completed my transaction with the company. 

After about XXXX minutes to an hour, I still remained concerned with a process that required me to send my money to their bank account as part of a money transfer process. Therefore, I logged back into Currencies Direct and decided to take them off the list of companies that could potentially use as I wasnt comfortable with that transfer proves. Initially, I wanted to delete my profile and went into settings. However, there was no straightforward way to delete my profile. My next thought was to delete my sensitive information. I tried to remove sensitive information, including the receiving banks in the XXXX. I couldnt as the company provided no means to remove my data. I searched their website and found XXXX email addresses. I sent an email to inform them what I encountered in their process, my concerns of wiring my money to the bank of another company, and my intentions not to use them again and wanted the account closed. I attach a copy of the email. ) A couple of hours later on XX/XX/XXXX, I received an email from XXXX XXXX XXXX XXXX with the title of account XXXX. She informed me that I XXXX be charged for the currency exchange because they purchased the currency on my behalf. However, she needed to contact the trading team. My response to her was why would a trading desk purchase currency when I didnt complete the transaction request and provide them with instructions? Please, refer to my attached email correspondence ( Correspondence # XXXX - XXXX XXXX ). 

A couple of days later, XXXX XXXX XXXX returned with an invoice for me to pay. I declined and told them this practice is shady. If they believe I owe them money, then I needed them to provide me with evidence that an instruction was received from my account and a transaction was carried out. 

On XX/XX/XXXX, I received an email from XXXX XXXX, which I believe is part of Currencies Direct. I responded to them that no instruction/request for transaction was ever submitted. Nonetheless, if they believe that I issued instructions to commence a trade, then I needed all logs and artifacts to show otherwise. I requested the follow but have not received any : XXXX. When ( day and time ) when you believe an instruction was placed. 
XXXX. Was the instruction completed and what constitutes a complete request to transact? 
- Evidence of the instruction received, - Timing of request, - XXXX of the instructions, - Who checked the requests? ( Include name, duties, and time, and copy of documents ) - Who approved the request to transact? ( Include name, duties, and time, and copy of documents ) - Who conducted the transaction. ( Include name, duties, and time, and copy of documents ) XXXX. Copy of your business policy on making trades and the whole process from instructions, checking they are correct, approval, and transaction. 
XXXX. Copies of your policy and process for any transcreation to be cancelled in the system. This includes the stepwise process and trimming when such a request could be made. 

Refer to attached email correspondence ( Correspondence # XXXX XXXX XXXX ). 

On XX/XX/XXXX, as I am submitting this complaint, Currencies Direct has frozen all access to my account. Refer to the attached screenshot.

Therefore, what this company, Currencies Direct, is attempting to do is unlawful, illegal and could be considered theft, intimidation and harassment. They are attempting to extort money from an individual on a financial transaction that was never authorized. When asked to provide logs and artifacts that such transaction ever took place, they have not done so. I am hoping you will use your office to punish and expose these tactics so that others are not subjected to this wrongdoing.