Security UK banks.

Slightly Kwackers

Has anyone changed currency?

I was given a UK account number by a high profile uk dealer, but the transfer was refused by my bank on the grounds of security, in fact they stopped my internet banking on all accounts held.

I tried with a second bank after I closed all accounts with the first bank as their twelve hour wait to get them to answer the phone to reinstate my service was intolerable.

The second bank flagged up an alarm also, but I did have the option of overriding this and doing the transfer.

The only slight problem is that bank number two are useless at answering the phone too, I got through to the UK after an hour in order to explain to some muppet how currency transfers might not have a named account holder and was put back on hold to see if anyone knew what the risks were. I did want to do everything possible in case something did go wrong though.

At this point I wondered just how safe this online transaction is, the second bank refuses to discuss what the issue might be with the transfer and the best way of avoiding any risk, but will not do it using their secure email, they gave me a 24/7 number on which after I got through their automated security, presented me with a recording asking me to call back during office hours.

A small test exchange is not an option.

So has anyone had these alerts when changing currency? Maybe I'm cynical but it seems that the banks don't want me to get more than a euro thirteen for my pound.

It seems almost impossible to produce a bank account that can be anything but above board with such a high profile company [Key Currency], but the fact that two banks flagged the account as a risk seems very odd, they were national banks, Lloyds and the Nationwide. Why the hell they cannot say what the problem is is beyond me, unless they own shares in the phone company of course.

SK

Jim2007

Just to clarify, are there any Irish banks at all involved in this exercise?

Atlantic Dawn

Use Transferwise or Wise as it's now called, much better rate than the banks and they know what they are doing.

https://wise.com/ie/

The J Stands for Jay

What's a high profile UK dealer?

Atlantic Dawn

https://www.boards.ie/discussion/comment/118033038#Comment_118033038

Car dealer I am presuming.

Jim2007

https://www.boards.ie/discussion/comment/118033076#Comment_118033076

No, from the text it seems to be some kind of FX dealer

Slightly Kwackers

https://www.boards.ie/discussion/comment/118032892#Comment_118032892

Yes, the destination is an EBS account, which is not a problem.

I don't know about Irish security apart from the problems I have not having a mobile, but this came into play for a temporary currency exchange, the problem is unlikely to occur I would think unless someone is trying to buy Euro from abroad.

SK

Slightly Kwackers

https://www.boards.ie/discussion/comment/118033038#Comment_118033038

It's in the text.

SK

Slightly Kwackers

https://www.boards.ie/discussion/comment/118032953#Comment_118032953

Thank you,

It seems o/k but if Key work out it seems simpler and I have my account.

The rate is impressive, but they obviously never used any of the banks I changed money at, their example shows a negligible advantage over bank rates actually. The last time I looked at the AIB rates, I went on the net and ordered a Revolute card. I'm not sure if they do large transfers though, but as I have no mobile in Ireland the only card I can use online is one I parked the details with Amazon for a few years back. I wouldn't be able to shop at Amazon if they needed authorisation to update the replacement details either.

SK

Slightly Kwackers

https://www.boards.ie/discussion/comment/118033038#Comment_118033038

High profile on the internet, one that pops up on the adverts section of the browser and has a load of Trustpilot greenies.

Registered with the FCA too.

There appears to be no problem at all, but I am obviously concerned that two UK banks have flagged up alarms, if something goes wrong I just want to ensure the I have done everything possible to avoid risk.

Hanging on to the phone on international rates is a bit much though.

The comment by the entity at Lloyds when I finally got through at three am, was that he was working a twelve hour shift. Not really good news for a customer that is paying for the call and not being paid for the numerous other calls in the previous twelve hours that involved the timewasting routines of passing their security details over before being presented with a recording saying they were very busy and I could expect to wait an hour in the queue.

SK

Slightly Kwackers

All sorted now thanks!

It seems I was a little paranoid about what is now a "standard" warning when a UK bank cannot tie a name to an account, so I overreacted to the second banks warning.

My initial bank "Lloyds" had no right to stop the transaction and even less right to suspend my internet banking. I seem to have aquired £125 pounds for their incompetence, but no letter of apology. This set the scene for my deep suspicion of the transaction though

The transfer went ahead and was trouble free. I can without doubt recommend the dealer, "key currency".

Strange is it not, but Lloyds, the Nationwide and EBS are well near impossible to contact by phone, but the currency dealer has never ever put me on hold yet.

SK