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“Counterproductive processes”

written by nrLong359 on 08/04/2014

Firstly, I have to say I made one transaction of almost AUD200,000 with UkForex and it went through fine. As far as I can tell, this is a legitimate company and your money will get through.

I am not going to use them again for two reasons...

1) they considered my joint account with my wife, from which I was transferring money, to be a third party account and so in need of extra verification (I had to log in to online banking and send them the PDF confirmation). My wife's name appears first in the account title and my name was somehow truncated and not visible to UKForex (aka OzForex). Although I proved with the PDF that I sent that this was my account, they insisted I either jump through more bureaucratic hoops to have my wife added as a signatory, or send a PDF every single time I transact. A more sensible process would be to have this account verified as one of "mine" from looking at the first PDF I sent.

2) To verify my identity, I sent through a scan of my passport and proof of residence. I then moved to a different country and they then cancelled my subsequent deal, as I needed to verify my address again. This was annoying, as I'd changed the address a week earlier, but there was (and still is) a big green tick next to my address with the text "verified". Now, due to the new country I live in, I need to get a legally certified copy of my passport (the same one they'd accepted before) and my proof of residence and post it snail-mail to Australia.

OK, so I can perhaps understand needing to resubmit proof of residence (but not why it was not communicated to me when I changed it), but why do I have recertify a document they have already accepted? I realise there are Know Your Customer rules that apply, but here it seems to be Forget Your Customer.

So, if there were no competitors to UkForex, I'd jump through these illogical hoops, but since there are, I'm going to try another firm. You might be more lucky though! It's a pity, as they did a good job otherwise and their website is very good.