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Magna Financial Services


Country United Kingdom
State England
City London
Address 1 Berkeley Street Mayfair
Phone 44 (0) 20 3371 9966
Website http://magnafinancial.co.uk/

Magna Financial Services Reviews

  • Feb 2, 2017

I requested help from Wady Properties in Tenerife, Spain, in purchasing a vacation home I had located online.

The owner of Wady Properties immediately responded, urging me to use the services of Magna Financial. Ltd.(a.k.a. FirstRateFX) for a "great rate" in converting $130,00 to euros for the purchase.

I was quickly contacted by Saaed Abbassi, a currency specialist from Magna Financial, who aggressively marketed me with daily phone calls and emails, to wire the money to his account for a "great rate"(according to his website, "up to 4% better than the bank".)

The trade eventually netted me over $10,000(8000 to 11000 euros) less than any Tenerife Bank quoted. I was never acquainted with or asked for my approval of the rate prior to the trade, merely the name of the receiving bank. A deceptive phone call from Mr. Abbassi purporting merely to clarify the name of the receiving bank but never mentioning the rate, was the pretext for making the unauthorized trade. I later shocked to receive a written notification of a highly disadvantageous trade I had never authorized. When I complained, I was sent a recording of the barely audible phone call as "proof" of my approval.

I subsequenty learned that FirstRateFX regularly pays a commission to "partners", solicited on their website, to refer potential buyers of real estate. Through conversations with Magna Financial, I deduced that the commission paid to Wady Properties was almost half of the 8000-11000 euros I paid above the standard rate charged by banks.

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