Opening a REFCO account from the UK??

This is a discussion on Opening a REFCO account from the UK?? within the Brokerages forums, part of the Commercial category; A very boring post . . . . . however, I am still trying to open my REFCO account and ...

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Old Jun 2, 2005, 10:41am   #1
Joined Feb 2003
Opening a REFCO account from the UK??

A very boring post . . . . .

however, I am still trying to open my REFCO account and the staff there are proving very uncooperative. The problem is due to organising the wire for the opening funds. I don't seem to have enough info to complete the operation although they are certain I do. My manager at the Natwest (my UK bank) agrees that the info seems to be insufficient and warns that w/o a REFCO account number or some personal reference the money could go astray.

They have given me a bank name in Chicago with a ''swift code'' for that bank. As far as I understand this is like a sort code for wires. It identifies a bank and it's location and nothing more.

They have also asked me to direct the wire through a Lloyds bank in the UK because I wish my account to be kept in Sterling. They have also given me the ''swift code'' and account number for the Lloyds bank.

Note that they have not given me either an account name for either bank (ie who's account is it?) or a personal reference number so that the funds will be irrefutably be recognised as mine.

I wondered if anyone who has been through this process before could offer any advice? Have they given me enough info to send the wire and the funds we recognised as mine?

Best regards

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Old Jun 2, 2005, 10:48am   #2
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Why Refco?
Try others
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Old Jun 2, 2005, 11:03am   #3
Joined Feb 2003
fastnet started this thread Indeed. Main reason at this stage is that I have completed (and they have accepted) all the necessary paperwork etc. I am simply trying to send them several grand and it's proving very difficult!!

The other reasons are that I feel this might be an issue common to wiring money abroad so might occur with any broker.

Finally REFCO so seem to have a good reputation and are able to place my spread trades across most markets with low round-trip fee.

Is there any particular broker you could suggest as an alternative? I would like to place my orders by email on MOC/MOO basis. I have no need for hi-tech and memory hungry web-based services and order placing facilities.

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Old Jun 2, 2005, 12:00pm   #4
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Most use IB but check out brokers thread under "Resources" tab at top of this page.
....Indicators show the past. Price Action "Indicates" the future.
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Old Jun 2, 2005, 5:42pm   #5
Joined Dec 2003
I think you are right. I would expect you to need the SWIFT code for a bank in the US (they have probably also given you a Fedwire number which may work but Swift code is preferable) You need the bank account name and number of the Refco account at that bank. I think they must have given you this because any customer in the US would need it. It may be in the name of a clearing company rather than Refco itself. You also need to specify "Further Credit to:-" your account name (usually just your full name) and the account number Refco have assigned you in their system. These three specified in addition to the Swiftcode for Lloyds TSB should be sufficient. The hierarchy is

2. US Bank
3. Refco or clearers name and account
4. Your name and account no. at refco

I would expect Lloyds to make sure they have checked and understand 2. before they accept the funds. 3. must be correct as Lloyds probably will not know it and without it the US Bank hasn't got a chance. If there is a mistake in 4 then Refco should be able to sort it out as long as your name is there, particualrly if you are pestering them from about 2 days after the wire has gone!!.

It sounds hairy but there are a number of checks in the process if one stage falls down the transaction should be failed and the funds returned. The important word being "should".. Obviously don't issue the wire unless you're happy

Good Luck

Or you could use IB.
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Old Jun 2, 2005, 10:51pm   #6
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I had the same problem with Refco. Asked them for proper instructions BEFORE filling in the application form, and didn't get any. So I changed broker, choosing FXCM - identical platform, same spreads, owned by/owner of Refco (I don't remember). However, with FXCM you fund your account by a wire to a UK bank (only ONE bank account, of which you are given all the relevant SWIFT and IBAN codes, and address), and that's it. My account was activated in 3 working days.
Good luck.
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Old Jun 3, 2005, 6:28am   #7
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Joined Jan 2004
I had a US based REFCO account for years. No problem with them at all. Went through their Connecticut office. If you are still having problems PM me and I will provide you with a personal contact who will be able to help you out.
"I refuse to tiptoe quietly through life
only to arrive safely at death"
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Old Jun 3, 2005, 8:54am   #8
Joined Dec 2003
For an international transfer what you really need from Refco is their IBAN number with the US bank PLUS a sub account reference which nominates your account with them to be the recipient of the funds (arguably the latter might not be absolutely necessary , you could use your name and address as a narrative which should also suffice)...the IBAN number will tell Lloyds the unique number that identifies the REFCO account with the US bank..IBAN numbers have supplanted any need for sort codes , swift codes and account numbers themselves...they contain all of the aforementioned in just the one number ..
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