Currency exchange via Currency Fair: any more people tried?

Agencies and other headaches, keys and cleaners, running costs and contracts...in short, all the things we spend so much of our time doing behind the scenes.<br>
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Wonkeye
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Currency exchange via Currency Fair: any more people tried?

Post by Wonkeye »

A couple of people mentioned having tried Currency Fair back in July. I wondered if anyone else since then had given it a go.

http://www.currencyfair.com/index.jsp
http://www.guardian.co.uk/money/2010/ju ... avel-money

I can't find any dire warnings anyway on the net, only words of praise. Or have I missed something?
e-richard
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Post by e-richard »

I've never heard of them, but a quick check of their rates is very positive. On £1000, one would get about €5 to €15 more than I would have got with XE-Trade who usually come out on top.

So definitely worth a punt, subject to normal risks. They are based in Ireland, and regulated by the Irish. Is that a good thing or bad thing ;-)


I also like their no-nonsense, no flannel approach to business.

From their FAQ
"We need to comply with international law and make sure you are not a Mafiosa or a hoodlum laundering money for illicit purposes."
** Richard
PIMS: Holiday Rental Management system
They say we learn from our mistakes. That makes me a genius !
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Wonkeye
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Currency Fair for currency transfer: amounts large and small

Post by Wonkeye »

I just wanted to report that we finally got round to doing a trial of Currency Fair. Money safely arrived at destination. I'm amazed Richard was the only one who replied to my post as questions are regularly put here about Moneycorps and all the rest. Currency Fair would really seem to be a case of power to the people and a viable alternative to Moneycorp etc.

By the way, please no questions to me about the details of registering etc etc. I found it enough of a chore to digest myself, being a bear of very little brain. OH points out that I had help from him.
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Ben McNevis
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Post by Ben McNevis »

all good when these exchange companies aren't collapsing!

Crown Currency Exchange collapsed a week or two back, while holding £25m of customers money. Exchange Direct PLC collapsed in 2001, again losing about £25m (some of which was mine). Another one whose name I can't remember collapsed a few years ago.

In the UK, there's still no regulation of currency exchange companies. They can use your money to gamble on futures. They all use words like "regulated by FSA" or "licensed by FSA" but the extent of FSA regulation is only for money-laundering checks on their customers.

I hope that in other countries, the regulation is better.
Cheers, Ben
www . scotland-cottage.com www . scottish-cottage.com


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hodman-29
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Currency Fair

Post by hodman-29 »

The problem with Crown was they were 'gambling' with customer's money. As far as I am aware Currency Fair keep customer money in segregated accounts which they can't use. So I'd imagine they are fairly safe.
Cos the way they work - money doesn't leave a country - the rates they get are really good. Wouldn't use them for a holiday but great for my the mortgage on my overseas property.
Oh and don't be fooled by the rates other FX companies have on their websites - these are Interbank rates and you'd never get near these.
Whether ever I lay my hat it always goes missing!
RichardHenshall
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Post by RichardHenshall »

Sorry, missed your first post.

I used CurrencyFair this time last year but not for currency exchange, merely for their international transfer facilities.

I was able to send a Sterling sum from the UK to a bank in Switzerland for £3.00 - much better value than my own banks.
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Vera
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Post by Vera »

Currency Fair...
We've used them for over 1 year and have always got close to or better than mid-price for exchanges. They charge 3 Euros to transfer now, it was free.

It takes 2-3 days to transfer money in, from Lloyds and 1-2 days out to to Spain. Customer service has been top class and we recommend them.

We have no connection to them.
mario
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Post by mario »

I have used them for about a year now and would definitely recommend them cheap and quick and good rates(you are matched with a seller of your currency, a person just like yourself).
J B
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Post by J B »

I used them once - the only time I have needed to recently - an it all worked fine.
There are several good comments on the Cyprus Living forums
http://www.cyprusliving.org/phpbb/nfphpbb/index.php
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