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Currency exchange via Currency Fair: any more people tried?

 
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Wonkeye



Joined: 14 Mar 2008
Posts: 412

PostPosted: Mon Oct 11, 2010 4:42 pm    Post subject: Currency exchange via Currency Fair: any more people tried? Reply with quote

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/jul/03/foreign-exchange-travel-money

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



Joined: 17 Oct 2004
Posts: 4974
Location: Algarve, Portugal

PostPosted: Mon Oct 11, 2010 8:21 pm    Post subject: Reply with quote

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 Wink


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."
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Wonkeye



Joined: 14 Mar 2008
Posts: 412

PostPosted: Thu Nov 18, 2010 5:14 pm    Post subject: Currency Fair for currency transfer: amounts large and small Reply with quote

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



Joined: 15 May 2006
Posts: 840
Location: Scotland (for) The Brave

PostPosted: Fri Nov 19, 2010 1:30 pm    Post subject: Reply with quote

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.
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hodman-29



Joined: 06 Jul 2011
Posts: 1

PostPosted: Wed Oct 26, 2011 11:32 am    Post subject: Currency Fair Reply with quote

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.
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RichardHenshall



Joined: 05 Sep 2009
Posts: 395
Location: Luz, Algarve

PostPosted: Wed Oct 26, 2011 5:52 pm    Post subject: Reply with quote

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



Joined: 01 Aug 2007
Posts: 390
Location: Vera,Almeria, Spain

PostPosted: Thu Oct 27, 2011 9:10 pm    Post subject: Reply with quote

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.
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mario



Joined: 16 Aug 2005
Posts: 461
Location: Manilva Spain

PostPosted: Thu Nov 10, 2011 11:39 am    Post subject: Reply with quote

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).
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J B



Joined: 09 Oct 2007
Posts: 75
Location: We live in England and have rental properties in N Wales and Paphos, Cyprus

PostPosted: Mon Nov 14, 2011 9:53 pm    Post subject: Reply with quote

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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