Currencyfair

[poolriver]

Hi,

Have any of you lovely people got a currencyfair account and if so used it recently. They have a new send money in segment and I cannot find it on my account. So cannot do transactions. Tried email customer service account and no reply chatbot no reply phone number nothing.

Any feedback be great.

Thanks,

Jim.

[ApusApus]

Hi,

Have any of you lovely people got a currencyfair account and if so used it recently. They have a new send money in segment and I cannot find it on my account. So cannot do transactions. Tried email customer service account and no reply chatbot no reply phone number nothing.

Any feedback be great.

Thanks,

Jim.

Hi JIm

I use Currency Fair and did a transfer at the end of last week which went through ok albeit delayed a couple of days because of the Easter Bank Holiday here in Cyprus.

Their procedure for transfers has changed recently and there are 2 differences to take note of. Firstly, you have to set up a Money Transfer Out from your CF account before you arrange to transfer money in from your UK bank, this is the opposite to what you did previously! I assume it is because of money laundering restrictions designed to stop people hiding chunks of money within CF, though don’t quote me on this! Secondly, their bank details have changed so you need to make sure you use their new details when transferring money from your UK account!

So, say you want to transfer £1,000, login to your CF account and select New Transfer. On the next screen, select the account you want to send the money to, state the amount and select the reason for the transfer. The next screen shows you details of the transfer and shows you the new bank account details for CF. Confirm these and it asks you to select your UK bank to complete the transfer, at this stage I prefer to contact my bank separately. Login to your UK bank and organise the transfer using the new CF details, and that’s it!

One thing I found with my UK bank was that it was better to delete the old CF details from my list of past Payees first before I loaded the new details on but this just may be a quirk of my Bank’s operating procedures!

Also, your CF reference number should still stay the same, mine did!



Shane

[graham43]

Further to the discussion about changes at Currency Fair, I’ve looked at alternatives recommended by the ‘Money Saving Expert’ and contacted Currencies Direct online. I was contacted by telephone by one of their staff who talked through the process and then with my agreement allocated an account manager who also telephoned me and provided a telephone number and his personal email details. The process is not dissimilar to that Shane described.
I did a test transfer for a small sum as there are no transfer charges. They sent a confirmation email once my sterling payment had reached them (mid morning) and within thirty minutes an email confirming that the exchanged euros had been transferred to our bank in Cyprus. The euros were in our Cyprus bank that same afternoon.
A subsequent exchange-transfer has been completed equally smoothly.
The exchange rate from sterling to euro appeared to be quite similar to that offered by Wise and a bit better than Currency Fair but this can vary slightly each day of course.
All in all I’m really satisfied with this company particularly the option to have access to a member of their team should anything go wrong.
Graham

[galexinda]

CurrencyFair was formerly 'user friendly' but having read comments in recent months on in various discussion groups I don't understand why it is now necessary to set up the details of the account you want the Euros deposited into before arranging the transfer of sterling funds into CF.

Earlier this year, before the new bank details came into being, customers were informed by CF that they had to set up the deposit first, agree to the exchange rate and transfer into one named account so it was just one continuous transaction.

[Chaddy]

I,ve been using currency fair for my transfers for nine years,never been a problem.But now they have changed their methods.
Not being ( at my age ) the most high tech guy in the world it got me a little,,,well,,,confused.
Of course,making a phone call and speaking to a human being these days who can make a decision is nigh impossible.
Mmmmm, " the good old days " spring to mind

[Discobolus]

On the old system you could decide when to buy the currency once the sterling was in your account, now you have to accept the rate even before the Sterling is there, the customer has lost control of the transaction

[poolriver]

Hi,

Thank you all for your feedback on my ori. My currencyfair account just doesn't show the changes described by some on the new processes.

Have decided to jump ship and have just opened an account with currency solutions. Got a phone call on completion from a designated rep who I thought was calling from London, but is actually located in Paphos, which I thought was great service, so I will phone him on doing my first transfer and hopefully plain sailing going forward.

They are not the cheapest, but as I now only do one a month not a big deal.

Many thanks again.

Jim

[Mike J]

Just as an FYI this from the Irish Independent newspaper
CurrencyFair, the Irish fintech, has been warned by the Central Bank of Ireland (CBI) that its payment services could be stopped for up to a year if several regulatory concerns are not resolved.
Lloyds Bank wouldn’t send my money to CF and their Fraud Department asked me to phone them . I decided to switch and seeing some of the complaints on line I’m glad I did . Their London help line has a poorly recorded person advising they are too busy to answer the phone and to email only . A person who spoke to their Irish office says he was told there are only 2 people in the office . Such a shame . I was one of their first customers and the then Financial Director phoned me in person to welcome me on board . Now this.

[poolriver]

Just as an FYI this from the Irish Independent newspaper
CurrencyFair, the Irish fintech, has been warned by the Central Bank of Ireland (CBI) that its payment services could be stopped for up to a year if several regulatory concerns are not resolved.
Lloyds Bank wouldn’t send my money to CF and their Fraud Department asked me to phone them . I decided to switch and seeing some of the complaints on line I’m glad I did . Their London help line has a poorly recorded person advising they are too busy to answer the phone and to email only . A person who spoke to their Irish office says he was told there are only 2 people in the office . Such a shame . I was one of their first customers and the then Financial Director phoned me in person to welcome me on board . Now this.

Thank you for this update Mike, looks pretty bleak for them at the moment.

Glad I moved.

Jim.

[Sheer Khan]

Shame about not having full trust in Currency Fair, just compared quotes with them Sterling / Euro 1 1681 quote from Currency Direct 1.1531 only difference is CF charge3 Euros for the transfer CD don't but a hell of a difference in the rate.

[Sheer Khan]

Currency Fair usually quote 50 points off the inter bank rate at the time and, if they think sterling is going to go down they quote 60 points if going higher 40 points, Currencies Direct quoted me 150 points off the inter bank rate.

[ApusApus]

An update on transfers using Currency Fair.

I set up one this morning to my Cyprus account and it went through without a hitch with the money arriving this afternoon. It was exchanged at a rate of 1.1683.

Incidentally, the bank they use in the UK for transferring money in is a Barclays branch in Leicester so I doubt Barclays would risk their reputation if there was something dodgy going on with Currency Fair!


Shane

[Chaddy]

Glad to hear that Shane as i am still transfering with Currency fair

[jeba]

I also used them yesterday for a transfer to South Africa. I went through quickly. However, the exchange rate was slightly different to the one I was promised, even though I made sure to check the respective box. This happened with my last transfer as well. When I contacted them they responded that they´ll check. That was about a month ago, and I´m still waiting.

[Paphianclive]

When I tried to transfer money this morning, my bank (NatWest) refused the transfer to the currency Fair account. Anybody know why?

[Chaddy]

Mmmmm,i transfered from my Nat West to Currency Fair yesterday and it was paid into my Cypriot bank this morning.