The Currency Club

aerostar

photome wrote: »

What does all that mean?

Do not use ?

You have to make your own mind up from the information that is available, like anything you buy.


Perhaps Martin would like to pass comment on this firm.

photome

aerostar wrote: »

You have to make your own mind up from the information that is available, like anything you buy.


Perhaps Martin would like to pass comment on this firm.

Yes I understand that and as a previous customer of CCE (didnt lose anything) i have no intention of using any company that takes my money without giving me my currency instantly.

What i dont understand is what your post meant, to much jargon, sorry

Grumpelstiltskin

What everyone MUST realize is that once your have parted with your money you have no protection whichever company you use.

Forget 'registered, authorised with the FSA'. Forget 'your money is in seperate accounts'

The bottom line is you are not covered by anyone.

Once you fully understand that then go ahead and choose who you like.

The only way to be sure is to hand over cash at a bank or bureau de change and receive your currency in your hand straight away.

If you need to exchange or transfer large amounts then start with your own bank, OK you probably won't get such a good rate but your transaction will be safer.

dzug1

Grumpelstiltskin wrote: »

The only way to be sure is to hand over cash at a bank or bureau de change and receive your currency in your hand straight away.

Really? No risk of them giving you forged or obsolete notes? Or of being mugged a few yards from the door by someone who has been watching you change cash?

Grumpelstiltskin

dzug1 wrote: »

Really? No risk of them giving you forged or obsolete notes? Or of being mugged a few yards from the door by someone who has been watching you change cash?

OK nothing in this life is risk free.

So you use ATMs to get money out in this country, no risk of your card being skimmed?

Someone mugging you?

Being paid out in forged notes?

You trust the banks so you have to trust bureau de change but obviously you asses the risk, ie Marks and Spencer or Tesco compared to a back street operation.

MikeKBRFX

Grumpelstiltskin wrote: »

What everyone MUST realize is that once your have parted with your money you have no protection whichever company you use.

Forget 'registered, authorised with the FSA'. Forget 'your money is in seperate accounts'

The bottom line is you are not covered by anyone.

Once you fully understand that then go ahead and choose who you like.

The only way to be sure is to hand over cash at a bank or bureau de change and receive your currency in your hand straight away.

If you need to exchange or transfer large amounts then start with your own bank, OK you probably won't get such a good rate but your transaction will be safer.

Whilst correct that customers of Payment Institutions are not covered by The FSA's Financial Services Compensation Scheme, that does not mean that the majority of Payment Institutions do not adhere properly to the stringent regulations from the FSA in regards to the safeguarding of client funds, and from HMRC in regards to anti-money laundering.

The Crown Currency debacle has certainly not helped the public's view and opinion of currency firms, but to put forward that 'you are not covered by anyone' completely disregards the stringent measures that legitimate and well run companies in the sector put into place for client security.

aerostar

MikeKBRFX wrote: »

The Crown Currency debacle has certainly not helped the public's view and opinion of currency firms, but to put forward that 'you are not covered by anyone' completely disregards the stringent measures that legitimate and well run companies in the sector put into place for client security.

I wonder what prompted a new reply to this thread after nearly 6 weeks..

Do I detect a whiff of Spam ?

How does an ordinary prospective customer find out that a company is well run ?


Looking at your signature and doing a little research shows that your company was originally set up as GENEVA INTERNATIONAL MARKETING LTD and changed its name 2nd March 2007 to KBR FOREIGN EXCHANGE PLC


Companies House information

Status: Active
Date of Incorporation: 14/04/2005

Country of Origin: United Kingdom
Company Type: Public Limited Company
Nature of Business (SIC(03)):
6512 - Other monetary intermediation
Accounting Reference Date: 30/04
Last Accounts Made Up To: 30/04/2010 (FULL)
Next Accounts Due: 31/10/2011
Last Return Made Up To: 14/04/2010
Next Return Due: 12/05/2011
Last Members List: 14/04/2010
Previous Names:Date of changePrevious Name02/03/2007GENEVA INTERNATIONAL MARKETING LTD
Company No. 05424125



Credit report shows

Registered Number:05424125

Sales:£47,383,707
Date Incorporated:14 April 2005

Pre-Tax Profit/Loss:£ (75,979) LOSS
Date Latest Accounts:30 April 2010 Working Capital:£147,944 Employees:5
Net Assets:£153,483

Risk Indicator:49

Risk Guide
The company has reported a trading loss for the year. Despite the foregoing remarks, the company should prove equal to engagements.

The risk index allocated to KBR FOREIGN EXCHANGE PLC is based on an analysis of the findings recorded above. In view of the relatively serious nature of some of this information, (i.e., poor trading performance), it has been considered appropriate to place the company in an above average risk category.


The credit report shows that the company has made a loss 3 years in 4.


So would the above inspire a prospective customer to use you... well if it was me, my answer would be no.

Grumpelstiltskin

Mike You should also look at the site rules.

This site is free from advertising. Posts on any board considered to be advertising goods, services and/or companies will be removed.

Examples of this can include anything from a specific sales post or a link to your own website in which you attempt to sell something to someone offering their holiday home to forum members. Unfortunately we cannot allow any advertising of any description no matter how honourable the intention.


So if your posts get removed you will know why and as Aerostar says barge and pole.

MikeKBRFX

Many thanks Aerostar and Grumpelstiltskin. Your posts are noted and taken on board.

I am most certainly not here to spam, and as you can see have not posted anything offering goods/services or companies; unless my signature can be considered that? In which case, more than happy to remove that. I am new to these boards after all.

My response to the post was merely to bring some information to light that was cast into shadow by a very dismissive statement of the regulation in our particular sector. It was not intended to incite or cause any greivance.

In regards to the above financial information Aerostar, you will see that the date of the last accounts is indeed April 2010; I hope you offer us the same gratitude of displaying the same information once these are updated for April 2011. As you are aware from the above data our company is relatively young compared to some of the larger players in the sector, and were you to look at the % increase in sales year-on-year from inception, you will see that we are growing at a good pace, and should be reporting more healthy profit figures in the coming years.

I shall try to keep my future posts then within the above guidelines that you have kindly re-posted Grumpelstiltskin.

I look forward to being able to provide some assistance in regards to any currency matters on these boards where possible and appropriate.

chrisriley

Just used TCC to order $ for my holiday. Was a bit wary as I use to order from Crown Currency. However, everything went like clockwork. Ordered late Sunday night and received by 11am Tuesday morning. Had 2 emails - one to confirm order and one to say the currency had been dispatched. Requested mixed notes and that's exactly what I go. I am very pleased with this company and their rates beat everybody else. Especially good when ordering large amounts as it does make a difference.