currencyfair - any feedback?

jocker01

Hello
I have found this website: http://www.currencyfair.com/
Did anybody use them already?
any feedback available, please?
Regards

Grumpelstiltskin

As long as you are happy with the risk you are taking, ie. whatever the website says once the money leaves your hand you have no cover at all, and as well I notice they are based mainly in Ireland, then go for it.

Just remember CCE and if it goes wrong then you have no one to blame.

RoKi_2

Hi! A late reply, but I work for CurrencyFair and just wanted to post to give you a bit more information about what we offer.

To make an exchange, you need to deposit your money into a CurrencyFair segregated account with a major global bank. Your money goes in its own account, so it's as safe as using a bank every step of the way. The person who you're exchanging with will put their money into their own segregated account, then we facilitate the trade.

Add to this that we're fully regulated as an Authorised Payments Institution by the Central Bank of Ireland (equivalent to the FSA in the UK) under European Payment Services Regulations. We also offer assistance over the phone if you have any questions.

Not to be spammy, but do click over to our website where we go through the process, or get in contact by phone, Facebook or Twitter if you'd like to read more about us. Thanks for your interest, in the meantime!

benjus

Grumpelstiltskin wrote: »

Just remember CCE and if it goes wrong then you have no one to blame.

I'm not sure it's really fair to compare with CCE; in their case the customers were buying forward contracts to buy currency in several months' time, handing over their money to CCE to hold in the meantime. This is clearly much more risky than handing over your money for an immediate transaction which will probably be in the exchange company's accounts for less than 1 day.

Of course, you're right to highlight that you have no protection were something to go wrong; I just feel it's worth pointing out that the level of risk isn't the same as CCE.

AlexMac

Read the pages on this website; http://www.moneysavingexpert.com/banking/foreign-currency-exchange
which makes the obvious point that FX brokers give a better rate than banks (buying or selling) but if they go bust, you're not protected, even if they are FSA registered. Having said that (and without knowing the company you mention) I was incredibly impressed when I used Moneycorp to trade a few thousand Euros into sterling a couple of years ago. Very well-established (so not likely to go bust), very user friendly (I had my own named contact who responded to calls and emails), and advised me on how to monitor the rates so that I could time the transaction to get more cash .

But that implies largeish sums- if you only want a few hundred spending money, use http://travelmoney.moneysavingexpert.com/

conquinn

I have used currency fair once before. Excellent communication and transaction went smoothly. Quick transfer too. I was quite impressed.

mgdavid

I've used c'fair a few times, tx to europe and Oz. Absolutely no problems, 'does what it says on the tin' and really low charges.