Have Currency fair gone bust??

Just an update to all and to you Currencyunfair (many thanks to you for liaising with me on this, much appreciated that)

I got my money converted and into the account this morning.

On the CF system, the money had been sitting at 'In progress' for 2 days (I never had seen that status before).

Anyway, I rang CF again yesterday morning and waited for 29 mins and endured that annoying waiting message (luckily i work from home).

I got talking to a guy, Gareth, a nice lad. Instead of ripping the head of him, I just asked whats wrong. He said there is only 2 of them in the office, and CF had changed their accounts and they are inundated with calls, and its just a nightmare, understaffed etc.
He said my money (and my wife's, i asked him to check that too, i was surprised he did because of data protection - but i didn't care) had been changed and its sitting in a 'batch' to send. He didnt know why it was sitting there, but he was going to email another department to get it sent right now. And he did just that. within 2 mins I got an automatic email to say money was sent.
In stead of rejoicing straight away, I waited until this morning to see was it in the account - it arrived there at 09:45. It was 2K.

never again will i use them . cant go thru that stress again.

what's the lessons learned?
always be vigilant when using online systems, although I never had an issue with them since 2015. We have to convert money every month, maybe research the companies that convert money every year and see how they are preforming etc. Or do it the old fashion way and go cash? - I just dont have the time for that.
I started to use Wise, they use a different system where they sent the money directly in to your account and dont hold it. They seem to have far better reviews.

thanks
S
No problem at all, I understood your concern .

With all of the red flags, changing bank, office for rent, only 2 staff , no longer facilitating Australian deals, what is the Central Bank doing, or not? If the business presented, isn't the business that's operating?

Anyway, glad that you got your money back.
 
Has anyone any idea what is happening? I’ve been unable to access money I sent for conversion on 16th May. The automatic response email has been disabled since Friday and no one answers phone calls. Even my threat last Friday to notify the regulatory authority has failed to elicit a response…
 
Has anyone any idea what is happening? I’ve been unable to access money I sent for conversion on 16th May. The automatic response email has been disabled since Friday and no one answers phone calls. Even my threat last Friday to notify the regulatory authority has failed to elicit a response…
I am in the same boat - can’t get a response from anyone -
 
After few emails without reply, finally got them on a call*.

according to Currency Fair my transfert was being held because the amount did not match:
I logged a transfert of 6008$ and the amount to be received was 6003.45$.
- I said also that one does not necessarily know the amount in advance, also that the right info should be given to the users (input the exact amount).
Worst, CF did not notify they received the amount on their account 5 days before, even within the app! (I called the sending bank to verify in advance, that's on me too).
I had to reach out to CF to understand what was wrong... really annoying to say the least

CF said that this has also recently been changed, to have a margin of tolerance on the amount and that they are experimenting.
- I replied this tolerance should also be communicated to users.

There is clearly a problem of communication in their experience and I will walk away for that reason.

*(waiting 3x 6.27 minutes which auto hang up with a nice satisfaction survey whats wrong with them, no UX in their company?).
 
I would also be concerned in that they are behind with their annual CRO filings. See:

I notice that CurrencyFair seem to be up to date now with their annual CRO return (filed 16Apr24, Current Status is now: Normal), which is something, I suppose . I haven't looked at the return so I don't know if it offers any comfort to CF customers?? Think I will give them a wide berth :(
 
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