Currency Fair accounts

Chat and items of interest about Crete and Greece.
bobscott
Posts: 2523
Joined: Wed Aug 05, 2009 5:36 pm
Location: Kokkino Horio

Currency Fair accounts

Postby bobscott » Tue Jan 26, 2016 6:23 pm

Just got an e-mail saying that as of today, currency fair account details have been changed. In the case of moving GBP into Euros and sending them here from UK, we are now dealing with Earthport. The company appears to be genuine, but have asked Currency Fair to confirm that the e-mail from them (allegedly) is not phishing or spam. Any other inputs from other users welcome. Bob.
Yesterday today was tomorrow. Don't dilly dally!

Kilkis
Posts: 10957
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Currency Fair accounts

Postby Kilkis » Tue Jan 26, 2016 7:14 pm

If you ignore the email from Currency Fair, go to the Currency Fair web site in your browser in the normal way, e.g. using a bookmark or typing the address, and log onto your account the first thing you get is a message giving the same information about the bank account change. Unless their web site has been hacked it seems pretty clear that the email is not a phishing one. It is only the account for depositing GBP that has changed. I think they have a number of accounts, depending which currency you wish to deposit, and the rest of them are still the same. I agree that the fact that the account name is not actually Currency Fair is a bit unusual but I don't think it is anything to worry about.

Warwick

footscapes
Posts: 397
Joined: Fri May 18, 2007 8:37 am
Location: Crete no longer!

Re: Currency Fair accounts

Postby footscapes » Tue Jan 26, 2016 8:30 pm

We also use CurrencyFair and received the email. The change seems genuine, but I did fish about for any news articles this morning as to why they may have moved from Bank of America to Barclays. (More in anticipation of problems with BoA rather than CF). Nothing specific turned up (BoA has had a dismal recent share price performance, but nothing suggesting imminent trouble).

What did turn up was an interesting piece effectively arguing that the P2P bit doesn't function comprehensively for a client base mainly selling sterling, suggesting that the P2P currency businesses have to operate more like traditional currency buyers and sellers to plug the gap. Possibly just knocking copy from a competitor, but seems logical. Article here.

I stress - neither the bank account change nor the article above gives me any great concern, and we'll continue to use CF.

Paul

Phild
Posts: 211
Joined: Mon Jun 28, 2010 3:01 pm
Location: Way out West

Re: Currency Fair accounts

Postby Phild » Tue Jan 26, 2016 10:03 pm

I, too, have the change in bank account details email, and it seems genuine.

Interestingly, continuing from Paul's post, I sometimes use the 'marketplace' feature on CurrencyFair, and, for the life of me, I can't figure out why the trades from below the 'current best price' haven't been 'matched' - but there they are, stretching down the page from the 'current best price' for many cents below the current price - i.e. it really MUST be all smoke and mirrors - well, more smoke in this case.

I actually tried to put a trade in for a price well over the current market price, for eg. about 6 cents above the current price, and I didn't see this bid appear in the 'market' page at any point - I left it there for several days with no sign of it appearing. More smoke.

Today, I made an exchange, and tinkered about with the market, putting in high bids, then lower bids while watching my bids and other peoples around mine - there was a little jockeying while I 'played' with 2 other people who were putting in bids around the same price - both of us lowering our bid to be the closest to the 'next best' rate. There was no sign of the 'current best price' bid being matched, so I carried on watching for a while, and then tried an experiment - I put in a new bid at 0.01 cent below the 'current best price' and *bingo*, it was 'matched' straight away!

In short, Paul's linked article seems to be right - if there is an imbalance in 'peer to peer' exchanges, then the web-site itself must be doing the exchanges and then buying the currency it needs through normal FX channels. I'm not complaining, I still get better rates with CurrencyFair than ever before, and they must obviously need to make a smaller margin because they have fewer traders and other outgoings, and can afford to make better deals for the client.
----
Phil
----

Kilkis
Posts: 10957
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Currency Fair accounts

Postby Kilkis » Tue Jan 26, 2016 11:02 pm

footscapes wrote:...I did fish about for any news articles this morning as to why they may have moved from Bank of America to Barclays. ... Nothing specific turned up...


I use another financial site, nothing to do with currency exchange, and that also changed the bank account it used for paying in funds, nothing to do with Barclays or BoA. In that case the reason given was to speed up the time it takes for funds to be credited to the customers account in the financial company after transfer from their bank is initiated. Perhaps the Currency Fair change is for a similar reason, although I must admit it has always seemed very fast to me.

Warwick

PS After posting the above I read the article linked by Paul. The thrust of the article may be valid BUT, since Nick England works for a company whose business model is potentially threatened by emerging Fintech companies, Mandy Rice-Davies did spring to mind. The way I use it, my money is inside Currency Fair for such a short period of time that I think the risk of loss is very low. I hope they succeed.

Banks initially mocked and rejected Bitcoin and its underlying blockchain technology. Now they have formed a massive consortium to kill it through patent applications. They want to stop any use of distributed blockchain technology, since that dis-intermediates the banks, and implement a closed blockchain system, totally under their control, so they can benefit from the cost savings.

filippos
Posts: 5712
Joined: Mon Feb 05, 2007 7:38 pm
Location: Kalyves
Contact:

Re: Currency Fair accounts

Postby filippos » Wed Jan 27, 2016 12:28 am

Yesterday I used Currency Fair to transfer GBP from UK to Crete. While getting an exchange quote from CF I watched XE.com. I hit the 'Go' button and the exchange was immediate. I forget the rates but from CF I received €00.11 more than I would have from XE using their mid-market rate which makes the CF rates look pretty fair (pun intended)

peebee
Posts: 860
Joined: Sun Oct 16, 2011 5:07 am
Location: Kalyves

Re: Currency Fair accounts

Postby peebee » Wed Jan 27, 2016 6:16 am

Have you had an e-mail from them, re change of their bank account details ?
I received one yesterday evening and was going to ring them today to check authenticity.

Kilkis
Posts: 10957
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Currency Fair accounts

Postby Kilkis » Wed Jan 27, 2016 8:41 am

Log onto your account in the normal way, Peebee, i.e. NOT following the link in the email, and you get exactly the same message so I believe it is real.

Warwick

bobscott
Posts: 2523
Joined: Wed Aug 05, 2009 5:36 pm
Location: Kokkino Horio

Re: Currency Fair accounts

Postby bobscott » Wed Jan 27, 2016 9:29 am

Thanks folks. All reassuring. Bob.
Yesterday today was tomorrow. Don't dilly dally!

peebee
Posts: 860
Joined: Sun Oct 16, 2011 5:07 am
Location: Kalyves

Re: Currency Fair accounts

Postby peebee » Wed Jan 27, 2016 9:45 am

OK - thx

peebee
Posts: 860
Joined: Sun Oct 16, 2011 5:07 am
Location: Kalyves

Re: Currency Fair accounts

Postby peebee » Wed Feb 10, 2016 1:44 pm

Well, 1st time I've used them since their change in bank details, been waiting over 2 days now for the money to arrive. Not impressed.

Kilkis
Posts: 10957
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Currency Fair accounts

Postby Kilkis » Wed Feb 10, 2016 2:17 pm

peebee wrote:Well, 1st time I've used them since their change in bank details, been waiting over 2 days now for the money to arrive. Not impressed.


Could you clarify? Do you mean you have been waiting two days for the money to transfer from your UK bank account into the new Currency Fair Sterling account?

Warwick

peebee
Posts: 860
Joined: Sun Oct 16, 2011 5:07 am
Location: Kalyves

Re: Currency Fair accounts

Postby peebee » Wed Feb 10, 2016 2:30 pm

I made the deposit from my bank at around 11.00 Monday morning and it is still showing as pending.
I e-mailed them yesterday afternoon and received a reply this morning.

`Thanks for your email and sorry that it has taken us so long to reply. We are experiencing an unusually high volume of queries and are working through them as quickly as possible.
We have been experiencing some delays with deposits and transfers as a result of the recent change in bank account details and are working hard to resolve this issue. Please be assured that the vast majority of payments are being completed within the timeframes outlined on our Process Times page.
If you have been waiting longer than 2 business days for your money to arrive, please give us a call and we will investigate as soon as possible.
Best regards,
The CurrencyFair Team'


I will give it another hour or so then will chase them.

Dinksy
Posts: 108
Joined: Sun Dec 06, 2009 11:06 am
Location: Drapanos

Re: Currency Fair accounts

Postby Dinksy » Wed Feb 10, 2016 4:25 pm

Hi I also had a problem with the funds arriving here in two days. Booked a contract with CF. on Wednesday 3rd and the money left my UK bank account on the same day, the contract was confirmed by CF. that the funds had been sent also from the UK on that same day. It was held up by the Bank of Greece going on strike Thursday last week and not sorting the backlog of money out on Friday but waiting till Monday to get their arse in gear and it finally arrived in the account here yesterday morning.

Also had a winge at CF. and had the same sort of response about the new bank being slow although that does not look like the case. I will wait and see and give them longer next time. Perhaps
Never mind the quality, feel the width.

Kilkis
Posts: 10957
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Currency Fair accounts

Postby Kilkis » Wed Feb 10, 2016 4:34 pm

I just love the phraseology:

"We have been experiencing some delays with deposits and transfers as a result of the recent change in bank account details and are working hard to resolve this issue. Please be assured that the vast majority of payments are being completed within the timeframes outlined on our Process Times page."

The first sentence implies that it is something being done to them and absolutely not their responsibility. In reality there are only two places the delay can occur:

    1 There is a delay between the two banks making the transfer from your bank account into their bank account. With modern fast transfers I find this to be improbable.
    2 They are not picking up the fact that a payment has been made into their bank account, recognising the reference and assigning it to your trading account with Currency Fair. Much more probable I suspect. So a much better wording would be that by changing the bank account we have totally screwed up the way our system works.

Why should the assurance given in the second sentence be of any interest whatsoever? I presume you couldn't really care less that everybody else is OK and it is only your payment that is messed up? If anything the fact that everybody else is OK would tend to make you more annoyed? Do the people writing such replies ever think of getting someone else to read them and think about how such a reply will make the customer feel?

Based on the description, Dinksy's problem is different. In that case the deposit of funds and exchange progressed normally but the transfer into Greece was delayed. From the experience of other people the National Bank of Greece are screwing up quite a lot of international transfers at the moment. I know of one case where the National Bank of Greece were acting as an intermediary. They received funds from the UK. Sat on them for several days. Did not pass them on to the bank they were intended for, eventually sent them back to the UK bank and charged €50 for the privilege of screwing everything up.

Warwick


Return to “Chatter”

Who is online

Users browsing this forum: No registered users and 2 guests

cron