Currency Fair accounts

Chat and items of interest about Crete and Greece.
filippos
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Re: Currency Fair accounts

Postby filippos » Wed Feb 10, 2016 6:56 pm

We made a transfer on the second day of their having the new bank account. Mid afternoon (here) we transferred funds from our bank to theirs which took about 25 minutes. We didn't order the transfer to Crete until about three hours later then went out for the evening. Checked our Greek account around 15:00 next day - received.

There could be a delay with the UK exchange depending which system you use - the immediate market or the one where you set the rate you want. In that case you have to wait until someone is prepared to meet your asking rate. If you set that too high or the market is falling you risk waiting a very long time. For our 'normal' transfers I always go the immediate route. I could set a rate and wait: I might gain a fiver or so but it's not worth waiting for. Now, were I dealing in tens of millions .................

peebee
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Re: Currency Fair accounts

Postby peebee » Thu Feb 11, 2016 6:00 am

Well, phoned them and got it sorted.
Apparently, although the sort code and account numbers were correct, I made an error with the new reference number, so the funds disappeared into a `black hole' in their accounts.
I had to take a screenshot of my online banking statement to confirm that payment had been made, and attach it to an e-mail to them, I am told that the funds should appear sometime today.

Kilkis
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Re: Currency Fair accounts

Postby Kilkis » Thu Feb 11, 2016 11:08 am

That makes sense. The reference number is the only thing that links the deposit to you.

I must admit I didn't pay a lot of attention to the notification of the account change because I don't immediately intend to transfer any money. I will change the payee details the first time I do make a transfer. When you say, "I made an error with the new reference number" do you mean that the reference number you use changed at the same time the bank details changed? I had assumed that I would continue to use the same reference number as before? Isn't it just your Client Number?

Warwick

peebee
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Re: Currency Fair accounts

Postby peebee » Thu Feb 11, 2016 11:36 am

For some reason the reference number is totally different to what it was with the old bank details.
The old one was CF+7 digits (which matched my client number) the new ref is a 13 digit number which bears no similarity in any way.

Edit:- funds now sent.

Kilkis
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Re: Currency Fair accounts

Postby Kilkis » Thu Feb 11, 2016 11:47 am

Thanks for that, Peebee. You've probably stopped me making a mistake the next time I use Currency Fair. I use another trading platform, nothing to do with FX, and that changed its funding account a little while ago. When I came to make a deposit I had completely forgotten and sent the funds to the old account. Fortunately in that case the old account was still active and the funds did get to my trading account but a bit slower than if I had changed the details.

Warwick

peebee
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Re: Currency Fair accounts

Postby peebee » Thu Feb 11, 2016 11:56 am

It might be a good idea to wait for their e-mail saying `you can now tell your bank to make the transfer' before you commit to sending the funds.
It contains all the required details within it, so you have a `hard copy' to refer to when you set up the new recipient.

Kilkis
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Re: Currency Fair accounts

Postby Kilkis » Thu Feb 11, 2016 1:10 pm

Yes. That's exactly what I was planning to do. It's a site that I don't use very often so I tend to forget the procedure. The last time I used it I transferred the money without notifying them first. It was only when I logged onto my account to see if the funds had arrived that I realised I had missed out a step. It worked out OK but I won't forget again. They do say engineers learn far more from their mistakes than they ever learn from their successes. I have verified this theory many times in my life.

Warwick

SatCure
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Re: Currency Fair accounts

Postby SatCure » Sun Feb 14, 2016 9:11 pm

Kilkis wrote:They do say engineers learn far more from their mistakes than they ever learn from their successes. I have verified this theory many times in my life.

Episis x 10
:cry:

peebee
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Re: Currency Fair accounts

Postby peebee » Sun Feb 14, 2016 9:32 pm

Kilkis wrote: They do say engineers learn far more from their mistakes than they ever learn from their successes. I have verified this theory many times in my life.
Warwick


Don't really know, as a former design engineer, rarely made any mistakes.

Kilkis
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Re: Currency Fair accounts

Postby Kilkis » Sat Sep 24, 2016 3:27 pm

I haven't used CurrencyFair since February. When I did today I found that they had another new account which they claimed to be faster. It's still with Barclays but it is in their own name, not Earthport, and it has a different sort code and account number. They have also gone back to using the customer ID as the reference number.

It certainly is fast. I filled in the notification that I was going to transfer money into my account. I received an email telling me to go ahead and make the transfer, giving all the account details, at 11:41. I logged onto my bank account and first had to set up the new payee account details. I did that and initiated the transfer. I'm not sure how long that took me but certainly a few minutes. I received notification that the money was cleared in my CurrencyFair account at 12:08.

On the downside their exchange facility is closed from Friday evening until 10:30 pm Sunday evening so I can't actually do the exchange. I'm not sure if that is a regular thing or just this weekend but worth watching out for if you are in a rush. I just hope the rate doesn't drop too much between now and then as I have to pay a fixed amount in Euro and I only transferred enough in Sterling to cover that amount at the rate quoted today.

Warwick

filippos
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Re: Currency Fair accounts

Postby filippos » Sat Sep 24, 2016 5:53 pm

Kilkis wrote:........ today I found that they had another new account which they claimed to be faster. ...........They have also gone back to using the customer ID as the reference number.

It's been like that for a while, a few months anyway.

Kilkis wrote:It certainly is fast.

Agreed. The last couple of times I've used CF the money moved in minutes

Kilkis wrote:........ exchange facility is closed from Friday evening until 10:30 pm Sunday evening so I can't actually do the exchange. I'm not sure if that is a regular thing or just this weekend ....
I'm pretty sure it's a permanent feature

bobscott
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Re: Currency Fair accounts

Postby bobscott » Tue Oct 04, 2016 7:54 am

I use CF regularly and can confirm that their end of the business is very fast now. However, whilst I accept that they say 2 days before the money gets into your account, on very many previous occasions it has been there within 24 hours.

Oddly, the last 3 times I have done a transfer, although the 'transaction completed' message has arrived within about 2 hours of initiating the transfer, it has taken upwards of 48 hours for the money to appear in my bank account (Alpha) .

The last time, it was nearer to 60 hours. I queried this at the bank (before it arrived) and they did say that if it turned out to be 72 hours 'we have a problem'.

Makes me wonder if the bank is using transferred funds for a day or two before passing them on to the customer. Nothing would surprise me. Bob.
Yesterday today was tomorrow. Don't dilly dally!

peebee
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Re: Currency Fair accounts

Postby peebee » Tue Oct 04, 2016 8:26 am

I don't think I have ever actually received the funds within 24 hours. I normally create a transaction first thing in the morning, and it normally appears in my Greek (Piraeus) account, around 10.30 - 11.00 the following day. Maybe something to do with banking hours, but can't see why in this electronic age.

Kilkis
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Re: Currency Fair accounts

Postby Kilkis » Tue Oct 04, 2016 9:02 am

I think banks typically reconcile accounts overnight so what actually happens and what you see happening are not the same thing. Say you expect a deposit in your account on the 16th of the month so you use on-line banking to look in your account on that day and nothing shows. When you look on the 17th the deposit is now there and it shows the date of deposit as the 16th. I've had this happen many times.

It doesn't always happen this way. I have deposited a Greek cheque at a bank branch and it was already showing on my account when I got home. Sometimes, depending where the deposit is from, it might not be available to withdraw for another few days. That was certainly the case with the cheque.

The last CF transfer I did was a payment to a company in Ireland. I initiated the transfer as soon as their desk opened on Sunday evening but the company didn't acknowledge receiving it until early on the Wednesday so I presume it hit their bank on the Tuesday.

Warwick


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