Apparently in March 2024 the fx company Currencyfair will be handing over its FX services for UK based customers to a firm called Moorwand.
I’ve Googled Moorwand but can’t find very much about them regarding their exchange rates, speed of transfers etc.
Does anyone know anything about this company?
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Not promising, then.
Thanks for that Corona. I was hoping for better news!
We use Currencyfair purely to exchange and transfer money every month, so no money is held with them for more than a few minutes. I was hoping Moorwand would be similar but there isn’t anything on their website to confirm.
I think I’ll have to look into Revolut, but I really could do without this hassle at the moment.
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We kept CF in reserve in case of any problem with Wise. Will drop CF now like the proverbial hot potato.
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We’ve used “torfx” successfully. and will use them again… (just for a transfer from UK bank account to French bank account)
https://www.torfx.com/
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Am I missing something?
If Moorwand are used as a transfer company and my money is simply passing through within a minute or two why all the worry?
I’ve no axe to grind, but thinking about things, this is my take on what might be passing through the minds of others…
When I’m putting my money into someone’s account and trusting them to deliver the correct currency to my other account… I like to feel comfortable that my money will not be diverted…
If I’m not fully trusting a particular company… they won’t get a sniff of my money…
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thanks Stella.
I looked at their site but they wanted my phone number before they would give me a sample quote, probably to do some sort of hard sell, so I didn’t take it any further.
I’ve now signed up with Revolut. Took approx. 15 mins inc a short video of myself!!
Tested it out by sending, exchanging and transferring £50 to my CA account. Transfer took seconds, and at an exchange rate of 1.168€.
Not bad!
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Agree with Stella.
FX companies probably do all sorts of dodgy dealings but once I become aware the one I’m using is being investigated, all my trust disappears.
Plus, there is always the risk of that company’s assets being seized and accounts frozen in the few seconds your money is waiting to be transferred out.
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I don’t know what their sales pitch is like… but, like you, I might well have turned away from them if I hadn’t found them by accident… I was a client with Currencies Direct years ago… and seem to have slipped sideways to torfx… 
EDIT: just seen this on their site… which explains my confusion…
“Our EU services are provided by Currencies Direct Spain”
Similar risk of winning the lottery then
We won another 2,60 last Friday…
Congrats, I enjoy Rev too. It’s flexible, the rate is currently 1.1709 - and you can set a price to buy euros at, it’ll do the trade at that rate if the exchange rate reaches that.
Also when I signed up, they offered £200 for signing up a ‘friend’ - so if you have a partner etc keep an eye out and see what happens.
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Thanks, that’s good to know.
Similar “offer” with Wise, although to actually get that amount a very large transfer was required. I can’t recall the actual amount but it was a considerable amount.
Bit different to a fountain pen or green shield stamps then!
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Wise is regarded as reliable and efficient with extremely moderate fees so far too.
Oh has been waiting TWO DAYS for money via Currencyfair to reach his C/A a/c here in France. I’ve just sent him money via Transferwise and it has taken SEVEN SECONDS. I think Currencyfair have completely lost the plot.
I
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We’ve never had a problem with Currency fair, money nearly always in the CA account the same day.
But their email regarding moving the UK side of their business to Moorwand was brief and lacked the usual reassurances a business gives to its customers.
They still haven’t replied to two emails I sent weeks and weeks ago asking for more info on Moorwand’s background and fx procedures.
I think CF is in trouble and it’s being kept under wraps.
So glad I moved to Revolut!