Currencyfair handing over to Moorwand

Currencyfair have always taken 2 days or occasionally less depending what time of the day you make the transfer, nothing new.

So because they have not responded to your emails they are in trouble?
I tried to join Revolut a years or two ago and gave up as the application process wouldn’t advance. Now when I try the system tells me I am already signed up, but I am not!
Currency exchange is a minefield.
Once persons positive experience is another’s negative one.
I would never leave any money in their account,straight in and straight out.

Sorry John, not been OH’s experience. Normally he does the transaction one day and it’s in his French a/c the next, so two days had alarm bells ringing and with justification.

Three days on, there is still no sign of his money. Unbelievably, their helpline is open for only 2 hours in the morning and two hours in the afternoon and needless to say the message on the helpline is saying something along the lines of “we are receiving an exceptional number of calls”.

There has been no communication whatsoever from Currencyfair as to what is going on.

They did this before when they changed bank accounts. I have never used them since and moved to TWise. OH decided to give them the benefit of the doubt. Not this time.

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Word to the Wise.

If anyone is thinking of using Currencyfair, DO NOT. OH still not received his money (now 6 days) and has now mentally written it off - 600€! :angry: (edited: that should be £600 as it’s coming from the UK)

The bad reviews on Trustpilot are pouring in, talking about missing money, no response, no customer service.

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Thanks Sue, I passed your comment to the relly’s along with my own thoughts. Sorry to hear this and hope your bank can start an investigation. Don’t leave it any longer please.

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Good point. Thanks.

Wow. That’s awful.

600€ is a lot of money.
I wouldn’t let it go - leave a comment on every social media platform they’re on including LinkedIn.

I defended currencyfair in an earlier post as I have used them for a number of years without a problem. Yes the transfers could take up to 2 days but that never bothered me. I last used them 6 weeks ago without issues.
Given the problem you have had with hubbies transfer I thought I would have a look at Wise as an alternative.
The registration process was lengthy and I found that having to take photos of my passport, then me and then my debit card a bit worrying but I went along with the
e process.
As a new to me app it took some getting used to but eventually got there.
I did a test transfer of £100 and it arrived in my French account within 8 seconds!
I will use Wise again but like any of these type of services I would never leave money with them, straight in and straight out.
As for currencyfair I did have an occasion when I missed a digit from my reference number which delayed the transfer but was soon sorted with a phone call.
I hope you have a satisfactory outcome.

Those were the days! I can assure you John this has nothing to do with any action on OH’s part. Phone calls - impossible to get through. The following headings on Trustpilot show how bad it is:

Time to move on
Disappointing no customer service
Is currencyfair bankrupt
Are they in trouble
Currencyfair hiding from responsibility
Had a bad experience, was stranded
Missing money
My money is with them and they are not responding

Not surprisingly all of these are giving (1)

Glad you’ve found Wise. I’ve been with them for years and have been saying to OH to change for ages. Having to bite my tongue and not say “I told you so” !

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The question that I ask: why is CF moving to Moorwand?

With the over population of organisations ‘specialising’ in money transfers, why would Moorwand want to take on/purchase a failing operation…? - unless CF has a huge and active customer base…which I doubt.

Unfortunately they say not. They have, however, confirmed that the money has left OH’s a/c and has also passed through Barclays a/c (which is what CF use). So, the money IS with CF.

They are apparently regulated by the Central Bank of Ireland. An email is being composed even as I type.

The next step will be to inform the financial media channels - The Money Programme, Martin Lewis etc.

At the very least there has been a total dereliction of duty in keeping their customers informed.

That’s very lazy of them, they would probably be the next institution I would be ditching. All the bloody hoops these B’stards make us jump through under the guise of money laundering and when we ask for a bit of help this is the crap they give us. Its a potential fraud, they must react and likewise the police should be informed.
Tell your bank if they dont help, the next step is an ombudsman letter and another to the financial conduct authority. Both of which I would do as it will create a bit of pain for the bank, no doubt benefitting from a bail out a few years back. Time to throw a bit of muck.

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Not sure I follow the logic. How can it be with CF if it has left their account ie Barclays?
Is the suggestion that CF have another account beyond Barclays that stores money to send on to foreign accounts?

I very much doubt at this early stage that muck slinging will help.
Yes I would be very annoyed if it was my money ‘held up’ in the system but currently the transfer has taken 4 days longer than usual which has also spanned a weekend.
Best to sit tight for a while longer and all will probably be well very soon.
Afterwards vote with feet and don’t use them any more.
And before you ask, no I do not have a vested interest in CF, just a more relaxed attitude to lifes problems.

@SuePJ has hubby received an email confirming that the transaction is complete and money been sent to C/A?

Edit: I have just looked at my CF account which had a credit balance of 8.74 euros. I have just activated a transfer to C/A of 5.74 euros with 3 euros transfer fee to CF. I will let you know how the transfer progresses assuming that the system doesnt prioritise the amount of transfer but simply in date/time order.

Transfer of euro funds requested for CF to my CA account at 7.15 pm today.
Email confirmation received 7.45 pm from CF confirming funds have been sent to my CA account with note saying to allow up to 2 business days for receipt of funds.
I will update when/if funds arrive.

The fact that yours has gone through and you received updates and messages but Sue hasn’t re-enforces why after 6+ days I would be starting action now and not waiting any longer.

I am sure Sue will confirm but she says she has received nothing regarding her complaint which is different from notifications that the transaction was processed which she hasn’t said she has or has not received. The sticking point seems to be that the funds haven’t arrived.

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@SuePJ Update:
Yesterday I advised

My requested funds arrived in my CA account today some 17 hours after making my request so I can confirm that for me the CF system is working OK.
Has your request now arrived?


OH has started what action he can. Contact with CF itself is impossible therefore his contact has been with CF’s regulatory body which is the Central Bank of Ireland. He has sent all the necessary documentation and it is now in their hands.
He has also posted to Trustpilot detailing his experience.
His contact with First Direct was polite but neutral. They were however able to supply the information about the movement of money to give the Central Bank of Ireland the necessary details.

It is curious isn’t it. But it comes down to exactly that. There has to be a stage beyond Barclays because the money comes into Barclays in £ (not € as I said) and it leaves the Barclays a/c still in £. So the trade as such happens beyond their Barclays a/c.

If this was a one-off we would (of course) be blaming C/A here in France. But it’s not. This is all within CF’s processes.

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No he hasn’t