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<blockquote id="quote" class="ffs">quote:Hi paddyc any chance you can DM me the web link please looks great[/quote]
You will find it by Google.
I wonder what the catch is? If indeed there is one.
I will ring them on Monday.
I have followed forward currency rates for many years and have never seen a rate 10+ cents above the commercial rate offered(for only 6 months ahead) and I have never heard of this firm.
They also say they will give better rates for large sums.
Personally I will not give them any money - even if they offered $3 for £1 - unless I was 100% certain my money was safe.(they want payment by debit card)
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It does seem a little too good to be true and why does the rate drop after June 2007 mmmmhhh [msnscared][msneek]
I don't think I would hand over my hard earned. If they are that good at predicting the rate why are do they need to be in business at all?
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The Financial Times forward rates(on 22 Sep 06) for 3 months and one year are £1 = $1.9042 & $1.9033.
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Cheers Robert will have a look. Does seem to good to be true though[msnwink]
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<blockquote id="quote" class="ffs">quote:I've found a fantastic company - Crown Currency Exchange [/quote]
I rang Crown Currency Exchange this morning.
Apparently you just hand over your money, say, £1,000 and in April you are sent US$2,000.
I enquired about security of my money between now and April and – er – there isn’t any.
I enquired about what form of financial regulation applies to the firm(FSA etc) and – er – there isn’t any.
So basically you are giving your money to a completely unregulated firm with no safeguard whatsoever should they go bust.
Er - I don't think I will bother. "Fantastic" or not.
EDIT
They operate from John Harvey House in Hayle Cornwall and there are other 'sister' currency exchange firms operating at the same address as well as Bulgarian Plots - buy land and property in Bulgaria. Hayle is a beautiful spot and must be becoming the financial Mecca of the West Country.
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<blockquote id="quote" class="ffs">quote:Originally posted by Robert5988
<blockquote id="quote" class="ffs">quote:I've found a fantastic company - Crown Currency Exchange [/quote]
I rang Crown Currency Exchange this morning.
Apparently you just hand over your money, say, £1,000 and in April you are sent US$2,000.
I enquired about security of my money between now and April and – er – there isn’t any.
I enquired about what form of financial regulation applies to the firm(FSA etc) and – er – there isn’t any.
So basically you are giving your money to a completely unregulated firm with no safeguard whatsoever should they go bust.
Er - I don't think I will bother. "Fantastic" or not.
EDIT
They operate from John Harvey House in Hayle Cornwall and there are other 'sister' currency exchange firms operating at the same address as well as Bulgarian Plots - buy land and property in Bulgaria. Hayle is a beautiful spot and must be becoming the financial Mecca of the West Country.
[/quote]
Robert - each to their own.
This company was brought to my attention by a good friend who bought currency a few months ago and everything went through smoothly. I know of 1 other person who also bought currency with no problems.
I have "dipped my toe in the water" and ordered a couple of hundred dollars for delivery on 10th Oct. I'll keep you updated.
The procedure is that you pay by cheque or bank transfer once you have received a confirmatory email. The currency is delivered by Royal Mail special delivery on the agreed date. Is it a risk?? yes probably.
With regards to my initial post I was only passing on details of what seems to be a great rate. I would feel terrible if anybody lost out due to my recommendations. Can I suggest that if anybody is (still) considering buying from them that you at least wait until after the 10th October and I'll feed back my experiences.
Please accept my apologies for highlighting this in the first place.
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Hi guys i bought £1000 today and got 1.854 at Bath travel seems prettty good to me
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<blockquote id="quote" class="ffs">quote:Robert - each to their own.
This company was brought to my attention by a good friend who bought currency a few months ago and everything went through smoothly. I know of 1 other person who also bought currency with no problems.
I have "dipped my toe in the water" and ordered a couple of hundred dollars for delivery on 10th Oct. I'll keep you updated.
The procedure is that you pay by cheque or bank transfer once you have received a confirmatory email. The currency is delivered by Royal Mail special delivery on the agreed date. Is it a risk?? yes probably.
With regards to my initial post I was only passing on details of what seems to be a great rate. I would feel terrible if anybody lost out due to my recommendations. Can I suggest that if anybody is (still) considering buying from them that you at least wait until after the 10th October and I'll feed back my experiences.
Please accept my apologies for highlighting this in the first place.[/quote]
Paddy,
No apology needed and I didn't mean to have a dig at you; although on reflection it could look that way - so an apology from me is due.
I have little doubt that you will get your money, and $1.86 is not anything special, but $2.00 is!
My main point is regardless of you, or anyone else, getting your money it is a risk dealing with an unregulated firm as you have no security.
So why take that risk?
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This was posted on another forum:-
I have been posting my reservations on this on another 'crown currency' thread, but I'm glad to see others share my reservations. Just to satisfy my own curiosity, I downloaded their most recent accounts and it pretty much confirms my concerns.
1. They made a loss in their first year of trading. (Not unusual for a new company)
2. Their net worth is a grand total of just under £4,000.
They clearly are a very small company, with very limited resources. We won't know until next April how they have fared over the last 12 months. I take my hat off to anybody with the balls to start up a new business, especially when taking on the big boys in the financial markets - but to all - think carefully before entering into agreements that require you to pay 100% now in the hope that they are still in business in 6 - 12 months time.
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Paul,
We agree on something!
I don't like the 'sister' companies operating side by side. It is a classic ploy to start up a new company to limit your exposure; if Crown go bust, the sister companies don't. It looks suspiciously like they are gambling on future exchange rates - with their clients money!
If exchange rates stay at their present level they are going to lose over 5% on all monies deposited with them for an April payout.
Just one point - there is no problem in 'buying forward currency' with a reputable regulated company/bank; in case anyone mis-understands your last sentence and thinks you mean with any company.
