seems to be a big concern there r9bert, looks like a job for the mail on sunday. i suppose they also have the benefit of interest on your money during the waiting period? but still not convinced
Printable View
seems to be a big concern there r9bert, looks like a job for the mail on sunday. i suppose they also have the benefit of interest on your money during the waiting period? but still not convinced
I'd like to point out that if American express were declared bankrupt, you wouldn't get a penny of your money back either if you use their amex dollar cheque card, regulated or not, and as retailers wouldn't be reimbursed, you couldn't purchase anything anywhere. Admittedly, you would think that a large company like Amex were less likely to fail than the company Paddy mentioned.
<blockquote id="quote" class="ffs">quote: I'd like to point out that if American express were declared bankrupt, you wouldn't get a penny of your money back either if you use their amex dollar cheque card, regulated or not, and as retailers wouldn't be reimbursed, you couldn't purchase anything anywhere. Admittedly, you would think that a large company like Amex were less likely to fail than the company Paddy mentioned.[/quote]
Macka,
Sorry but that statement is not accurate.
It is a hugely complex area, but essentially any company registered with the FSA(Financial Services Authority – a Government agency) has to provide proof of funds etc.
In the last resort compensation is available from the Financial Services Compensation Scheme (FSCS). This is an extract from the FSA.
<blockquote id="quote" class="ffs">quote:
Compensation
Occasionally, a financial services firm goes out of business and can't pay money it owes you. However, you might be able to get compensation from the Financial Services Compensation Scheme (FSCS).
The FSCS is the statutory fund of last resort for customers of authorised financial services firms in the UK. The FSCS can compensate consumers if an authorised firm is unable, or likely to be unable, to pay claims against it.
If you use an authorised firm, you have access to complaints procedures and the compensation scheme if things go wrong. If you use an unauthorised firm, you do not have these options.[/quote]
<blockquote id="quote" class="ffs">quote:Originally posted by Macka
I'd like to point out that if American express were declared bankrupt, you wouldn't get a penny of your money back either if you use their amex dollar cheque card, regulated or not, and as retailers wouldn't be reimbursed, you couldn't purchase anything anywhere. Admittedly, you would think that a large company like Amex were less likely to fail than the company Paddy mentioned.
[/quote]
Macka,
I don't think you can compare the two, forget their size.
With American Express you give them your money and they give you the going rate in $ there and then. They have exchanged $ for £.
With Crown you give them your money (up to 9 months in advance in the examples in this post) and you don't get your $ until about 7 days before you requested them for. They are gambling on investing that money to be able to give you their generous rate but if it all goes pear shaped where are you left?????
Personally I feel very uncomfortable in giving someone £1000+ of my money and not seeing anything for 9 months or so.
<blockquote id="quote" class="ffs">quote:Macka,
I don't think you can compare the two, forget their size.
With American Express you give them your money and they give you the going rate in $ there and then. They have exchanged $ for £.
[/quote]
Paul,
Before things go off at a tangent, Macka was specifically referring to the the AMEX dollar cheque card
<blockquote id="quote" class="ffs">quote:you wouldn't get a penny of your money back either if you use their amex dollar cheque card, regulated or not, and as retailers wouldn't be reimbursed, you couldn't purchase anything anywhere. [/quote]
i.e. you have given them your £££s but you haven't actually received any $$$$s.
In the unlikely even of AMEX going bust your dollar cheque card would be not be accepted, but that is not the same as not getting a penny of your money back.
<blockquote id="quote" class="ffs">quote:Originally posted by paddyc
<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.
[/quote]
I meant to post this before going away, however my currency duly arrived on the 10th Oct as promised by Crown. The rate actually looked quite good as M&S were $1.804 the week before I left.
I would urge anybody reading this though to look at the previous posts and comments from Robert5988 which do highlight that potentially it could be an issue getting currency from Crown - particularly if you are just putting money up front with no real security.
I very much value this site and the information/tips on it and wouldn't want to be responsible for somebody losing out.
$1.84 at M & S Today! Hope it stays that way for my trip next week.
$1.932 this morning whcih is the highest level for some time. Still a long way to the elusive $2/£1 though.
<blockquote id="quote" class="ffs">quote:Originally posted by Katys Grandad
$1.932 this morning whcih is the highest level for some time. Still a long way to the elusive $2/£1 though.
[/quote]
Where was that price from, please. We just bought some from M&S for $1.852 thought that was good. We would get more @ $1.9 though[msnwink]
I bought some Dollars yesterday at 1.91 from XE trade - not bad at all!
XE.com are showing 1.93174, I would expect to get over 1.9 at business rates, which are always higher than tourist rates
Some of our spending money & villa money will be winging it's way via XE this weekend, what a great rate[msnsmile2]
<blockquote id="quote" class="ffs">quote:Originally posted by roger
I bought some Dollars yesterday at 1.91 from XE trade - not bad at all!
[/quote]
how does it work?
Yes, I would like to know how it works too.
Linda
It works very well, but you need a US Dollar account to deposit the funds into to use it.
<blockquote id="quote" class="ffs">quote:Originally posted by MTP
It works very well, but you need a US Dollar account to deposit the funds into to use it.
[/quote]
stage one ticked
no hang on a minute, are you saying a us bank account e.g. any bodies name, or are you saying it's got to be your own account
Well you could put it in mine if you like;)
you also cabt just 'do it'. you will have to register with x e trade or who ever you choose. also its not just online stuff you need to sign and return and give proof etc. re monry laundering.
still worth doing but well in advance of when you need it
It is a bit time consuming to register, but one you have an account it is so easy. I have just moved some money over to my US account while the rate is good.[msnsmile2]
your right shirley i think the rates and ease are excellent when youre up and running
186.9 at Thomas Cook today by being a vip customer. or just going to there site and printing a page
Travelex offering $1.8733 at the moment
$1.93 with HIFX, which is similar set up as Xetrade, once you have set up your account it is very straight forward.
Karen
<blockquote id="quote" class="ffs">quote:Originally posted by tezz7628
<blockquote id="quote" class="ffs">quote:Originally posted by MTP
It works very well, but you need a US Dollar account to deposit the funds into to use it.
[/quote]
stage one ticked
no hang on a minute, are you saying a us bank account e.g. any bodies name, or are you saying it's got to be your own account
[/quote]
No, the account you are paying into doesn't need to be your own and you can also do transactions on behalf of third parties, but to open an account, add bank accounts, add third parties to your XE Trade account then you do need to print out forms and fax them for confirmation.
We have used XE Trade for making payments to USA, Canada, Holland, China, Taiwan all successfully. It is a little nerve wracking sending the money off into the ether, but so far it has worked for us. The XE Trade customer support team are also quite proficient (both by e-mail and phone), in my experience.
To give a comparison I have just done a quote with both XE Trade and M&S for exchanging £1000 into US Dollars:
XE - Rate 1.90683500 Amount: 1906.84 Delivered into our US Account
M&S - Rate 1.867 Amount: 1867.00 Delivered cash to your chosen address free of charge (if over £500 - but would be a little worrying for large sums of money - apparently they have a delivery success rate of 98%, but it doesn't state how they quantified success).
For the casual tourist $40-ish dollars isn't too big a deal, but then again it is a good meal out for the family.
With online banking you can use XE Trade without incurring any bank fees, except if they need to wire the funds and then it is usually about £5.00. Once you have it all up and running then it works well and when adding a new bank account I usually send a nominal sum initially, to confirm that all the details are working, before sending a large sum.
hi dont know if any of you have a Bath Travel agents near you but i just got 1.898 when i exchanged £1000 today..not bad
Carrie
Carrie, that is probably because the rate today is up to 1.944
The Dollar rate does seem to be creeping up slowly. Which is good as we have to buy some in the next 2 weeks [clap][clap]
Closed at $1.952.[msnsmile2]
silly question but does the dollar rate etc change during the day or is it just one rate for the whole day, also Paul mentioned that it closed at 1.95, when i checked later with M&S etc it wasnt that high.
is there a secrewt place toi buy dollars.
when i bought yesterday from bath travel they were prepared to gove me a little more if i bought more
M&S always give a rate a few cents under the actual rate I assume to make money on it even though it is 'comission free'.
It does change during the day and is currently dipping a bit below yesterdays closing figure.
If it continues I think I will pop over to M&S today and get the rate which will be based on last nights closing rate.
You can keep up a 'dollar watch' at http://finance.yahoo.com/currency/co...USD&amt=1&t=1d
thanks, another daft question, looking at the link you posted, are you able to buy at that price everywhere i looked today shows it as being still in the 1.87 ish
I don't think you can get the actual rate as companies doing the exchange normally exchange just under to make it worthwhile (I assume).
XE and a few others seem to be the best you can get but M&S is a good mainstream alternative and definitely better than using a Travel Agent.
Well the dollar hit a new high yesterday at 1.95 to the £. I have read in the media that it could go to $2.00 to the £ but I have heard that before so it could just be hype.
Good news if you are buying or are intending to go to Florida soon.
Well, looking good for anyone visiting the US any time soon
http://newsvote.bbc.co.uk/1/hi/business/6158897.stm
<blockquote id="quote" class="ffs">quote:Originally posted by brizzle
Well, looking good for anyone visiting the US any time soon
http://newsvote.bbc.co.uk/1/hi/business/6158897.stm
[/quote]
Hey Neil, that's us
[msnwink][msnwink][msnwink]
I am waiting to transfer money, I will wait until the very last minute in the hope it will go to $2.00 to the £
[msnwink]
Fingers crossed here Barbara[msnwink]
I track the rate on here http://www.fxstreet.com/rates-charts/currency-rates/
<blockquote id="quote" class="ffs">quote:Originally posted by luckylady
I am waiting to transfer money, I will wait until the very last minute in the hope it will go to $2.00 to the £
[msnwink]
[/quote]
Or fall back to $1.85?
<blockquote id="quote" class="ffs">quote:Originally posted by luckylady
I am waiting to transfer money, I will wait until the very last minute in the hope it will go to $2.00 to the £
[msnwink]
[/quote]
We are going to do some in next couple of days, I personally think it will go the other way i.e. down, I can't see it making 2 but I hope I AM WRONG[msnscared]