Interchangefx

[Susan]

Has anyone Interchangefx to forward-pay for currency. I am just about to write them a cheque for quite a few thousand pounds for August delivery of dollars at $2 to the £, and just wanted to make sure this was a sound company.

Sue

[Robert5988]

Susan,
Presumably your question stems from my comment in this thread?

http://www.orlando-guide.info/forums/topic_36103.asp

There was some discussion in this long thread(page 8 onwards) about another firm(Crown Exchange) that offered very high forward rates.

http://www.orlando-guide.info/forums...75&whichpage=8

My initial post said:

<blockquote id="quote" class="ffs">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.[/quote]

Now as far as I can see from their website interchangefx are not regulated by the FSA either.

I doubt if anyone will have any bad reports of this company. It is just a question of what the future holds if the have ‘gambled’ incorrectly and they take big losses on exchange rates. Will the firm fold?

Personally before I wrote a cheque to a firm I would like some assurance that my money was safe. So I would check out this firm very carefully first.

[Liesel]

I have no personal knowledge of this firm.

I would not enter into a financial transaction with an unregulated firm.

There are other attractive forward foreign exchange rates in the market at the moment, how attractive will depend on what volume you are talking about.

Liesel

[Susan]

Thanks for your advice Robert. We have decided not to use this company. We'll take our chances with the exchange rates.

Cheer

Sue

[Robert5988]

<blockquote id="quote" class="ffs">quote:Thanks for your advice Robert. We have decided not to use this company. We'll take our chances with the exchange rates.[/quote]

You can of course buy forward with the major banks and financial institutions who are regulated by the FSA.