Mentioning currency exchange companies

[jarr]

I've tried helping people with good rates but I was blocked for some reason. It's FairFX this FairFX that. I then found out they sponsor the Dibb. No wonder they block other companies. So much for people helping each other.

 

[crabbie1]

I passed on a good deal last week and didnt have a problem. Dont know why they blocked you.Try contacting pegasus the moderator he may be able to help.

 

[NicolaUK]

What was the rate? I'm off soon and need to cash some up

 

[crabbie1]

What was the rate? I'm off soon and need to cash some up

Ditto My offer was for the day after I go and not once did they send one for brfore my dates. Had another one today for 2 october dates at $1.61-not fair

 

[Pooh's-Honey-Pot]

Is it the Dibb or the Dis that have blocked you?

 

[Disneymad]

Is it the Dibb or the Dis that have blocked you?

Crown is in the DIBB's filter and they usually lock all threads discussing it so I think the OP is referring to that.

That said, there are many people who have reservations about Crown Currency, not because they're dodgy - their long track record proves they're legit - but because you have zero protection for your money and would likely lose the lot if they went bust. While prohibiting any mention of the site does seem a little extreme (I'm sure it just drives all the discussion underground to pm's where people ask for clues of the name anyhow) I think their motives are probably genuine for doing it.

There's a little bit of tension running around at the moment, but I do hope people keep their heads and that things don't turn into a generic them vs. us battle.

 

[ford family]

Crown is in the DIBB's filter and they usually lock all threads discussing it so I think the OP is referring to that.

That said, there are many people who have reservations about Crown Currency, not because they're dodgy - their long track record proves they're legit - but because you have zero protection for your money and would likely lose the lot if they went bust. While prohibiting any mention of the site does seem a little extreme (I'm sure it just drives all the discussion underground to pm's where people ask for clues of the name anyhow) I think their motives are probably genuine for doing it.

There's a little bit of tension running around at the moment, but I do hope people keep their heads and that things don't turn into a generic them vs. us battle.

I am puzzled as to why this is any different to FairFX. If one buys dollars today you pay FairFX the sterling equivalent straight away and then some time later you draw the dollars whilst on holiday. But if they go bust in between paying up front and going on holiday what makes you think any unused dollars will still be available to you? Surely if the firm disappeared then the dollar accounts that the cards are drawn on would disappear as well?

ford family

 

[Disneymad]

I'm sketchy on the details because tbh, I don't use either one personally, but I believe Fairfx is actually backed by a Building Society and therefore has all the same protection as any bank. Crown Currency is just a business.

 

[UK~STU]

I've tried helping people with good rates but I was blocked for some reason. It's FairFX this FairFX that. I then found out they sponsor the Dibb. No wonder they block other companies. So much for people helping each other.

Hi,
The DIBB blocking CC has nothing to do with FairFX, we were blocking CC posts well before FairFX came on board as an advertiser.

All you have to do is check out CC for yourself, see if they protect your money if the company goes bust?

In our opinion CC presents a risk as you have to give them your money upfront and hopefully receive your $'s back months later for just a small increase in the exchange rate that you can get elsewhere. If something happens to the company in the meantime you wave goodbye to your money.

Some people post on our site as though CC are giving you something great, what they forget to mention is that there is a risk involved. If people understand and accept the risk then that is acceptable but a lot of people do not understand the risk.

There are no indicators that anything will happen to CC and as far as I know people that have used them have received their money, but the fact that your money doesn't seem to be protected in anyway does ring alarm bells and add enough doubt that we no longer allow the company to be recommended on our site.

Sorry if this is an inconvenience to you

see HERE for an Explanation....

Have a good day!

 

[ford family]

I'm sketchy on the details because tbh, I don't use either one personally, but I believe Fairfx is actually backed by a Building Society and therefore has all the same protection as any bank. Crown Currency is just a business.

Somebody else on this board said the same thing so I checked and they are not backed by a building society at all, they simply use the services of a building society to perform the card issuing function. They are just a business.

Like you, we have never used either firm but I'm puzzled why so many people seem to want to support one firm whilst making unsubstantiated negative comments about the other. Sounds like a hidden agenda or at least one hidden from me!

ford family

 

[ford family]

Hi,
The DIBB blocking CC has nothing to do with FairFX, we were blocking CC posts well before FairFX came on board as an advertiser.

All you have to do is check out CC for yourself, see if they protect your money if the company goes bust?

In our opinion CC presents a risk as you have to give them your money upfront and hopefully receive your $'s back months later for just a small increase in the exchange rate that you can get elsewhere. If something happens to the company in the meantime you wave goodbye to your money.

Some people post on our site as though CC are giving you something great, what they forget to mention is that there is a risk involved. If people understand and accept the risk then that is acceptable but a lot of people do not understand the risk.

There are no indicators that anything will happen to CC and as far as I know people that have used them have received their money, but the fact that your money doesn't seem to be protected in anyway does ring alarm bells and add enough doubt that we no longer allow the company to be recommended on our site.

Sorry if this is an inconvenience to you

see HERE for an Explanation....

Have a good day!

The "here" doesn't work unless you are a registered user of your website so can you tell me what protection you get if FairfFX go bust after you have given them your sterling but before you take your dollars out?

ford family

 

[2Tiggies]

There's a little bit of tension running around at the moment, but I do hope people keep their heads and that things don't turn into a generic them vs. us battle.

So do I. I thought we all got on great - I vote it stays that way!

 

[Disneymad]

Somebody else on this board said the same thing so I checked and they are not backed by a building society at all, they simply use the services of a building society to perform the card issuing function. They are just a business.

Like you, we have never used either firm but I'm puzzled why so many people seem to want to support one firm whilst making unsubstantiated negative comments about the other. Sounds like a hidden agenda or at least one hidden from me!

ford family

Well as I say, I'm a bit sketchy myself so I'm sure someone who know's their stuff better than me can fill in the gaps but surely once the funds are actually on the card then they're out of Fairfx's hands and under the banks and Mastercards 'protection' no?

Whereas the difference with Crown is that for a month/6 weeks whatever, people's money is sitting in their hands and in fact, by their own admission (I've seen this in a newspaper article somewhere where they were asked), are in their bank account along with the companies own money. If they went bust then those funds are taken to pay their debts...of which lowly individual consumers are usually bottom of the pile and therefore basically wouldn't see anything. It's only when those funds are turned in to travellers cheques that it equals the same status as being on the pre-pay card.

Now if we were arguing about protection of funds vs a company trying to defraud you then yes, Fairfx could take your money and you'd never see it again and likewise with Crown. However as they load the funds onto a Mastercard at which point it's more strictly regulated and the funds have physically left the company and therefore no auditor will be able to claw it back regardless of how much Fairfx might personally owe other people.

I think the biggest concern raised about Crown is that the money they take from you isn't put into a separate bank account - it just gets mixed in with the rest of the companies finances therefore it has zero protection from creditors.

 

[Disneymad]

The "here" doesn't work unless you are a registered user of your website so can you tell me what protection you get if FairfFX go bust after you have given them your sterling but before you take your dollars out?

ford family

Well it's a long post with lots of information however I'll post 2 pertinent bits of it that may be of interest to you.

What about these pre-paid credit cards? Are they risk free?

Well nothing is risk free. Even cash can have a risk because it is easily lost or stolen, with no way of getting it replaced easily. Travellers cheques do offer protection against loss or theft, but it will still take time out of your holiday if you do lose them to get them replaced. The pre-paid mastercards, I have seen, are sold by companies that deal with Newcastle Building Society. So it is the building society that is taking the risk. NBS is the UK's 10th largest building society and is backed with 4.8 billion in assets. Stronger than a lot of banks in today's climate.[2] It is the fact that it is still a building society that gives me faith in the company as so many that have changed over to being a bank have then fallen into difficulties. NBS is regulated by the FSA so has a responsibility to ensure that all moneys deposited are handled and invested correctly.[4]

and the other is

Disclaimer: theDIBB and x3 Internet Solutions do not endorse any Foreign Exchange company even if they advertise on this website. We cannot be held responsible for the loss of any money from the failure of a company that either advertises on theDIBB or has been mentioned in the forums.

 

[ford family]

Well as I say, I'm a bit sketchy myself so I'm sure someone who know's their stuff better than me can fill in the gaps but surely once the funds are actually on the card then they're out of Fairfx's hands and under the banks and Mastercards 'protection' no?

Whereas the difference with Crown is that for a month/6 weeks whatever, people's money is sitting in their hands and in fact, by their own admission (I've seen this in a newspaper article somewhere where they were asked), are in their bank account along with the companies own money. If they went bust then those funds are taken to pay their debts...of which lowly individual consumers are usually bottom of the pile and therefore basically wouldn't see anything. It's only when those funds are turned in to travellers cheques that it equals the same status as being on the pre-pay card.

Now if we were arguing about protection of funds vs a company trying to defraud you then yes, Fairfx could take your money and you'd never see it again and likewise with Crown. However as they load the funds onto a Mastercard at which point it's more strictly regulated and the funds have physically left the company and therefore no auditor will be able to claw it back regardless of how much Fairfx might personally owe other people.

I think the biggest concern raised about Crown is that the money they take from you isn't put into a separate bank account - it just gets mixed in with the rest of the companies finances therefore it has zero protection from creditors.

I hear what you are saying but I'm puzzled by the idea that the dollars are "on the card". Surely the card simply allows you to access an account with some institution and that account has a dollar balance. If I put my debit card into an atm that machine allows me to access my account and draw money out. My debit card doesn't "carry" my balance on it but simply grants account access rights within certain boundaries.
My query is merely under whose control does the FairFx dollar balances exist prior to you drawing them. If they are with Bank of America or HSBC then great, dandy. If they are with a lesser institution then what risk am I taking that I am unaware of? If they are still under the control of FairFx then to what extent has my risk increased?
Still, as you say, someone who knows much more than us will come along shortly with the answer.

ford family

 

[ford family]

Well it's a long post with lots of information however I'll post 2 pertinent bits of it that may be of interest to you.



and the other is

I appreciate your clarification but I honestly think the Newcastle Building Society thing is a red herring. If FairFx were backed by them it would be all over their website but it's not. There is no mention of FairFx on the Newcastle website either.
Enough for one day, early start in the morning.
Thanks for your help.

ford family

 

[2Tiggies]

I appreciate your clarification but I honestly think the Newcastle Building Society thing is a red herring. If FairFx were backed by them it would be all over their website but it's not. There is no mention of FairFx on the Newcastle website either.
Enough for one day, early start in the morning.
Thanks for your help.

ford family

It is written in their Terms & Conditions. Like any bank card, if you want full terms and conditions prior to signing up with their product, you need to request them. I did so I had the opportunity to read them first and it does state in there that they are backed by NBS. A full hard copy is then sent with the card and other documentation.

When I phoned for quotes on my home insurance nobody mentioned that the insurance was underwritten by x y or z, but many of them are. Same with my travel insurance. I learned who the underwriter was once I had purchased the policy. There is nothing fishy about it. They don't deny you access to this information, but it seems to be a growing trend to require to request it. I don't know why.

I wouldn't expect to find FairFX on the NBS website.

 

[NicolaUK]

The NBS issue quite a few of the different cards, they do both Caxton + FairFX, I think the Bank of Ireland issues the PO card. As long as the cards are regulated by the FSA, your money is good.

Be mindful of the travel agents that push their own cards though http://www.thisismoney.co.uk/bargai...cle.html?in_article_id=509772&in_page_id=1093

 

[Cyrano]

OP I think you will find threads on here from others about the companies they have used.
However I don't think it is good form to come on the DIS to slag off another site that you have been blocked.
Why did you not raise it with the owners and moderators.

I don't mean to sound harsh but I would hope that similar would be said on theDibb if someone did the same there

 

[Elise79]

If loaded on-line funds will normally be available for use on the MasterCard® Prepaid Card within a few hours. If you choose to hold a balance of more than £1000 on your MasterCard® Prepaid Card you understand and accept the risks of holding this large amount of money and specifically that you may lose your e-money if Newcastle Building Society becomes insolvent and that the Financial Services Compensation Scheme does not apply to your MasterCard® Prepaid Card.

That is from the Fairfx website - they are saying that your are taking a risk if you have a larger balance.

Personally I don't use either as we have a Dollar bank account.