TorFX & Crown currency

[wayneg]

http://www.moneysavingexpert.com/news/banking/2011/01/torfx-what-are-the-links

I think majority of poeple will now stick to over the counter exchanging for their currency or use a credit card(as I do) but just saw this report, might be of interest to some.

 

[disney_princess_85]

Indeed.

I was considering getting a FairFX card for my travels this year. I know it's a legitimate company but what happened with Crown Currency concerns me. I don't know what to do!

 

[fairytale]

I am thinking exactly the same thing.

I have considered a FX card and have read great reviews etc... but I will hold my hands up and say I was one of the posters that would rave about CCE

At the moment whenever I hold a little spare cash I'm simply popping down the Travel Agents offering the best rate on the day and bring the currency home with me, its the only way I feel safe nowadays

 

[alibeau]

Interesting stuff.

We used to use CCE and also Fairfx.

I would order our currency from CCE for delivery in 2/3 weeks and also load the Fairfx card with the rest of our spends.

We are doing things differently for our Easter trip. DH has signed up for a Halifax Clarity CC and I am in the process of applying for a PO CC. Both these CC's were recommended on the MSE website for use abroad.

I will then just order my currency online for immediate delivery (not sure where from yet) and hopefully that is us all sorted unless anyone has any better suggestions?!?!?

Ali

 

[2Tiggies]

I used FairFX last trip and had no problems. Well, I suppose, problems only become issues because they show up when it's too late ...

I plan to use FairFX again this year though. I top it up here and there because I use it for online purchases/subscriptions in US$. Otherwise, I tend to load it when I need it.

I didn't take all my money in the card though and won't do this year either. I had it split between card, TCs and cash.

 

[alibeau]

I used FairFX last trip and had no problems. Well, I suppose, problems only become issues because they show up when it's too late ...

I plan to use FairFX again this year though. I top it up here and there because I use it for online purchases/subscriptions in US$. Otherwise, I tend to load it when I need it.

I didn't take all my money in the card though and won't do this year either. I had it split between card, TCs and cash.

Yes I think you are right that the main thing is not to have your 'eggs' all in one basket We also take 'emergency' CC's and DC's that we would rather not use given the charges/exchange rate but take them just in case.

Ali

 

[2Tiggies]

We also take 'emergency' CC's and DC's that we would rather not use given the charges/exchange rate but take them just in case.

Ali

I'm in agreement with you on this one too. I always take a few CC's. Fortunately have never had to use them, but as I do have them it seems like a sensible thing to do.

 

[london75]

I'm really surprised to read that they weren't hedging against losses on the markets. I always assumed (and you were encouraged to do so from their website) that you were buying a share of a future that CCE bought, hence currency losses should never have affected them and speculation should not be involved.

From reading that article it sounds more like CCE were speculating on future rates but not protecting themselves. It's amazing they survived so long.

There must be a way for groups of individuals to collectively pool resources and buy currency futures as and when good rates appear to share equally with no risk. I might look into it.

 

[scottishgirl87]

Indeed.

I was considering getting a FairFX card for my travels this year. I know it's a legitimate company but what happened with Crown Currency concerns me. I don't know what to do!

The thing with FairFX is if they go bust your money is protected by Newcastle Building Society. HOWEVER, if Newcastle Building Society go bust then your money ISN'T protected!

I'll be using our FairFX cards again this year and infact have just received a 2nd card from them (really should have got it for last time but hey). I'll also have money in cash and a debit card backup. I'm in the minority here who doesn't have a credit card and so doesn't have one when travelling. My parents do however, have credit cards and I know they would bail me out when and if I needed, on our trip to New York they're going to be with us so even less pressure this time.

 

[Pegasus928]

From my own point of view we take cash and CC. We also have money in a couple of different accounts that we also take the cards to, and withdraw it while over there - although there are charges associated with this.
The sensible thing is to do what 2Tiggies suggests and to spread your risk across a few alternatives.
I read on these forums a little while ago about someone who had loaded up their FX card and was using that as their only access to cash. Unfortunately a cashier in one of the Disney shops rang the wrong amount in at the till (put an extra zero on the end) and it wasn't noticed until after the transaction was completed. When FX were contacted so the money could be refunded they said it would 28 days. That meant they had to last the rest of the holiday with a few hundred pounds less than they were expecting.

 

[torsie24]

I'm a FairFX fan.

But since CCE I'm keeping ym money in my current account and will just transfer smaller amount over to FairFX when in Florida so worst case is I only lose a couple of hundred £/$ if the worst happens.

 

[disney_princess_85]

The thing with FairFX is if they go bust your money is protected by Newcastle Building Society.

I wasn't aware of that.

HOWEVER, if Newcastle Building Society go bust then your money ISN'T protected!

Well, exaxctly. Considering how many companies have gone bust over the last few years, it's no wonder we're a bit anxious!

But since CCE I'm keeping ym money in my current account and will just transfer smaller amount over to FairFX when in Florida so worst case is I only lose a couple of hundred £/$ if the worst happens.

That's a good idea!

 

[stubb]

As someone who was affected by cc I would now only use a travel exchange company on the high street. You give them money and they give you money back!! I think another area of concern will be where to buy park tickets from.

 

[scottishgirl87]

I read on these forums a little while ago about someone who had loaded up their FX card and was using that as their only access to cash. Unfortunately a cashier in one of the Disney shops rang the wrong amount in at the till (put an extra zero on the end) and it wasn't noticed until after the transaction was completed. When FX were contacted so the money could be refunded they said it would 28 days. That meant they had to last the rest of the holiday with a few hundred pounds less than they were expecting.

To be honest, this is why I don't use my FairFX in stores and instead just withdraw the cash from it. I seem to be in a minority who does that and yes you do get charged $2 per withdrawal (+ whatever the ATM costs) but this way I don't run the risk of the above happening! A very easy mistake to make but as you said, 28 days to put right I visit the cash machine every so often, take out as much as possible, bung what I don't need in the safe and take a small amount from it each day. Do it that way to save on the ATM fees.

It's getting so difficult to find good deals for spending abroad unless you use a credit card! Think I'll be going backwards to the days when everyone just took a load of good ol' cash on holiday! LOL

 

[2Tiggies]

To be honest, this is why I don't use my FairFX in stores and instead just withdraw the cash from it. I seem to be in a minority who does that and yes you do get charged $2 per withdrawal (+ whatever the ATM costs) but this way I don't run the risk of the above happening! A very easy mistake to make but as you said, 28 days to put right I visit the cash machine every so often, take out as much as possible, bung what I don't need in the safe and take a small amount from it each day. Do it that way to save on the ATM fees.

Although I didn't draw cash from my FairFX and used it in stores, making a few withdrawals is not going to rack up an enormous amount of fees. The trouble is, something can go wrong with anything, which is why I prefer to spread the risk. My cc have the usual loss/theft and fraud insurance as do my debit cards. Travellers Cheques are covered too, but will take some time to replace if a claim is made. Travellers cheques are a hassle to some and although I don't find them a problem at all you can't use them everywhere. Then good old cash is great, but travel insurance puts a short limit on the max they will cover so I just take as much as DD and I are covered for in cash and split the rest. Things can go wrong with a CC or DC as well. Nothing is guaranteed. My main objective is that in the event of a hassle with one form of currency, I want to be able to carry on doing what I want it to do by means of another, whilst the problem is being addressed.

 

[scottishgirl87]

Although I didn't draw cash from my FairFX and used it in stores, making a few withdrawals is not going to rack up an enormous amount of fees. The trouble is, something can go wrong with anything, which is why I prefer to spread the risk. My cc have the usual loss/theft and fraud insurance as do my debit cards. Travellers Cheques are covered too, but will take some time to replace if a claim is made. Travellers cheques are a hassle to some and although I don't find them a problem at all you can't use them everywhere. Then good old cash is great, but travel insurance puts a short limit on the max they will cover so I just take as much as DD and I are covered for in cash and split the rest. Things can go wrong with a CC or DC as well. Nothing is guaranteed. My main objective is that in the event of a hassle with one form of currency, I want to be able to carry on doing what I want it to do by means of another, whilst the problem is being addressed.

No no, Lee, I completely agree, I do the same. I would never just rely on a FairFX card or any one method for spending!

 

[2Tiggies]

No no, Lee, I completely agree, I do the same. I would never just rely on a FairFX card or any one method for spending!

I don't think we have managed to disagree on anything yet

 

[scottishgirl87]

I don't think we have managed to disagree on anything yet

Hahaha, us Scots have to stick together

 

[2Tiggies]

Hahaha, us Scots have to stick together

Amen to that! Now we need to come up with an ingenious, cost effective and practical solution for carrying currency safely and affordably, abroad.

 

[crabbie1]

Only cash TC and a debit card for us for us. And will be getting a small amout each month.I dont think the rate is too bad at the moment. Found using TC worked great for us no problems or issues.I know a lot of people dont like TC but I think they are safe .Each to there own I suppose.