Pound euro rate

[rafiki]

Some correspondence I had with them last week whilst trying to decide whether to trust them:

As a company we have been in business for over six years, we are recommended by Martin Lewes money saving expert, Which magazine among many others. We are an independent company and are not attached to a bank or an insurance company. All of our company details are on the home page of the website and feedback from other customers can also be accessed from there. Please feel free to do any research you wish prior to placing an order.

We are currently very busy and as a company are expanding which places us in a strong position in the market.

However, we are not backed by a bank or an insurance company.

My enquiry was about how my money is protected, particularly if purchasing for a future date. Is the cash held in an escrow account?

We do not have segregated client accounts. All funds go into the company account.

I wonder if that above-market future rate mentioned last week was merely designed to bolster their cash flow...

[anyroads]

Ah well.....

Re my earlier e-mail on this.

If it sounds too good to be true etc....

anyroads

[Beachcomber]

There has just been an item about Crown Currency Exchange on Money Box on Radio 4. It will be available on listen again in a few minutes.

[El Cid]

More news here

http://www.telegraph.co.uk/finance/news ... lters.html

Sid

[anyroads]

BBC TELETEXT TONIGHT...

Crown have gone into administration.....

13,000 people affected.

anyroads.

[anyroads]

"Just bought some euros for October at the great rate of 1.25 free delivery on the date I choose.

Not particularly going anywhere but looking at the way things are going, don't think I can go wrong".

[rafiki]

http://www.independent.co.uk/news/busin ... 97334.html

[anyroads]

Just signed on to Caxton FX.....

They are offering 1.138 which is more realistic, but probably the best rate available tonight.

Using a prepaid master card, you pay them with your debit card, they load your master card with the eur same time ( not for delivery in a months time ! ), the the euros are yours. You can buy as little as euros 150.

You know it makes sense !

anyroads

[rafiki]

1.1406 with xe.com just now; free transfer to your Spanish account.

[Mowser]

I took money out of the ATM with my Nationwide card yesterday and got €1.15211

[Free at Last]

Following Nationwide's announcement that they were to begin charging for ATM withdrawals from 1 November, we began withdrawing the maximum amount allowed each day and a couple of weeks ago we made the last withdrawal to get all our living expenses for the next year paid into our Spanish account, all at a rate of at least 1.20€ to the £. So Nationwide did us a favour in a funny kind of way, thanks chaps!

[j4mes]

barclays gibraltar today 1.11

[katy]

Wise words, currency firms have been known to be wiped out overnight. You never know if they are robbing Peter to pay Paul and are offering these rates to attract cash flow.

Seems as if Crown were doing what I said above, they must have known they were in trouble when they started offering attractive rates....a fraud case

[Campo Steve]

Don't think so Katy. They have been offering attractive rates if you booked and paid in advance since they started. That was all part of their business plan. They were actually quite popular because of it. But, it's a plan that obviously couldn't make it through the recession.

[katy]

Of course their rates were popular, nothing more than a pyramid/ponzi scheme. Similar to dubious banks and investment schemes which offered 10% when everyone else was paying 5%! Crown is/was run by a couple, he a former double glazing salesman who at one time was barred from holding company directorships Sooner or later it catches up with them. Two years ago this company was showing a net worth of MINUS a few hundred thousands

Even if the company is a member of the FSCS (financial services compensation scheme) it does NOT protect foreign currency transactions.

The old saying applies if it's too good to be true..........So much for the money saving whatever .com comparison sites who have been recommending Crown!!

PS. I was a fraud control accountant many moons ago

[concorde]

Oh dear
just got back from a fantastic cruise yesterday and saw this.

Luckily we haven't lost a fortune although no one likes to be caught out. I was reading Martins Moneytips forum on this subject and there are a lots of people who have lost a lot, literally the day before holidays etc.

Typical, I got a nice goodwill gesture cheque from a certain airline the other week and spent most of it with this crew.

Will just have to hope everyones money is returned somehow.

By the way, there is a certain condition in a human brain that responds other peoples misfortunes with, I'll be charitable here, a kind of smugness and gloating.

However, I'm sure that condition doesn't apply to any of A.com forum members

[katy]

I think your gloating comment may be aimed at me....I don't "gloat" at anyone being ripped off, I hate to see people being ripped off. I have, on this forum, a few times warned about currency companies over the years and have always been "shouted down" as if I were the stupid one by not using them. I was responding to Steves post which indicated the couple were blameless. However, I would be a little touchy too in the circumstances but don't shoot the messenger

[Mowser]

Concorde

A number of posters were very wary of the rates offered. A few got in touch with the company and decided it wasn't worth the risk as they weren't covered if they went under. I don't believe katy was gloating - in fact she was the first person on this thread to urge caution.

[rafiki]

I just saw this reference to a prophetic article dated a year ago about Crown on Martin Lewis' forums.
http://tinyurl.com/36my782.

[Campo Steve]

I have to agree. Katy was right in this case.

However, I still don't think CCE went under because of fraud. I think they just went under because their business plan just wasn't up to it.