Not A Member Yet? See All The Features Of The Forum By Clicking Here To Register For FREE! Or Members Login Below:

Cyprus Eastern Forum Index Cyprus Eastern Forum Index
Offering Free Help, Advice, Tips & Support for those buying or living in:
Paralimni - Protaras - Pernera - Kapparis - Agia Napa - Larnaca - Oroklini - Pervolia - Kiti - Xylofagou
Vrysoulles - Frenaros - Dherynia - Sotira - Agia Thekla - Liopetri - Ormidia & surrounding areas...

 
Main Homepage Cyprus Eastern Forum Index Register Directory Memberlist Search

  Ads By Forum Sponsors

    
Cyprus Eastern Forum Index » Exchange Money & Rates » Problems at Currency Fair Goto page 1, 2  Next
Post new topic  Reply to topic   View previous topic : View next topic 
Problems at Currency Fair 
Post: #1   PostPosted: Fri Feb 05, 2016 6:24 am Reply with quote
Jascat
Joined: 05 Sep 2005
Posts: 1287
Pictures: 0
Location: Oroklini Cyprus

 
I am posting this in the general section, in order for it to get maximum exposure.
Four days ago I transferred cash from CF to my account in Cyprus.

Yesterday I also transferred cash into CF to exchange for Euros, also to transfer to Cyprus. This normally takes about two hours to appear in my CF account.

In both cases, the cash has never been seen again.

CF are not responding to e-mails & do not answer the phone.
Others are also having problems. Here is one example from another expat site.
-------------------------------------------------------------------------------------

We used the new bank details and last Thursday 28th January we placed a money transfer of £500 to Currency Fair who we have been dealing with for several years- on Friday 29thJanuary at 08:00 am we exchanged the £500 for 654€ - 657€ less 3€ transfer charge, and requested an immediate transfer to our French bank; this historically takes a couple of hours (and at the worst arrives in our bank the next day). To put this into context £500 is just over 3 weeks of my pension

On Monday 1st February I rang Currency Fair (at about midday) to see where the money was, I was told there were a few teething troubles with their new bank and it may take a little longer; on Tuesday afternoon 2nd February I rang again to see where the funds were and was informed (by Geoff) that their Bank had failed to make the requested transfer, and that they would sort it out immediately and then discuss “compensation” with me.

I waited until today - and this morning 4th February and checked my account again – there being no transfer I again rang Currency fair, this time they said that they would have to contact the bank to see what was happening, we have been fobbed off, by which feels like every operator in the company, with every excuse under the sun, and OUR money is still in their system somewhere; an hour later I rang them again only to be told that their bank had NOT made the promised second transfer; and that they would investigate using another bank to transfer the funds and let me know within a few minutes.

TWO hours later I was still waiting for the information; in that time I have been making calls to their offices and am constantly on hold; I have so far answered their telephone survey – part of the on hold process twice (guess what my responses have been?) and left 2 messages for them to call me back, so far they have not.

At 12:53 (French time) I called again and spoke to Geoff who explained that the transfer was being undertaken by another bank and would be in our account today; he also said that he would ring me back at 6:00pm (French time) to check the situation.



Am I hopeful - I think there is more chance of me swimming the channel

The other half has just told me that French Entree are listing lots of problems with Currency fair as well
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel


Hide These Ads? Register for Free or Login

 
Post: #2   PostPosted: Fri Feb 05, 2016 7:19 am Reply with quote
Jascat
Joined: 05 Sep 2005
Posts: 1287
Pictures: 0
Location: Oroklini Cyprus

 
I phoned CF this morning & the call was answered. I was surprised there was someone there (must be burning the midnight oil).
The story I was told was, Bank of America CF's old bank, was not happy with the amount of money going through the account & were closing it, giving CF thirty days to find a new bank.
A rushed change to Barclays has caused teething troubles, but CF were working through them.
Hopefully this is not a line they are spinning & things get back to normal quickly.
In the meantime it will cause difficulties for people relying on the cash.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #3   PostPosted: Fri Feb 05, 2016 8:13 am Reply with quote
Hudswell
Joined: 01 Mar 2012
Posts: 731
Pictures: 0
Location: Polis

 
An unfortunate experience and hopefully not indicative of future transfers...but I suppose a few teething issues were to be expected. We transferred money on Friday using the same system, we expected it to be in the bank on Monday..it took until first think Tuesday morning. Considering what must have been a major change we are still happy with the service.

_________________
Hudswell

Mercury Rising
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #4   PostPosted: Fri Feb 05, 2016 9:59 am Reply with quote
Jascat
Joined: 05 Sep 2005
Posts: 1287
Pictures: 0
Location: Oroklini Cyprus

 
Quick update. The transfer of funds from CF to my Bank of Cyprus account came through this morning. It has taken five days instead of the normal one.
The sterling deposit into CF has still not shown up in my CF account.
At least the system is still working, albeit slowly at the moment.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #5   PostPosted: Fri Feb 05, 2016 10:45 am Reply with quote
SensibleBob
Joined: 07 Sep 2005
Posts: 1678
Pictures: 0
Location: Avgorou

 
Look at the details on your bank of Cyprus statement and see who the routing agent was. In old times they used Citibank I think but each bank will have a different nominated agent. This may be helpful in finding out a problem if future delays occur. This reflects very badly on CF who until now have provided a fantastic service for me and may be interested in your findings.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #6   PostPosted: Fri Feb 05, 2016 11:12 am Reply with quote
Jascat
Joined: 05 Sep 2005
Posts: 1287
Pictures: 0
Location: Oroklini Cyprus

 
The sending bank was Deutsche bank, Frankfurt & the routing bank was Skandinaviska Enskilda bank, Finland.

No mention of Barclays.

My sterling deposit has finally arrived in my CF account.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #7   PostPosted: Mon Feb 08, 2016 1:44 pm Reply with quote
Aargent
Joined: 13 Jul 2007
Posts: 85
Pictures: 0
Location: Theletra

 
Does anyone have an update on the CF situation ?

_________________
Alastair

Nil illigitimae carborundum
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #8   PostPosted: Mon Feb 08, 2016 5:51 pm Reply with quote
Hudswell
Joined: 01 Mar 2012
Posts: 731
Pictures: 0
Location: Polis

 
As I have already said, made my usual monthly transfer, using the new banking details. Money was transferred about 1600hrs on the Friday and appeared in my Cypriot account first thing Tuesday..a slight delay but happy with the service.

_________________
Hudswell

Mercury Rising
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel


Hide These Ads? Register for Free or Login

 
Post: #9   PostPosted: Mon Feb 08, 2016 7:31 pm Reply with quote
Lyndi
Joined: 11 Dec 2009
Posts: 831
Pictures: 0
Location: Vrysoulles

 
Hi,

I transferred money from my uk bank account to the new CF bank details no problem - I have yet to exchange to Euro's but because the exchange rate is pretty low I am waiting to see if it improves before doing so.....will keep you updated......

Cheers,

Lynn.

_________________
Learn From Yesterday, Live For Today & Hope For Tomorrow.................
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #10   PostPosted: Tue Feb 09, 2016 9:04 am Reply with quote
billibob
Joined: 08 Mar 2014
Posts: 675
Pictures: 0

 
I transferred some money last week and chose the automatically exchange and deposit option. All went fine although I must say it took longer than normal and when I rang them i was on hold for 10 minutes.

Has made me a bit unsure as things are definitely not the same with CF at the moment. Hope its bank teething troubles but you would have thought they would have got that sorted by now considering the amount of money they handle.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #11   PostPosted: Wed Feb 17, 2016 7:15 am Reply with quote
Jascat
Joined: 05 Sep 2005
Posts: 1287
Pictures: 0
Location: Oroklini Cyprus

 
Having done a number of transactions since the new banking arrangements, it is taking on average, one day longer than it used to for money to appear in my Cyprus bank account.
Not to bad, so I will keep using Currency Fair.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #12   PostPosted: Wed Feb 17, 2016 11:32 am Reply with quote
peterpanicos
Joined: 25 Nov 2014
Posts: 630
Pictures: 0

 
Deposited money yesterday and it took 23 hours for it to clear, used to be 1 to 2 hours. There is still a message on the website saying they are still having delays in processing times, if it does not improve I will be trying one of their competitors.

_________________
Life`s Tragedy is that we get OLD too soon
and WISE too late!
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #13   PostPosted: Wed Feb 17, 2016 2:42 pm Reply with quote
Fenny
Joined: 26 Jun 2010
Posts: 220
Pictures: 0
Location: Frenaros

 
I use transferwise whish shows the rate used and when the deposit to the receiving bank is expected (sometimes same day sometimes next day). Quite happy to use them.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #14   PostPosted: Fri Feb 19, 2016 5:48 pm Reply with quote
Chris490
Joined: 19 Aug 2013
Posts: 213
Pictures: 0
Location: Kapparis

 
Fenny wrote:
I use transferwise whish shows the rate used and when the deposit to the receiving bank is expected (sometimes same day sometimes next day). Quite happy to use them.


I use Transferwise, very good service used many times without any problems at all - would recommend them.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #15   PostPosted: Sat Feb 20, 2016 3:18 pm Reply with quote
lamby
Joined: 01 Jul 2011
Posts: 558
Pictures: 0
Location: Sotira

 
Transferred some money into GBP CurrencyFair a/c last Wed evening,exchanged that evening and was in my Cyprus bank a/c Thursday.very pleased.
Personal Photo Album View user's profile Cyprus News,Weather & Travel



Join Us Today! Register for Free or Login

 
Post: #16   PostPosted: Sun Feb 21, 2016 10:35 am Reply with quote
peterpanicos
Joined: 25 Nov 2014
Posts: 630
Pictures: 0

 
Seems to be very hit and miss at the moment. Did another transfer Thursday morning, still not received it. Got quite another transfer to do on Thursday but will be giving Transferwise a try especially as the first transfer is commission free.

_________________
Life`s Tragedy is that we get OLD too soon
and WISE too late!
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #17   PostPosted: Wed Feb 24, 2016 11:10 am Reply with quote
SensibleBob
Joined: 07 Sep 2005
Posts: 1678
Pictures: 0
Location: Avgorou

 
seems to take at least a day longer.My most recent transaction was sent by my UK bank Monday midday and no acknowledgement from CF till 16.00 which was a lot slower than previously.The funds were in BoC today and were routed via AIB Dublin onto Deutsche Bank. This is obviously a change with AIB not having direct correspondent agency with DB hence the one day delay.

The rate is immaterial witn sterling underso much pressure but reflects very well when compaired to spot rates on the wholesale market monday/Tuesday so will continue to use and recommend CF.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #18   PostPosted: Wed Feb 24, 2016 12:21 pm Reply with quote
Chris490
Joined: 19 Aug 2013
Posts: 213
Pictures: 0
Location: Kapparis

 
Used Transferwise yesterday, all completed and in my Bank within 60 mins👌
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
Currency Fair 
Post: #19   PostPosted: Thu Feb 25, 2016 4:22 pm Reply with quote
SilkmaninCyprus
Joined: 15 Oct 2013
Posts: 324
Pictures: 0
Location: Agia Thekla

 
I too have had major problems over my last two transfers where CF have apparently "lost" my money to their new bankers.
Last time I contacted their MD and he sorted it all out but I have now enquired as to when the problem will finally resolved as I am loathe to use them again as I rely on my pension coming in and would rather pay my bank to transfer although it is hugely more expensive.
Once I can understand - twice is too many!
Dave

_________________
Dave
Carpe Diem
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #20   PostPosted: Fri Feb 26, 2016 12:07 pm Reply with quote
peterpanicos
Joined: 25 Nov 2014
Posts: 630
Pictures: 0

 
Used Transferwise yesterday, very easy process, so I thought, got an email from them an hour after transferring money, seemingly my bank had not included my name in the transfer, never had this problem with CF. Had to send 2 screenshots from my bank account confirming the transaction. Just gone into my account now, has taken exactly 24 hours to complete, all in all quite happy with the experience apart from the screenshot episode.

_________________
Life`s Tragedy is that we get OLD too soon
and WISE too late!
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
Problems at Currency Fair 
  Cyprus Eastern Forum Index » Exchange Money & Rates
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
  


All times are GMT  
Page 1 of 2  
Goto page 1, 2  Next


  
  
 Post new topic  Reply to topic   
Search Tags: #Problems #Currency



 Facebook Page    Facebook Group    Our Channel    Cyprus eBay Search    Shopping To Cyprus    Contact Admin   SmartFeed RSS Feed



BUYING PROPERTY IN CYPRUS? PLEASE ENSURE THAT YOU SEEK INDEPENDENT LEGAL ADVICE FIRST.
Cyprus forum covering Kapparis, Protaras, Pernera, Agia Napa, Agia Thekla, Paralimni, Larnaca, Oroklini, Pervolia & surrounding areas
Please note that the views expressed on this forum are those of the author and may not reflect the views of the management.
* Problems Logging In? Click To Contact Us | Powered by phpBB © phpBB Group Design Style: VTrushkin | View Lo-Fi Version