Currencyfair problems

Brendan Burgess

Brendan Burgess

Founder
Messages
53,618
I am finding Currencyfair very frustrating.

My preference is to use it from my desktop rather than the phone app.

I get this screen

1698398799082.png


No code arrived.

So I did it again.

Then a code arrived.

I entered it

And nothing happened.

I know have a whole pile of codes.

I am holding on for 25 minutes for the helpline.

Brendan
 
I tried it again got the code immediately and it worked.

But it's frustrating when you can't rely on something to work every time.

Brendan
 
It took 36 minutes for them to answer the phone.

They said that there should be no delay between asking for the code and them sending it.

My Ulster Bank account limits the daily payment to £20,000

If I want to send more, I have to set up a "top up" on Currency Fair for £20,000 and then another one for the balance.



Brendan
 
Unfortunately sometimes SMS delays can happen on mobile networks so you get into this situation - request a two factor authentication code and it doesn't arrive so you request another and then one arrives but is it the original or the new one? Or several get delayed and it gets totally confusing when some or all of them arrive as seems to be the case here. However, this is definitely not specific to CurrencyFair - I've had it happen with several logins at different times. It's handier when a local authentication app (Google Authenticator, Microsoft Authenticator, VIP Access etc.) is used instead of SMS codes. But then it's also confusing when you end up using multiple of these apps (I have to use all of the ones mentioned for different logins!).
 
Currencyfair, which I have used a lot over many years, has disabled its auction-type marketplace which was my sole reason for using it.
Reading between the lines, holding customer balances caused a regulatory problem.
Is there any alternative that allows an auction approach or forex limit orders for retail customers?
 
I got an email telling me to clear my balance immediately.

But my balance was €1.

I tried to transfer it but they said I needed to lodge €2 to make up the €3 transfer charge.

Brendan
 
Sent EUR 500 for conversion to Stg£425 three days ago. Received email from Currencyfair acknowledging receipt of E500. Yet when I go into dashboard it shows E0.00 with E500 pending. Sent two emails to support@currencyfair.com without response. Need some advice on how best to proceed
 
JohnPaul said:
Sent EUR 500 for conversion to Stg£425 three days ago. Received email from Currencyfair acknowledging receipt of E500. Yet when I go into dashboard it shows E0.00 with E500 pending. Sent two emails to support@currencyfair.com without response. Need some advice on how best to proceed
Click to expand...
Does this help? It's from CF support page.

I received an email advising that my funds have arrived but when I log into my profile I don’t have a balance, why is this?

We recently introduced an Aged Balance of funds policy where we no longer offer the Top Up Option. As we cannot hold balances on a Customers profile we require customers to log into our platform in advance of sending in funds and complete the Send Money or Transfer In Option displayed under New Transaction. This transaction instruction includes providing CurrencyFair with beneficiary details for the transaction and an instruction to automatically exchange and transfer out the funds when received.

If a Send Money or Transfer In is not completed in advance of sending your funds in, you will still need to set this up to complete your transaction and enable the clearing of your funds to your CurrencyFair profile and the completion of your exchange and transfer out. This will then update in your Transaction Overview Status and your Account Statement sections.

Please note: The funds will not be visible as a balance until you create the Send Money deposit notification. Once this is done, your money can be cleared to your account and immediately exchanged and transferred out.
 
We are business who got an email recently from Currency Fair, stating that their inbound banking details had changed from AIB to Barclays in Franfurt. I suspected a scam and called the support line. Eventually got through an their support desk, who informed me that this was correct. They opened multiple accounts for audit tracking purposes. I transferred €32K last week and its gone missing. AIB transferred it and Currency Fair cannot locate it. Have to raise a complaint with Central Bank as no satisfactory responses from Current Fair. After reading the comments earlier, I am concerned that they may be going/gone out of business. I also came across an article stating from last week stating that they were warned by the Central Bank of Ireland (CBI) that its payment services could be stopped for up to a year if several regulatory concerns are not resolved
 
tony01 said:
We are business who got an email recently from Currency Fair, stating that their inbound banking details had changed from AIB to Barclays in Franfurt. I suspected a scam and called the support line. Eventually got through an their support desk, who informed me that this was correct. They opened multiple accounts for audit tracking purposes. I transferred €32K last week and its gone missing. AIB transferred it and Currency Fair cannot locate it. Have to raise a complaint with Central Bank as no satisfactory responses from Current Fair. After reading the comments earlier, I am concerned that they may be going/gone out of business. I also came across an article stating from last week stating that they were warned by the Central Bank of Ireland (CBI) that its payment services could be stopped for up to a year if several regulatory concerns are not resolved
Click to expand...

hi tony, have you got this resolved yet? im in the same boat.
 
tony01 said:
I also came across an article stating from last week stating that they were warned by the Central Bank of Ireland (CBI) that its payment services could be stopped for up to a year if several regulatory concerns are not resolved
Click to expand...

www.independent.ie

CurrencyFair gets warning from the Central Bank over regulatory concerns at fintech

CurrencyFair, the Irish fintech, has been warned by the Central Bank of Ireland (CBI) that its payment services could be stopped for up to a year if several regulatory concerns are not resolved.
www.independent.ie www.independent.ie

CurrencyFair, the Irish fintech, has been warned by the Central Bank of Ireland (CBI) that its payment services could be stopped for up to a year if several regulatory concerns are not resolved.

Shamus Hodgson, group CEO at CurrencyFair, confirmed on Thursday that the fintech was working closely with the CBI and had a remediation plan in an effort to resolve the regulatory issues.

According to CurrencyFair’s recently released financial results for 2022, the Central Bank issued their warning to the company in November 2023, saying they could stop CurrencyFair’s payment services for up to 12 months.

They seem much worse now than back in November?
 
I've been using CF for years and never had any issues at all.
Until now. They have 4000 Euros of my money that I know is in their account since 4 days, however my CF account shows pending. They are not answering their phone nor responding to emails.

If Central Bank are clearly aware of issues, how are CF being able to continue to operate and accept payments when they are unable to send them on?!
More to the point, who do we contact to start the process of trying to reclaim our money?
 
FredtheCat,

Im the exact same as you (my wife also). I sent them 1650 pounds last thursday. mine was pending until yesterday. Yesterday morning it went to 'In progress' it was shown as converted and money sent to bank. but the status was 'in progress' and not completed.
Im suspicious of it.
I havent seen it before.
I took snap shots of my transaction screen and account summary, as proof in case they wipe the screen.

i have been using CF since 2015 and never an issue. money was always changed with 24 hrs and sent. They always answered the phone and very helpful.
this time im worried.
another poster said they treatened legal action, and then they got their money. but what does that mean, how would one word it? will they even read emails.
I swear if i get the money, il never deal with them again.

I used 'Wise' yesterday, money transfered in to the southern account in 1hr 55 mins and at a better rate.
thanks
Stephen
 
Last week .....I transferred a small amount gify of €200 for grandchild into what I was advised was their new bank details IBAN (in Germany). Not a word from them since. No response to multiple emails. Their phone line is a joke. I rang the financial ombudsman's office this morning to be told I should send currencfair and email requesting a final letter from them on the matter. (some chance I can get that!) and they can then get involved. Surely other people can be warned by the central bank not to do business with currencyfair until this company proves they have not become fraudsters?
 
I see that CF suddenly responded to a random post on X after being asked if they'd gone bust.
I plan to continue to mail them daily, requesting my money is returned and, in parallel, have sent mails to both the Central Bank and Financial Services Ombudsman, as per their requests, informing them about CF.

In the meantime, it seems they continue to accept transfer requests with no intention of forwarding the monies.

All the while, the negative reviews on UK Trust Pilot continue to grow!
 

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I just a received an email from currencyfair advising that my transfer has been processed yesterday. Even though its for a small amount of money I am still angry with their total lack of communication over the last week. Won't be using them again
 
Finally, my transfer has gone through. Unfortunately at a different exchange rate than originally quoted on the day of my original transfer to CF but hey. I have to be grateful it has been processed.

This has been a PR disaster for Currency Fair and I have no idea why they have let things slide so badly. Sure, things go wrong but get some solid customer service in place, be accountable. And contactable! And most people, like myself, who were loyal customers would have stuck with them.

But never again. This whole episode has been an absolute headache! I’m signed up already now with Wise.
 
Am having same problems with CurrencyFair! Set up a transaction through their app for £800 to Euros on 24th April. Is still “sitting” in CF Pending. Emails to them useless, tell me to complete transaction from my bank and send in screenshots of transaction. All to no avail! They do not answer phone calls ! Emails now from them on Friday are auto response! I am going to report as scam to my bank, complain to CBI and Financial Ombudsman. I too have used them since 2017 with no problems but after this, never again!!
 
Well they have problems with the regulator in Ireland and Australia, in fact in Australia it's "CurrencyFair has advised that services in Australia are temporarily suspended." and in Ireland they been warned by the Central Bank of Ireland (CBI) that its payment services could be stopped for up to a year if several regulatory concerns are not resolved.

If you google them and go to the "news" area, you can find plenty of articles that outline these news from just the past 2 weeks.
 
FredTheCat said:
Finally, my transfer has gone through. Unfortunately at a different exchange rate than originally quoted on the day of my original transfer to CF but hey. I have to be grateful it has been processed.

This has been a PR disaster for Currency Fair and I have no idea why they have let things slide so badly. Sure, things go wrong but get some solid customer service in place, be accountable. And contactable! And most people, like myself, who were loyal customers would have stuck with them.

But never again. This whole episode has been an absolute headache! I’m signed up already now with Wise.
Click to expand...
My transfer eventually completed as well. It will be my last with Currencyfair.
 
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