Crown Currency Exchange collapses

Ouch - I almost used these last week when ordering my holiday money, they had by far the best rate. Bloody good job the long lead time put me off and I went with the slightly more expensive Post Office. Feel sorry for anyone who loses out.
 
One of my work mates ordered 2k of euros with them two weeks ago, poor guy is really upset.

The same guy had a holiday booked last year with a company that went bust also. he'd be better not bothering with holidays.
 
People should have learnt lessons from banks and high street stores going bust (and the dodgy hamper company), and not send their money away to a random company in Hayle months in advance to save a few quid.

I'm amazed at the stories of people sending upto £10,000 to get cheaper holiday spending money.
 
I wonder how many people thought they were official because of the use of "Crown" in the company name.

They had a "sound" way of operating:

It allowed individuals and business customers to pre-order foreign exchange at a set price up to a year in advance, with amounts of between £300 and £10,000 available.
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Speculation on exchange rates, I'm surprised they lasted so long.
 
I looked into them before going to the US in May but there were so many reports about the company being unregulated and it being a risk that I decided I'd rather buy from a high street store. I feel sorry for the people who have lost money though, I realise that not everyone is as obsessive in their research of such things as I am.
 
I also think buying my currency in bulk and then taking a huge pile of cash on holiday with me, also ensuring I pay extra to insure it, is a far better way of going about things than simply ensuring I take the most competitive plastic with me for purchases and cash withdrawals.

After all, why pay the Visa interbank rate + 1 or perhaps 2% tops when you can buy a massive wedge from currency exchange shops?
 
Never heard of them. They must be big!:p

[TW]Fox;17508040 said:
I also think buying my currency in bulk and then taking a huge pile of cash on holiday with me, also ensuring I pay extra to insure it, is a far better way of going about things than simply ensuring I take the most competitive plastic with me for purchases and cash withdrawals.

After all, why pay the Visa interbank rate + 1 or perhaps 2% tops when you can buy a massive wedge from currency exchange shops?
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Or just get a debit card that doesn't charge... Month in America (or europe) with $200, the rest on card, the card giving me more $ per £, the prebought $ for when I have to pay by cash...

EDIT: Ok I admit, off day today! I fail at sarcasm...:o
 
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Guys I am unsure what rates you banks effectively offer.
I am with Ulster Bank, they are a subdiv of natwest, thus RBS, thus govt/taxpayer.

Current XE rate on £:$ is 1.58
Current Ulster Bank rate is 1.53, then they hit you with the 2.75% (just checked) fee per transaction.

Recently I went to indonesia, one of the hotels (as many western hotels there do, advertise their rate in dollars, meaning you can pay in dollars) I paid in dollars. I knew how much this was going to cost so i brought exactly the amount of dollars i required for that hotel, and the $25 needed for the visa on arrival.
I used crown currency and I got an exchange rate of 1.58, as I had ordered 3 weeks before I needed the money I actually got a rate equivalent to the XE rate.

So $1025 cost me £648 or so.
If I'd used my credit card, I'd have been paying £688, basically wasting £40.
I was really happy to have heard and used crown, and its a damn shame they have went bust.

What annoys me most about cards abroad, is even if you use types which avoid the fee, the interbank rate you get sucks donkey balls, you get nailed in currency rate for between 3 and 4%, this is the bit I resent.
 
Hikari Kisugi said:
So $1025 cost me £648 or so.
If I'd used my credit card, I'd have been paying £688, basically wasting £40.
I was really happy to have heard and used crown, and its a damn shame they have went bust.
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Halifax Clarity credit card for spending, Zero load, so you will get Visa Corporate rates.

Also they don't charge ATM fees so if you need some cash its only 12.9% Interest charged on cash withdrawals even if paid off in full.
 
Never heard of these people and have always been wary of ordering travel money online, so never have.

I always use the Post Office. Last time I think I took $200 in cash and about $700 pre-loaded on a Travel Money card. That was within $40 of what I actually needed (excluding all the stuff I got using my Post Office credit card).
 
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