Crown Currency Exchange

There is speculation that CCE is in some sort of difficulty with customers pre-paid currency orders not being fulfilled and customers not able to contact anyone at the company

I have used (and recommended) CCE & Travel Money Services on these forums and many others

Whilst there is no official documentation to support the speculation, according to sources on Flyertalk and other forums an announcement is imminent

Rich

There is speculation that CCE is in some sort of difficulty with customers pre-paid currency orders not being fulfilled and customers not able to contact anyone at the company

I have used (and recommended) CCE & Travel Money Services on these forums and many others

Whilst there is no official documentation to support the speculation, according to sources on Flyertalk and other forums an announcement is imminent

Rich

I really do hope this is only a rumour. I have £500 in euros (hopefully) winging my way at the end of this month. :0

It would seem it is not just a rumour.

TheDibb have a long thread on this including reported statements from a Director.

There seems little hope of more than a few pence in the pound

TheDibb have always advised against such unregulated companies and have even banned all discussion/promotion of them.

Very sorry for all those who have lost out - many tears - for some it's a major disaster.

found this from a google search Telegraph

From reading that thread on the Dibb, it does seem very strange to do a bank transfer so far in advance of the currency actually being sent - alarm bells should be ringing at that stage.

[Neil]

From reading that thread on the Dibb, it does seem very strange to do a bank transfer so far in advance of the currency actually being sent - alarm bells should be ringing at that stage.

It is a very risky way of buying currency, and whilst the rates you get are quite a bit better than from the high street, the gain just isn't significant enough for it to make any sense.

They are unregulated and The Dibb usually have a ban on discussing those type of companies in a hope to protect people, but unfortunately some people would rather gain a few extra $ then be sensible, and whilst it is sad that a lot of people might lose their money, they can only blame themselves.

It's a sad situation for those going on holiday, after reading the posts on the Disney forum it seems most people ordering from this company were looking to scrape a holiday together and can't afford to replace the currency.

I have to admit that it sounds like a risky business, transferring cash into a bank account and then waiting for your money - sometimes months in advance.

The Travelex reserve and collect service seems a good balance of rates/risk.

They certainly offered good rates, but I would never pay up front for holiday money. As seems to be the case here, the risk may materialise.

[mitchja]

I've always used the Travelex pre-order service. Even if you need to cancel once you have placed your order (your card is charged straight away) there's absolutely no problem in getting a full refund as I've had to do this once before.

Not often I praise The Mail.
But it seems they called this one right.
And with plenty of warning!

CCE Have gone into adminitstration last night, i'ts not looking good for people who are waiting for their money to come through !

Danny

[Darren Wheeler]

http://www.bbc.co.uk/news/business-11472381

http://www.bbc.co.uk/news/business-11472381

I'll refund Wayne's money in exchange for his fiance n(

I wouldn't hold out much hope for refunds, as the customers are in effect creditors of the company. Once the bank and administrators have finished there will no doubt be pence in the pound, best case scenario.

Just had an email from Caxton reasuring me that all funds are held in a ringfenced account by the Newcastle Building Society. I had assumed that this is what would happen as a matter of course. We have to do it for our artists and it really surprises me that the FSA wouldn't insist that companies like this do the same.

... and it really surprises me that the FSA wouldn't insist that companies like this do the same.

FSA (Like any other regulator and I used to work for one) can only regulate what it's allowed to regulate in the Act that establishes it (along with any subsequent regulations).

:0
We were so lucky here. We have brought currency from Crown for a number of years with no problems at all and have always had a friendly and efficient service from them.

Our last lot of dollars at $1.62 to the pound arrived on Thursday!!!!!

[buns]

:0
We were so lucky here. We have brought currency from Crown for a number of years with no problems at all and have always had a friendly and efficient service from them.

Our last lot of dollars at $1.62 to the pound arrived on Thursday!!!!!

You were indeed lucky - just went to the foreign exchange place I go to and 1.575

I do hope folks are not hurt by all this

buns

I am not going to apologize to the people who commented on using CCE, but if a company such as that goes belly up, it is peoples' own lack of judgement or their ability to shoulder a risk that will be to blame if they lose money. Either way, they should never complain.

Like being offered money back mortgages or Iceland banks offering interest rate +3% accounts.

Sometimes you have to realize a good thing is to much of a good thing.