Foreign Exchange

My current FX company has introduced a rule change that I find quite restrictive.
The company is CurrencyFair and I would like to know if other companies are introducing the same rule.

I used to be able to deposit Sterling into my account then wait for a period of time for a favorable exchange rate.
This is no longer allowed. Now when I deposit Sterling it is automatically exchanged and transferred out to my Spanish bank.

I suspect that CurrencyFair have been forced into introducing this rule otherwise I cannot see any logic for it.

Has anyone else experienced this?

I use Wise. I can pay in sterling. It just sits in the account until im ready to convert to euros. If I convert it to euros it sits in the euro account until im ready to pay, spend or withdraw it. No problems.

Thanks. I can't understand why CurrencyFair are introducing the change of rule for no apparent reason.

We use Wise for everything ,money transfers ,paying all our d/debits,as Gladys says just pay into your Wise pound account & transfer when you want. You’ll probably find you’ll get better exchange rates as well, Good luck.

Gladys Street wrote:I use Wise. I can pay in sterling. It just sits in the account until im ready to convert to euros. If I convert it to euros it sits in the euro account until im ready to pay, spend or withdraw it. No problems.

Wise are also paying interest on money in your account

We also use wise for our currency transactions and retain GBP until the rate is favourable.
https://wise.com/invite/dic/davidj58

I have just opened a Wise account and deposited 20 GBP as the initial amount. I did this via my HSBC debit card.
For doing this I was charged 8p. Is it normal for GBP deposits in incur a fee with wise?
Seems odd to me.

2Sheds wrote:I have just opened a Wise account and deposited 20 GBP as the initial amount. I did this via my HSBC debit card.
For doing this I was charged 8p. Is it normal for GBP deposits in incur a fee with wise?
Seems odd to me.

The fee for a "fast transfer" is 0.42%. If you choose "low cost transfer" and make a bank transfer it is free. Once you've set it up it all goes through in seconds the next time which is fast enough for me.

2Sheds wrote:I have just opened a Wise account and deposited 20 GBP as the initial amount. I did this via my HSBC debit card.
For doing this I was charged 8p. Is it normal for GBP deposits in incur a fee with wise?
Seems odd to me.

Just transfer it direct from your UK account straight into your Wise pound account,no charge & it’s almost instant by the time I’ve logged in to check ,it’s there.

Thanks for the information.