used them a couple of times alwas got a good rate with them

And I suspect that was part of the problem - they were always in effect gambling on what the rates would be by the time they had to fulfill the order and send your currency out to you. The more competitive the rate they quoted, the smaller the margin for error that they had between what they predicted the rate would be x months down the line and what it actually was. Get it wrong and they could be trading at a loss. And from the sound of it, they had been getting it wrong and Barclays decided that they didn't have the reserves to meet their future trading commitments and hence why they froze their accounts.

The whole advance selling operation was just another form of currency speculation and as such I was reluctant to use them. I never thought their rates were good enough to tempt me to provide them with an interest free loan as well as run the risk that their gamble with my money didn't pay off. I do feel sorry for those who trusted them and have now lost out because I think that they are unlikely to get all their money back because they are probably joining a very alrge group of creditors.

SM

Call centre set up to deal with currency exchange failure

A special call centre has been set up to deal with enquiries following the failure of Crown Currency Exchange.

Joint administrators, MCR and SPW, said they have already received more than 5,000 emails and an estimated 2,000 phone enquiries at their respective offices.

In addition the company's staff in Cornwall have fielded a huge number of enquiries.

"This is a very challenging situation that we are having to unravel," said Paul Clark.

"We are working hard to resolve the problems faced by the customers of CCE. Understandably people's patience is wearing thin with CCE and the position that they find themselves in. In view of this we have set up a dedicated call centre."

The call centre number is 0844 826 8659

Customers of Crown Currency Exchange can alternatively visit the company's website at http://www.crowncurrencyexchange.com/statement.php or http://www.mcr.uk.com

Further details will be made available in due course.

With permission from Travelmole

hi.....was tempted to use in the past....but being me never had the nerve to comit.....there will be many worrying about ordered holiday cash....but money transfers for holiday homes ect has been mentioned....that could be someones life savings buying a home to retire to...or they may have already sold a home and forwarded the money this way....big money from people like you and me....so hope things come out the other end Ok.....tweetie

glad i just looked on here as i had not heard crown currency had gone bust, i had no problems getting my dollars in september and was happy with the service so immediately purchased some euros as i am gong to malta in 4 weeks, looks like i have lost them then as deliveries are now frozen, just hope i can claim some or all of it back

May as well write off the loss, can't get blood out of a stone

MSE have done a wee bit of digging around the filed accounts of Crown Currency Exchange.
Looks like they have been insolvent or loss making for years.

Police investigating the collapse of Crown Currency Exchange have made two arrests:
http://www.bbc.co.uk/news/business-11935516

David

More developments in the Crown Currency affair:

Crown Currency

It looks as though few of the people owed money will get anything back.

The two people arrested have been released without charge on police bail until 12 July.
http://www.travelmole.com/stories/1145512.php