Crown Currency Exchange - orders not being delivered - bank account frozen?
Publication date: 2nd
October 2010
Subjects: Crown Currency Exchange, Barclays, ICE, International Currency Exchange, orders
PLEASE SEE OUR UPDATED ARTICLE Crown Currency Exchange in administration dated 5th October 2010
Crown directing customers to their main supplier International Currency Exchance (ICE)
It is reported this morning, both on the BBC's Moneybox programme and across a number of online forums that Crown Currency Exchange have had their bank account frozen by their bankers, Barclays, and that orders that were placed for delivery from the 1st October onwards are not being made
Crown specialise in taking orders many months in advance of the currency being required, allowing customers to lock in rates - however it is not known whether the company themselves have been taking the exchange rate risk for such transactions, or whether they have been hedging the risk in the currency markets.
Crown website currently says that it is experiencing technical difficulties, are on trying to contact the company today both Moneybox and moneymaxim could not obtain a statement from the company. Clearly there will be many concerned customers, who will have paid for currency up front, and are now relying on the company to fulfill the transaction.
The company are currently directing customers looking to make new bookings to their currency supplier International Currency Exchance (ICE) - ICE through a statement off their homepage stress that they are only suppliers of currency for Crown, saying "ICE is an independent company and not connected to CCE (Crown Currency Exchange) other than through a third party commercial relationship. ICE is part of the Lenlyn Holdings PLC Group of companies which has been trading since 1974 and is a profitable and well-capitalised group." They also point out that any bookings though their website is transacted directly with them and not Crown.
International Currency Exchance (ICE) are popular within moneymaxim not just for their postal currency services, but also as they offer exceptional rates through their Bureaux in Chelsea, Waterloo station, Edinburgh and Glasgow.
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