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Problems using CurrencyFair for the first time

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  • 17-06-2015 4:05pm
    #1
    leck
    Registered Users Posts: 1,359 ✭✭✭


    I'm trying to use CurrencyFair for the first time. It should be easy, right? I want to transfer some USD from my Chase Checking account in the US to my Irish BOI account in EUR.

    First part was easy. I set up the account with CurrencyFair last night and they already processed the documents required to verify my identity. I also completed the process to inform them to expect a deposit of $1000 (that is limit before verification).

    My problems are on the Chase side. I hadn't done a wire transfer with them before, so had to go through a verification process there. Problem was the only option was to send a verification code to one of two numbers I'd listed with them. Both are Google Voice numbers and I can't figure out how to get at SMS messages via Google, I think maybe they've discontinued it. So rang Chase, went through a lengthy verification process on phone before being transferred to online dept, where finally I was sent a code to allow me to enroll in Wire transfers. But after I hung up I realized that I would need another code to add a recipient. That took another 10-15 minutes and I thought I was all sorted. But then I struggled to add the necessary information for the recipient, for example there was no sort code provided by CurrencyFair and Chase require this for transfers to UK. By the time I got to the second screen, I was logged out and now it's looking for yet another verification code to let me back to add recipient.

    So frustrating! Should it be this difficult?
    Tagged:


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    #2
    dobsdave
    Closed Accounts Posts: 1,814 ✭✭✭dobsdave


    leck wrote: »

    ..... for example there was no sort code provided by CurrencyFair and Chase require this for transfers to UK....

    So frustrating! Should it be this difficult?


    Never had a problem......

    One question, the quoted bit above, why would chase need a sort code for th UK?.
    They should only need the details of the US bank that currencyfair use?


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    #3
    leck
    Registered Users Posts: 1,359 ✭✭✭leck


    dobsdave wrote: »
    Never had a problem......

    One question, the quoted bit above, why would chase need a sort code for the UK?.
    They should only need the details of the US bank that currencyfair use?
    CurrencyFair provided me with bank acct info for Bank of America in London and Chase says it needs a sort code for all UK wire transfers. Just learned that the sort code is part of the IBAN - the last eight digits are the acct number and the previous six digits are the sort code.


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    #4
    Yggr of Asgard
    Registered Users Posts: 5,223 ✭✭✭Yggr of Asgard


    Can I ask why you are using currencyfair for a usd to euro transfer as they are not offering a US bank account or ACH Debit from US customers, in fact they say they don't want US customers on their website. Paying to Bank of America in London will cost you a international wire transfer fee from Chase.

    There are other providers out there which offer a bank account in the US for domestic transfers which is cheaper or for some lower amounts they also offer a ACH debit from your US account. That is way more simple what you are doing there and even if the rate is only marginal worse you will safe money as you don't have to pay Chase for the international wire transfer.


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    #5
    leck
    Registered Users Posts: 1,359 ✭✭✭leck


    Yggr of Asgard wrote: »
    Can I ask why you are using currencyfair for a usd to euro transfer as they are not offering a US bank account or ACH Debit from US customers, in fact they say they don't want US customers on their website. Paying to Bank of America in London will cost you a international wire transfer fee from Chase.

    There are other providers out there which offer a bank account in the US for domestic transfers which is cheaper or for some lower amounts they also offer a ACH debit from your US account. That is way more simple what you are doing there and even if the rate is only marginal worse you will safe money as you don't have to pay Chase for the international wire transfer.
    I thought that CurrencyFair was highly recommended? Maybe not for USD to Euro? What would you suggest instead?


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    #6
    dobsdave
    Closed Accounts Posts: 1,814 ✭✭✭dobsdave


    leck wrote: »
    I thought that CurrencyFair was highly recommended? Maybe not for USD to Euro? What would you suggest instead?


    Transferwise


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    #7
    leck
    Registered Users Posts: 1,359 ✭✭✭leck


    dobsdave wrote: »
    Transferwise
    Thanks. Using them now, seems very straightforward. There is a place to mention name of referrer, would you like me to mention you so you can get whatever bonus they offer? If so, PM me your email address.

    And yes, they offer ACH debit, at least for amt I'm transferring now $3,000.


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    #8
    dobsdave
    Closed Accounts Posts: 1,814 ✭✭✭dobsdave


    leck wrote: »
    Thanks. Using them now, seems very straightforward. There is a place to mention name of referrer, would you like me to mention you so you can get whatever bonus they offer? If so, PM me your email address.

    And yes, they offer ACH debit, at least for amt I'm transferring now $3,000.

    I used to use currencyfair all the time but then tried transferwise and found them quicker and cheaper.


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    #9
    leck
    Registered Users Posts: 1,359 ✭✭✭leck


    dobsdave wrote: »
    I used to use currencyfair all the time but then tried transferwise and found them quicker and cheaper.
    The verification process was much simpler for me with transferwise too, they just asked for one photo ID, whereas currencyfair asked for three docs and then came back looking for a fourth one as they were unhappy with one of those.

    transferwise have a referral system:
    For every 3 invited friends who make a transfer over £200 (or equivalent in another currency) on TransferWise, you’ll get £100.
    For three referrals, the referrer gets GBP 100 and "Every friend that you invite to TransferWise will get their first transfer - up to £3000 - fee free."

    Unfortunately, I didn't realize this before I signed up, but maybe they can apply it retroactively. When it came to the field "how did you hear about us", I put something like "through a friend, will provide email address later". dobsdave if you send me your email address, I can try adding it now. They might still honor it as the transfer hasn't gone through yet. And you were the one who referred me, just not by using a referral link.


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    #10
    Delta2113
    Registered Users Posts: 2,706 ✭✭✭Delta2113


    I've used the top up facility of funds using Irish Debit Card but when I log in now I don't get the option. Anyone else having problems depositing money into CurrencyFair using Irish Debit card?


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    #11
    Delta2113
    Registered Users Posts: 2,706 ✭✭✭Delta2113


    Delta2113 wrote: »
    I've used the top up facility of funds using Irish Debit Card but when I log in now I don't get the option. Anyone else having problems depositing money into CurrencyFair using Irish Debit card?


    -CurrencyFair confirmed to me that they had a problem but it is now back working and I can vouch for that.


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