CurrencyFair Money Transfer

First time using a currency converter on the advice of an overseas family member. It worked exactly as I would expect. I initiated a wire transfer from my account to CF. It arrived there the same day. I answered some questions related to the transfer that arrived overnight to my email. The money was converted that next morning and sent overseas. The next morning I received confirmation of the deposit. It could not have gone more smoothly. Much appreciated!

iPhone app crashes when I try to setup exchange with choose mg own rate. Doesn’t let me use website either

Poor service cost me 3% of my transfer. Don’t expect your transfer to take place expeditiously. After making my deposit into the relevant Currencyfair bank account, the app displayed a message saying my beneficiary would be paid automatically as soon as Currencyfair had checked my Identity. This didn’t really make sense to me as I had made previous transactions with them and gone through that process. Their website said identity checks take 24 hours so I waited patiently. A week later, the beneficiary had still not been paid and the app still displayed the same message that they had to check my Identity before the beneficiary would be automatically paid - so I enquired with support on their website via email. They replied asking me to respond to an email they had sent me previously asking about a different email address I had used in the past. After that, the app no longer displayed the message, but they cancelled the payment to the beneficiary because the exchange rate had deteriorated since I initiated the payment instruction. If the app message was accurate, I would have reached out to support sooner - rather than wait for them to check my Identity as indicated in the message. As a result, the exchange rate dropped by 3% and I incurred this substantial loss. If I was dealing with a real bank I would have either received an email indicating why my payment was on hold - or received a phone call. Instead Currencyfair were happy to just sit with my funds in their account and do nothing to get the payment processed. Extremely poor service. I don’t trust Currencyfair anymore and won’t be using it again.