Wednesday, 6 October 2010

After the collapse of Crown Currency Exchange - should consumers stick to buying currency from the bank or post office?

The collapse of Crown Currency Exchange this week highlights the dangers of operating in a speculative market whilst existing on wafer thin margins. Any fluctuation in exchange rates or other minor blips can spell disaster - the company has an inherent inability to respond to adversity.

Crown Currency Exchange was a high profile, heavily marketed business that existed on high volume transactions. It generally offered the best exchange rates in the market. However, for a company that processed £150m worth of currencies transactions in the last 5 years it had almost £200,000 worth of deficit in its shareholders funds. Clearly an unsustainable position.

With Plimsoll issuing a health warning for 22 Bureaux de Changes companies it begs the question - Should travellers forego the slightly better exchange rates and get their travel money from the bank or post office?

Click here to see Plimsoll's current assessment of the Bureaux de Changes industry


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