1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Azimo suspend service due to referrendum

Discussion in 'Money Matters' started by oss, Jun 22, 2016.

  1. oss
    Offline

    oss Tech Guy Staff Member

    Well they are saying it for a short time but don't specify how long.

    And they are saying it is because "safety of your money is the most important thing for us" :)

    I suspect it is really that they could be exposed to a massive trading loss on Friday morning :)
  2. Markham
    Offline

    Markham - Lifetime Member

    What - even though Sterling is actually doing rather well, all things considered?
  3. Bootsonground
    Offline

    Bootsonground Well-Known Member

    It jumped recently after the remain`s poll numbers went up..
    If leave wins the Pound will certainly go down against the USD.. I reckon..10-15%..
    You cant really blame these companies for the pause..People should have changed their money weeks ago.
  4. oss
    Offline

    oss Tech Guy Staff Member

    I have to send continually and I get paid after the referendum this month :(
  5. oss
    Offline

    oss Tech Guy Staff Member

    They could make a loss or a massive gain it could work either way but they are refusing to accept remittances after 6am tomorrow, they sent me an email.

    I've never actually used them.
  6. Methersgate
    Offline

    Methersgate Well-Known Member Lifetime Member

    There is a technical reason for this. The uncertainty over the referendum result has caused a lot of companies to hedge their Sterling positions, and the demand for hedging has driven the cost of doing so up to the point where it simply is not worth while to buy a hedge. This has been the position for about a week now. If you cannot hedge your position, and you don't want to run an open position, the alternative is to close it out.
    • Informative Informative x 1

Share This Page