Overseas medical insurance policyholders should be aware that one currency exchange website is facing an uncertain future, a financial expert has warned.
Peter Hayman, director of travel insurance provider PJ Hayman, commented on the news that foreign exchange site Crown Currency Exchange has had its assets frozen, suggesting that this highlights the financial risks that can affect expatriate health insurance customers.
Using credit cards to purchase currency might provide protection for customers, but in this case most consumers will have used debit cards or a bank transfer, which spells out a long wait while the website's affairs are clarified, he pointed out.
"In addition, the police have warned consumers of increased activity from fraudsters using online websites offering fictitious hotel and villa accommodation. I would advise travellers to look for trade associations and check that there is protection in place," he added.
Crown Currency Exchange went into administration on Monday October 4th, taking with it the cash orders of 13,000 customers, which might cause problems for global health insurance policyholders hoping to change their money into a different currency.
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