Tesco Currency Warning

cjc3001

Hello

I just thought I would highlight something to you all in case this hasn't been mentioned before - I've just been caught out in Tesco & wouldn't want anyone else to experience the same thing!

I checked this morning the rate for Czech Korunas on the Tesco.com finance website, and found this to be a very favourable rate of 30.2 to the £. However, as they will only deliver to your billing address & I'm never at home when the postman calls, I thought I would order in my nearest store (as directed by the Tesco.com finance website).

Directly after my card payment went through, I realised that the rate I'd been given was actually 28.8 - quite a large difference & leaving me £10 out of pocket compared to what I could have got online - in fact this rate is lower than my usually uncompetitive bank was offering this morning!

As the card payment had gone through, I then had to wait for the cashier to call 5 different people to find out how she could refund me the money I'd paid, finally saying that only her manager could put a refund through her machine... great, except the manager isn't actually based in the store, or anywhere near it! So I've left refundless & £10 lighter for my holiday; ok not a lot of money in the grand scheme of things, but I'd rather have it in my pocket than out!

The upshot of this is, the Foreign Exchange desks in store aren't actually anything to do with Tesco Finance, they are run by Travelex, therefore you're actually getting Travelex exchange rates in store as opposed to far more favourable Tesco exchange rates.

I feel a bit like I've had the wool pulled over my eyes...

Incapuppy

I think quite a few Bureaux de Change have different rates for online and in-person transactions.

The Tesco online currency ordering is also run by Travelex (as stated on their website in the T&Cs)

Terms and Conditions for Tesco Travel Money

Who We Are

This internet and telephone ordering service (the "Service") is provided by Travelex Currency Services Limited (referred to as "Travelex" or "us" or "our"). Travelex Currency Services Limited is registered in England and Wales under number 03797356 and its registered office is at 65 Kingsway, London WC2B 6TD
By ordering Travel Money from us, the purchaser ("you," "your") confirms that they have read and understood these terms and conditions, and agrees to be bound by them and to comply with all applicable laws and regulations.

cjc3001

I just don't really understand that if both the internet & instore services were both owned by Travelex, how can they offer vastly different rates?

I thought Tesco currency would be Tesco currency, regardless of what method of purchase I used with them - oh well, lesson learned!

inspector_monkfish

maybe the rate moved from when you checked online at home, to when you actually dealt at the store ?

cjc3001

The cashier logged on to the website whilst I was there & confirmed that it was offering 30.2 online at the exact same time her system was displaying the lower rate.

inspector_monkfish

cjc3001 wrote: »

The cashier logged on to the website whilst I was there & confirmed that it was offering 30.2 online at the exact same time her system was displaying the lower rate.

very dodgy then

cjc3001

That's what I thought! Clearly if you'd rather save yourself the £5 delivery charge by ordering online, and visit a desk in-store, they'll make money from you in other ways!

Incapuppy

inspector_monkfish wrote: »

very dodgy then

Not really. As I said before, other Foreign Exchange facilities do offer different rates in store than online.

Incapuppy

cjc3001 wrote: »

Clearly if you'd rather save yourself the £5 delivery charge by ordering online, and visit a desk in-store, they'll make money from you in other ways!

So, effectively, you were £5 down rather than the £10 you earlier claimed? (just playing devil's advocate here).

I don't think you were wrong to flag this up, but as I said before, from previous experience I have found that online vs. store rates sometimes can (and sometimes do) vary.

Still, as you have said - lesson learned!

cjc3001

Ok £5 down. Still, I'd rather use that £5 in Prague than walk out leaving it in Travelex's pocket!

I don't travel often enough to know all the in's & out's of foreign exchange - as I said, now I know - at least I hope I help someone else out who is a bit of a novice like I am.

Incapuppy

Ummm, I don't suppose now would be a good time to ask which card you used to pay for this? I only mention this as I know some card issuers charge a handling fee.

I'll go now before I upset you even more, sorry and enjoy your holiday!