Travel Money Maximiser isn't accurate!

maxi_isa

Yesterday the TMM showed Tesco selling euros at 1.164 but in my nearest branch (York) I could only get 1.151 and they said it was that rate all day. A few weeks ago I received a lower rate for euros from NatWest than shown on the TMM.

Can anyone explain this? Clearly the tool will only be useful if it provides accurate and up to date rates.

jeycon

Hi,

Some Foreign exchange companies such as Tesco, Thomas Cook, etc have an online selling rate of say 1.1542.

You must order online and either have the currency delivered (with additional fee of £3.99 - Tesco). Then that rate is guaranteed.

But if you wander in off the street, they will charge you their "in off the street rate" of about 1.1342 (local Tesco rate here today). Thomas Cook do the same thing. I know this because I tried them. I had some spare cash and popped down to the Metro Centre and the rate the girl offered was considerably less than what you get online. It was a bit odd though as she was sat their doing nothing and she said that the people who wandered in off the street and paid the rate, were paying her wages. Not today darling!

I put the cash into the bank & ordered currency from Travelex (rate was 1.542) to pick up at the airport tomorrow. Happy days!

Odd this, if you order online you would pick up your currency from the same branch and probably the same girl.

Caveat Emptor or "Let the Buyer Beware". Use the improved Travel Money Maximiser and choose delivered or pick up but bear in mind that these rates are not the "in off the street" or lower rates!

Hope it sheds some light!

:money:

Jeycon

dzug1

You have to take into account that not every branch of Tesco, nor of Natwest, will charge the same rates. The local manager has a great deal of discretion as to what to charge at HIS branch.