Charges for foreign currency

CrystalTipps_3

I obtained my foreign currency at the Travelex booth at my local supermarket and was rather confused at the whole process as it's years since I went aboroad!

All I wanted was Euros for a short trip to France. They suggested the foreign currency card so i put some money on that and the rest in cash, then she asked if I wanted a guarantee of same exchange rate when I return and want to change any leftover euros back to £.

I'm only going for 4 days and bought this currency 2 weeks in advance.

Three questions:-

1. is the £3.99 paid for the above guarantee really necessary for such a short period?

2. why have I been charged £8.11 on my bank statement alongside the entry for this transaction?

My bank say this: Cash withdrawals
At VISA or PLUS dispensers or over the counter at a bank displaying the VISA sign.
This includes the purchase of foreign currency or travellers cheques made with the card.
2percent of the value of the withdrawal or £2
(whichever is the greater).

3. If this is correct, should I not have been informed that I would be charged this fee?

Not happy:(

stilltheone

You a bit too far gone to reverse the transaction. All just a waste of money.

Lost money on the change to Euros. Lost money for paying out £3.99 to change back again. Lost money on bank charges.

I would have chosen a Pound Sterling Card; Travelex Cash Passport Globe.

Next time.

dzug1

1. It's not the period - it's the amount you are likely to bring back that determines whether this is worthwhile or not. Given the large discrepancy between buying and selling rates it can be worth it if for example you have to put down a cash security deposit somewhere and come home with a large sum you haven't had time to spend. Even if rates haven't changed.

2. Because your bank charges for this type of transaction. Every few days a poster comes on here having belatedly found this out and wailing IT'S NOT FAAIIRR. Whether it is or not is arguable but is totally irrelevant.

3. Travelex don't know which banks charge and which banks don't, so they couldn't tell you this. There was probably a notice displayed saying that there might be a bank charge. Biut they (quite reasonably) rely on YOU to know your bank's policies better than they do.

bully1234

stilltheone wrote: »

You a bit too far gone to reverse the transaction. All just a waste of money.

Lost money on the change to Euros. Lost money for paying out £3.99 to change back again. Lost money on bank charges.

I would have chosen a Pound Sterling Card; Travelex Cash Passport Globe.

Next time.

Travelex have two prepaid cards so what is the difference between both then???

CrystalTipps_3

I would have chosen a Pound Sterling Card; Travelex Cash Passport Globe.

I have a Travelex EU Euro Cash Passport - I put half the money I needed on that and took the rest in cash Euros.

What do you mean by a Pound Sterling card?

CrystalTipps_3

2. Because your bank charges for this type of transaction. Every few days a poster comes on here having belatedly found this out and wailing IT'S NOT FAAIIRR. Whether it is or not is arguable but is totally irrelevant.

Thanks for your reply. Re: point 2 above, before I went to Travelex I looked on my bank's website and it made no mention anywahere of foreign currency. I thought perhaps as they are part of the Co-op who have their own travel agents this was the reason. Obviously I should have phoned to ask! Their response when I asked about the £8.11 charge included this comment:

For future reference you can order foreign currency from smile free of commission charge.

so, what is the difference?? They are charging me because I used another company to get my currency, but would have charged me nothing had I got it directly from them?

Sorry to sound thick here, but as I said, this is the first time I've been abroad for about 20 years!

dzug1

CrystalTipps wrote: »

I have a Travelex EU Euro Cash Passport - I put half the money I needed on that and took the rest in cash Euros.

What do you mean by a Pound Sterling card?

The Travelex Cash passport Globe is a card that holds sterling

The charges that it makes when you take out euros at an ATM in resort are less than you paid travelex for the euros on the card you bought

dzug1

CrystalTipps wrote: »

For future reference you can order foreign currency from smile free of commission charge.

so, what is the difference?? They are charging me because I used another company to get my currency, but would have charged me nothing had I got it directly from them?

Sorry to sound thick here, but as I said, this is the first time I've been abroad for about 20 years!

No they wouldn't have charged you nothing - they would have loaded the exchange rate. But no 'commission'.

20 years ago you'd probably have paid the same or similar charges - but they would have been buried, not itemised, so you would have been none the wiser.

CrystalTipps_3

OK, thanks a lot. At least I'll know better next time!