Exchange rate buy back - shouldn't they ask you first?

saver24

I am getting quite annoyed with travel agents at the moment. On numerous occasion myself and my family have changed money at different places and have been charged the buy back rate without being asked. I noticed it the first time when I returned home and had the inconvenience of returning to town to get a refund. I am more mindful of it and prefer to go to First Choice where I am asked if I want the rate or not. My parents and grandparents have all been charged and again not noticed the charges until afterwards. My grandparents did not even know about it until I pointed it out on their receipt weeks later. Surely this is not right. How are they allowed to do this and get away with it?

spiro

'Buy back' is a scheme were they tell you when you buy the currency what the rate will be if you take any money back after yuor holiday.

Dont understand what you are complaing about if you have taken money back and they have used this rate to convert the currency into £s.

dzug1

The complaint is about being automatically sold the buyback option when it was neither requested nor wanted.

Yes they should ask you.

stilltheone

Stop using travel agents to change money.

saver24

I didnt use their service to change my money back. I went and asked for a refund for the extra money they charged me.

I just wonder how much money they make every year from conning elderly people.

antenna

I presume if they give you the buyback option when you originaly buy your currency, the rate you get is less to the pound than if you refuse the buyback option.
Just another con.

antenna

spiro wrote: »

'Buy back' is a scheme were they tell you when you buy the currency what the rate will be if you take any money back after yuor holiday.

Dont understand what you are complaing about if you have taken money back and they have used this rate to convert the currency into £s.

The rate you get with the "buyback option" is worse than the rate without this "option"...........it's another way to con you.
Or is it a extra charge pro-rata on the amount you buy?

zagfles

Do you get the "buyback" at the same rate as you bought? If so try to find someone who's got excess EUR (or whatever the currency is) and do a deal - you can buy them at the interbank rate and sell them to the travel agent at what was a rip-off rate to buy, but now is an excellent rate to sell!!

And for the future - never buy currency off a travel agent - it's a rip-off with or without buybank rates.