Greedy M&S taking advantage with holiday cash !!!

RichyB71

I needed Euros and the cheapest rate on the high street was M&S at 1.20. In the long queue I noticed a man bringing back his holiday money, exchanging his euros back at a rate of 1.36. I asked him if he would sell them to me instead. Between us the private deal saved approx £54 ( £440 of euros ) and we shared the difference between us. Moral of the story, keep your eyes open & M&S be more generous £54 is a lot of money to take for such a simple transaction.

It's a pity we can't organise private transactions in regard to currency exchange via social media sites or some kind of peoples exchange. I hear it's illegal....allowing M&S and all the other currency companies to rake in the cash.

:mad::mad::mad::mad::mad::mad:

zagfles

Moral is - don't change cash! Unless of course you can do a private deal as you did above. We've got a message board at work where people put offers of unused currency for sale - don't think there's anything illegal about it!

But in the absence of that, get a card which doesn't charge, see the best buys on this site. I use the Halifax Clarity and get the Mastercard rate which is unbeatable, it's pretty much interbank mid rate. There's a trivial amount of interest to pay on cash, usually works out to well under 0.5%, compared to changing cash when it seems to be over 5% hidden in the exchange rate!! There are even better options like Metrobank.

benjus

I'm pretty sure there's nothing illegal about trading currency between private individuals - at the end of the day it's no different to buying or selling anything else. There might be legal issues with (for example) setting up a website for people to find others to do deals with, as there would be a risk of people using it for money laundering. As with zagfiles, we also have a messageboard at work that can be used to buy/sell travel money. I'm pretty sure they wouldn't tolerate it if it were illegal.

I do wonder why so many people are so set in their ways, always changing cash when they travel (and queuing for ages to do it as well!). I've saved loads of money (compared to exchanging cash) using my Metro Bank debit card to withdraw cash at ATMs abroad or to make purchases directly.

zagfles

benjus wrote: »

I do wonder why so many people are so set in their ways, always changing cash when they travel (and queuing for ages to do it as well!). I've saved loads of money (compared to exchanging cash) using my Metro Bank debit card to withdraw cash at ATMs abroad or to make purchases directly.

Yes, it seems to be a habit people just can't get out of, they simply can't imagine going on holiday without the traditional trotting off to the bank/post office to get ripped off.

And it seems to be an even bigger rip-off than I thought... I was in the post office today sorting out all our foreign Christmas cards, and while there, against my better judgement, thought I might as well get a small amount of Polish Zloty for an upcoming trip, so I at least have enough to get me from the airport to the city centre.

Was going to get £40 worth or so but when they told me the rate of 4.54, I thought sod that and only got £15 worth. Enough for transport from the airport plus a drink/snack.

See the Mastercard rate is 5.108904, so that's a 12.5% markup :eek: £1.72 charge! That's probably less than I'll pay for withdrawing all my spends over there of maybe £400 or so!!

_Andy_

Failing to see how it's a 'rip off'?

photome

_Andy_ wrote: »

Failing to see how it's a 'rip off'?

where did the Op say it was.

OP M and S are a business would you expect them not to want to make a profit

_Andy_

Not the OP.. another poster said "to the bank/post office to get ripped off."

OP is being ridiculous, 'greedy' etc..as you've said, they're a business. OP's attitude is stupid - I guess in their world no company should make a profit?

miduck

_Andy_ wrote: »

Not the OP.. another poster said "to the bank/post office to get ripped off."

OP is being ridiculous, 'greedy' etc..as you've said, they're a business. OP's attitude is stupid - I guess in their world no company should make a profit?

The tone of the OP's post left me surprised that there was not mention of an injured OAP/ child/ vulnerable person.

zagfles

_Andy_ wrote: »

Not the OP.. another poster said "to the bank/post office to get ripped off."

Well if you're happy to give the bank/post office 12.5% of your holiday spending, go for it. I consider it a "rip-off", I'll use the Clarity and pay under 0.5%.

_Andy_

So because one company charges more than another, it's a 'rip off'?

zagfles

_Andy_ wrote: »

So because one company charges more than another, it's a 'rip off'?

If it's 25 times as much, then yes. If you're happy paying 25 times what you need to then perhaps MSE is not the right forum for you, try moneywastingexpert.com :rotfl: