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

Obviously_the_best

RichyB71 wrote: »

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

That's exactly what CurrencyFair was designed for.

http://www.currencyfair.com/

_Andy_

zagfles wrote: »

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:

I'm not saying I would be happy. What I am saying though is just because one product is on sale for more at another place, doesn't make it a 'rip off'. A 'rip off' would be, for example, if the currency place advertised X rate but then secretly charged your card at a higher rate.

Just being more expensive than someone else doesn't mean anyone is being 'ripped off'.

zagfles

_Andy_ wrote: »

I'm not saying I would be happy. What I am saying though is just because one product is on sale for more at another place, doesn't make it a 'rip off'. A 'rip off' would be, for example, if the currency place advertised X rate but then secretly charged your card at a higher rate.

Just being more expensive than someone else doesn't mean anyone is being 'ripped off'.

Well you've got a different definition of "rip-off" to me. I see it as meaning "considerably overpriced" rather then "deceptively priced".

Although, claiming to be "commission free" when a large commission is hidden in the rate is IMO deceptively priced anyway.

gem75

Can't understand the point in chaning euros back to pounds, why not save them for your next trip?

benjus

gem75 wrote: »

Can't understand the point in chaning euros back to pounds, why not save them for your next trip?

Maybe they need the cash now? Not everyone can afford to have money sitting around doing nothing, especially if it's several hundred pounds. I normally transfer any leftover holiday money back to £, although I can generally do that at spot rates so I don't lose anything in conversion fees.

WickedWolfie

RichyB71 wrote: »

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:

In theory a great idea BUT be careful! See link below for the possible pitfalls which arose in a scenario not very different to yours - in many European countries ignorance that your money is fake is no defence!

http://www.guide2cyprus.com/news/259/Briton-Jailed-for-Handing-Over-Fake-Euro-Note-in-Cyprus