Travel Money Maximiser Discussion Area

Mrs_Mopp_2

My daughter has just left for a gap year in Hong Kong. She needed to take HK$2000 so I bought them at the post office and paid with a Nationwide visa debit card. I have just received my bank statement and was horrified to discover that, in addition to the £203.03 which it cost me to buy the dollars, I have been charged an additional £127.79! I cannot find any mention in the Terms & Conditions of the Flex Account that there would be a charge for buying currency on the debit card, so I will be going into Nationwide tomorrow to argue my case. This seems to me to be extortionate. Can it be correct?

dzug

Mrs_Mopp wrote: »

My daughter has just left for a gap year in Hong Kong. She needed to take HK$2000 so I bought them at the post office and paid with a Nationwide visa debit card. I have just received my bank statement and was horrified to discover that, in addition to the £203.03 which it cost me to buy the dollars, I have been charged an additional £127.79! I cannot find any mention in the Terms & Conditions of the Flex Account that there would be a charge for buying currency on the debit card, so I will be going into Nationwide tomorrow to argue my case. This seems to me to be extortionate. Can it be correct?

Your figures don't make sense at all. The HK$$ should have cost you a little over £130 and Nationwide do not charge for this type of transaction. In any case 60% is ridiculous even for a more money grabbing bank.

You could have avoided any risk of a charge by using your NW card to draw cash at the PO and then got your currency with it.

Mrs_Mopp_2

I think my bank have made a mistake. It seems I have been charged twice for changing the currency. It seems the post office were charging over the odds in any case, though it was about three weeks ago when the exchange rates could have been different - but I've been charged again by Nationwide for doing the same thing. Hopefully I will be able to get their charge refunded.

MarkyMarkD

Nationwide aren't going to refund you anything. But nor have they charged you £127.79.

The Post Office will have processed this as a sterling transaction, so I can't see how Nationwide are going to have made a mistake here.

dzug

The £127.79 is probably for the HK$$ - as you say exchange rates do vary a bit.

The £203.03 is unrelated - it will be an error (by the PO?) or if you are unlucky fraud by someone. The PO are a bit expensive for currency - but not by that sort of amount.

LALALA_4

Hi,
I checked the maximiser tool yesterday and it gave me 1.98 USD for thomas global exchange and 1.94 for Travelex. It would have cost me £6 to travel to Victoria to get the money from TGE, so I decided to go with Travelex for my £200 worth of 'instant cash' when I arrive in the US on Monday. I can pick this up at the airport on Monday morning, which is definitely more convenient. I paid with my Bank of Scotland debit card - hopefully it has the same T&C's as Halifax - ie. no extra charges.

When I went on to the Travelex site I noticed their 'price guarantee'. Dropped them an email with the details of the TGE rates, and got an email back from them today confirming that they would be sending me a cheque for the difference! Result! :j I get the best rate AND the convenience of collecting the cash where it suits me.

PaulalMorgan

Has anyone used this company before?? I am unsure about using them as I have not heard of them, can anyone advise??

Thanks!!!

dzug

PaulalMorgan wrote: »

Has anyone used this company before?? I am unsure about using them as I have not heard of them, can anyone advise??

Thanks!!!

They've been recommended on here several times (there are actually two companies with similar names and both are said to be good).

Not actually used them as it would cost far more to get to London than I would save, but I wouldn't hesitate if they were convenient - and actually cheapest.

PaulalMorgan

Hi Lalala, TEG do deliver for a fee of £5, Im not sure if thats any help to you!!

Networkguy

I did exactly the same as Lalala today (with exactly the same rates) but for £400 worth or US dollars then sent off my email.

2 hours later I got the following email back from Travelex

Thank you for your e-mail
I can confirm that in line with our Price Promise terms and condition we will be more than happy to reimburse to you £5.44 being the difference between the two rates .
I will forwarded you a cheque for this amount to the address supplied.
If I can be of any further assistance please do not hesitate to contact me.
Regards
Travelex UK LTD
Customer Services

So I get the best rate listed and am able to pick up at Heathrow on Monday which is a lot less bother.

If Travelex are prepared to do this against any genuine supplier then I see no reason to go anywhere else.