DO NOT use the Post Office to exchange or buy back foreign currancy

Annabelle78

Under NO circumstances whatsoever carry out any buy back transactions or foreign currency exchange at the Post Office. Their buy back rate is nothing short of scandalous. I received only £370 when I exchanged 500 Euros. There were no signs at the point of sale regarding the exchange rate and I only realised after the transaction had gone through. It was only when I researched it online that I found out the many other people who had been conned in this way. Beware.

Nick_C

You weren't conned. You entered into a transaction without knowing the terms. Sorry, but that's your fault.

Whenever you buy anything, shop around.

I've occasionally bought small amounts of currency from the Post Office and I've found then to be good value. But for best value, use an ATM abroad with an appropriate card.

I never try to change currency back. I keep dollars and euros for future trips.

Any other excess currencies are used to part pay hotel bills or spent at airport shops.

PeacefulWaters

Ive not returned unused foreign currency in over 20 years.

There'll always be a mate heading that way again if I'm not. We can agree a win/win mid price deal if I need to sell.

There were no signs at the point of sale regarding the exchange rate

I bet there was a board somewhere in the Post Office and an exchange rate on the slip of paper you signed.

Caz3121

there is plenty good information available on currency buyback
from this site
http://travelmoney.moneysavingexpert.com/buy-back
it sounds like you did no homework

leylandsunaddict

The rate varies by Post Office. One in a location where there isn't much competition will offer naff rates. The ones where we live offer good rates because there's 4 travel agents in the vicinity, along with a Tesco. They've got to compete.

You weren't conned. You just handed your euros over without a thought for the rate you'd be getting.

Voyager2002

The Post Office is a rather quaint, historical organisation. In so many ways it is stuck in the 1950s, so you can't really expect them to be up to date with exchange rates. At one time that would have been a magnificent amount of money to be given for a bit of foreign currency...

A_T

Buying something without knowing how much it costs is not a good idea

glentoran99

http://www.postoffice.co.uk/travel-money/sell-unused-currency

zagfles

PeacefulWaters wrote: »

Ive not returned unused foreign currency in over 20 years.

There'll always be a mate heading that way again if I'm not. We can agree a win/win mid price deal if I need to sell.

I bet there was a board somewhere in the Post Office and an exchange rate on the slip of paper you signed.

But read the board carefully - it can be misleading, like "rates only apply to transactions over £500" in small print at the bottom.

This nearly got me once - looking for some Euros for one of the kids' school trips, the rate for a small amount (around 100 EUR) was ridiculous. Found a local pawnbrokers offering far better rates.

DCFC79

Annabelle78 wrote: »

Under NO circumstances whatsoever carry out any buy back transactions or foreign currency exchange at the Post Office. Their buy back rate is nothing short of scandalous. I received only £370 when I exchanged 500 Euros. There were no signs at the point of sale regarding the exchange rate and I only realised after the transaction had gone through. It was only when I researched it online that I found out the many other people who had been conned in this way. Beware.

I believe there is whats known as Google where 1 can search for what rate the buy back rate is.