Ripped off exchanging foreign currency at Barclays bank - anything I can do now?

hbatc

I recently exchanged 133000 Japanese Yen into British Pounds and had this paid directly into my bank account at the counter. I was told the exchange rate during the transaction so admittedly it is my fault for not checking this was a fair rate until after the transaction, but I (foolishly) assumed my bank would offer me a decent exchange rate, as it's always been fine on making money transfers from Japan. I realised after the fact that the exchange rate was unbelievably bad - £1 to 155.61 JPY, rather than the £1 = 141.5 JPY XE.com currently shows as the exchange rate, meaning I lost about £85 exchanging 133,000 JPY.

I've been into a branch to complain about it and been told there's nothing they can do. I realise I'm at fault for not checking the exchange rate beforehand, but I also don't think I should have reasonably expected to be this badly ripped off my bank when (I realised after) currency exchange stores on the street were offering much better exchange rates. Is there anything I can do at this point to escalate the complaint and try to either get the transaction reversed or get some form of compensation?

scumsthorne

hbatc wrote: »

I recently exchanged 133000 Japanese Yen into British Pound............... I was told the exchange rate during the transaction.......................... admittedly it is my fault for not checking this..........................I'm at fault for not checking the exchange rate beforehand....................................Is there anything I can do at this point to escalate the complaint and try to either get the transaction reversed or get some form of compensation?

Two options

1. Invent a time machine and go back in time and fix it..
2. You know you made a mistake, so learn for it.

I'd go with option 2, as the cost of the time machine may run into more than £85

PeacefulWaters

Ripped off by something you agreed to.

Ok.

photome

hbatc wrote: »

I recently exchanged 133000 Japanese Yen into British Pounds and had this paid directly into my bank account at the counter. I was told the exchange rate during the transaction so admittedly it is my fault for not checking this was a fair rate until after the transaction, but I (foolishly) assumed my bank would offer me a decent exchange rate, as it's always been fine on making money transfers from Japan. I realised after the fact that the exchange rate was unbelievably bad - £1 to 155.61 JPY, rather than the £1 = 141.5 JPY XE.com currently shows as the exchange rate, meaning I lost about £85 exchanging 133,000 JPY.

I've been into a branch to complain about it and been told there's nothing they can do. I realise I'm at fault for not checking the exchange rate beforehand, but I also don't think I should have reasonably expected to be this badly ripped off my bank when (I realised after) currency exchange stores on the street were offering much better exchange rates. Is there anything I can do at this point to escalate the complaint and try to either get the transaction reversed or get some form of compensation?

even after that statement in bold, you think you were ripped off ?

Caz3121

hbatc wrote: »

£1 to 155.61 JPY, rather than the £1 = 141.5 JPY XE.com currently shows as the exchange rate, meaning I lost about £85 exchanging 133,000 JPY.

What was the best rate offered elsewhere for selling JPY....can you find anyone offering the xe rate?...I suspect your "loss" (or "tax for not doing your homework") is less than £85

Voyager2002

Moral: never trust a bank.

If Barclays values you as a customer (for whatever reason) then use their complaints process, and they will probably give you fifty pounds to make you stop complaining.

Everynamestaken

This is one of the funniest posts of the year so far.

Learn from it. I'm always of the belief that I never trust anyone and someone will offer me a better deal somewhere.

If I paid for a holiday but then a week later, the same company were selling it a lesser price, Should I complain?

If I bought some milk at asda where I shop ever week, should I then complain to them after popping into Sainsburys and finding that they are selling the same milk at a better price?


I would laugh at you if you escalated the issue, but you never know in this day and age, they may give you something. Just depends if they value you as a customer I guess. I'd be embarrassed to complain about that though personally.