Travelex Fraud - how to proceed?

Bubble185

Hello,

I hope someone could help me in finding the right way to complain about a scam.

A few weeks ago I bought a 100 Euros at the Travelex exchange counter at London City airport. I didnt notice the exchange rate too carefully, and after the transaction was done I discovered that the service agent used the exchange rate in reverse to scam me for money.

The exchange rate was 1 EUR = 0.93 GBP, meaning that 100 Euros should have cost £93. The agent in the counter, however, applied this rate in reverse, selling me a 100 Euros for £107 (She basically applied the conversion as if 1 GBP = 0.93 EUR).

When I noticed what she'd done a few minutes later, I went back to the counter and asked her very kindly to explain how did she calculate the conversion. For no apparent reason, she suddenly became highly agitated, and rudely refused to deal with me, which makes me think that she must have known she's doing something wrong and that someone caught her in the act. (I would imagine she pockets the difference between the £107 I paid to the £93 she had to put in the register).

I'm not really sure who to report this to, as this was a consensual deal (my fault!) and I did not have to agree to this transaction. So there's no wrongdoing on the side of Travelex, as she have stated the proposed price final price for the 100 Euros before the deal was made, and I consented to it.

I'm not sure if City airport is responsible for any of the transactions happening in their airport businesses, so don't think they'll receive my complaint (Obviously they are also enjoying good rents from Travelex..)

I tried to look for a regulator who deal with these but I don't think this industry is regulated. And the transaction was consensual which puts me in a difficult position to make a complaint. Then again - it seems unfair that people would keep getting scammed for their money.

Any advice on who can I complain to would be highly appreciated !

JJ_Egan

You complain to the company Travelex .

Manxman_in_exile

Presumably you have some kind of receipt for the transaction detailing the exchange rate?


As suggested above contact Travelex and complain (with a photocopy of the receipt.)


Not helpful perhaps, but were you not surprised that you were charged over £100 for 100 euros? ( I usually check on the MSE exchange rate calculator to get a good local deal).


I don't think it matters that you "consented" to the price. If you think about it, nearly everybody who has been scammed or defrauded has consented to it to some extent.

LadyDee

It might be a little unwise to accuse someone of doing something dishonest with absolutely no proof whatsoever.

jonnyd281

Do they charge commission? could it be that commission has taken it to £107? It works out to around 15%

robatwork

At a walk-up (not pre arranged) euro transfer in an airport, you'd expect to get 1:1 or less once the commission is taken into account.

So the crucial question is - do you have the receipt for the transaction? Without it you have nothing to complain about, and the doubt of a lot of people here as to your tale's veracity.

shaun_from_Africa

Bubble185 wrote: »

I didnt notice the exchange rate too carefully

Which is where you went wrong.

I would say that you were ripped off but ripped off legally due to their extremely poor exchange rates.

https://www.independent.co.uk/travel/news-and-advice/airport-currency-exchange-rate-pound-euro-dollar-holiday-money-stansted-moneycorp-a8506296.html

A report from a few months ago and whilst it doesn't mention London City airport, it's still Travelex and in all likelihood the rates will be very similar:

Average airport rates are 14 per cent less than market rate, while some are up to 24 per cent lower, according to data compiled by travel money provider FairFX

Southampton Moneycorp, Southend Moneycorp, Manchester Travelex and Heathrow T2 Travelex also fare badly for buying euros, offering rates of £1 to €0.89, €0.91, €0.92 and €0.92 respectively.

bris

No you weren't ripped off airports were charging more for a euro so you got 93cents for a pound. Airports always charge more than the high street as you are a captive customer.


https://www.express.co.uk/travel/articles/955576/airport-exchange-rate-pound-euro-travel-money

robatwork

OP signs up and immediately posts about fraud
OP has the word "scam"


Betting OP won't come back and answer questions - 99:1

Bubble185

Thanks for all responders, I'll write Travelex but wanted to have a second pair of eyes reviewing this to make sure I'm not missing anything because it's hard to believe.
Can't find a way to attach a photo of the receipt as the forum doesn't allow new users to post with links.
The receipt says (quote):

"European Euro 100
We SELL currency @ 0.9338
United Kingdom Pound 107.09
Nett Commission 5.00
Fee(s) 0.00
Sub-Total 112.09"

It's indeed a bad rate, but surely one that should have left me paying £93, shouldn't it?
The only way to get to £107 is if the sales agent reverse calculated the rate.
Unless anyone has another idea?

boo_star

Bubble185 wrote: »

Thanks for all responders, I'll write Travelex but wanted to have a second pair of eyes reviewing this to make sure I'm not missing anything because it's hard to believe.
Can't find a way to attach a photo of the receipt as the forum doesn't allow new users to post with links.
The receipt says (quote):

"European Euro 100
We SELL currency @ 0.9338
United Kingdom Pound 107.09
Nett Commission 5.00
Fee(s) 0.00
Sub-Total 112.09"

It's indeed a bad rate, but surely one that should have left me paying £93, shouldn't it?
The only way to get to £107 is if the sales agent reverse calculated the rate.
Unless anyone has another idea?

They sell Euros at 0.9338 to the pound.

107.09 x 0.9338 = 100.000642 (basically 100 Euros.)

The exchange rate is bad but you've been charged correctly.