Travelex Fraud - how to proceed?

Bubble185

Thanks bris - just read through the article - that explains it I suppose!
So basically when the receipt says "we SELL currency @ 0.9338" it means that they sell Euros at 0.9338 Euros per £1.
Which is somewhat misleading as the high street rate on that day was around £0.88 per Euro, and I assumed they up the rate by a few % to reach £0.93 per Euro.
Apparently they do up it by double-digit percent..
Many thanks!

Caz3121

Bubble185 wrote: »

The exchange rate was 1 EUR = 0.93 GBP

Bubble185 wrote: »

"European Euro 100
We SELL currency @ 0.9338
United Kingdom Pound 107.09

the sell rate means for each £1 you give them you get 0.9338€
you pay £100 you get €93.38
you pay £107.09 you get €100
the rate is a terrible rate (not uncommon for airports)

shaun_from_Africa

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 sold you €100 and for each £1 you gave them, their selling rate was €0.9338.
This means that for £107, you received £107 X €0.9338 which equals the €100 they gave you. (I'm ignoring commission here)

boo_star

Bubble185 wrote: »

Thanks bris - just read through the article - that explains it I suppose!
So basically when the receipt says "we SELL currency @ 0.9338" it means that they sell Euros at 0.9338 Euros per £1.
Which is somewhat misleading as the high street rate on that day was around £0.88 per Euro, and I assumed they up the rate by a few % to reach £0.93 per Euro.
Apparently they do up it by double-digit percent..
Many thanks!

The pound to euro difference between those two rates isn't "double digit."

The "high street" would be 1.13 and the Travelex rate would be 1.07.

photome

Bubble185 wrote: »

Thanks bris - just read through the article - that explains it I suppose!
So basically when the receipt says "we SELL currency @ 0.9338" it means that they sell Euros at 0.9338 Euros per £1.
Which is somewhat misleading as the high street rate on that day was around £0.88 per Euro, and I assumed they up the rate by a few % to reach £0.93 per Euro.
Apparently they do up it by double-digit percent..
Many thanks!

moral is, get plastic to travel with.


its not fraud and not a scam