TRAVELEX JPY TO GBP EXCHANGE RATES Heathrow April 4th, 2025.

tmcllns

RE: Transaction 1192-21-xxxx 

Date: 04 April, 2025 15:55 

Consultant: UKR4104

On April 4, 2025, after a 15-hour flight, my wife passed through Heathrow Airport with 900,000 JPY, which she wanted to transfer to GBP.  Her first language is not English. Curiously, she was given a buyback rate of 245.272, which resulted in an exchange of 3,669.40 GBP.  Travelex made a very significant profit on that exchange. The recorded high rate of that day was 188.67, Today we found our bank was offering a buyback rate of 210.47 that same day; if exchanged with our bank she would have received 4,276.14GBP.  However, jet lagged and without any sleep, she 'trusted' the airport Travelex agent to make an honest and reasonable deal; or at least to be clear with her about the real costs of their services.  

The receipt shows no net commission. 

The receipt shows no fees.

Just the exchange rate of 245.272

If she had been told the relative cost of exchange was costly, she would have never made that transaction. Is there no regulation and policy or oversight of financial services operating in the international terminals in the UK? 

Welcome home with Travelex.

mebu60

Airport exchange rates are notoriously usurious. They would have displayed the rate they were offering. A simple google would have confirmed it was extortionate and to avoid. 

eskbanker

tmcllns said:

If she had been told the relative cost of exchange was costly, she would have never made that transaction.

Even if her first language isn't English, someone here could have done some basic research for her if she was going to be bringing a large quantity of foreign currency - most on here wouldn't dream of using airport bureaux de change, especially just walk-up rates, as their rates are renowned for being poor value:

Can't I just change cash at the airport?

Using an airport bureau is the easy option, but it's such a waste. Airport and ferry port rates are usually dismal, as they know they're the last port of call and you're a captive customer.

https://www.moneysavingexpert.com/travel/cheap-travel-money/#travelcash

mr_stripey

I thought it was widely known airport bureux de change are always bad value and usually the choice of last resort.

I doubt there is anything you can do - the bureaux gave the advertised rate. 

DullGreyGuy

tmcllns said:

On April 4, 2025, after a 15-hour flight, my wife passed through Heathrow Airport with 900,000 JPY, which she wanted to transfer to GBP.  Her first language is not English. Curiously, she was given a buyback rate of 245.272, which resulted in an exchange of 3,669.40 GBP.  Travelex made a very significant profit on that exchange. The recorded high rate of that day was 188.67, Today we found our bank was offering a buyback rate of 210.47 that same day; if exchanged with our bank she would have received 4,276.14GBP.  However, jet lagged and without any sleep, she 'trusted' the airport Travelex agent to make an honest and reasonable deal; or at least to be clear with her about the real costs of their services.  

The receipt shows no net commission. 

The receipt shows no fees.

Just the exchange rate of 245.272

If she had been told the relative cost of exchange was costly, she would have never made that transaction. Is there no regulation and policy or oversight of financial services operating in the international terminals in the UK? 

Welcome home with Travelex.

No matter her language she could have googled what the FX rate was that day. 

She presumably lives here so has at least basic English to know the difference between "buy" and "sell" so will have seen from the boards that there was a big spread in the rate that they buy and sell each currency for. 

Running a stall in an an airport is very expensive, most people know the FX rates there are terrible and so the small minority of people that use them have to pay a wider spread to make it worth while the exchange to be there. Every day is a school day, hopefully she remembers for next time that they should be used for absolute emergencies only

tmcllns

It is relatively easy to find travel money rates. A bit harder to find buy-back rates. Go ahead and give it a try.  That said, 'Most people know' assumes a lot about people moving through the international terminal. 

I can't think of any other business in the UK that would operate like this and get away with it. 

mebu60

tmcllns said:

It is relatively easy to find travel money rates. A bit harder to find buy-back rates. Go ahead and give it a try.  That said, 'Most people know' assumes a lot about people moving through the international terminal. 

I can't think of any other business in the UK that would operate like this and get away with it. 

Motorway petrol stations. Snacks in the cinema / theatre. Auto-renewal on insurance and similar products

Just like airport currency exchange, they all charge a premium for convenience. The price is clearly displayed. You are not forced to use them.

. 

eskbanker

mebu60 said:

tmcllns said:

It is relatively easy to find travel money rates. A bit harder to find buy-back rates. Go ahead and give it a try.  That said, 'Most people know' assumes a lot about people moving through the international terminal. 

I can't think of any other business in the UK that would operate like this and get away with it. 

Motorway petrol stations. Snacks in the cinema / theatre. Auto-renewal on insurance and similar products

Just like airport currency exchange, they all charge a premium for convenience. The price is clearly displayed. You are not forced to use them.

Other airport outlets also charge a premium too, if you compare the cost of stuff in WHSmith or Boots airside versus what you'd pay on the high street for example.

And corner shop pricing versus supermarkets is another example of convenience versus value without being able to research the scale of such price variances from the armchair....

BlueonBlue

Its done now but ideally using Wise to move the money would have been alot better than even the bank you mention ?
I mention it perhaps to consider in the future. 

Its a sickening feeling getting burnt when travelling its just plain hard not too in reality but the positive thing is you can now make a better choice in the future .

Mse has alot of help regarding exchange  cards options etc .