Feedback needed on Bureau de Change providers

PeteDenton

I had planned to travel to the Philippines and checked the best rate on this site, just to have some cash available when I arrived. Natwest were the top choice, and I purchased 66,500.00 Philippino Peso at a rate of 66.003300, to GBP £1,007.53. So I paid £1007.53 for 66,500 pesos.
The next day I had to cancel my plans. So reassured by the claim that they buy your unused money back commission free, I took them back to a branch of Natwest. At first I was told they didn't buy back currency and then that they only did it for customers with a bank account. But the wallet the money arrived in even had the '0 percent commission buy back. Natwest buy back your foreign currency and travellers cheques commission free.' writing on it. So, a difficult point for them to argue!
So having paid £1007.53 and 2 days later (having not spent any of the money) I was expecting to get £1007.53 back from them.
How much did I get? £858.15 . So how is this buying your money back commission free? They have basically charged me £149.38 commission. So surely they are guilty of false advertising?

[Deleted User]

Why would you want to buy/sell soft currencies in rip-off UK?

You'd get a much better rate in the Philippines or other countries in the region.
The same goes for all the other currencies in South East Asia.


http://www.mustafa.com.sg/forex.asp

d61mts

PeteDenton wrote: »

I had planned to travel to the Philippines and checked the best rate on this site, just to have some cash available when I arrived. Natwest were the top choice, and I purchased 66,500.00 Philippino Peso at a rate of 66.003300, to GBP £1,007.53. So I paid £1007.53 for 66,500 pesos.
The next day I had to cancel my plans. So reassured by the claim that they buy your unused money back commission free, I took them back to a branch of Natwest. At first I was told they didn't buy back currency and then that they only did it for customers with a bank account. But the wallet the money arrived in even had the '0 percent commission buy back. Natwest buy back your foreign currency and travellers cheques commission free.' writing on it. So, a difficult point for them to argue!
So having paid £1007.53 and 2 days later (having not spent any of the money) I was expecting to get £1007.53 back from them.
How much did I get? £858.15 . So how is this buying your money back commission free? They have basically charged me £149.38 commission. So surely they are guilty of false advertising?

All Bureau de Changes have different rates for buying compared to selling currencies - have a look at a rate board next time you pass one, two different rates for each currency. They aren't breaking any advertising rules as they didn't apply any fees to the rate they gave you. You will always lose out when bringing back foreign currency - thats how they make money, so if you had a small amount of a common currency like euros for example, it could be worth keeping them till you're next abroad. Unfortunately for you there's nothing you can do if you've done the transaction, just look around for the best buy back rate in the future but you'd always loose out a bit. The only exceptions to this are things like the volcanic ash or the collapse of goldtrail travel company where as a gesture of goodwill some, such as M&S changed it back at the rate bought when you brought back the same amount with the original reciept and proof of intention to travel.

brazmond

Hays Travel in the North East. Really good rates and staff seem to know what they're on about. Sell online now as well.

Fishingtime

I will carry on using the PO for my money.
I just checked out travel money services,and they are in administration

http://www.travelmoneyservices.co.uk/statement.asp

NoFleecing

nlg0504 wrote: »

You complete their online form and they email you with a reference number. You have to transfer your sterling by internet transfer into their account at RBS, London Victoria Branch.
[snip] Would recommend.

From the Travel Money Maximise I've used bestforeignexchange.com a couple of times to buy Euros, but unless they change their service, I won't be using them again.
My bank transfers go as a Faster Payment, first time round, after I heard nothing the day after my transfer, I emailed them to ask what was happening. No reply, but the despatch was confirmed another day later.

My second order was placed last Wednesday night, so I expected despatch on Thursday. When I heard nothing, I allowed 3 more working days before chasing them. Again I had no reply to my email, but despatch was confirmed a day later.
So I got my Euros a week after ordering them, but in the meantime the exchange rate had dropped, so I got fewer than I was expecting, I would have been better off with one of the "worse" quotes on the TMM.

Until the company allows debit card payments with an instant confirmation of the order, I won't be using them again.

micrology

Interchange FX has a daily market report that has not been updated since March 9, and does not answer the phone, although the website looks at first sight to be OK - there is no message there to arouse suspicions about whether the company is trading.

I think one should use extreme caution with this company until the situation is resolved.

lauh88

I ordered £500 in US dollars from Best Foreign Exchange and another £500 in US dollars later in the day from Thomas Cook.

I ordered from Best Foreign Exchange at about 8am, made the bank transfer and emailed my proof of ID as per email instructions. I received notification of dispatch at around 6pm and my order arrived by Royal Mail Special Delivery the next day. I'd requested no $100 notes and this was honoured. I was a bit nervous about sending a bank transfer for such a large amount of money but I am very happy with the service I received, I got a good rate too (having checked travel money max).

I ordered from Thomas Cook that afternoon (I saw the rate was good). I requested the soonest delivery which was a day and a half later (ordered on wed, delivered on fri). Delivery was fine, again by Royal Mail Special Delivery. There was no option to request low denominations and I received 3x $100 notes which I'm a bit disappointed about, I'll have to change those when we get there. EDIT: Forgot to say, the Thomas Cook currency came with no indication it was from Thomas Cook, no mention of Thomas Cook on the receipt. The only way of identifying where it had came from was the senders address on the parcel, although having looked it up it has nothing to do with Thomas Cook. Except for the fact I knew Thomas Cook were delivering my currency on that day I wouldn't have known who it was from.

We also ordered £500 of US dollars on a Travelex currency card, if you buy it online via Travelex the card has no ATM fees or loading fees which is good.

Hope this helps someone!

kissingsky

Well I am suggesting to all you guys to check the rates properly especially when buying a large sum.You must check not only the big names but also the local currency exchange service providers because sometimes they do offer a better exchange rates.

Another good point will be to plan ahead means when and how much you need.The rates go up and down and if you got a month ahead planning and you are observing the rates closely you have the chance to get better rate if it is in your favour and you can save the money. Let me give you example. In the beginning of this month the Euro rate was 1.1350 but last week it was I think 1.09 so in short span of time a lot of difference.So if you are changing 2000 pound worth Euro then

2000*1.1350= 2270 Euro
2000*1.09 = 2180 Euro

so almost 90 Euro difference I think it is lot of saving.

there are some websites you can turn to xe.com or hifx.co.uk for the price guide.

kissingsky

Another fact I came to know while searching for best foreign Exchange and thought would be helpful if I share

Thomas Exchange Global and Best Foreign Exchange are the same company name but they display the different rates.Today 30 August 2011 at 12.05 pm the rate of buying euro from

Thomas Exchange Global =1.1160
Best Foreign Exchange =1.12

So Best Foreign Exchange gives you better rate and dont know why the differene although being the same company.
Check also their contact numbers for Strand branc(Embankment)
Thomas Exchange Global(Strand Branch) 02072401214
Best Foreign Exchange (Strand Branch) 02072401214

But i dont know which company provides better services.