Travelex Fraud - how to proceed?

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  • Bubble185
    Bubble185 Posts: 3 Newbie
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    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
    Caz3121 Posts: 15,545 Forumite
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    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
    shaun_from_Africa Posts: 12,858 Forumite
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    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
    boo_star Posts: 3,202 Forumite
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    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
    photome Posts: 16,362 Forumite
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    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
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