Travel FX currency exchange -- buyer beware

ceivegz · 24 March 2016 at 5:31PM

I can't believe MSE has a tie in with this company Travel FX -- very unprofessional outfit!

First of all, once you've reserved your currency you have to make a payment by BACS --NOT DEBIT/CREDIT CARD--and even though the website claims to deliver in 24 hours and my order confirmation had the next day's date as the "required date" (today, 24th March) with no other date stated, DO NOT RELY ON THIS DATE BEING THE DELIVERY DATE!

I paid by BACS immediately, the transaction wasn't confirmed until this morning, and because I have a joint bank account with my wife, Travel FX wanted me to confirm the names on my bank account as "they weren't the same" (i.e. my bank account also has my wife as a named person) consequently they tell me they can't deliver until next Wednesday! Six days after my order was placed!!

Admittedly it is Easter weekend, but that's still 3 working days. I asked if I could cancel I have to pay fees of £96!! To avoid doing this I'm now having the euros sent to a neighbour and using them next time I go away. I don't think their terms and conditions would stand up in court and if I was ending up with Turkish lira I couldn't spend I'd be going down the small claims route, but it's not worth it for euros I'll eventually spend. Other people could be significantly out of pocket as a result of this company's unclear terms and poor service.

LadyDee · 25 March 2016 at 9:28AM

Use a Halifax Clarity Credit Card and you don't have to worry about carrying large sums of money with you, pre-booking, cancellation fees.

The only charge would be made by the bank whose ATM you used. As you wanted euros presumably you would have access to ATMs at your desitination?

bod1467 · 25 March 2016 at 11:03AM

When I last went to Turkey, it was better (financially) to take cash (Bank of England notes) and get them changed in resort. Obviously not as safe though.

keiron · 1 December 2016 at 11:30AM

I can agree with this post.

Just been stung for £48. Ordered 8:30am yesterday, picked the date I needed the currency by as today.

Expected next day delivery as it's promoted on their homepage. There is a * there and it says next day delivery is not guaranteed. My (clearly incorrect) thinking was that they are not guaranteeing the actual delivery process. It turns out it also means they might not be able to get the order out of their door in time.

Chased last night as hadn't heard from them and received this reply this morning totally ignoring that I had chosen a required delivery date of today:

Hi Keiron,

Your order is just being prepared and shall be despatched this afternoon.

Once despatched, you should expect delivery the next working day before 1pm.

I needed to cancel the order obviously and so they attempted to charge a £25 cancellation fee (which the representative thankfully scrapped). Unfortunately they "have to buy back the currency" at their rates which are a lot worse than when buying the original currency with sterling. I argued that to avoid this they could just sell the currency (Icelandic Kronor) to other customers that are ordering it and I could just be refunded what I'd paid. I also let them know:

Although delivery is not guaranteed next day I believe you have not acted in good faith as you know which date I need the currency by and you haven't even dispatched it yet and still intended to dispatch it.

takman · 1 December 2016 at 1:08PM

That's why you should never use a currency service like this if your going to leave it to the last minute.

As suggested above the Halifax Clarity card is much better and will give you an exchange rate better than any currency provider. Thats why it's always a good card to have just in case you need to do any last minute travelling abroad.

VKAM · 18 January 2018 at 9:26PM

To be upfront, I am currently in dispute with the company, but this information is not about the issue I have with them - but a warning to others that I feel the company did not manage my data as I think they should have as a reasonable customer expectation and an ethical obligation. I am not a lawyer or data protection guru - just an ordinary consumer and this is my perception - I don't think my standards are are too high...

Background – I placed an online order for our hard earned holiday money and I gave the incorrect address – my bad – they stored the incorrect address on their system. However, on at least 9 occasions I called them (because of their confusing T&Cs and emails), I gave them my correct address as proof of my identity in order to access my account. Not once, on any of the 9 calls, did they refuse to deal with me because I had given them the incorrect details, they accepted the correct, but incorrect address (i.e. not the one in the system) and spoke to me about the order. I therefore assumed they had the right address, but they money was delivered to the incorrect address – fortunately for me, I had wonderful neighbours and got the money back.

Also fortunately for me, I was calling about my order and I was not a fraudster. It would have been disastrous if there was any fraud as I would have had no recourse. I was shocked at how carelessly I felt the company treated my data, however they did not appear to think this was a serious issue and didn't not seem to be concerned.

They offered to buy back the money at rate which would have meant I would have lost nearly £200.

I think there are other companies with very similar competitive rates and so I would personal avoid using this company.

owen_money · 27 January 2018 at 8:00PM

I've used them a number of times and never had a problem, ask for John, he's really helpful

ccygirl · 28 January 2018 at 12:10AM

I can’t believe people will risk their hard earn cash like this for a few extra euro. There is no consumer protections paying by bacs. I wouldn’t ever use a service that asked for payment like that.

owen_money · 28 January 2018 at 1:15PM

ccygirl wrote: »

I can’t believe people will risk their hard earn cash like this for a few extra euro. There is no consumer protections paying by bacs. I wouldn’t ever use a service that asked for payment like that.

The risk maybe slightly higher but the rewards are bigger, exactly the same as other areas of life. The service probably wouldn't suit you if you were risk adverse, if so you're probably better off popping along to Thomas Cook, you get less for your money but are safe in the knowledge you are lining their pockets.

LadyDee · 28 January 2018 at 2:06PM

ccygirl wrote: »

I can’t believe people will risk their hard earn cash like this for a few extra euro. There is no consumer protections paying by bacs. I wouldn’t ever use a service that asked for payment like that.

They have to make sure that the funds are from a reputable source before they can sell you the currency, and paying a company like Travel FX is not the same as sending a dodgy ebay seller your hard-earned cash by BACS.

Phil_Bosten · 11 December 2019 at 5:46PM

They may ask you for very private information to prove you are not a fraud.
I have used Travel FX without a problem several times until today. I made an order for Euros yesterday but this morning I faced emails asking for my full detailed bank statement with all of my bank transactions listed in and out for the past 3 months.
My driving licence, passport and payslip were not enough for the operator and now I face the threat of charges to refund my payment.
I feel this is private information (bank statements) that should not be shared with strangers.
But if you dont mind sharing your private life with them go ahead, normally good!

Travel FX currency exchange -- buyer beware

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