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  • FIRST POST
    • Bubble185
    • By Bubble185 10th Nov 18, 1:11 PM
    • 3Posts
    • 0Thanks
    Bubble185
    Travelex Fraud - how to proceed?
    • #1
    • 10th Nov 18, 1:11 PM
    Travelex Fraud - how to proceed? 10th Nov 18 at 1:11 PM
    Hello,

    I hope someone could help me in finding the right way to complain about a scam.

    A few weeks ago I bought a 100 Euros at the Travelex exchange counter at London City airport. I didnt notice the exchange rate too carefully, and after the transaction was done I discovered that the service agent used the exchange rate in reverse to scam me for money.

    The exchange rate was 1 EUR = 0.93 GBP, meaning that 100 Euros should have cost 93. The agent in the counter, however, applied this rate in reverse, selling me a 100 Euros for 107 (She basically applied the conversion as if 1 GBP = 0.93 EUR).

    When I noticed what she'd done a few minutes later, I went back to the counter and asked her very kindly to explain how did she calculate the conversion. For no apparent reason, she suddenly became highly agitated, and rudely refused to deal with me, which makes me think that she must have known she's doing something wrong and that someone caught her in the act. (I would imagine she pockets the difference between the 107 I paid to the 93 she had to put in the register).

    I'm not really sure who to report this to, as this was a consensual deal (my fault!) and I did not have to agree to this transaction. So there's no wrongdoing on the side of Travelex, as she have stated the proposed price final price for the 100 Euros before the deal was made, and I consented to it.

    I'm not sure if City airport is responsible for any of the transactions happening in their airport businesses, so don't think they'll receive my complaint (Obviously they are also enjoying good rents from Travelex..)

    I tried to look for a regulator who deal with these but I don't think this industry is regulated. And the transaction was consensual which puts me in a difficult position to make a complaint. Then again - it seems unfair that people would keep getting scammed for their money.

    Any advice on who can I complain to would be highly appreciated !
Page 1
    • JJ Egan
    • By JJ Egan 10th Nov 18, 1:18 PM
    • 11,237 Posts
    • 4,903 Thanks
    JJ Egan
    • #2
    • 10th Nov 18, 1:18 PM
    • #2
    • 10th Nov 18, 1:18 PM
    You complain to the company Travelex .
    • Manxman in exile
    • By Manxman in exile 10th Nov 18, 5:31 PM
    • 1,602 Posts
    • 1,237 Thanks
    Manxman in exile
    • #3
    • 10th Nov 18, 5:31 PM
    • #3
    • 10th Nov 18, 5:31 PM
    Presumably you have some kind of receipt for the transaction detailing the exchange rate?


    As suggested above contact Travelex and complain (with a photocopy of the receipt.)


    Not helpful perhaps, but were you not surprised that you were charged over 100 for 100 euros? ( I usually check on the MSE exchange rate calculator to get a good local deal).


    I don't think it matters that you "consented" to the price. If you think about it, nearly everybody who has been scammed or defrauded has consented to it to some extent.
    • LadyDee
    • By LadyDee 10th Nov 18, 7:11 PM
    • 3,278 Posts
    • 3,407 Thanks
    LadyDee
    • #4
    • 10th Nov 18, 7:11 PM
    • #4
    • 10th Nov 18, 7:11 PM
    It might be a little unwise to accuse someone of doing something dishonest with absolutely no proof whatsoever.
    • jonnyd281
    • By jonnyd281 10th Nov 18, 7:34 PM
    • 520 Posts
    • 373 Thanks
    jonnyd281
    • #5
    • 10th Nov 18, 7:34 PM
    • #5
    • 10th Nov 18, 7:34 PM
    Do they charge commission? could it be that commission has taken it to 107? It works out to around 15%
    • robatwork
    • By robatwork 11th Nov 18, 10:57 AM
    • 4,693 Posts
    • 5,264 Thanks
    robatwork
    • #6
    • 11th Nov 18, 10:57 AM
    • #6
    • 11th Nov 18, 10:57 AM
    At a walk-up (not pre arranged) euro transfer in an airport, you'd expect to get 1:1 or less once the commission is taken into account.

    So the crucial question is - do you have the receipt for the transaction? Without it you have nothing to complain about, and the doubt of a lot of people here as to your tale's veracity.
    • shaun from Africa
    • By shaun from Africa 11th Nov 18, 11:16 AM
    • 10,423 Posts
    • 11,757 Thanks
    shaun from Africa
    • #7
    • 11th Nov 18, 11:16 AM
    • #7
    • 11th Nov 18, 11:16 AM
    I didnt notice the exchange rate too carefully
    Originally posted by Bubble185
    Which is where you went wrong.

    I would say that you were ripped off but ripped off legally due to their extremely poor exchange rates.

    https://www.independent.co.uk/travel/news-and-advice/airport-currency-exchange-rate-pound-euro-dollar-holiday-money-stansted-moneycorp-a8506296.html

    A report from a few months ago and whilst it doesn't mention London City airport, it's still Travelex and in all likelihood the rates will be very similar:

    Average airport rates are 14 per cent less than market rate, while some are up to 24 per cent lower, according to data compiled by travel money provider FairFX
    Southampton Moneycorp, Southend Moneycorp, Manchester Travelex and Heathrow T2 Travelex also fare badly for buying euros, offering rates of 1 to €0.89, €0.91, €0.92 and €0.92 respectively.
    • bris
    • By bris 11th Nov 18, 2:25 PM
    • 8,069 Posts
    • 7,056 Thanks
    bris
    • #8
    • 11th Nov 18, 2:25 PM
    • #8
    • 11th Nov 18, 2:25 PM
    No you weren't ripped off airports were charging more for a euro so you got 93cents for a pound. Airports always charge more than the high street as you are a captive customer.


    https://www.express.co.uk/travel/articles/955576/airport-exchange-rate-pound-euro-travel-money
    • robatwork
    • By robatwork 11th Nov 18, 3:53 PM
    • 4,693 Posts
    • 5,264 Thanks
    robatwork
    • #9
    • 11th Nov 18, 3:53 PM
    • #9
    • 11th Nov 18, 3:53 PM
    OP signs up and immediately posts about fraud
    OP has the word "scam"


    Betting OP won't come back and answer questions - 99:1
    • Bubble185
    • By Bubble185 18th Nov 18, 10:31 PM
    • 3 Posts
    • 0 Thanks
    Bubble185
    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?
    • boo_star
    • By boo_star 18th Nov 18, 10:40 PM
    • 1,651 Posts
    • 982 Thanks
    boo_star
    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?
    Originally posted by Bubble185
    They sell Euros at 0.9338 to the pound.

    107.09 x 0.9338 = 100.000642 (basically 100 Euros.)

    The exchange rate is bad but you've been charged correctly.
    • Bubble185
    • By Bubble185 18th Nov 18, 10:42 PM
    • 3 Posts
    • 0 Thanks
    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
    • By Caz3121 18th Nov 18, 10:43 PM
    • 11,561 Posts
    • 7,554 Thanks
    Caz3121
    The exchange rate was 1 EUR = 0.93 GBP
    Originally posted by Bubble185
    "European Euro 100
    We SELL currency @ 0.9338
    United Kingdom Pound 107.09
    Originally posted by Bubble185
    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
    • By shaun from Africa 18th Nov 18, 10:44 PM
    • 10,423 Posts
    • 11,757 Thanks
    shaun from Africa
    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?
    Originally posted by Bubble185

    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
    • By boo_star 18th Nov 18, 10:46 PM
    • 1,651 Posts
    • 982 Thanks
    boo_star
    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!
    Originally posted by Bubble185
    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
    • By photome 19th Nov 18, 6:41 AM
    • 13,608 Posts
    • 9,104 Thanks
    photome
    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!
    Originally posted by Bubble185

    moral is, get plastic to travel with.


    its not fraud and not a scam
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