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Travelex / Horrible exchange rate

United States Review updated:
4.85
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I called Travelex Money Transfer to ask them if they charge a commission fee when they exchange currency. They said they don't. They also told me that they will not charge a service fee on my money. I had to ask my friend to exchange 1100 US dollars for me because I was very busy that day. When he came back, I saw the receipt and couldn't believe that they gave me 9.49 pesos to one US dollar. I checked online at the current exchange rate and it was 10.78 pesos to the dollar. I calculated how much money I lost in the transaction and it came out to be $134.00!!! Do not go to travelex. If they did not charge me commission or a service fee, I have no idea what they charged me for.
Va
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Mr
  29th of Oct, 2008
Agree Disagree 0 Votes
Was this at a Travelex in NYC? I need to exchange my Euros to USD and am trying to fidn the best place to do so in NYC. I'm staying away from my bank (Chase) as they charge a lot, and have heard the best place to go was Travelex. But everytime I try to check their exchange rate, etc. I cannot find them on the web.

So I was wondering if your horrible experience was a Travelex in NYC. If so, I'll stay away.

Thank you!
Ra
  31st of Oct, 2008
Agree Disagree 0 Votes
I made a HUGE mistake in a recent trip to Egypt. I purchased $500US in pounds before I left for my trip and, in my rush, left all the Egyptian pounds at home. When I went yesterday to sell them back at the Washington, DC Travelex location, they told me I would get $374US back. That is a 25% loss! Now I am at a loss at to what to do. That is a horrible rate. I will search my options but I will not go back to Travelex.
Na
  19th of Mar, 2009
Agree Disagree 0 Votes
Travel Ex are con artists dont ever use them i used them in Amsterdam airport £720 to Euros 702 went round the corner asked a different comany 728euros tried to complain. Another big company ripping the people of.
Fr
  13th of Apr, 2009
Agree Disagree 0 Votes
I used them in Toronto without even knowing about it. I went into the big Bank of Montreal branch at King and Yonge and was directed to the foreign currency desk by a teller after I made a CAD $ deposit. I thought I was dealing with Bank of Montreal and just took the exchange rate they offered. I got screwed, they gave me 9.17 pesos for every $1CAD when every other bank has posted exchange rates of 9.80 pesos for every $1 CAD.
Tr
  21st of Jul, 2009
Agree Disagree 0 Votes
I hate Travelex. They are always delayed with the remittance, not available to talk to on weekends, and will give you a run-around.

They have really bad customer service. I have been expecting a remittance 5 days ago and still no sign of it. I was told yesterday that is has been received by the beneficiary bank yesterday. I checked every hour since yesterday, my bank does still not have the funds. I have emailed Travelex several times. They will not discuss it with me.

Their tracking link is one big lie. It never changes status. It just sits there with the same status since Day 1. HORRIBLE!!!

What a shady shady company. BEWARE OF THIS SCAM!

http://www.travelex.com/

http://www.mytravelexnews.com.au/

http://www.travelex.com.au/
Ab
  17th of Aug, 2009
Agree Disagree 0 Votes
I also haD the same experience with travelex. While travelling to Calgary, Canada I excahanged 531 USD to get 500 CAD at the San Francisco Airport. Travelex gave me 0.94 CAD for 1 USD. I made a big mistake by doing that. Later I checked the current exchange rate is 1.08 CAD for 1 USD. When I tried to return that amount at Calgary Airport, the agent said she cannot take it back because I bought it in USA so I need to retun it there. She said I can sell it in current exchange rate which is 429 USD for 500 CAD. I was shocked. In 3 hours, the exchange changed drastically for travelex. I lost 102 USD in that exchange. I was totally pissed but could not do anything. I will never go back to Travelex again.

BEFARE OF TRAVELEX. THEY ARE SITTING AT EVERY AIRPORT JUST TO ROB YOUR HARD EARNED MONEY. GO TO ANY BANK FOR MONEY EXCHANGE. NEVER EVER GO TO TRAVELEX. THEY ARE ROBBERS.
Ro
  25th of Nov, 2009
Agree Disagree +1 Votes
I exchanged Singapore Dollars to US dollars today from Travelex..I received 58 US$ including $6 as service fee for S$100 when the exchange rate was US$72 for S$100...

Stay away from these theives
Cu
  29th of Nov, 2009
Agree Disagree 0 Votes
Hopefully this will help make things clear for those of you who obviously don't know how retail or business works. Currency is just like any item you would buy in a store. Example: It cost Starbucks probably $0.05 cents to make a cup of coffee but they sell it for $5 dollars!! Would you expect them to sell it to you for $0.05 cents too? NO! It costs Prada, Gucci etc., $2 at the most, to make a piece of clothing or a bag but stores charge hundreds of dollars for these items. These places are companies, thats how business works and thats how they make their money, through mark up. Well the same goes for Travelex. Think about it, if they were to give you the market rate, how would they make their money? Maybe in a transaction fee, but then people would probably complain about that too!They make profit in the rates mark up just like the cup of coffee. Now as far as when they buy back currency at a different rate then what you purchased it at, think about this example; when you go to Gamestop and sell them your 'used' video games, they dont give you the same amount of money you bought the game for;they give you $5-$15 dollars when you paid $40 or $50 and then they sell that very same game they just bought from you at$10 for $35...so if you think about, all companies are theives!
Tr
  11th of Dec, 2009
Agree Disagree +1 Votes
I have used Travelex when i was in Hong Kong and never would use them again. I changed US Dollars for Hong Kong dollars and got completely ripped off. We all understand companies mark up prices to make profit as that is business but to rip people off is another thing. Other exchange places dont give rates like these scammers and they make money. Travelex is just a con to con people just the same as Duty Free goods. When have you ever bought something that has been ever cheaper at the airport then what it sold on the Streets. Just another western greedy company. I now live in a Third world country after living many years living in the West. I am from Australia then moved to England and now i live in Philippines. I will never step foot back into my home country or any other western country because basically we just get ripped off. I buy the same product here for 500% less the price. Put this for instance Coca Cola i buy in my home country Australia $3.69 at a Shop. Here in Philippines $0.50c for the same product. Yes i know that the labour is dearer then here of the Philippines but lets just face it its because the Western societyis just full of greed. Are people in the west happy though. I dont think so. I see more people with smiling faces in third world countries then i do in Western Countries and these people dont have the money of the west. Sorry to go on a bit but as to Travelex they are just a huge example of corporate greed and one of the reasons why i left Western society to live a happy life in a third world country with people who have more dignity and respect then i ever have known in my entire life.
Cr
  5th of Feb, 2010
Agree Disagree 0 Votes
Just got ripped off by Travelex in Toronto. Bought 1700 Egyptian puonds at 4.0884 for $415. It seemed low to me but it was until I checked afterwards that RBC was offering 4.59 which would have cost me $45 less on a single $415 transaction. What a ripoff
Li
  14th of Mar, 2010
Agree Disagree +1 Votes
you will NEVER get the market exchange rate when purchasing/selling back currency. If you felt the rate was too high, then you should've researched other places and looked for a cheaper place before hand. If you feel you got ripped off, then that's clearly your own fault for not doing your research ahead of time and purchasing currency last minute you idiots..
Ha
  18th of Mar, 2010
Agree Disagree 0 Votes
I simply wanted to cancel a transaction as they didn't let me BPAY from a credit card account (so I can make points on it). They hounded me with phone calls (14 calls and 3 voicemails within 24 hours!). I've since complained however no response after I threatened further action to such harrassment.
Du
  24th of Mar, 2010
Agree Disagree +1 Votes
Here in Australia I just came back from the post office where I was applying for a Travelex card.
The post officer checked that days rate that Travelex was going to give me & it was .64 euros per Australian dollar.
I had already checked the exchange rate on Yahoo this morning which showed .6822 euros per Australian dollar which meant that it would cost me AUS$6.50 per every hundred dollars & then they have their other fees as well.
I politely told the post officer "thanks but no thanks"
Avoid this rip off company
Hi
  13th of Aug, 2010
Agree Disagree 0 Votes
Same thing at Travelex in Minneapolis airport. I wanted to buy 300 Brazilian Real, and they wanted $214 including an $8 commission. The market rate: $170. So not even including the commission, they would have charged me $36 above the market rate -- that's 21% more than market. When is someone going to give these scammers some competition??? You guys are America, aren't you???
Ro
  1st of Sep, 2010
Agree Disagree 0 Votes
Yes, I agree with most of these. They should reveal clearly what percentage they are reducing the exchange rate by so that we know what we will be paying when using a travelex cash passport visa. We have just been to Sri Lanka...exchange rates on my travelex statement hover around 93.8 - 94.22...the actual exchange rate was around .98! This represents a commission of about 4 % on top of the 1 % charged when we deposited the same money into the account and the 3.75 fees every time we withdrew from an ATM...ATMs in Sri Lanka only let us withdraw abou $200 AUD per transaction so when you add all these fees, we are paying around 6-7% in fees on the money we spent in Sri Lanka...is this fare????? It seems high!
El
  5th of Sep, 2010
Agree Disagree 0 Votes
ROBBERY WITHOUT WEAPONS!!!
Date: September 04, 2010
Location: JFK Airport - New York - Travelex Currency Exchange Booth.
Euro to US Dollar Exchange Rates For This Date:
1 Euro = $ 1.28960 US Dollar.
Travelex Posted Exchange Rate For This Date:
1 Euro = $ 0.6761 US Dollar.
THAT'S ALMOST 50% LESS!!!
DON'T BE FOOLED BY "NO SERVICE CHARGES" AND "NO FEES".
THEY WILL ROB YOU WITH A SMILE.
STAY AWAY FROM TRAVELEX AT ANY COST.
Mo
  11th of Nov, 2010
Agree Disagree 0 Votes
As has been clearly stated several time throughout this page FX retail rates vary considerably from MARKET RATES as they are fundamentally different products.

I challenge anyone to get the rate posted on the internet or in the paper for a cash transaction, it just doesnt happen. As for airport rates they are more expensive due to increased cost of business that is associated with running a retail business in these places.

As a example next time you buy a car try flipping that car back to the dealer and see what price they give you???

Now I am not saying that there is not healthy margins at play but they are considerably less then the margins most retailers add to there products...It is simple business model and a very transparebt one which open them up to direct and sometimes ill informed critics

Dont be a muppett do your research find the best deals and if need be negotiate with the fx agent..they will most likely shave a few points to help the sale.
Jo
  23rd of Jun, 2011
Agree Disagree 0 Votes
The signage at Travelex hides their true currency exchange rates. Even where they show a chart of rates, they are likely to apply an additional profit, either in terms of a percentage or a fixed fee-- as an additional hidden commission.

Before any transaction, ask what they will give you back and calculate the total %.

In the past where there have multiple exchange desks competing in the same area, the cost of exchange has been about half of what Travelex charges today.
Jw
  4th of Jul, 2011
Agree Disagree 0 Votes
Most of the currency exchange is making around 5% margin in their buy-sell. However, Travelex HK located at the HK airport is making over 20%. I exchange a total of HKD15, 000 to Malaysia RM5100 in Travelex HK two days ago ( 1 HKD to 0.34 RM). I find out right after the market exchange rate should be 1HKD to 0.39RM and they overcharge me 15%. I called up to complain and ultimately was informed by their staff that I am able to exchange it back with full amount refunded If I can return to their counter within 3 working days. However, their manager Ms. Li called me a few minutes later with very rude manner and do not admit anything that they promised earlier. Rather she use the exchange rate 1HKD to 0.418 RM to buy back. A total of 23% different for the buy-sell which equal to HKD3450.

TRAVELEX is not a normal money exchange but a robbery and bandit. And worst, a company that won't keep their promises. I'm wondering HK government or HK money authority would allow such a company to operate in such a manner to cheat customers and to ruin HK reputation.

I will find ways to complain when I get back to HK. If finally I can't take my money back. Then the money will be consider as a gift to the bereaved especially for the so-called manager in charge Ms. Li.
Th
  17th of Aug, 2011
Agree Disagree 0 Votes
Anybody defending TravelEx or blaming these consumers for not having done their research, STOP. You are missing the point entirely. TravelEx exchanges money at larcenous rates. Like any ForEx trader, they profit by buying below and selling above the market rate. But their margins are greater than those of most, if not all ForEx boutiques you find on the street while traveling, which often do not charge commission or a fee, unlike TravelEx. So these consumers are right to be angry: In comparison to what they might have received elsewhere, TravelEx ripped them off. In terms of research, most travelers are novices and TravelEx claims to offer the best rates, claims that elsewhere fees will be greater, et c.
Advice to travelers: 1) Use your credit card - it gives the best rate and you will not come home with cash that you have to re-sell. Note: Check with your credit card/issuer/bank that a) you can use your card abroad and b) what fees/interest/et c you will be charged for doing so. My Visa charges a 3% fee. 2) Use your ATM - not credit - card [at the ATM]. Again, this gives the best rate, though you'll probably be charged a fee for using not-your-bank's ATM. Check with your bank.

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