TravelX / Returning foreign currency to the place where you bought it
WARNING for those buying foreign currency in the US from TRAVELX
I purchased some overseas currency from TravelX, for a trip I was taking. I got a receipt with a "guaranteed no-fee buy-back plan"--the company guarantees that it will buy back the currency for NO FEE!!!
That's true. But the info is written in such a way as to suggest that you will be given roughly the same exchange rate as when you purchased the currency.
Of course, anyone who's ever dealt with overseas currency knows very well that there is one rate for buying currency, and a different rate for selling it. Naturally, TravelX buys it back at the different rate!
Nothing dishonest in this; what is dishonest is that the "guarantee" is intended to make the consumer think that the rate will be the SELL rate rather than the BUY rate.