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TravelexHorrible exchange rate

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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.

Responses

  • Mr
    MRM Oct 29, 2008
    This comment was posted by
    a verified customer
    Verified customer

    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!

    1 Votes
  • Ra
    Ray Oct 31, 2008
    This comment was posted by
    a verified customer
    Verified customer

    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.

    1 Votes
  • Ha
    Halla Elsineitti Jun 05, 2018
    This comment was posted by
    a verified customer
    Verified customer

    @Ray Yes! Travelex is a huge scam they also did the same thing to me I exchange $3, 400 and US money to Russian rubles they took out almost half the amount and commission without telling me the lady said I get back same amount I gave her but she lied they took out $1, 400 in commission but they don't tell you or explain anything.

    1 Votes
  • Na
    nataloupy Mar 19, 2009

    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.

    1 Votes
  • Fr
    freedomtrain Apr 13, 2009

    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.

    0 Votes
  • Tr
    Travelex Bad Service Jul 21, 2009

    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/

    1 Votes
  • Ab
    abhranil81 Aug 17, 2009

    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.

    1 Votes
  • Ha
    Halla Elsineitti Jun 05, 2018
    This comment was posted by
    a verified customer
    Verified customer

    @abhranil81 Same thing happened to me, I exchanged $3400 in us money to Russian rubles, the lady at travelex told me all they charge is 10.00 dollars, found out that they took out $1, 400 in commission almost half my money and the lady said that I am getting back the same amount she lied they never explained anyting, please beware Travelex is a huge scam!

    1 Votes
  • Ro
    Ron Bandy Nov 25, 2009

    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

    1 Votes
  • Cu
    CurrentC Nov 29, 2009

    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!

    -1 Votes
  • Tr
    Trevor F Dec 11, 2009

    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.

    1 Votes
  • Cr
    craigham Feb 05, 2010

    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

    0 Votes
  • Li
    lissnj8 Mar 14, 2010

    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..

    -1 Votes
  • Ha
    hater101 Mar 18, 2010

    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.

    0 Votes
  • Du
    Dustman Mar 24, 2010
    This comment was posted by
    a verified customer
    Verified customer

    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

    1 Votes
  • Hi
    hirenny Aug 13, 2010

    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???

    0 Votes
  • Ro
    Roann Sep 01, 2010

    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!

    1 Votes
  • El
    ELGRECO Sep 05, 2010
    This comment was posted by
    a verified customer
    Verified customer

    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.

    0 Votes
  • Mo
    money1978 Nov 11, 2010

    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.

    -1 Votes
  • Jo
    John Currency Jun 23, 2011

    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.

    0 Votes
  • Jw
    jw123-2011 Jul 04, 2011

    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.

    0 Votes
  • Th
    TheInformedConsumer Aug 17, 2011
    This comment was posted by
    a verified customer
    Verified customer

    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.

    2 Votes
  • Ro
    romario360 Sep 07, 2011

    As CurrentC says, Travelex are a business, and like any business they'll buy from wholesalers at a certain rate then spread that rate for buying/selling currency to customers. The company makes money on the comission it charges per transaction, and also the difference between the wholesale rate and the buy/sell rate. The rates at an airpot will always, always, always, be much worse than anywhere else, the primary reason is because rent at an airport is extremely high, hence why prices are always high for things like food, water, etc etc. Even Duty Free items are significantly higher priced than on the High Street. This is no different for money exchange companies. Airport space comes at an extreme premium.

    The key point here is, if you go to an airport and change money, then it's entirely your fault for getting "ripped off". It's common sense guys. Don't change your money at an airport, always do it in-town and research your rates before you do. "TheInformedConsumer" here is totally and utterly wrong in claiming it's not the fault of consumers - of course it is! You wouldn't go to an expensive 3-Michelin-star restaurant and complain that a bottle of water is 500% more expensive than at you litlte shop on your street, would you? If people do their research, they won't get ripped of. In fact, if you actually do your research properly, many of you wouldn't get ripped off by Travelex at all, because you'd pre-order your currency online from Travelex's website and get a highly competitive rate (with no commission) whilst still being able to pick the money up at an airport (which is what I do). But then that's clearly asking too much for people who want to turn up at an airport all lubed up and bent over the talbe.

    -1 Votes
  • St
    steveartess Feb 26, 2012

    I could not agree more that Travelex are ripping us off. I recently traveled to Prague, Czech Republic, and like a lamb to the slaughter took my 440 pounds to Travelex at Terminal 3, Heathrow. I got a rate of 25 Koruna to the pound and without asking they charged me 3.99 for 'Buy Back', which I declined but if I hadn't been listening carefully I would have paid for this unwanted service. On arrival in Prague I noticed dozens of money changers in the city offering 29 or 30 Koruna to the pound, so I started my holiday knowing I had just thrown away 60 pounds of my hard earned cash. I will never use them again, and would urge others to avoid them, they are greedy, money grabbing and unscrupulous.

    1 Votes
  • Ia
    iandsmith Apr 03, 2012

    There has been a fairly extensive survey done on Travelex and others in Australia and it will come as no surprise to this forum to hear that Travelex came out the worst on all fronts. Banks, Building societies, Credit Unions and Travel Centre at Wynyard all came out far better than Travelex.
    If you use their website however, the results were totally different. The only problem is that you have to wait three working days to get your money yet, get this, you pick it up from the kiosk where it is the most expensive! Weird but true.

    0 Votes
  • Jo
    John Talyor Apr 07, 2014

    total rip off the slime bag at JFK led me to believe it was just like buying a prepaid debit card and the just made money on the transaction fee. he even was talking about the Bible !! [censored]in lying ###. 1500 US bought 986 euro My mistake for trusting the slime and not paying attention. I spent 622 US and got Back 560 Us so this picece of [censored] product cost me over $300!!! [censored]ers.

    0 Votes
  • Pa
    Patty80926 Aug 25, 2014
    This comment was posted by
    a verified customer
    Verified customer

    I feel so violated! I didn't know what a big rip-off I was walking in to at my trusted bank branch. I though I was AT my bank! I went in to my bank to exchange some American dollars for Euros before heading out on vacation. I was assured that when I returned with my unused Euros within 90 days, as long as I returned with my receipt from the first transaction, I wouldn't be charged any fees or transaction penalties! She said that if the Euro to Dollar rate changed, I, of course would pay the going rate. Okay. I didn't have a problem with that. But when I returned 370 Euros, boy did I get ripped off! I bought them at the EXACT rate on the internet. $1.40 per Euro. Now I expected to receive the common standard rate $1.32, because I understand the dollar gained a little ground against the Euro and I lost $29.60. But when she handed me my money, I thought it seemed less than I expected, so I calculated it out while I was still in the bank lobby. I lost $69.47! I guess they charged me the going rate, but when I returned the leftovers, they kept for themselves 10%. Not a "fee" or a "penalty", just a variant exchange rate for the pleasure of doing business with them. Ha! If it wasn't already past 6 p.m., I'd march back over there and get my Euros back. Cheaters!

    I wouldn't mind so much if she hadn't been so reassuring when I left that I would be given the going rate.

    Travelex lies and cheats. They are liars and cheaters.

    0 Votes
  • Ha
    HarrietteF Mar 11, 2015

    I had what seemed a pretty straightforward request. I called and arranged for some Brazilian currency before I left the country. I didn't want to get their minimum, but I decided to go ahead with it. They told me to be home for delivery and after waiting several days, anxiously making sure someone was home, I finally called. They then told me my request had been rejected. Since I have more than adequate credit available for the funds, and the card was at my address, I was pretty upset. They could give me no reason why it had been rejected and why I didn't get either an e mail confirmation of rejection, although my order was in the system. Essentially they left me high and dry, with the standard "We're sorry for the inconvenience" two days before the trip. Pretty bad.

    0 Votes
  • Li
    Lisa Stover Rigaki Jul 21, 2016
    This comment was posted by
    a verified customer
    Verified customer

    My daughter just cash 200 euros for us dollars. She was told there would be an 8;00 fee, but she did nit realize the exchange instead of being 220 in dollars she was givev188.

    Comments

    0 Votes
  • Ke
    Ken421 May 31, 2017
    This comment was posted by
    a verified customer
    Verified customer

    I sent ~800USD worth of "foreign" money to the Travelex Louisville KY office to sell to them for USDs. I included a breakdown of the USD value based on the then current exchange rate. After no response for ~4 weeks i started calling Travelex. Finally was able to talk to Jame in the UK.
    He looked into it and apparently the Louisville office didn't know what to do because I had included the true value of the currency. So I guess they planned to keep my currency without giving any USD for it in exchange. (100% processing fee !! ) I am now waiting for Jame to call back with what they will offer in USD for this currency . I am sure I will have to call Jame as they never return phone calls. Stay tuned...

    0 Votes
  • Se
    Sevrin Crawford May 17, 2018
    This comment was posted by
    a verified customer
    Verified customer

    I was on holiday in the USA from South Africa with USD travelers cheques from Travelex I chose to use these as they had been sitting around in the safe and also I had, had fraud committed on my traveler cash card. Travelex took it on themselves to bounce all my travelers cheques costing me over 300 USD in bank charges and I now have to pay all that money back to the USA suppliers in cash so again I have more banking fees thanks to Travelex. They have TOTALLY distroyed my holiday the worst is they now expect me to express post these copies of the travelers Cheques to them at another cost and they will exchange and deposit them at another 5% cost this is over and above the original cost for purchasing them. I would also like to point out that you cant get hold of any one out side of British hours and those you do get hold of should not be in the positions that they are in as they are as useful as camera to a blind man. Who in there right mind has an international company that takes responsibility for peoples abroad travels and functions with limited contact (contact available only in British hours, those one does get to speak to in a call centre hardly speak english and are more worried about speaking them listening).

    Do everyone a favour and close your company its no worth the time and space it occupies I know for a fact I will never make use of any of their services again and I will ban the use of their services across all six of the companies I own. I will also gladly share the experience I have had among the other business owners I know.

    0 Votes
  • Ma
    Markamp Nov 14, 2018

    Beware - do nor exchange your hard earned miney here!!! ridiculously high exchange rate - do yourself a favour - go to bank. bank rate 1.47 their rate 1.73??? 20% higher?

    0 Votes
  • Ni
    NIG23A May 05, 2019
    This comment was posted by
    a verified customer
    Verified customer

    Foolishly we went to Travelex at Melbourne Airport to change Aussie dollars into Vietnamese Dong without having first checked on the exchange rate.
    Only later did we discover that to change $2053 Travelex took $522 - yes 25%. This is tantamount to legalised theft.
    When we contacted them they gave us some nonsense about the price of "moving or clearing this currency" . How much can it cost to clear Aussie dollars in Australia!
    Our advice is to steer clear of Travelex at all costs.

    1 Votes

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