Rate of Exchange.
 

A question before I explain. Need to know that I am not being too thick, which I suspect I may have been.

If you went to an Exchange Bureau and required 500 euros, how much sterling would you be expected to be charged. They are not charging you any commission and the rate was approximately 1.14 at this time.

Re: Rate of Exchange.
 

Might be being dense myself, do you mean how many Euros would you get for £500., if there was no commission charged?

£570.

Re: Rate of Exchange.
 

No, how much sterling would I have to pay for 500 euros, but that is on the right lines ... just t'other way around.

Will be back, after Asda, to explain how thick I may have been. :(
I was charged approximately £506 (pounds) for 500 euros. :confused:

Re: Rate of Exchange.
 

Sorry!

See what your saying.

How much in sterling, if you wanted 500 Euros?

It's about £438.60

Re: Rate of Exchange.
 

You're not at all thick!

Don't worry.

Most things can be undone.

Re: Rate of Exchange.
 

Who charged you that?

They told you the exchange rate was 1.14, then charged you that?

:eek:

Re: Rate of Exchange.
 

€ 500 = £ 435.3884

Re: Rate of Exchange.
 

Yes ... that's what I figured ... see above post .. did it while you were doing this.
I had not looked at any currency rates for the last 18 months as not had the need to. Was rushing through the Airport ... so went to nearest Exchange Bureau. Did ask why I was paying more pounds(figure wise) than euros. Lady was Dutch I think, but another assistant came along and explained the rate of exchange was summat like .98.

My stupid mistake was not to look at their board and just accept, 'cause it had been almost level at one stage.

My next stupid error was to lose the receipt ... did mean to keep it.

Thing is they will have a record, as they asked me to put my address on their copy of their receipt, and I do know the date and time.

Please don't tell me I should have gone to the Post Office, etc., and should have been more careful .. I KNOW.

Just wanted to confirm that I still did not had my stupid head on before I try and get in touch with them... thanks Garinda.

Re: Rate of Exchange.
 

They didn't tell me it was 1.14 .. checked the history for 4th September and it was approximately this. Gawd, I'm so thick sometimes. :o

Re: Rate of Exchange.
 

Oh hun.

I think you've just been very unlucky, and they've charged you an exorbitant exchange rate.

Especially if they did quote .98.

Unfortunately they're businesses, and are free to charge whatever they like, blaming higher overheads if they're renting space in airports.

All the ones at airports rip people off.

Thousands of people every day. Not just you.

It's done now.

You'll not do it again.

Don't let it spoil your holiday.

I'm sure there'll be lots of handsome men queueing up to buy you drinks/dinner/flowers, which will make up for this aggravating loss. x

Re: Rate of Exchange.
 

Sorry, posted before I read you intend to complain.

Do do that.

Worth a try.

Re: Rate of Exchange.
 

....and if it happened at the airport, you're either on holiday or back, so if you are there have a good time.

If you're back, welcome home.

Not the only one who's got their daft head on.

Re: Rate of Exchange.
 

That is a buggger Kate, theiving gits they are.

Hope you get a result from them.

Welcome back and hope you had a great holiday.

Re: Rate of Exchange.
 

Worth a try.

Though I fear they'll just blame the overhead costs they face, bringing customers such a 'handy service'.

Like the concessions and cafes at stations, charging well over the odds.

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And may have 'accidently' lost all records of Kates transaction.

They will try owt to get out of it.

It's a bludy shame though when it happens to nice people.

Re: Rate of Exchange.
 

Sixty six quid down on 500 Euros is outrageous!

However if Katex remembers the rate they were giving, but just didn't realise it was so poor, there's not a lot legally to be done.

With or without a receipt, that's the rate they said they were giving.

Different if they'd said, or advertised one rate, and given another.

They just rely on people passing through in a rush.



Never again.

Re: Rate of Exchange.
 

Nope, I dont think people will make the same mistake twice with things like this.

It puts a downer on a holiday when it happens and also if you are on a tight budget you would have to be more careful with money on holiday rather than splashing out a little.

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They are total rip offs.

You'd get a better rate using a card in a cash machine when you got to your arrival airport.

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Thats what I did last time I were abroad.

Re: Rate of Exchange.
 

I've done it myself...once.

When I was in a last minute rush, and didn't have time to get currency from my normal supplier.

It was only later that I realised how pish poor a rate I'd gotten at Gatwick airport.

Thankfully I was going to an African country, who put a very low limit on how much of their currency you could take in.

Re: Rate of Exchange.
 

That's pretty dammed poor, these money grabbing sods.
I always use cash machines for currency, in my job you don't have much choice really!
If it helps for next time, if you have a smart phone, you can download the XE Currency Calculator, it gives you the current rate and converts any amount you input.
It's also free, a must for those of us who travel abroad a lot.

Re: Rate of Exchange.
 

I know .. has been suggested about the cash machines, but I am reliant on my friends running me into town and would need to draw more than the limit to give them my bed and board, so to speak. Like to get it out of the way. I know you could lose a few pounds by not looking around, but worth the headache, but this is a blooming migraine.. :eek:

Do you know which Exchange Bureau is the one that is at the bottom of the slope after security into the Departure Lounge, on your right ... a long one against the wall ? Travelex or Currency Exchange ? Terminal 1.

I still feel they made a mistake.

They had a deal with Monarch BTW on no commission.

Re: Rate of Exchange.
 

katex, the commission/no commission is a seperate charge. If you go for 'no commission' you get a slightly poorer rate(thats how they get it back).
They've given you about 0.975 euros to the pound- a rip off but I'm afraid that's typical of the MUCH poorer rate you get at the airport. They did quote you 0.98 so they haven't fiddled you-just ripped you off.
Surprising what a difference it made!

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Can't accept that the difference would be over £70 !!... less if commission, but still not a huge difference. They would never do any exchanges .. not everybody was as vulnerable as me that day.

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I always take just enough euros to last 24 hrs or so, cos always get a better rate in Spain from all exchange dealers yon,shop around them n get best rate yon is what i do. normally i bring euros back fer next time so never use these shylocks here.;)

Re: Rate of Exchange.
 

katex,I couldn't believe it myself, I had to recheck that what looks like a small difference could make such a big difference and my maths is rusty.

But they offered you 0.98, you expected 1.14. That's 0.16 euros less for every pound x£506=£80.96. That's the extra they charged you for 500 euros more than you would pay at the Post Office-they'd have given you 577 euros for £506.
You ARE vunerable at the airport- they know they've got you. Unless you're using company expenses or caught out no-one uses them-I bet you weren't in a queue.

Re: Rate of Exchange.
 

And another thing, Gordon .. just checked my bank statement (ok .. came to me after a brain rest) .. they charged me £4.50 for transaction; the total being £512.89 !!!!!!!!!!!

It was Currency Express. Trying to find contact number now.

Ok .. know you are all going on about what you do, but this is about me, me, me ... :D:D

This CANNOT be correct. Puff, pant. Exhale. It's never been this large a gap before.:confused:

Re: Rate of Exchange.
 

Hun, they do.

They just rely on people being a captive market once you're in the airport.

People do use them.

They're there, it's easy, and people are usually stressed/rushed/wondering if the cash machine will be working where they're going.

I bet my bottom Euro it's all above board.

The rate they charge will be displayed, and would have been on the receipt.

Morally abhorrent, but I'm afraid not illegal.

I am really sorry. Percentage wise it's a massive amount to lose.

If you complain, give 'em hell. You never know.

Good luck. x

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Did you pay by card?

That's probably the £4.50 transaction charge.

Re: Rate of Exchange.
 

These Bureau de Change at airports are like the motorway services.......they charge over the odds because they know you can't do anything about it..........they rely on the fact that you are in need of a service, which they provide, at an exorbitant cost.

Kate, I think you will have to put it down to being an expensive lesson.........I can't see you getting anywhere with them, as I am sure their terms would have been on the receipt(maybe in print only a microscope could see). Good luck anyway.

Re: Rate of Exchange.
 

Eurochange

Posted this a few times.:):)

Re: Rate of Exchange.
 

I knew I'd got something wrong-that should be 80.96 euros! Sorry, katex.

AND a £4.50 transaction charge-this isn't rip-off, its robbery(but legal robbery).

Re: Rate of Exchange.
 

Yes, you're probably correct, Margaret. Still, just need to ask the question of them if I could find a contact number.

Thanks everyone.... you have all been extremely kind in not chastising me for being a complete mug. :) x

Re: Rate of Exchange.
 

I would bet that we didn't need to do that(and it would be unkind of us to do such a thing when you are suffering such purse pains)...I would make a guess that you have beaten yourself up enough without us getting in on the act.

If it was me, my sister(baby sister at that) would be telling me 'suck it up and move on'.

Re: Rate of Exchange.
 

Watchdog: 'Stop The Holiday Money Rip Off' - Yahoo!

This may help in the future.:)

Re: Rate of Exchange.
 

Something similar to Benipete's post

OFT investigates Bureaux de Change - Telegraph