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C00LAS1CE
Joined: 14 Feb 2010
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 Posted: Tue May 18, 2010 7:33 am Post subject: Ripped off by TRAVELEX on currency exchange...what can I do? |
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Because I am leaving for Korea on Monday yesterday I made a stop by my credit union to exchange $700 USD for KRW. Turned out to be a huge mistake costing me around $200. I was told by the bank employee the company they use gives the actual exchange rate and does not make a profit. The rate I was given (and changed my $ at) yesterday was .00108, not realizing until after I got home that the actual exchange rate was .00087 and I had been severely ripped off by this company, which I found out later was TRAVELEX. I made a phone call to my bank as soon as they opened today to see if I could cancel the order but it had already been placed and I couldn't. The sell-back rate today is .000726, meaning I'd be taking a $230 loss if I sold it back to them today. After getting ripped off last summer in Europe from using airport exchanges I thought I could avoid it using my local bank, and it looks like I ended up getting ripped off even more. Is there ANYTHING I can do about this? Also, where should I do my currency exchange in the future, and is it even possible to get it done somewhere that isn't making a profit on the exchange rate?
Here's some other complaints regarding this company:
http://www.complaintsboard.com/complaints/travelex-c116118.html |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue May 18, 2010 9:24 am Post subject: Re: Ripped off by TRAVELEX on currency exchange...what can I |
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| C00LAS1CE wrote: |
Because I am leaving for Korea on Monday yesterday I made a stop by my credit union to exchange $700 USD for KRW. Turned out to be a huge mistake costing me around $200. I was told by the bank employee the company they use gives the actual exchange rate and does not make a profit. The rate I was given (and changed my $ at) yesterday was .00108, not realizing until after I got home that the actual exchange rate was .00087 and I had been severely ripped off by this company, which I found out later was TRAVELEX. I made a phone call to my bank as soon as they opened today to see if I could cancel the order but it had already been placed and I couldn't. The sell-back rate today is .000726, meaning I'd be taking a $230 loss if I sold it back to them today. After getting ripped off last summer in Europe from using airport exchanges I thought I could avoid it using my local bank, and it looks like I ended up getting ripped off even more. Is there ANYTHING I can do about this? Also, where should I do my currency exchange in the future, and is it even possible to get it done somewhere that isn't making a profit on the exchange rate?
Here's some other complaints regarding this company:
http://www.complaintsboard.com/complaints/travelex-c116118.html |
For small amounts (less than a couple thousand dollars) the AIRPORT EXCHANGE IN KOREA is about the best bet.
UNLIKE airports in most countries the forex desks in ICN are mandated by law to give the same rates as the (same branded) bank branches in the city.
The Korean won is a non-convertable currency so buying or selling won when you are outside of Korea is a BAD IDEA and you will pay dearly for the privilege of doing so.
In short, BRING DOLLARS (or Euros/GBP if you are coming from Europe) and buy your won IN KOREA. The airport is as good as the banks in town and only about 0.5% worse than the best cash rate at the adjummas in Namdaemun).
For larger amounts, bank to bank wire transfers are your best bet for both the exchange rate and peace of mind.
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C00LAS1CE
Joined: 14 Feb 2010
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| Posted: Tue May 18, 2010 3:26 pm Post subject: Re: Ripped off by TRAVELEX on currency exchange...what can I |
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| ttompatz wrote: |
| C00LAS1CE wrote: |
Because I am leaving for Korea on Monday yesterday I made a stop by my credit union to exchange $700 USD for KRW. Turned out to be a huge mistake costing me around $200. I was told by the bank employee the company they use gives the actual exchange rate and does not make a profit. The rate I was given (and changed my $ at) yesterday was .00108, not realizing until after I got home that the actual exchange rate was .00087 and I had been severely ripped off by this company, which I found out later was TRAVELEX. I made a phone call to my bank as soon as they opened today to see if I could cancel the order but it had already been placed and I couldn't. The sell-back rate today is .000726, meaning I'd be taking a $230 loss if I sold it back to them today. After getting ripped off last summer in Europe from using airport exchanges I thought I could avoid it using my local bank, and it looks like I ended up getting ripped off even more. Is there ANYTHING I can do about this? Also, where should I do my currency exchange in the future, and is it even possible to get it done somewhere that isn't making a profit on the exchange rate?
Here's some other complaints regarding this company:
http://www.complaintsboard.com/complaints/travelex-c116118.html |
For small amounts (less than a couple thousand dollars) the AIRPORT EXCHANGE IN KOREA is about the best bet.
UNLIKE airports in most countries the forex desks in ICN are mandated by law to give the same rates as the (same branded) bank branches in the city.
The Korean won is a non-convertable currency so buying or selling won when you are outside of Korea is a BAD IDEA and you will pay dearly for the privilege of doing so.
In short, BRING DOLLARS (or Euros/GBP if you are coming from Europe) and buy your won IN KOREA. The airport is as good as the banks in town and only about 0.5% worse than the best cash rate at the adjummas in Namdaemun).
For larger amounts, bank to bank wire transfers are your best bet for both the exchange rate and peace of mind.
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Thanks a lot for the advice, although I wish I had known this beforehand. I've done a ton of research in this forum and never did I see this info anywhere. There really should be a stickied thread regarding currency exchange so people don't end up getting raped like I just did. I'm really fucking pissed at my bank for dealing with what is essentially a legal scam company and either not knowing or lying to me (and other customers) about it. |
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tua111111
Joined: 20 Apr 2010
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| Posted: Tue May 18, 2010 4:41 pm Post subject: Re: Ripped off by TRAVELEX on currency exchange...what can I |
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| C00LAS1CE wrote: |
Because I am leaving for Korea on Monday yesterday I made a stop by my credit union to exchange $700 USD for KRW. Turned out to be a huge mistake costing me around $200. I was told by the bank employee the company they use gives the actual exchange rate and does not make a profit. The rate I was given (and changed my $ at) yesterday was .00108, not realizing until after I got home that the actual exchange rate was .00087 and I had been severely ripped off by this company, which I found out later was TRAVELEX. I made a phone call to my bank as soon as they opened today to see if I could cancel the order but it had already been placed and I couldn't. The sell-back rate today is .000726, meaning I'd be taking a $230 loss if I sold it back to them today. After getting ripped off last summer in Europe from using airport exchanges I thought I could avoid it using my local bank, and it looks like I ended up getting ripped off even more. Is there ANYTHING I can do about this? Also, where should I do my currency exchange in the future, and is it even possible to get it done somewhere that isn't making a profit on the exchange rate?
Here's some other complaints regarding this company:
http://www.complaintsboard.com/complaints/travelex-c116118.html |
I also wish I knew the option at Korean Airports and even though I'm not going to ICN, I would have taken my chance.
Happens to the best of us. An American Express Travel Center told me there was a 5 dollar fee and they would give it to me at the current rate. Apparently THEIR current rate isn't THE current rate. I just changed some money for 1051/dollar while the current rate opened at 1120 and it popped up to 1160 today. Live and learn... |
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NYC_Gal
Joined: 08 Dec 2009
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| Posted: Tue May 18, 2010 4:48 pm Post subject: |
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| I just wired a few grand home and they only charged a bit over the current rate, so I second the wire transfer to your bank at home as the best bet. |
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Adam Carolla
Joined: 26 Feb 2010
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| Posted: Tue May 18, 2010 5:01 pm Post subject: |
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| NYC_Gal wrote: |
| I just wired a few grand home and they only charged a bit over the current rate, so I second the wire transfer to your bank at home as the best bet. |
What's this got to do with the topic exactly? |
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danxtptrnrth
Joined: 15 Apr 2010
Location: Boeun, South Korea
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| Posted: Tue May 18, 2010 5:41 pm Post subject: |
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Before I left for Korea, I used TravelEx. They gave me a receipt with all of the information on it. They told me that I could return the bought currency for a full refund with the receipt inside of 90 days.
Check the fine print on your receipt. You should be able to get a refund just like with any other business in the U.S. |
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Troglodyte
Joined: 06 Dec 2009
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| Posted: Tue May 18, 2010 10:09 pm Post subject: |
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There are really only a few currencies that are (in practice) used internationally. $ (US and CAN), Euro, GBP, and a few others depending on where in the world you are. The rest should be bought locally. If you go to South America, take USD. If you go to Europe (even non Euro zone countries) take Euros. In Asia, it seems that USD and Euros are the thing, but the exchange rates on Canadian dollars, Yen and Australian dollars are good and any bank will exchange them for local currency. Korea is no exception.
In short, if you're coming from North America or Europe, you don't need to buy Korean Won before coming. (OP, you've learned that already, but I'm pointing it out because you noted that this topic hasn't been dealt with elsewhere). |
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moosehead
Joined: 05 May 2007
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| Posted: Wed May 19, 2010 3:07 am Post subject: |
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Wells Fargo bank in the U.S. will exchange foreign currency of many countries at the going rate no charge if you have an account there.
easiest thing to do when visiting any country is just go straight to an atm in the airport and make a withdrawal of the local currency |
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