I have been a fairly regular customer of Travelex for several years now and have recently ordered through the Travelex BA site US$ and AED. I assumed that I would be getting the same rate as through the Travelex main site but this is not the case and the differnces are quite large. For US$ you get about 3% less and for AED you get nearly 7% less. As you can buy BA miles for 1.75 pence you would be better off buying off the Travelex website and then buying the BA miles. In the case of AED you could buy 4 times as many miles with the money you save/gain.
Shame on you Travelex having a small difference in rates is one thing but to be making a profit as large as 300% on the miles you are buying from BA and 'giving' to customers is just dishonest. These miles are not free and are costing customers more than if they bought them directly and avoided your rip off scheme.
NTarrant - 25/10/2009 09:30 GMT
I stopped using this service some years ago after finding that you get a worst rate so effectively you were buying BA miles at a higher rate than you could buy them from BA as you have found.
But also as you have to use your debit card to buy the currency your card issuer charges you a percentage for the privilege. The best way is to buy with cash and hand over your BA Exec card at the time of purchase.
I was not impressed with Travelex at T5 when I went to HKG last year as it was open but no one there and the Thomas Cook exchange had run out of HKD. When I changed some money at HKG airport at Travelex I handed over my BA Exec card which of course they don't take. When I explained the situation she gave me a discount card. When I needed some currency going through LGW I handed over both BA Exec and the card and explained the situation which the manager was called and I got the discount and BA miles so could not fault that part of the service.
MarcusUK - 25/10/2009 10:54 GMT
I haven't used currency agencies for 7 yrs, taking my money Direct from local banks In my destination country.
I use a nationwide card, where you get the Banking Not the tourist rates for the £, in direct currency, & NO commissions! Generally, this shows up on my statements as 15% better rate than buying through agencies, then commission saved on top!
Not that the £ is worth much away from home these days, mostly dropped -30-40% against currencies! 1.75 AUS $ compared to 2.3 in march, & even against Thai Baht, , Rand, generally weaker currencies, it is worth little.
Better to use yr saved cash direct from the cash machine, & buy a flight to earn miles, i have a good couple of weekends away with the amounts saved each yr!
NTarrant - 25/10/2009 12:57 GMT
I usually do the same as you Mark, like you say its cheaper and you get a better rate. I only use other facilities here if I am going to a place I have not been to before or short of cash from a previous visit.
In those cases unless I can't get there, I'll use a local firm which is very good compared to other local facilities.
MarcusUK - 26/10/2009 11:38 GMT
I think the rates we are getting at the moment worldwide, is truly shocking. Down here in Australia, & the UK economy is seen as shot to pieces, it's almost £1-1 AUS $. Any news just does not compare to how the Australian economy has been managed, & it is in good state, strong.
If you have any currencies left over from the last yr, then maybe you are the new millionaire!!
