Travelex “falls into administration”

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Viewing 8 posts - 1 through 8 (of 8 total)

  • cwoodward
    Participant

    I don’t wish them any ill but I always found their rates to be horrible particularly when/where they were the only convenient choice.That said I only ever make any currency exchange at airports as a very last resort.
    For many years I have kept a small ‘stock’ of the 10 or so currencies that I use often which on longer trips keeps me solvent until I change more if needed at the recommended ‘cheapest’ place at my destination.
    For Hong Kong the best deals are to be found on the ground floor of Chungking Mansions on Nathan Road adjacent to the Holiday Inn. I normally find that the best rates are given by the 3rd exchange on the left as you enter from Nathan Road. Particularly good for purchasing/exchanging most Asian and African currencies inc the SA Rand. Here there are a least 20 money exchanges in some 20 yards,competition is cutthroat and so worth checking several.

    1 user thanked author for this post.

    CocktailMike
    Participant

    I never understood why people use them – unless its a last resort at Airports as mentioned
    They have been offering a euro:sterling rate as 1:1 for ages

    Its like buying fuel on UK motorways – why? Unless someone else is paying – and maybe that is what Travelex rely on

    3 users thanked author for this post.

    Flying_Spanner
    Participant

    I haven’t used a currency exchange service for maybe 15 years, ATM works just fine. This news does not surprise me at all.


    ontherunhome
    Participant

    When you see the rates on offer at airports, you wonder how they can get away with it. I would like to see regulated rates, so that this sort of profiteering is not allowed. Then maybe if the rates are sensible, they will get more business on spec.

    1 user thanked author for this post.

    SimonS1
    Participant

    Back in the real world, less than 5% of their business was walk up business at UK airports, so it’s neither here nor there. Of course that is always a captive audience here, plus the need to cover expensive costs (real estate at airports is not cheap).

    I doubt that is anything to do with the company going into administration. That is primarily because of the wider difficulties on Finablr side which have already collapsed UAE Exchange, $1bn of hidden debts etc.

    2 users thanked author for this post.

    SimonS1
    Participant

    When you see the rates on offer at airports, you wonder how they can get away with it. I would like to see regulated rates, so that this sort of profiteering is not allowed. Then maybe if the rates are sensible, they will get more business on spec.

    Profiteering? How much money do they make from airport operations then?

    Why do rates need to be regulated? There is more competition than ever for currency sales – bank, post office, FX bureau, supermarket, travel agent, retail stores (M&S etc), ATM card…..

    Bit like saying full price air fares should be regulated to protect those who can’t organise themselves in advance.

    Strange post.

    3 users thanked author for this post.

    LuganoPirate
    Participant

    I only used them once, at MXP, when I was going to Jordan 2 years ago. I needed enough to pay for the visa and was told there are no facilities air-side and immigration don’t accept credit cards. I lost almost 45% in total on the transaction with the awful rate and all the fees.

    Turned out that not only were there exchange facilities opposite immigration, but immigration accepted payment by credit card!!!

    1 user thanked author for this post.
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