Just wanted to let people know what%26#39;s happened to me, so think twice before u do this.
We wanted to take 拢2000 worth of US $ with us on holiday. The exchange rates started diving %26amp; I got the best rate I could at the time from Travel Money Services for sending me $ the rate was $1.86.
I ordered my money 2 mths ago - I had to transfer the money from my bank a/c to them 2 mths ago, so I%26#39;ve lost 2 mths interest on my money - I had it in a high interest a/c, so this equalled about 拢50.
Now the rates have gone up, if I went into any high street place I could get around 1.97 - friend did last week at Thomas Cooks!
So I%26#39;m losing a further 拢100 because I%26#39;m getting a low rate in 2 wks time when I get the money!!
So please think carefully before u do this, I will never do this again as it%26#39;s cost me big time!
If I cancel, I will have to pay 拢25 which I%26#39;m seriously thinking of doing now as I%26#39;m so fed up, but then I%26#39;ve got to wait for them to return my money, god knows how long that might take! Then I%26#39;ve got to get my money and the rate could drop by then.
It%26#39;s a no win situation whatever I do!
Warning if u r thinking of getting yr currency posted to uIt%26#39;s always a gamble. Nobody has any realistic way to tell how the market is going to fluctuate.
I don%26#39;t want to go into detail about how people like TMS or Crown work out their future rates, but it%26#39;s not that they, themselves, predict the market (it%26#39;s actually more to do with interest rates in the two countries). And once you%26#39;ve agreed a forward purchase, you are, indeed, contracted to go through with it.
The point is - whether you buy currency in advance, or buy it on a forward deal like this, or whether you wait until you get where you%26#39;re going and then just use an ATM (as I do)(i.e. get your currency at the market rate when you get there), you are at the mercy of the whims of the market.
And it might go either of two ways - in your case, it went the wrong way, but at the time, it might equally have gone the other way (or, not at all, in fact).
So you have to be philosophical about it. It%26#39;s not their fault, and it%26#39;s not yours; the fact it ';cost you big time'; in this particular case is just one of those unavoidable things; next time it might save you some......
Warning if u r thinking of getting yr currency posted to uI agree with Scan,
you took a gamble and it didn%26#39;t pay off. But mine did.
I bought 拢500 worth of dollars a few months back at $2/拢1. Got them delivered Wednesday. At the same time, I bought a further 拢500 worth for October and I got $2.05/拢1. They will be delivered a week before I go. If I had waited like you suggest, I would have gotten far less. My Thomas Cook branch was only offering 1.91 this past friday.
These monies were in a lowish interest bearing acct (2.75%) as I keep larger sums in accts that pay at least 5% or more. So I haven%26#39;t lost out much with interest as I can convert some of that cash later if I like.
I think your problem was who you used in the first place, as they obviously weren%26#39;t offering anywhere near the deal I got at roughly the same time from Crown Currency.
As as SCAN said, why not open a nationwide acct and use their cards? I would if I could.
I understand yr points to the 2 posters who%26#39;ve commented since I put this post up, but the reason I%26#39;m putting this post up is to alert anyone who is thinking of doing this, to think again.
I am with Nationwide and wouldn%26#39;t use them as I%26#39;ve had endless problems with both my bank a/c and both mine and my husband%26#39;s credit cards, due to their staff not doing what I%26#39;ve asked them to do despite my phoning - several times and writing 3 letters! The last letter in May, I%26#39;ve received one reply advising their staff are investigating! How long does it take this company?!!
I wouldn%26#39;t recommend Nationwide in a million years, I%26#39;ve never had so many problems with one company and their staff appear to be out to make mistakes and then unable to correct them.
I%26#39;ve opened an Abbey Zero card - a new credit card which is cheaper than Nationwide and cost free. It%26#39;s the recommendation from Martin Lewis and his website ';moneysavingexpert.com'; - so I%26#39;ve yet to test that out.
Last time we went, last Aug, we had endless problems using cards in the ATM%26#39;s and credit/debit cards - they take forever at tills. So I wanted to take cash as that%26#39;s the easiest solution. But that%26#39;s turning out to be very expensive.
By the way Amanx - Travel Money Services, TMS are a sister company to Crowne Currency Exchange and were offering a better exchange rate than Crowne, which they often do!
Its a gamble some you win some you lose ...we ordered our dollars from Crown Cuurency and got $2.11 I would never have ordered them at $1.86..
Annie
I do appreciate where your coming from and it obviously hasn%26#39;t worked out the way you planned it but it is just a big gamble.
I%26#39;ve used nationwide everytime I%26#39;ve been in the states and my cards have always worked and you end up with the best rate.
Agree with Annie. Ordered from crowncurrency at 2.1 would never order at less.
Oh dear (un)happy0007.
- Problems at ATMs
I have never had a single one; I wonder what you were doing that I wasn%26#39;t or vice versa; I simply look for a branded major bank machine e.g. Wachovia or Suntrust, etc., and use a Mastercard, Visa, or my Maestro Debit Card. I%26#39;ve used cards issued by several different banks in this way over the years.
- Problems at tills
I have never had a single one using a Credit Card; I%26#39;ve used cards issued by several different banks in this way over the years. US stores are geared up for card use; this is generally what the locals do for any value over, say, $10.
- Problems with Nationwide - well, maybe, but then pretty well all large organisations are equally bad nowadays in my experience; I hope you get on better with Abbey. I can%26#39;t personally criticise Nationwide.
As for others thinking again........as I say; it%26#39;s a gamble which can just as easily turn out one way OR the other.
H,
No1. your prob with nationwide. Write in to the Telegraph (Jessica investigates) or the Sunday times money person to get help. But not both lol.
And, if I lived on the mainland UK and could get a nationwide card I get one in a heartbeat but they don%26#39;t want my money due to where I live. I am thinking of getting an Abbey zero, but they are one of the worst banks anywhere to deal with.
No2. Travel money may be part of crown c, but I ordered my currency only a few months ago (early April?) as well and got rates of 拢2-2.05 to the pound. I have not seen a rate frm them under 1.90 whenever I%26#39;ve looked (and I look frequently as I travel frequently).
I%26#39;ve ordered from the 4 times this year alone, although 2 were for euros and ECDs.
Currncy speculation is a gamble. But I think you should reflect that it could have gone the other way and you could have gained the same as well. More pertinent is that free delivery with these companies is set at orders of over 拢500. So, if spending 拢2000 you could have split your order in to two or 4 lots and that way %26#39;spread your risk%26#39; instead of ordering the lot at once.
SCAN, I had 4 cards turned down at walmart last Jan. I hadn%26#39;t called them I was going ( I usually do).
Good thing I had my debit card, and it went thru OK. But it wasn%26#39;t nationwide and there were charges. But it worked out better than 1.90 overall as it was quite a big bill ($900~?).
Don%26#39;t usually ever try to get cash out of ATMs there (except with my US acct) but might in future with the new Crown Currency card. Or a Nationwide one, if they ever accept offshore applicants lol.
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