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The Post Office has come under fire for offering customers a poor exchange rate on prepaid travel money cards it cancelled. Some travellers are losing almost a fifth of their unused holiday spending money through this manipulation of exchange rates, a Money Mail investigation has revealed. Marc Gander, spokesman for the Consumer Action Group, branded some of the exchange rates uncovered by our investigation as 'outrageously expensive'. Prepaid cards that you load with money before your holiday can offer better exchange rates, but they hit you with fees of up to ?10 to cash them in on your return. But the most expensive transactions are those made at bureaux de change at airports and ferry terminals, where exchange rates are normally less favourable than on the High Street or online.

Bob Atkinson of Travelsupermarket says: 'Ignore the smokescreens of commissions and exchange rates. The Post Office argues it is unlikely that travellers would be fully hit by its charges for selling back currency because they'd probably keep the euros on their cards until they next needed some. And it charges ?6 online to get the balance back from your card — although this service is free if you go into a shop and the company says it will match rivals' buyback currency rates where necessary. Travel FX Ltd is a specialist dealer in currency providing an alternative to banks, bureaus de change and the Post Office for clients seeking competitive exchange rates. We will provide you with a fast, efficient and hassle free online process with no commissions, great rates and next-day delivery*.

Using this service helps to avoid exchange rate movements on larger sums and the risks associated with them. Thousands of holidaymakers were left without a card to use abroad when all Post Office Travel Money Cards stopped working on February 14.
And for a ?3.99 fee paid upfront, it will let you sell back money at the same rate you bought it for.

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23.07.2015 | Author: admin

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