Moneycorp - I feel robbed
Discussion
Just having a rant here - at my own mistake.
I have just returned from a weekend in Marrakech. Having not been to the country before, I wanted to take some local currency (Dirhams) with me, not knowing what to expect when I arrived there.
I therefore went to Moneycorp in Gatwick, spent £306 in return for 2200 Dirhams. Being excited about the trip, it wasn't until I got to Marrakech, beer in hand, that I looked at the receipt. I basically got £194 worth of Dirhams for my £306.
I've since contacted them, and the only reason they can give me for the poor rate was that they only keep a limited amount in stock, and I should have pre-ordered for collection at the airport for a better rate. I wasn't advised of the value of the Dirham in GBP when I did the transaction. Typically, I'd expect to lose maybe £20-£30 typically, which is why I didn't check the receipt.
Anyway, I know it's my mistake, and loss, so I'm not looking for the "you idiot" responses, just wanted to share a bad experience with Moneycorp so that perhaps others might avoid similar misfortune.
I have just returned from a weekend in Marrakech. Having not been to the country before, I wanted to take some local currency (Dirhams) with me, not knowing what to expect when I arrived there.
I therefore went to Moneycorp in Gatwick, spent £306 in return for 2200 Dirhams. Being excited about the trip, it wasn't until I got to Marrakech, beer in hand, that I looked at the receipt. I basically got £194 worth of Dirhams for my £306.
I've since contacted them, and the only reason they can give me for the poor rate was that they only keep a limited amount in stock, and I should have pre-ordered for collection at the airport for a better rate. I wasn't advised of the value of the Dirham in GBP when I did the transaction. Typically, I'd expect to lose maybe £20-£30 typically, which is why I didn't check the receipt.
Anyway, I know it's my mistake, and loss, so I'm not looking for the "you idiot" responses, just wanted to share a bad experience with Moneycorp so that perhaps others might avoid similar misfortune.
Sorry for your experience - that's a pain.
A lack of currency in stock is not an excuse to make the rate any poorer than if they had enough MAD in stock. However, someone has to help pay for their rental of the expensive airport terminal floor space.
From experience, either pre-book your currency online, for collection at the airport, or phone an FX broker to see if they work with any companies who do cash transfers.
A lack of currency in stock is not an excuse to make the rate any poorer than if they had enough MAD in stock. However, someone has to help pay for their rental of the expensive airport terminal floor space.
From experience, either pre-book your currency online, for collection at the airport, or phone an FX broker to see if they work with any companies who do cash transfers.
I would consider that to be an unexpected transaction. I don't think anyone would ever fairly expect the spread to be widened out based on how much physical cash a shop has to hand. Your basic view at the time that you'd be paying market rates with the added, traditional bum raping of an airport FX shop is in line with expectations.
At the bottom of your paperwork what is the name of the company you transacted with? For example, if it were TTT MoneyCorp then I would be emailing this chappie asking if how you were quoted fits with their TCF compliance: https://register.fca.org.uk/ShPo_FirmDetailsPage?i...
Physical FX is a scum business riddled with fiscal rapists so don't have any qualms about kicking up a fuss. They will usually want to pay you to f
k off quite quickly.
The key, ultimately, is whether the entity you dealt with is regulated.
At the bottom of your paperwork what is the name of the company you transacted with? For example, if it were TTT MoneyCorp then I would be emailing this chappie asking if how you were quoted fits with their TCF compliance: https://register.fca.org.uk/ShPo_FirmDetailsPage?i...
Physical FX is a scum business riddled with fiscal rapists so don't have any qualms about kicking up a fuss. They will usually want to pay you to f
k off quite quickly. The key, ultimately, is whether the entity you dealt with is regulated.
Surely that's like me going to the bank, taking out £500 and them only giving £250 but deducting the whole amount from my balance because they couldn't be bothered to fill the tills.
Dunno if it's illegal or not but I'd be kicking up a Twitter fuss with them and the airport operator.
Dunno if it's illegal or not but I'd be kicking up a Twitter fuss with them and the airport operator.
This is what they should be regulated to carry out: https://www.handbook.fca.org.uk/handbook/glossary/...
The CFX subsidiary is also regulated: https://register.fca.org.uk/ShPo_FirmDetailsPage?i...
The CFX subsidiary is also regulated: https://register.fca.org.uk/ShPo_FirmDetailsPage?i...
bloomen said:
Surely that's like me going to the bank, taking out £500 and them only giving £250 but deducting the whole amount from my balance because they couldn't be bothered to fill the tills.
Dunno if it's illegal or not but I'd be kicking up a Twitter fuss with them and the airport operator.
It's not illegal because their terms will cover them for quoting whatever spread they wish but what it boils down to is whether for the small sum involved they want to try and argue that the spread at the time complies with basic TCF expectations or whether they would rather invest many times more in dealing with the Ombudsman. Dunno if it's illegal or not but I'd be kicking up a Twitter fuss with them and the airport operator.
bloomen said:
Surely that's like me going to the bank, taking out £500 and them only giving £250 but deducting the whole amount from my balance because they couldn't be bothered to fill the tills.
Dunno if it's illegal or not but I'd be kicking up a Twitter fuss with them and the airport operator.
Surely its more like going into a shop to by eggs and getting 6 for your money, then finding out you could have fot 12 for the same money somewhere else.Dunno if it's illegal or not but I'd be kicking up a Twitter fuss with them and the airport operator.
Thanks for the feedback. A Twitter comment has led me to make contact with an area manager who is showing no sympathy. I've been offered a 'preferred rate' on my next transaction at Gatwick. That's all. I'll look into the contracting entity and their regulations. I'll challenge further out of principle. Thanks again.
Forget area managers. They are just low level clerks with a tick sheet at best.
The shops at Gatwick are Moneycorp CFX and that is a regulated entity. Bypass the clerical, customer services chaps who are there to fob off punters and go direct to Compliance asking how it is Treating Customers Fairly to widen the spread significantly away from the true market just because that desk didn't have enough currency to fulfill your transaction.
If you weren't clearly warned and if you clearly weren't advised to try one of the other ten MoneyCorp shops at Gatwick then they are wrong regardless of their terms allowing them to make whatever quote they fancy.
The shops at Gatwick are Moneycorp CFX and that is a regulated entity. Bypass the clerical, customer services chaps who are there to fob off punters and go direct to Compliance asking how it is Treating Customers Fairly to widen the spread significantly away from the true market just because that desk didn't have enough currency to fulfill your transaction.
If you weren't clearly warned and if you clearly weren't advised to try one of the other ten MoneyCorp shops at Gatwick then they are wrong regardless of their terms allowing them to make whatever quote they fancy.
DonkeyApple said:
98elise said:
Surely its more like going into a shop to by eggs and getting 6 for your money, then finding out you could have fot 12 for the same money somewhere else.
Yes but egg vendors aren't generally bound by TCF regulation that is there to prevent that practice. Just a quick update. I made contact with the chap in the link provided (thanks DonkeyApple) and have subsequently been offered an ex gratia payment of £60 - a 'good gesture' if you will. I've accepted this, as it wasn't so much the amount that was the issue (just glad I didn't ask for £1k worth), but the principle. I have to say though, they were, and continue to be unapologetic about the issue, and still refuse to acknowledge that they need to advise the actual value at the point of transaction.
Anyway, lesson learnt, nobody died, bigger problems in the world, matter closed.
Again, thanks all for the advice.
Anyway, lesson learnt, nobody died, bigger problems in the world, matter closed.
Again, thanks all for the advice.
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