The other day, I went to Travel Money OZ at Castle Hill, NSW to exchange some AUD into Japanese Yen.
I was given the rate of 1 AUD = 92.0874 Yen.
I trusted their big sign at the shop which said “Best Rate Guaranteed” - so I didn’t check up the rate given to me at the time.
But when I got home, my wife told me that she had gotten much better rate elsewhere!
So I checked up on internet , and found out that:
(1) This rate of 92.0874 is actually 6.4% lower than the rate they advertised (98.33) on their Travel Money OZ Web site - on the same day!
(2) This rate of 92.0874 is about 9% lower than the official rate on the same day (101.08)!
I am interested to hear your opinions about what I should/could do about such a rip-off.
Thank you.
Currency Exchange Rip-off
mickminh on 30/10/2024 - 23:47
Comments
Get your cash from a non-airport ATM on arrival. You've otherwise incurred the cost of Australian labour rates, premises leasing, technology, supply chain logistics, protective services, regulatory compliance & the operator's profit margin.
Next time do your research before you exchange cash, as opposed to after 👍🏻
At least you didn't trust some random scam website that promised an even lower rate.
I am interested to hear your opinions
Do your homework first, not after………
People are going to rip you off wherever they can. If you adopt a policy where you obtain 3 quotes minimum on everything you buy, then you can avoid this. The 3rd one being for better ballpark analysis and outlier detection. Of course, more than 3 is better.
interested to hear your opinions about what I should/could do about such a rip-off
Move on, learn a lesson, enjoy your Japanese holiday, realise you honestly won't care about the few bucks by the time you get there anyway
Lol.
u need to WISE up
Next time let your wife to do all the decisions. As in ALL
Better find a rich Japanese wife, saves most on exchange fees.
I went to the supermarket yesterday to buy some bread on special for $2.50, which i thought was a good price, but then I found out that they pay the supplier $1 for the bread.
I am interested to hear your opinions about what I should/could do about such a rip-off.
When you do a walk up and exchange, they take that big commission, and you get the 92c rate
If you order the exchange online - you get the 98c rate. The yen can be delivered for a fee or you can have it delivered to the exchange place for pickup which is usually free.
The 101 rate is only possible if you withdraw from an ATM in Japan, this is the best option you don't need to exchange yen in advance.
I thought it was well known currency exchange places were a rip off?
Well do you expect them to sit there paying some bum $20/hr in a crappy booth ready with useless foreign currency just for you to save $100?
OP is free to do FX in Japan. But obviously didnt spend the time to research or feels it's more convenient to do so now.
So why should OP get the cheapest for zero work?
I absolutely agree they need to charge a commission for their services, however that doesn't mean you need to use them. As multiple people (including yourself) have pointed out, the best thing to do is to get it from an ATM once you've arrived in the country from a low exchange fee card provider. Last time I checked (which was quite a few years ago), ING gave great exchange rates if you used their card.
I'm more confused at why OP isn't bothering to do his research and then complaining about how he got ripped off afterwards. The problem with "common" sense is that it ain't very common.
where did your wife go?
And what rate did she get?
The hit wife discount rate.
Why did you exchange 2 lots of money in Australia instead of in Japan…?
Take AUD and exchange in Japan, you will get a much better rate there. When I was last in Japan (early 2024), AU was offering 92 Yen to 1 AUD, when I got to Japan, 95 Yen to 1 AUD was widely available.
Surprising to see some people are using currency exchanges in 2024.
The problem was going in person to do it.
The rate online is different to in person.
I did an online order, got the better rate and then picked it up a couple of hours later in store. A very stupid systemWhat you should do is take this as a learning experience.
How awful that a bricks and mortar business should make a profit.
You'll never get the "Official Rate" anywhere, never. The exchange (shop, Bank ATM etc) sets their rate with a margin built in. It's a business so the differential is what gives them a profit and covers their costs.
I am interested to hear your opinions about what I should/could do about such a rip-off.
Write a strongly worded letter to head office. Then forget about it as Travel Money OZ will do promptly on receiving your letter.
Oh dear. As some members have already suggested, it's best to withdraw from an ATM in Japan to get the best rates. The next best option would be to exchange after you arrive in Japan. The exchange booths in Australia are all rip-offs, and you certainly don't exchange there to get the best price. I'm not sure what cards you use, but my Up debit and Ubank debit cards have both proved to be good for cash withdrawals and purchases overseas, as both have no overseas transactions fees and don't charge for ATM withdrawals. I also have a nab debit card (for ex-Citibank customers) that also has the same benefits, and I'm sure there's more cards out there with similar benefits. With so many choices, there's really no reason to get ripped off.
I think the real question the OP is asking here is
"Did they engage in false advertising"
when they advertise a
"Best rate guaranteed".Clearly it wasn't the best rate so the second question is how do they use the guarantee to get compensation?
https://www.travelmoneyoz.com/best-price-guarantee
Unless OP supplied a same day quote from an in state competitor, OP did not fulfil the requirements of the Guarantee.
They didn't lie. That was the best rate they were going to give you, guaranteed.