Beware of Travelex Currency Services
I was coming back to the US through Toronto Pearson Airport. I had been traveling internationally and didn”t have any US currency. Near my gate at Pearson was a Travelex ATM that dispensed US dollars and Canadian dollars. I could have waited until I got back to the US to use an aTM, and I most definitely will next time. Travelex used a rip-off exchange rate. Unfortunately, I didn”t realize that because I live in the southern US and don”t have occasion to just drive acroos the border to shop. Nor do I remember the machine even asking me to accept a given exchange rate. i have been told since, by the company that administers the ATMs for Travelex, that the machince is supposed to give a user a choice between having the ATM calculate the exchange rate or your bank. I do not remember this, either. I was asked about the typical ATM fee and of course expected some international service charge. When I got home, actually several days after I got home, I viewed the transaction on my bank”s website. They had charged me a $1.00 ATM fee and a $2.30 international service fee. But what I had not expected was to be charged 14.5 cents (US) on the dollar for the amount I had withdrawn from my account. That”s correct a 14.5% charge on the entire amount for getting US dollars out of a Travelex ATM in Canada. The exchange rate that Travelex used was 1.61475 Canadian dollars to 1 US dollar. The Bank of Canada exchange rate on that date was 1.4151 Canadian dollars to 1 US dollar. In other words, Travelex jacked up the exchange rate by 20 cents Canadian per US dollar which converts to 14.5 cents per dollar US. I don”t know if this is just unethical, or actually illegal, but I am going to find out. Buyer beware of Travelex. Or maybe buyer bend over for Travelex.