Travelex Cash Passport - The Greatest Rip-off Around

[cove]

Has anyone else been ripped off by this farce? My son just found out he'd lost 112 Euros on a Travelex Multi-Currency Cash Passport account he signed up for in 2005. He'd forgotten he even had this account because, believe it or not, they didn't send him a statement at any point between 2005 and the 30th of November 2011. Apparently, hidden deep in their terms and conditions was information about a 2 Euro inactive account fee charged every month but he had no reason to know he'd been charged this every month since 2006 because they hadn't sent him anything since. Maybe he should have read the terms more in-depth, but if they'd sent regular statements like every financial institution should, it would never have got to this. He opened this account when he was thirteen when he thought he was going to Spain for a sport competition.

After this experience, I'd suggest everyone avoids dealing with this card and Travelex as a whole. It's clear they're a dishonest bunch who don't deserve our business.

 

[oz_mark]

While I tend to avoid Travelex products like the plague, in this case, your issue may be with the institution (authorised deposit taking organisation) that actually issues the card, which I belive is Heritage Building Society.

Did you (or your son), just receive a statement, and if so what period was it covering?

 

[RB]

Really comes down to being aware of what your getting into doesn't it? There has been a heap of discussion on this forum that has highlighted shortcomings of this form of foreign currency. While I am sympathetic to the loss, it does come down to individuals being aware of terms & conditions ( inactivity is not very deeply hidden)- your son's loss doesn't automatically mean the other party are dishonest.
I believe inactivity penalties also apply to overseas sims amongst other things so it is not restricted to cash passports.

 

[harvyk]

So what's happened? Did he open this account and place some money into it which has now frittered away to nothing, or has a letter just arrived stating he owes them $$$ on a now empty account and to pay up/

 

[cove]

While I tend to avoid Travelex products like the plague, in this case, your issue may be with the institution (authorised deposit taking organisation) that actually issues the card, which I belive is Heritage Building Society.

Did you (or your son), just receive a statement, and if so what period was it covering?

Yep, he received a statement dated November 30 covering the previous six months.

Obviously you can make the argument he/we should have been more aware, but a system where they go nearly six years without sending you a statement seems designed to rip people off through inactive account fees. I don't want or need to deal with a company who acts that way.

 

[cove]

So what's happened? Did he open this account and place some money into it which has now frittered away to nothing, or has a letter just arrived stating he owes them $$$ on a now empty account and to pay up/

He doesn't owe them anything, he's lost over 100 euros and now has a minimal balance in the account. If they'd sent him a statement at any point over the past six years, he would obviously have acted to prevent it from continuing.

 

[oz_mark]

Yep, he recieved a statement dated November 30 covering the previous six months.

Obviously you can make the argument he/we should have been more aware, but a system where they go nearly six years without sending you a statement seems designed to rip people off through inactive account fees. I don't want or need to deal with a company who acts that way.

I think there is an issue in not receiving a statement for so many years, when they should be being issued every six months. It is hard to believe so many could get lost in the mail.

I just had a read of the PDS - gee, they certainly know how to charge fees (2.95% for using an Australian AUD card in Australia as an unintended use fee :shock. 8% currency coversion fees :shock::shock:

 

[lovestotravel]

Didn't read the T&C's, no-one else to blame but himself!

I use Travelex for foreign cash all the time and the ability to earn Qantas FF points makes it even better

Pick up from the airport on day of departure

Easy

 

[Robert K]

If he forgot he had the money then did he actually lose anything?

 

[cove]

I am glad that he has a 28 Degrees MasterCard now for travelling seeing it is fee free for international transactions.
Travelex should not have treated this as "unclaimed money" by not sending him any update for years and years.
Better we report it than let people dream that Travelex is OK when they are NOT OK.

 

[jb01]

With the class action against the banks in court at the moment, I wonder where the legalities of charging you for NOT using the product lie?? I wouldn't think having the account sit idle takes much, if any cost to maintain.​

 

[Sprucegoose]

Do you mean Travelex? those criminals that operate out of airports???

 

[Stephen65]

Are they the people with the booths at the airport with the 18% buy/sell spread on forex?

 

[codash1099]

Do you mean Travelex? those criminals that operate out of airports???

Yeah, that's them. The same ones who at overseas ports used to take high value coins but no longer do. Maybe they thing they are not legal tender.

However I use them for cash but always order it online - much better rates than turning up cold at their booth.

 

[medhead]

Are they the people with the booths at the airport with the 18% buy/sell spread on forex?

Yep. Those are the ones. Massive rip off.

 

[Sprucegoose]

yes many posts on this mob. steer clear of them.

 

[lovestotravel]

Yep. Those are the ones. Massive rip off.

:shock:

Really ? Only for those that don't book online. If you walk up to the counter at the airport of course you are going to get ripped off

1. You can pay a 1% commission and get Qantas FF points, who else does that ? For me that's another 5% of value

2. Travelex currently offering 1 AUD = 0.9838 USD and no comission

Aus Post 1 AUD = 0.9856 USD
Amex FX Transfer = 1.0094 USD - No good for cash but for paying direct to bank accounts it's good!
Comm Bank 1 = USD 0.978100


Yep Travelex is just so bad isn't it.

For all those that are saying they are so bad, please provide examples of who is so much better, allows Qantas FF points earning and allows pick-up at the airport


Once again, someone didn't read the T&C's of what they signed up for or applied for, lost their money due to account keeping fees and expecting a company to notify them of the account balance at regular intervals.

Take responsibility for your own actions, or lack of action

SIMPLE

 

[oz_mark]

Once again, someone didn't read the T&C's of what they signed up for or applied for, lost their money due to account keeping fees and expecting a company to notify them of the account balance at regular intervals.

Actually the issue is that under the PDS, a statement is required to be sent every six months. It is quite a reasonable expectation that the compnay would advise the balance, as they said they would in the PDS. If those statements had been received then the appropriate action would have been taken.

 

[lovestotravel]

Actually the issue is that under the PDS, a statement is required to be sent every six months. It is quite a reasonable expectation that the compnay would advise the balance, as they said they would in the PDS. If those statements had been received then the appropriate action would have been taken.

Did the contact details of the person change ? Postal address ? Email address ?

This thread is titled "The Greatest Ripoff Around"...

Also as for being "hidden deep in their terms and conditions" the fees are clearly listed on Page 3 of the PDS

Has a complaint been raised with Travelex or just another rant on here without trying to resolve the issue first ?
Was the complaint escalated to the FOS if an appropriate resolution was not reached with Travelex

I am going to assume NO

 

[cove]

No my son who is now 19 has not moved in 19 years so we know they laid low for more than 5 years.
He was patient and tried to negotiate but the call handler would not budge at all as I listened to his side of the call.
Tell a teenager NO DEAL after the best possible negotiation can prove costly to an organization that advertises for customers.
Bad news travels quicker.