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No1 Currency - Fexco rates on foreign currency

  • 02-05-2025 06:41AM
    #1
    pale rider
    Registered Users, Registered Users 2 Posts: 428 ✭✭


    if you are heading away at some point and require cash in hand for the countries you visit might I suggest you avoid this firm and instead use the airport ATM at your destination where you will get better rates and usually pay a fee of around €5.

    we required cash in hand for three countries and foolishly I ordered this through Fexco, I spent €600 odd on the order.

    When I started using this cash I realised quickly that I had paid more than 15% more for the currency ordered through No1 Currency ( Fexco )

    €85 odd over the mid point exchange on a €600 odd purchase.

    Complaint submitted resulted in a letter saying you should have noticed the rates and had opportunities to opt out.

    Maybe, however I’m a consumer not a foreign exchange wizard and the currencies related to countries in Asia that I would know little about…until I started using them.

    I understand the need to make a profit but to me almost 15% is excessive.

    Never again,



Comments

  • #2
    Cabaal
    Moderators, Technology & Internet Moderators, Regional South East Moderators Posts: 28,569 Mod ✭✭✭✭Cabaal


    Not seeing the issue here, are you suggesting they didn't list the % in the terms you agreed to when requesting the cash?

    When it comes to fee's, interest rates etc. Its upto the consumer to read the small print.
    Its like being outraged about 35% APR on a credit card when you didn't bother to read the small print.



  • #3
    cal naughton
    Registered Users, Registered Users 2 Posts: 414 ✭✭cal naughton


    When you say mid market rate i presume you got the rate from an app like XE Currency? Those rates are not available to retail customers fexco etc have to have a margin/commission etc otherwise they would have no business



  • #4
    pale rider
    Registered Users, Registered Users 2 Posts: 428 ✭✭pale rider


    https://www.boards.ie/discussion/comment/123410346#Comment_123410346

    if you are not seeing the issue then you accept 15% over the actual fx is acceptable, it is not imo.

    use the airport atm.



  • #5
    pale rider
    Registered Users, Registered Users 2 Posts: 428 ✭✭pale rider


    Are you saying 15% over the mid range is acceptable ?

    Use the airport atm is my point on arrival and save yourselves real cash not this business No1 currency Fexco



  • #6
    Cabaal
    Moderators, Technology & Internet Moderators, Regional South East Moderators Posts: 28,569 Mod ✭✭✭✭Cabaal


    https://www.boards.ie/discussion/comment/123411246#Comment_123411246


    I'm saying you are the issue, you failed to inform yourself before the transaction.

    Unless you are claiming the company hid the 15% information then there really is no issue, its like buying a tv priced at 1k and then complaining about it saying you found it elsewhere for 800e. The issue is the buyer, not the company.



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  • #7
    pale rider
    Registered Users, Registered Users 2 Posts: 428 ✭✭pale rider


    the issue is that the rates are massively biased towards the provider, in my case by 15%, your example you use is not realistic, in any event my point is that people should buy their cash in the country after arrival at the atm in the airport, not through No1currency Fexco.


    it’s easy to blame me..the consumer, the reality is that for most people this is an unusual transaction, my experience is probably typical, just save yourself the gouging and take cash out of the atm at the airport on arrival.



  • #8
    Cabaal
    Moderators, Technology & Internet Moderators, Regional South East Moderators Posts: 28,569 Mod ✭✭✭✭Cabaal


    https://www.boards.ie/discussion/comment/123411823#Comment_123411823

    I love how your suggestion to use airport ATM's is a known expensive way to get currency in many instances, but sure continue with the suggestion.

    The solution here is for a currency buyer to do some basic research to begin with rather then blame somebody else, which you didn't do.

    Its not complex.



  • #9
    pale rider
    Registered Users, Registered Users 2 Posts: 428 ✭✭pale rider


    Actually it’s not an expensive way at all, quite the opposite in comparison to using No1 currency Fexco, at least that’s my experience.

    thanks for your reply, would be interested in others comments.

    point of my thread was to call out the excessive costs in purchasing walk around money from No1 currency - Fexco, .



  • #10
    JVince
    Registered Users, Registered Users 2 Posts: 1,940 ✭✭✭JVince


    https://www.boards.ie/discussion/comment/123411846#Comment_123411846

    Eh, there's no issue whatsoever here except your inability to understand quite basic calculations.

    Also, using airport ATMs in most cases also gives poor value unless it's a bank owned ATM that only dispenses local currency. Avoid any "foreign exchange" ATMs at all costs. They are as expensive as the counters. Some people are not too concerned and accept the average 15% cost of the convenience.

    Airports are expensive for food service, expensive for confectionery, expensive for currency exchange, expensive for parking.

    Once you understand that you can make an informed choice.



  • #11
    xpletiv
    Registered Users, Registered Users 2 Posts: 1,142 ✭✭✭xpletiv


    These types of operations are literally making money from nothing, and you should not ever be supporting them. They are one of those 'services' that are a scourge.



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  • #12
    pale rider
    Registered Users, Registered Users 2 Posts: 428 ✭✭pale rider


    Eh, there's no issue whatsoever here except your inability to understand quite basic calculations.


    the arrogance in this response is staggering, you know nothing of me, I may have walked into this one but I’m no different to many other people, hence my post and my point on the subject.



  • #13
    Jim_Hodge
    Registered Users, Registered Users 2 Posts: 12,109 ✭✭✭✭Jim_Hodge


    https://www.boards.ie/discussion/comment/123414329#Comment_123414329

    So your solution is don't use a very expensive means of obtaining currency by using another still overly expensive, just not as expensive, means.



  • #14
    pale rider
    Registered Users, Registered Users 2 Posts: 428 ✭✭pale rider


    https://www.boards.ie/discussion/comment/123414359#Comment_123414359

    I got cash out of 3 atm’s in three different countries, I used my Revolut card in each case and was charged €5 for each withdrawal, the rates were very fair, that was my experience.



  • #15
    coylemj
    Registered Users, Registered Users 2 Posts: 25,766 ✭✭✭✭coylemj


    https://www.boards.ie/discussion/comment/123413489#Comment_123413489

    Their margins may appear high but they are most certainly not 'making money from nothing'. OP made the decision to have local currency on him when he landed somewhere in Asia. That requires a service provider to ship the currency from that country all the way to Ireland, only for the OP to bring it back again. That round trip costs money. Which the OP had to pay for.

    FexCo have to source a huge assortment of currencies and credit unions all over the country use them for their over the counter FX service.



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