BBB Accredited Business since

Travelex

Fax: (212) 701-0461 View Additional Phone Numbers 29 Broadway, 1st Floor, New York, NY 10006 http://www.travelex.com


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BBB Accreditation

A BBB Accredited Business since

BBB has determined that Travelex meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.


Reason for Rating

BBB rating is based on 13 factors. Get the details about the factors considered.

Factors that raised the rating for Travelex include:

  • Length of time business has been operating
  • Complaint volume filed with BBB for business of this size
  • Response to 9 complaint(s) filed against business
  • Resolution of complaint(s) filed against business


Customer Complaints Summary Read complaint details

9 complaints closed with BBB in last 3 years | 1 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 1
Billing/Collection Issues 1
Delivery Issues 1
Guarantee/Warranty Issues 0
Problems with Product/Service 6
Total Closed Complaints 9

Customer Reviews Summary Read customer reviews

2 Customer Reviews on Travelex
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 2
Total Customer Reviews 2

Additional Information

BBB file opened: September 01, 1996 Business started: 10/01/1973 Business incorporated 03/16/1983 in DE
Type of Entity

Corporation

Business Category

FOREIGN CURRENCY EXCHANGE BROKER PREPAID DEBIT/CREDIT CARDS

Alternate Business Names
Travelex Travelex Currency Services Travelex Currency Services Inc.

Additional Locations

  • 29 Broadway, 1st Floor

    New York, NY 10006

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BBB Customer Review Rating plus BBB Rating Overview


BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.

Customer Review Experience Value
Positive Review 5 points per review
Neutral Review 3 points per review
Negative Review 1 point per review

BBB letter grades represent the BBB's opinion of the business. The BBB grade is based on BBB file information about the business. In some cases, a business' grade may be lowered if the BBB does not have sufficient information about the business despite BBB requests for that information from the business.
Details

BBB Letter Grade Scale

BBB Rating Value
A+ 5
A 4.66
A- 4.33
B+ 4
B 3.66
B- 3.33
C+ 3
C 2.66
C- 2.33
D+ 2
D 1.66
D- 1.33
F 1
NR -----
Star Rating scale

  Average Score
5 stars 5.00
4.5 stars 4.50-4.99
4 stars 4.00-4.49
3.5 stars 3.50-3.99
3 stars 3.00-3.49
2.5 stars 2.50-2.99
2 stars 2.00-2.49
1.5 stars 1.50-1.99
1 star 0-1.49

BBB Customer Review Rating plus BBB Rating is not a guarantee of a business' reliability or performance, and BBB recommends that consumers consider a business' BBB Rating and Customer Review Rating in addition to all other available information about the business. If the BBB Rating is NR then only Customer Reviews are used for the Star Rating.

Complaint Detail(s)

1/14/2016 Billing/Collection Issues
1/5/2015 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: I purchased a Travelex EU Cash Passport Card in the summer of 2012. I did not use the full amount that summer. In 2014, I tried to use the card again in Europe where I now live but was unable to do so. I tried to log in online to check the balance and was unable to do so. I called the customer service phone number and was told that the card type was no longer used and the card had been cancelled the previous year in fall of 2013. When asked about the remaining balance of my money on the card, they directed me to call a bank that dealt with it for them. I called the bank, but because I sold my house and moved after the card was cancelled, I now have to send a notarised letter with my change of address before I can receive my money. Additionally, now that I live abroad, it costs more money to have this letter notarised than the amount left on the card, so it was not easy for me to procure this at no cost. It seems like theft that the card was cancelled without the balance being sent to me as a check. In my eyes this company stole my money and only returned it when I called them out on it. They did not send me anything in the mail informing me that the card was being discontinued in fall 2013 (it did not expire until 2017). I was told nothing and would have simply lost the money had I not pursued it myself. Furthermore, since I sold my house, have a different mailing address, and live abroad, I have now had to go to some trouble to get my refund. I had been told that this card would be good through April 2017 so I do not understand why the company didn't alert me to a change in this agreement.

Desired Settlement: I feel that it is a very dishonest business practice to cancel a card that someone has paid to put money on without informing them and sending them the refund. At the very least, when I called requesting this refund of money that was taken from me without a word, it should have been easy to have it sent to me, wherever I was living at the time. Obviously within the space of several years, it is common that people should move and change address. This seems unacceptable to me. I would like the company to cease acting like this in the future to protect the money of their potential future customers. I am seriously disappointed and otherwise would never use nor recommend Travelex ever again.

Business Response: Dear BBB,

Travelex is always disappointed to hear that a customer is dissatisfied with a product or service.  Travelex strives to create products that are convenient, fair and most
importantly transparent.  As such, it is Travelex’s policy to resolve any misunderstanding in a fair and timely manner.

In the case of *** *******, Travelex has agreed to send him a check for the remaining balance on his card—$14.81.   

While the cardholder agreement allows Travelex to amend the terms and conditions at any time, it is also our practice to routinely review, revise, and improve our products and policies to better serve our customers.  Feedback from our valued customers, like *** *******, is always appreciated and a key component of our self-evaluation process. 

Thank you.

Travelex

12/23/2014 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: I exchanged $715 dollars for pesos just over two weeks ago from a Travelex office. The gentleman who sold me the currency said that if I spent over $350, upon my return I could sell back the remaining pesos and I would not be charged the buy back fee of $7.95. He gave the impression that I could sell back the exchanged currency at the same rate I purchased it at. I went on a two week vacation to ****** and the following business day, ******, November **, 2014, I returned to the same exchange office to sell my pesos back. The gal who was working the counter said that I would only be provided a buy-back rate for the pesos if I chose to sell the currency back, instead of the rate that they were initially exchanged at. She explained the buy-back rate was lower than the current exchange rate and lower than the rate I received when I initially exchanged the funds. This was never mentioned to me previously, or I would have never used Travelex's services in the first place. I still have my original receipt and there is nothing that states a buy-back rate instead of the rate I received previously. I already paid their $9.95 fee, plus the poor exchange rate they initially offered of only $11.84 when the peso is currently valued at $14 or more per American dollar; and now they want to provide me with an even worse exchange to buy the currency back? That is absolutely ridiculous and fraudulent to not provide that information up-front during the transaction. They have definitely lost my future business and I intend on making their deceptive and dishonest business practices known to others.

Desired Settlement: The ideal desired outcome would be for the company to quit misleading and cheating their customers by refunding original currency exchange transactions at the same rate the transaction was processed. They need to be upfront with all customers and ensure that, prior to processing any transactions, that customers are aware of all fees, rates, etc. that will result from not only the initial transaction, but also the buy-back transaction. Travelex needs to offer to buy-back the pesos I exchanged at their branch at the exact rate I originally received, without fee or loss during the buy-back transaction. This is what the agent initially lead me to believe they would be providing during the buy-back transaction, but it is not what they actually offered once I returned to the branch.

Business Response: To whom it may concern,

Travelex is always disappointed to hear that a customer is dissatisfied with his or her service. Travelex strives to create promotions that are competitive, fair and most importantly transparent.  Since it is Travelex’s policy to resolve any misunderstanding in a fair and timely manner, Travelex has bought back *** ********’s pesos at the same rate at which he purchased the pesos and waived the left over currency exchange fee as a courtesy.   

Thank you.

Travelex

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

[Your Answer Here]

If Travelex is offering this to me, that would be very nice, but their statement that they have bought back my pesos from me is not true at all. Reading Travelex's response right now is the first time I have heard from the company regarding this offer. I still have the pesos in my possession.

However, if Travelex would actually like to provide instructions on how to proceed with this transaction that they are offering, I may be willing to accept it.

 

 

 

In order for the BBB to appropriately process your response, you MUST answer the question above.


Sincerely,

**** ********




 

Business Response: To whom it may concern,

Travelex is always disappointed to hear that a customer is dissatisfied with his or her service. Travelex strives to create promotions that are competitive, fair and most importantly transparent.  Since it is Travelex’s policy to resolve any misunderstanding in a fair and timely manner, Travelex has bought back *** ********’s pesos at the same rate at which he purchased the pesos and waived the left over currency exchange fee as a courtesy.

Thank you.

Consumer Response: Better Business Bureau:

I want to note that it is sad that it takes this type of action by a consumer for a business to act reputably. Travelex already makes plenty of money on the two sets of fees they charge for their exchange services. They do not need to take an additional amount or percentage from the buyback transaction. But, if they insist on doing so, Travelex needs to adequately disclose and make every customer aware of that process and fee during the initial exchange and contact with the customer.

That said, I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory and the matter can be considered resolved.

Sincerely,

**** **



 

9/11/2014 Advertising/Sales Issues | Read Complaint Details
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Additional Notes

Complaint: My mother and I each bought a CashPassport Mastercard to use on our recent trip to Europe. We made the purchases at the *********** ** location. when i went online to register the card, I noticed that the exchange rate was much higher online. I called the store where I purchased it, and was told by **** that each location sets its own rates. I chatted online with a representative named **** who would not refund the difference or credit the card. Today when I went to close out the card and get the remaining balance, i checked their website for the current exchange rate. when I got to the store, I was told the exchange was .7436 instead of the .8185 on their own website. I feel i was mislead by their claim of "best exchange rate" and lost money on both ends of this deal. We were never told the exchange rate was better online in the beginning. Today, I asked if I should cash it it online for the rate listed on their website (which I had provided a copy) and was told that you can only cash it out at the store. The whole process was deceptive.

Desired Settlement: We want the difference refunded to us from the initial purchases as well as the loss from the buy backs. We also want a refund of $5.95 each that we paid for the cards, as it was rejected many times on the trip, causing us to have to charge purchases and pay fees with other companies.

Business Response: We have reached out the customer directly via email and have resolved the issue. Thank you. 

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

I have not received a check as promised.

 

 

 

 

In order for the BBB to appropriately process your response, you MUST answer the question above.


Sincerely,

****** ********




 

Consumer Response: check was received today. The issue was resolved. Thank you for your help in this matter. Without the BBB, I would not have gotten the refund I was entitled to.

9/9/2014 Delivery Issues | Read Complaint Details
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Additional Notes

Complaint: I was told that if I purchase this card for my international travels, I would be able to easily reload it with more money and receive competitive exchange rates with no fees. In fact, when I tried to reload my card online (as I am supposed to be able to do) I ended up spending hours on the phone with customer service reps over the course of two days, who also could not reload my card or tell me what the problem was. I was never actually able to reload the card online as advertised. When I then went to convert my money back to the original currency upon returning home, I lost over $150 due to a poor exchange rate. I was told that was because I did it online instead of in person - which was never communicated to me. If I had known that, I would have done it in person. Because I trusted this company, I went two full days without access to ash in a foreign country in an area that did not widely accept credit cards, not to mention the frustration and damage to my personal well-being, and on top of that, I have now lost money in exchanging my money back. There was a lack of competence with several representatives that helped me, a lack of access to information since no one seemed to understand how to help me or what was going wrong, a lack of communication about my options and how to proceed in order to save myself money. Overall, I feel I got suckered into signing up for this card with promises of ease and convenience, but found only the opposite.

Desired Settlement: I would like the difference in the exchange rates applied to my card. I should not lose money over the company's bad business practices. It was about $150.

Business Response: We have reached out to the customer directly via email and have resolved the issue. Thank you. 

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,

******* *****



 

3/25/2014 Problems with Product/Service | Complaint Details Unavailable
3/24/2014 Problems with Product/Service | Complaint Details Unavailable
3/21/2014 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: Money removed from my Travelex debit card **** **** **** ****( Travelex Cash passport - a product Travelex sold to me) without my information making my card invalid and unusable where as the card shows expiry date of 6/2016.I use this card only when I travel to Europe. when I called their customer service, they say the money is taken out and they are asking me to contact some bank in Chicago ! The card is non usable while it has $416.93 cents.I ideally speaking, they should have deposited the funds back and given me the card. They do not take responsibility nor was willing to help. Product_Or_Service: Travel debit card Account_Number: ****************

Desired Settlement: DesiredSettlementID: Other (requires explanation) I need an apology, refund and compensation for the difficulties that I had to go through. No one has authority to take out the money from a card a customer bought without his permission breaking the trust. They had my email, phone and postal address to contact. No one has reached me. This is breach of trust.

Business Response:

Firstly, as early as March **, 2014, the complaint had been rescinded by the customer.  When ***** ******** (Travelex’s authorized user) logged into our account, Complaint ******* was no longer associated with our account and was not available for him to review or respond to directly. As such, our team determined there no longer was a need to provide the response. 

 

Nevertheless, Travelex is providing the following background information for your files.  Travelex is an authorized seller for the MasterCard CashPassport prepaid debit card (the “Card”) and does not issue or manage the Card program.  The Card in question was issued by WestSuburban Bank and Prepaid Access Worldwide (a MasterCard company) is the program manager for the Card.  Shortly after learning of the context for complaint *******, Travelex reached out to Prepaid Access Worldwide to inform them of the complaint and to initiate an investigation on the customer’s behalf. Access Prepaid Worldwide have worked directly with the customer (*** ******) and WestSuburban bank to ensure the issued involved in the complaint were addressed to the customer’s satisfaction.  To our knowledge and belief, Access Prepaid Worldwide have resolved this matter to the customer’s satisfaction and the customer has since rescinded their complaint against Travelex.

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,

********* * ******




7/11/2013 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: Travelex offers a service to exchange foreign currency in which the customer mails them the currency with a completed form to the address I provided. (This service is detailed on the web URL I provided). On June **, 2013, I completed the form they require and mailed it in with two 500 yuan (Chinese currency) notes totaling 1,000 yuan (equivalent to approx. $180), which I sent via USPS Express Mail with signature confirmation. The USPS tracking number was: **** **** **** **** **** **. The tracking number on USPS's website shows that the envelope was delivered on June **, 2013 at 11:15 AM and signed for by a "* ******" (if you track the package using that tracking number, on the right hand side there is a link to click to request proof of delivery via email, and you can get a copy of the signature emailed along with another statement of delivery date and time). Travelex on their website states that upon receiving currency, they issue a check and put it in the mail the very next business day. They say to allow 6-10 days for delivery. Yesterday, June ****, I called to inquire about my order and they stated they had no record. I provided the tracking number, proof of delivery, and told them the name of the person who signed for the envelope. They opened up a "case" to investigate and provided me with case # ******, and told me they would call me back because they probably "were behind" and didn't get to my order yet. I called again today, June ****, after receiving no call back, and they again told me they have no more information and would call me Monday. I don't understand how they could sign for the envelope and have no record of it 10 days after they signed for it. This is good sized company, so I don't think they would just "rob" me of my $180 worth of Chinese currency, but something is wrong for them to have absolutely no record of receiving an Express Mail envelope that they signed for.

Desired Settlement: I would like them to find out what happened to my envelope after "* ******" at the address I provided (which they instruct on their website to send my currency to in order to exchange it) received and signed for it, and complete the exchange. Also, Travelex promises on their website that the exchange rate applied is the day they receive it, I would like to make sure that the exchange rate I get is what it was on June ****, when they received it. I would appreciate it if they would expedite this.

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution is satisfactory to me and the matter has been resolved.

However, I would still refrain from doing business with this Travelex office in the future and would warn others considering doing business with them as they were not helpful at all until I made this complaint. They had poor customer service, in the first place by "losing" my envelope for several weeks which was signed for upon delivery, then promising to call me back and not doing so. Each time we communicated I had to call them and they told me there was "no new information" regarding the case number they gave me when I first called with my complaint. I finally received the contents of my envelope back in the mail a few days ago with a letter explaining that they could not complete my request, which was not their fault. I would have still appreciated a call back when they found my envelope and were preparing to mail it back. In the end, they resolved the dispute satisfactorily by returning my foreign currency to me but they need to work on their customer service and keep track of their incoming mail, especially mail that they sign for when they receive it, since people are sending them foreign currency to exchange worth sometimes up to $2500 at a time (their maximum that they will exchange at a time). I could only imagine if I had not gotten a signature confirmation, which most people probably would not, and I had sent them a couple of thousand dollars worth of currency and they never found it. I'm thankful that I got a signature confirmation on my envelope and that I knew about the BBB and made my complaint because that seemed to motivate them to find my envelope and return it. I still wonder how many people have sent envelopes without a signature confirmation who had their envelopes lost by Travelex and did not Know about the BBB and simply had their currency lost. For these reasons, I believe this complaint and its resolution should be public so that future potential customers can be informed so they may look elsewhere to do their business, or at least will make sure to invest the extra couple of dollars to get a signature confirmation on what they send to Travelex and diligently follow up with the company to confirm receipt and processing of their order.

I sincerely thank the BBB for helping me with this situation, without your help I may not have received my currency back at all. It's great that the BBB exists, as businesses that are rogue or just incompetent are much more motivated to work out a resolution when an organization such as the BBB contacts them on behalf of the customer rather than the lone customer contacting them. Thank you so much!

Best Regards,

****** *********