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MoneyCorp rip-off ATMs

London
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MoneyCorp rip-off ATMs

Why is MoneyCorp allowed to operate their ATMs with seriously bad exchange rates? They are abusing the public.

Before travelling to Spain from Stansted last week I decide to top up with €200 from a MoneyCorp ATM. Mind elsewhere and not concentrating I just pushed buttons. The charge on my debit card was £211.14!!!!!!!!!! In Spain, €200 at a local ATM cost me just £190.58.

How can MoneyCorp be allowed to trade at such outrageous rates? Presumably the airport gets a rake-off. Shame on you Stansted

17 replies to this topic
Bingley, United...
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for Edinburgh
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11. Re: MoneyCorp rip-off ATMs

< I will not be using ATMs again for foreign currency at airports and will collect foreign currency in advance from my bank. >

Why do you think the rate will be much better?

What's wrong with doing what most people do - and use an ATM when you get to your destination

Warwickshire...
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12. Re: MoneyCorp rip-off ATMs

Why didn't you get some Euros from somewhere where you can see the exchange rate?

Did you really expect you would get a good rate at an airport?

Wales, United...
Destination Expert
for Bargain Travel, Cruises, Swansea, Cardiff, Carmarthenshire, Neath, Port Talbot
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13. Re: MoneyCorp rip-off ATMs

I do like the phrase 'pools of vomit'. There are lots of outfits I think would fit that description, but jn the end, we are making it very easy for them if we make assumptions instead of using some common sense and checking things out. Or just using ATM's wherever we're going.

London, United...
2 posts
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14. Re: MoneyCorp rip-off ATMs

The last time I used an ATM for currency was at Heathrow when I learned by text not long before taking off that I would need US $s on landing in Freetown, Sierra Leone. I got a good rate then so it wasn't a given that the ATMs at Stanstead would be run by the POVs at Moneycorp.

What is happening is a rise in legal scams. The scammers make sure they stay just on the right side of the letter of the law while doing everything possible to scam you out of your money. The screen on the ATM showed the FX rate as follows:

EUR in small letters on the extreme left of the screen and GBP ditto on the right. In the middle in characters about 5 times the size was: 1 = 1.10. What this is doing is inviting the brain to autocomplete. I knew that the current going rate for Euros was about £1 to 1.12 - 1.14 Euros, so when I saw 1.10 it confirmed to me I was getting a rate which was reasonable in ATM terms. This is an open and shut case of attempted deliberate deception and it worked.

Moneycorp haven't heard the last of me. Who knows what might happen next? We'll see.

Wales, United...
Destination Expert
for Bargain Travel, Cruises, Swansea, Cardiff, Carmarthenshire, Neath, Port Talbot
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15. Re: MoneyCorp rip-off ATMs

I think you should contact your MP in an attempt to get the legislation changed so that things have to be made clearer. Or start one of those petition things to try and get the subject raised in Parliament.

Hatfield, United...
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16. Re: MoneyCorp rip-off ATMs

There are basically two ways the Foreign Exchange providers make their money:-

1. Charge no commission, but give a rubbish rate.

2. Give a decent rate, and charge commission.

As others have said, Airports are among the worst places to exchange money (unless you pre-order and collect at the airport).

It's got nothing to do with Stanstead Airport - they just rent the space to MoneyCorp.

Sydney, Australia
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17. Re: MoneyCorp rip-off ATMs

This is a daylight Robbery that Money Corp has robbed me at Stansted Airport. They have charged me $300.00 Singaporen dollars fee out of $700.00 British Pound I withdrew from the ATM machine. I was in the rust and not realised until I got to the hotel. Money Corp has destroyed my 3 days visit in London

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