Do I have a right to cancel a purchase of foreign currency in the UK?Is purchasing foreign currency before going abroad a losing proposition?Foreign currency conversion for international visitors to ecommerce web site?If I invest in securities denominated in a foreign currency, should I hedge my currency risk?How can I check whether old foreign currency paper bills or coins still have value / considered legal tender?Best / cheapest way to exchange USD for foreign currency cash?Hedging a foreign currency purchase (INR/USD) for a real estate transaction?How does the currency between countries relateUSA: Foreign currency savings, trades and tax implicationsCalculating selling rate for foreign currency exchangeWhat foreign currency exchange rate is applied at cash machinesMinimizing loss during two-way currency transfers involving foreign entities
When is the Circle of Dreams druid's Walker in Dreams feature used?
When can a polynomial be written as a polynomial function of another polynomial?
I have found a mistake on someone's code published online: what is the protocol?
Why aren't there any women super GMs?
Demographic consequences of closed loop reincarnation
Why did Fury respond that way?
Is this Android phone Android 9.0 or Android 6.0?
How do you give a date interval with diffuse dates?
Is Error correction and detection can be done with out adding extra bits?
How slow can a car engine run?
Software need db owner permission to master database (sql2016)
Whipping heavy cream with melted chocolate
Is it possible to breed neanderthals through selective breeding?
Did Hitler say this quote about homeschooling?
Zhora asks Deckard: "Are you for real?". Was this meant to be significant?
How to find location on Cambridge-Mildenhall railway that still has tracks/rails?
Why is Google approaching my VPS machine?
Random piece of plastic
How did Jayne know when to shoot?
How to not confuse readers with simultaneous events?
Time signature inconsistent
How can electric field be defined as force per charge, if the charge makes its own, singular electric field?
Grouping into more groups in one iteration
Desecrating Shabbos to ask a Gadol to daven for a patient?
Do I have a right to cancel a purchase of foreign currency in the UK?
Is purchasing foreign currency before going abroad a losing proposition?Foreign currency conversion for international visitors to ecommerce web site?If I invest in securities denominated in a foreign currency, should I hedge my currency risk?How can I check whether old foreign currency paper bills or coins still have value / considered legal tender?Best / cheapest way to exchange USD for foreign currency cash?Hedging a foreign currency purchase (INR/USD) for a real estate transaction?How does the currency between countries relateUSA: Foreign currency savings, trades and tax implicationsCalculating selling rate for foreign currency exchangeWhat foreign currency exchange rate is applied at cash machinesMinimizing loss during two-way currency transfers involving foreign entities
.everyoneloves__top-leaderboard:empty,.everyoneloves__mid-leaderboard:empty,.everyoneloves__bot-mid-leaderboard:empty margin-bottom:0;
A few days ago I ordered 100 Euros using a travel agents website, to be picked up in their store and paid for them in GBP by debit card. I noticed just after that they aren't open on Sundays, meaning I won't be able to collect them before my trip. I emailed the company to ask them to cancel the order the next day, and they replied 2 days later saying that they can't accept cancellations.
Do they have a right to do this? I thought that I had a right to cancel any purchase I make online. Presumably if not, I'll have to sell the euros back using the worse exchange rate they give for that, which doesn't seem right.
united-kingdom foreign-exchange currency online-payment
edited Jul 9 at 13:14
Glorfindel
5271 gold badge5 silver badges14 bronze badges
asked Jul 9 at 10:59
fluidjfluidj
1031 silver badge4 bronze badges
|
show 9 more comments
A few days ago I ordered 100 Euros using a travel agents website, to be picked up in their store and paid for them in GBP by debit card. I noticed just after that they aren't open on Sundays, meaning I won't be able to collect them before my trip. I emailed the company to ask them to cancel the order the next day, and they replied 2 days later saying that they can't accept cancellations.
Do they have a right to do this? I thought that I had a right to cancel any purchase I make online. Presumably if not, I'll have to sell the euros back using the worse exchange rate they give for that, which doesn't seem right.
united-kingdom foreign-exchange currency online-payment
edited Jul 9 at 13:14
Glorfindel
5271 gold badge5 silver badges14 bronze badges
asked Jul 9 at 10:59
fluidjfluidj
1031 silver badge4 bronze badges
1
I would strongly consider if you actually need to change the euros back to pounds sterling. Are you likely to travel to Europe in the future? If so I'd put them in a safe place instead - either an actual safe, or maybe your suitcase in the attic so find them when you next go to pack.
– Notts90
Jul 9 at 14:13
2
They obtained those Euros for you, and transported them to the location you requested. That is a real service that was provided for you, hey have some expenses in it, and I'm not sure why you expect it for free. Perhaps the issue is with your sense of "what seems right".
– Harper
Jul 9 at 23:34
4
"I'll have to sell the euros back using the worse exchange rate they give for that, which doesn't seem right." - Just hold onto the Euros for a bit. With a Boris Johnson PM'ship likely and a hard Brexit plausible, the likely trajectory for the GBP in the short term is downwards. If it falls enough you can turn your Euros back into more GBP than you started with, despite the currency trader's spread.
– aroth
Jul 10 at 11:23
2
Foreign exchange rates are like stock prices---they rise and fall minute to minute. If a foreign exchange transaction could be cancelled, the process could be used for arbitrage: submit the transaction at rate X, then if the rate goes up, follow through, and if the rate goes down, cancel the transaction. This is why they don't let you cancel.
– krubo
Jul 10 at 13:35
3
@aroth I'm skeptical that you can predict the direction of future FX rate changes based on such obvious public information, it would imply that forex markets are grossly inefficient
– JB Chouinard
Jul 10 at 17:58
|
show 9 more comments
A few days ago I ordered 100 Euros using a travel agents website, to be picked up in their store and paid for them in GBP by debit card. I noticed just after that they aren't open on Sundays, meaning I won't be able to collect them before my trip. I emailed the company to ask them to cancel the order the next day, and they replied 2 days later saying that they can't accept cancellations.
Do they have a right to do this? I thought that I had a right to cancel any purchase I make online. Presumably if not, I'll have to sell the euros back using the worse exchange rate they give for that, which doesn't seem right.
united-kingdom foreign-exchange currency online-payment
edited Jul 9 at 13:14
Glorfindel
5271 gold badge5 silver badges14 bronze badges
asked Jul 9 at 10:59
fluidjfluidj
1031 silver badge4 bronze badges
A few days ago I ordered 100 Euros using a travel agents website, to be picked up in their store and paid for them in GBP by debit card. I noticed just after that they aren't open on Sundays, meaning I won't be able to collect them before my trip. I emailed the company to ask them to cancel the order the next day, and they replied 2 days later saying that they can't accept cancellations.
Do they have a right to do this? I thought that I had a right to cancel any purchase I make online. Presumably if not, I'll have to sell the euros back using the worse exchange rate they give for that, which doesn't seem right.
united-kingdom foreign-exchange currency online-payment
united-kingdom foreign-exchange currency online-payment
edited Jul 9 at 13:14
Glorfindel
5271 gold badge5 silver badges14 bronze badges
asked Jul 9 at 10:59
fluidjfluidj
1031 silver badge4 bronze badges
edited Jul 9 at 13:14
Glorfindel
5271 gold badge5 silver badges14 bronze badges
asked Jul 9 at 10:59
fluidjfluidj
1031 silver badge4 bronze badges
edited Jul 9 at 13:14
Glorfindel
5271 gold badge5 silver badges14 bronze badges
edited Jul 9 at 13:14
Glorfindel
5271 gold badge5 silver badges14 bronze badges
edited Jul 9 at 13:14
Glorfindel
5271 gold badge5 silver badges14 bronze badges
5271 gold badge5 silver badges14 bronze badges
asked Jul 9 at 10:59
fluidjfluidj
1031 silver badge4 bronze badges
asked Jul 9 at 10:59
fluidjfluidj
1031 silver badge4 bronze badges
asked Jul 9 at 10:59
fluidjfluidj
1031 silver badge4 bronze badges
1031 silver badge4 bronze badges
1
I would strongly consider if you actually need to change the euros back to pounds sterling. Are you likely to travel to Europe in the future? If so I'd put them in a safe place instead - either an actual safe, or maybe your suitcase in the attic so find them when you next go to pack.
– Notts90
Jul 9 at 14:13
2
They obtained those Euros for you, and transported them to the location you requested. That is a real service that was provided for you, hey have some expenses in it, and I'm not sure why you expect it for free. Perhaps the issue is with your sense of "what seems right".
– Harper
Jul 9 at 23:34
4
"I'll have to sell the euros back using the worse exchange rate they give for that, which doesn't seem right." - Just hold onto the Euros for a bit. With a Boris Johnson PM'ship likely and a hard Brexit plausible, the likely trajectory for the GBP in the short term is downwards. If it falls enough you can turn your Euros back into more GBP than you started with, despite the currency trader's spread.
– aroth
Jul 10 at 11:23
2
Foreign exchange rates are like stock prices---they rise and fall minute to minute. If a foreign exchange transaction could be cancelled, the process could be used for arbitrage: submit the transaction at rate X, then if the rate goes up, follow through, and if the rate goes down, cancel the transaction. This is why they don't let you cancel.
– krubo
Jul 10 at 13:35
3
@aroth I'm skeptical that you can predict the direction of future FX rate changes based on such obvious public information, it would imply that forex markets are grossly inefficient
– JB Chouinard
Jul 10 at 17:58
|
show 9 more comments
1
I would strongly consider if you actually need to change the euros back to pounds sterling. Are you likely to travel to Europe in the future? If so I'd put them in a safe place instead - either an actual safe, or maybe your suitcase in the attic so find them when you next go to pack.
– Notts90
Jul 9 at 14:13
2
They obtained those Euros for you, and transported them to the location you requested. That is a real service that was provided for you, hey have some expenses in it, and I'm not sure why you expect it for free. Perhaps the issue is with your sense of "what seems right".
– Harper
Jul 9 at 23:34
4
"I'll have to sell the euros back using the worse exchange rate they give for that, which doesn't seem right." - Just hold onto the Euros for a bit. With a Boris Johnson PM'ship likely and a hard Brexit plausible, the likely trajectory for the GBP in the short term is downwards. If it falls enough you can turn your Euros back into more GBP than you started with, despite the currency trader's spread.
– aroth
Jul 10 at 11:23
2
Foreign exchange rates are like stock prices---they rise and fall minute to minute. If a foreign exchange transaction could be cancelled, the process could be used for arbitrage: submit the transaction at rate X, then if the rate goes up, follow through, and if the rate goes down, cancel the transaction. This is why they don't let you cancel.
– krubo
Jul 10 at 13:35
3
@aroth I'm skeptical that you can predict the direction of future FX rate changes based on such obvious public information, it would imply that forex markets are grossly inefficient
– JB Chouinard
Jul 10 at 17:58
1
1
I would strongly consider if you actually need to change the euros back to pounds sterling. Are you likely to travel to Europe in the future? If so I'd put them in a safe place instead - either an actual safe, or maybe your suitcase in the attic so find them when you next go to pack.
– Notts90
Jul 9 at 14:13
I would strongly consider if you actually need to change the euros back to pounds sterling. Are you likely to travel to Europe in the future? If so I'd put them in a safe place instead - either an actual safe, or maybe your suitcase in the attic so find them when you next go to pack.
– Notts90
Jul 9 at 14:13
2
2
They obtained those Euros for you, and transported them to the location you requested. That is a real service that was provided for you, hey have some expenses in it, and I'm not sure why you expect it for free. Perhaps the issue is with your sense of "what seems right".
– Harper
Jul 9 at 23:34
They obtained those Euros for you, and transported them to the location you requested. That is a real service that was provided for you, hey have some expenses in it, and I'm not sure why you expect it for free. Perhaps the issue is with your sense of "what seems right".
– Harper
Jul 9 at 23:34
4
4
"I'll have to sell the euros back using the worse exchange rate they give for that, which doesn't seem right." - Just hold onto the Euros for a bit. With a Boris Johnson PM'ship likely and a hard Brexit plausible, the likely trajectory for the GBP in the short term is downwards. If it falls enough you can turn your Euros back into more GBP than you started with, despite the currency trader's spread.
– aroth
Jul 10 at 11:23
"I'll have to sell the euros back using the worse exchange rate they give for that, which doesn't seem right." - Just hold onto the Euros for a bit. With a Boris Johnson PM'ship likely and a hard Brexit plausible, the likely trajectory for the GBP in the short term is downwards. If it falls enough you can turn your Euros back into more GBP than you started with, despite the currency trader's spread.
– aroth
Jul 10 at 11:23
2
2
Foreign exchange rates are like stock prices---they rise and fall minute to minute. If a foreign exchange transaction could be cancelled, the process could be used for arbitrage: submit the transaction at rate X, then if the rate goes up, follow through, and if the rate goes down, cancel the transaction. This is why they don't let you cancel.
– krubo
Jul 10 at 13:35
Foreign exchange rates are like stock prices---they rise and fall minute to minute. If a foreign exchange transaction could be cancelled, the process could be used for arbitrage: submit the transaction at rate X, then if the rate goes up, follow through, and if the rate goes down, cancel the transaction. This is why they don't let you cancel.
– krubo
Jul 10 at 13:35
3
3
@aroth I'm skeptical that you can predict the direction of future FX rate changes based on such obvious public information, it would imply that forex markets are grossly inefficient
– JB Chouinard
Jul 10 at 17:58
@aroth I'm skeptical that you can predict the direction of future FX rate changes based on such obvious public information, it would imply that forex markets are grossly inefficient
– JB Chouinard
Jul 10 at 17:58
|
show 9 more comments
1 Answer
1
active
oldest
votes
The Financial Services (Distance Marketing) Regulations 2004 say in Section 11:
Subject to paragraphs (2) and (3), regulation 9 does not confer on a
consumer a right to cancel a distance contract which is—
(a) a contract for a financial service where the price of that service
depends on fluctuations in the financial market outside the supplier’s
control, which may occur during the cancellation period, such as
services related to—
(i) foreign exchange,
So no, foreign exchange is specifically excluded from the right to cancel an online purchase.
answered Jul 9 at 13:31
Mike ScottMike Scott
14.7k40 silver badges53 bronze badges
6
I fell foul of this when transferring a large amount of money between England and Australia with XE. I didn't realise a transaction was legally binding so created two new ones when the first one was over my transaction limit. In my case they allowed me to cancel the contract by paying the difference the price had fluctuated since creation. The lesson, if you really don't want the contract there might be avenues to cancel it for a fee, in my case the £150 was better than owing an additional £50k.
– simon_smiley
Jul 10 at 5:18
4
And the lesson is: don't purchase foreign currency, at least not as currency (vs gambling with it, which is another topic). There's absolutely no need to do so. This is 2019 and your ATM and credit cards work anywhere, and automatically convert currency at rates far below what any scammy currency changer will offer you.
– R..
Jul 10 at 20:51
1
@R.. I’ve been told that in Germany a lot of places (including restaurants?) only accept cash. Is this no longer the case?
– Tim
Jul 10 at 23:55
@Tim: Visit the nearest ATM just before you go out. There's no reason to bulk exchange money in advance.
– R..
Jul 11 at 0:04
1
@R..: You might want to add that you should not take the "convenience" ATM option of converting to your home currency. Your own bank almost always offers a better rate than the ATM operator. I.e. as an Englishman in Germany, don't take the GBP conversion offered.
– MSalters
Jul 11 at 15:44
|
show 2 more comments
Your Answer
StackExchange.ready(function()
var channelOptions =
tags: "".split(" "),
id: "93"
;
initTagRenderer("".split(" "), "".split(" "), channelOptions);
StackExchange.using("externalEditor", function()
// Have to fire editor after snippets, if snippets enabled
if (StackExchange.settings.snippets.snippetsEnabled)
StackExchange.using("snippets", function()
createEditor();
);
else
createEditor();
);
function createEditor()
StackExchange.prepareEditor(
heartbeatType: 'answer',
autoActivateHeartbeat: false,
convertImagesToLinks: true,
noModals: true,
showLowRepImageUploadWarning: true,
reputationToPostImages: 10,
bindNavPrevention: true,
postfix: "",
imageUploader:
brandingHtml: "Powered by u003ca class="icon-imgur-white" href="https://imgur.com/"u003eu003c/au003e",
contentPolicyHtml: "User contributions licensed under u003ca href="https://creativecommons.org/licenses/by-sa/3.0/"u003ecc by-sa 3.0 with attribution requiredu003c/au003e u003ca href="https://stackoverflow.com/legal/content-policy"u003e(content policy)u003c/au003e",
allowUrls: true
,
noCode: true, onDemand: true,
discardSelector: ".discard-answer"
,immediatelyShowMarkdownHelp:true
);
);
Sign up or log in
StackExchange.ready(function ()
StackExchange.helpers.onClickDraftSave('#login-link');
);
Sign up using Google
Sign up using Facebook
Sign up using Email and Password
Post as a guest
Required, but never shown
StackExchange.ready(
function ()
StackExchange.openid.initPostLogin('.new-post-login', 'https%3a%2f%2fmoney.stackexchange.com%2fquestions%2f111041%2fdo-i-have-a-right-to-cancel-a-purchase-of-foreign-currency-in-the-uk%23new-answer', 'question_page');
);
Post as a guest
Required, but never shown
1 Answer
1
active
oldest
votes
1 Answer
1
active
oldest
votes
active
oldest
votes
active
oldest
votes
The Financial Services (Distance Marketing) Regulations 2004 say in Section 11:
Subject to paragraphs (2) and (3), regulation 9 does not confer on a
consumer a right to cancel a distance contract which is—
(a) a contract for a financial service where the price of that service
depends on fluctuations in the financial market outside the supplier’s
control, which may occur during the cancellation period, such as
services related to—
(i) foreign exchange,
So no, foreign exchange is specifically excluded from the right to cancel an online purchase.
answered Jul 9 at 13:31
Mike ScottMike Scott
14.7k40 silver badges53 bronze badges
6
I fell foul of this when transferring a large amount of money between England and Australia with XE. I didn't realise a transaction was legally binding so created two new ones when the first one was over my transaction limit. In my case they allowed me to cancel the contract by paying the difference the price had fluctuated since creation. The lesson, if you really don't want the contract there might be avenues to cancel it for a fee, in my case the £150 was better than owing an additional £50k.
– simon_smiley
Jul 10 at 5:18
4
And the lesson is: don't purchase foreign currency, at least not as currency (vs gambling with it, which is another topic). There's absolutely no need to do so. This is 2019 and your ATM and credit cards work anywhere, and automatically convert currency at rates far below what any scammy currency changer will offer you.
– R..
Jul 10 at 20:51
1
@R.. I’ve been told that in Germany a lot of places (including restaurants?) only accept cash. Is this no longer the case?
– Tim
Jul 10 at 23:55
@Tim: Visit the nearest ATM just before you go out. There's no reason to bulk exchange money in advance.
– R..
Jul 11 at 0:04
1
@R..: You might want to add that you should not take the "convenience" ATM option of converting to your home currency. Your own bank almost always offers a better rate than the ATM operator. I.e. as an Englishman in Germany, don't take the GBP conversion offered.
– MSalters
Jul 11 at 15:44
|
show 2 more comments
The Financial Services (Distance Marketing) Regulations 2004 say in Section 11:
Subject to paragraphs (2) and (3), regulation 9 does not confer on a
consumer a right to cancel a distance contract which is—
(a) a contract for a financial service where the price of that service
depends on fluctuations in the financial market outside the supplier’s
control, which may occur during the cancellation period, such as
services related to—
(i) foreign exchange,
So no, foreign exchange is specifically excluded from the right to cancel an online purchase.
answered Jul 9 at 13:31
Mike ScottMike Scott
14.7k40 silver badges53 bronze badges
6
I fell foul of this when transferring a large amount of money between England and Australia with XE. I didn't realise a transaction was legally binding so created two new ones when the first one was over my transaction limit. In my case they allowed me to cancel the contract by paying the difference the price had fluctuated since creation. The lesson, if you really don't want the contract there might be avenues to cancel it for a fee, in my case the £150 was better than owing an additional £50k.
– simon_smiley
Jul 10 at 5:18
4
And the lesson is: don't purchase foreign currency, at least not as currency (vs gambling with it, which is another topic). There's absolutely no need to do so. This is 2019 and your ATM and credit cards work anywhere, and automatically convert currency at rates far below what any scammy currency changer will offer you.
– R..
Jul 10 at 20:51
1
@R.. I’ve been told that in Germany a lot of places (including restaurants?) only accept cash. Is this no longer the case?
– Tim
Jul 10 at 23:55
@Tim: Visit the nearest ATM just before you go out. There's no reason to bulk exchange money in advance.
– R..
Jul 11 at 0:04
1
@R..: You might want to add that you should not take the "convenience" ATM option of converting to your home currency. Your own bank almost always offers a better rate than the ATM operator. I.e. as an Englishman in Germany, don't take the GBP conversion offered.
– MSalters
Jul 11 at 15:44
|
show 2 more comments
The Financial Services (Distance Marketing) Regulations 2004 say in Section 11:
Subject to paragraphs (2) and (3), regulation 9 does not confer on a
consumer a right to cancel a distance contract which is—
(a) a contract for a financial service where the price of that service
depends on fluctuations in the financial market outside the supplier’s
control, which may occur during the cancellation period, such as
services related to—
(i) foreign exchange,
So no, foreign exchange is specifically excluded from the right to cancel an online purchase.
answered Jul 9 at 13:31
Mike ScottMike Scott
14.7k40 silver badges53 bronze badges
The Financial Services (Distance Marketing) Regulations 2004 say in Section 11:
Subject to paragraphs (2) and (3), regulation 9 does not confer on a
consumer a right to cancel a distance contract which is—
(a) a contract for a financial service where the price of that service
depends on fluctuations in the financial market outside the supplier’s
control, which may occur during the cancellation period, such as
services related to—
(i) foreign exchange,
So no, foreign exchange is specifically excluded from the right to cancel an online purchase.
answered Jul 9 at 13:31
Mike ScottMike Scott
14.7k40 silver badges53 bronze badges
answered Jul 9 at 13:31
Mike ScottMike Scott
14.7k40 silver badges53 bronze badges
answered Jul 9 at 13:31
Mike ScottMike Scott
14.7k40 silver badges53 bronze badges
answered Jul 9 at 13:31
Mike ScottMike Scott
14.7k40 silver badges53 bronze badges
14.7k40 silver badges53 bronze badges
6
I fell foul of this when transferring a large amount of money between England and Australia with XE. I didn't realise a transaction was legally binding so created two new ones when the first one was over my transaction limit. In my case they allowed me to cancel the contract by paying the difference the price had fluctuated since creation. The lesson, if you really don't want the contract there might be avenues to cancel it for a fee, in my case the £150 was better than owing an additional £50k.
– simon_smiley
Jul 10 at 5:18
4
And the lesson is: don't purchase foreign currency, at least not as currency (vs gambling with it, which is another topic). There's absolutely no need to do so. This is 2019 and your ATM and credit cards work anywhere, and automatically convert currency at rates far below what any scammy currency changer will offer you.
– R..
Jul 10 at 20:51
1
@R.. I’ve been told that in Germany a lot of places (including restaurants?) only accept cash. Is this no longer the case?
– Tim
Jul 10 at 23:55
@Tim: Visit the nearest ATM just before you go out. There's no reason to bulk exchange money in advance.
– R..
Jul 11 at 0:04
1
@R..: You might want to add that you should not take the "convenience" ATM option of converting to your home currency. Your own bank almost always offers a better rate than the ATM operator. I.e. as an Englishman in Germany, don't take the GBP conversion offered.
– MSalters
Jul 11 at 15:44
|
show 2 more comments
6
I fell foul of this when transferring a large amount of money between England and Australia with XE. I didn't realise a transaction was legally binding so created two new ones when the first one was over my transaction limit. In my case they allowed me to cancel the contract by paying the difference the price had fluctuated since creation. The lesson, if you really don't want the contract there might be avenues to cancel it for a fee, in my case the £150 was better than owing an additional £50k.
– simon_smiley
Jul 10 at 5:18
4
And the lesson is: don't purchase foreign currency, at least not as currency (vs gambling with it, which is another topic). There's absolutely no need to do so. This is 2019 and your ATM and credit cards work anywhere, and automatically convert currency at rates far below what any scammy currency changer will offer you.
– R..
Jul 10 at 20:51
1
@R.. I’ve been told that in Germany a lot of places (including restaurants?) only accept cash. Is this no longer the case?
– Tim
Jul 10 at 23:55
@Tim: Visit the nearest ATM just before you go out. There's no reason to bulk exchange money in advance.
– R..
Jul 11 at 0:04
1
@R..: You might want to add that you should not take the "convenience" ATM option of converting to your home currency. Your own bank almost always offers a better rate than the ATM operator. I.e. as an Englishman in Germany, don't take the GBP conversion offered.
– MSalters
Jul 11 at 15:44
6
6
I fell foul of this when transferring a large amount of money between England and Australia with XE. I didn't realise a transaction was legally binding so created two new ones when the first one was over my transaction limit. In my case they allowed me to cancel the contract by paying the difference the price had fluctuated since creation. The lesson, if you really don't want the contract there might be avenues to cancel it for a fee, in my case the £150 was better than owing an additional £50k.
– simon_smiley
Jul 10 at 5:18
I fell foul of this when transferring a large amount of money between England and Australia with XE. I didn't realise a transaction was legally binding so created two new ones when the first one was over my transaction limit. In my case they allowed me to cancel the contract by paying the difference the price had fluctuated since creation. The lesson, if you really don't want the contract there might be avenues to cancel it for a fee, in my case the £150 was better than owing an additional £50k.
– simon_smiley
Jul 10 at 5:18
4
4
And the lesson is: don't purchase foreign currency, at least not as currency (vs gambling with it, which is another topic). There's absolutely no need to do so. This is 2019 and your ATM and credit cards work anywhere, and automatically convert currency at rates far below what any scammy currency changer will offer you.
– R..
Jul 10 at 20:51
And the lesson is: don't purchase foreign currency, at least not as currency (vs gambling with it, which is another topic). There's absolutely no need to do so. This is 2019 and your ATM and credit cards work anywhere, and automatically convert currency at rates far below what any scammy currency changer will offer you.
– R..
Jul 10 at 20:51
1
1
@R.. I’ve been told that in Germany a lot of places (including restaurants?) only accept cash. Is this no longer the case?
– Tim
Jul 10 at 23:55
@R.. I’ve been told that in Germany a lot of places (including restaurants?) only accept cash. Is this no longer the case?
– Tim
Jul 10 at 23:55
@Tim: Visit the nearest ATM just before you go out. There's no reason to bulk exchange money in advance.
– R..
Jul 11 at 0:04
@Tim: Visit the nearest ATM just before you go out. There's no reason to bulk exchange money in advance.
– R..
Jul 11 at 0:04
1
1
@R..: You might want to add that you should not take the "convenience" ATM option of converting to your home currency. Your own bank almost always offers a better rate than the ATM operator. I.e. as an Englishman in Germany, don't take the GBP conversion offered.
– MSalters
Jul 11 at 15:44
@R..: You might want to add that you should not take the "convenience" ATM option of converting to your home currency. Your own bank almost always offers a better rate than the ATM operator. I.e. as an Englishman in Germany, don't take the GBP conversion offered.
– MSalters
Jul 11 at 15:44
|
show 2 more comments
Thanks for contributing an answer to Personal Finance & Money Stack Exchange!
- Please be sure to answer the question. Provide details and share your research!
But avoid …
- Asking for help, clarification, or responding to other answers.
- Making statements based on opinion; back them up with references or personal experience.
To learn more, see our tips on writing great answers.
Sign up or log in
StackExchange.ready(function ()
StackExchange.helpers.onClickDraftSave('#login-link');
);
Sign up using Google
Sign up using Facebook
Sign up using Email and Password
Post as a guest
Required, but never shown
StackExchange.ready(
function ()
StackExchange.openid.initPostLogin('.new-post-login', 'https%3a%2f%2fmoney.stackexchange.com%2fquestions%2f111041%2fdo-i-have-a-right-to-cancel-a-purchase-of-foreign-currency-in-the-uk%23new-answer', 'question_page');
);
Post as a guest
Required, but never shown
Sign up or log in
StackExchange.ready(function ()
StackExchange.helpers.onClickDraftSave('#login-link');
);
Sign up using Google
Sign up using Facebook
Sign up using Email and Password
Post as a guest
Required, but never shown
Sign up or log in
StackExchange.ready(function ()
StackExchange.helpers.onClickDraftSave('#login-link');
);
Sign up using Google
Sign up using Facebook
Sign up using Email and Password
Post as a guest
Required, but never shown
Sign up or log in
StackExchange.ready(function ()
StackExchange.helpers.onClickDraftSave('#login-link');
);
Sign up using Google
Sign up using Facebook
Sign up using Email and Password
Sign up using Google
Sign up using Facebook
Sign up using Email and Password
Post as a guest
Required, but never shown
Required, but never shown
Required, but never shown
Required, but never shown
Required, but never shown
Required, but never shown
Required, but never shown
Required, but never shown
Required, but never shown
1
I would strongly consider if you actually need to change the euros back to pounds sterling. Are you likely to travel to Europe in the future? If so I'd put them in a safe place instead - either an actual safe, or maybe your suitcase in the attic so find them when you next go to pack.
– Notts90
Jul 9 at 14:13
2
They obtained those Euros for you, and transported them to the location you requested. That is a real service that was provided for you, hey have some expenses in it, and I'm not sure why you expect it for free. Perhaps the issue is with your sense of "what seems right".
– Harper
Jul 9 at 23:34
4
"I'll have to sell the euros back using the worse exchange rate they give for that, which doesn't seem right." - Just hold onto the Euros for a bit. With a Boris Johnson PM'ship likely and a hard Brexit plausible, the likely trajectory for the GBP in the short term is downwards. If it falls enough you can turn your Euros back into more GBP than you started with, despite the currency trader's spread.
– aroth
Jul 10 at 11:23
2
Foreign exchange rates are like stock prices---they rise and fall minute to minute. If a foreign exchange transaction could be cancelled, the process could be used for arbitrage: submit the transaction at rate X, then if the rate goes up, follow through, and if the rate goes down, cancel the transaction. This is why they don't let you cancel.
– krubo
Jul 10 at 13:35
3
@aroth I'm skeptical that you can predict the direction of future FX rate changes based on such obvious public information, it would imply that forex markets are grossly inefficient
– JB Chouinard
Jul 10 at 17:58