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Thomas Cook Money Exchange Service - Unjustified INR to USD conversion rate

 
8 Reviews
User
  Ritu Aggarwal
Hi,

On 15 Dec, 2009 we were travelling to Colombo from Chennai Airport
late in night. At Thomas Cook, we purchased US dollars in exchange for
Indian Rupees. For that, the exchange rate that they charged was Rs.
52.50 for one dollar. And after service taxes and all, we ended up
paying Rs. 5500 for USD 100. I know that the exchange rate has been
hovering between Rs. 46 and Rs. 47 for last one month or so. My
question is that is it fair for Thomas Cook to charge any conversion
rate on their whim? Doesn't FEDAI or RBI fix an upper level for the
profit that they can make out of passengers who are in desperate need?

Please help us in knowing where we can file complaint against Thomas
Cook.

Best regards,
Ritu Aggarwal
Complaint comments 7 Comments     Updated:
Resolve this Complaint  

Comments

 
Hi,
I am one of those affected party. Thomas cook at the Chennai airport, ave 86 dollars in exchange of INR 5000. When I asked them the rational, they simply said, the exchange rate is 52.5 and the balance is rouded off and taken as service charge. I am sure this is a real fraud. I want to take them to task. Please help me with whom should I approach.
Regards,
Kalyan
 
They Should have charged you a max Rs.48.40, i.e. 4% over the Inter Bank Rate. which was Approx 46.70.

For Rs. 5000/- you should have recieved 103.30 US Dollars.

They have profited a minimum of Rs.984/- or in other words charged you 20% over and above the exchange rate.

You should write to Exchange Control Dept, Reserve Bank of India.
 
Exchange control manual of rbi says determination of rate based on market conditions.In an airport slot selling for exchange dealers happen based on highest quote of commission paid by dealers to airport.so these dealers add this burden to customers which is their market condition to operate in an airport.so no use writing to ECD, RBI
N
User
asuresh  
 
Hi,

On 14th Oct, 2010 I was travelling to singapore from Chennai Airport
late in night. At Thomas Cook, i purchased Singapore dollars in exchange for
Indian Rupees. For that, the exchange rate that they charged was Rs.
41.05 for one dollar. And after service taxes and all, we ended up
paying Rs. 16900 for Singapore dollar 370. I know that the exchange rate has been
hovering between Rs. 33 and Rs. 34 for last one month or so. My
question is that is it fair for Thomas Cook to charge any conversion
rate on their whim? Doesn't FEDAI or RBI fix an upper level for the
profit that they can make out of passengers who are in desperate need?

If i buy in local bank i could get 16900/34 =497 . I lost my 127 singapore dollar. Pl help me to complaint with the right people, i have bill and details.

Please help us in knowing where we can file complaint against Thomas
Cook.

Best regards,
A.Suresh
N Jan 24, 2011 by
User
srinivasanb2001  
 
youshould know that coffee snacks sold at Indian international airports are almost more than the double the rates, that are sold outside the airport by the same caterereven at the Railway stations. This is nothing but looting . Once a person can afford to go by Air why cannot he pay more for other things also This is five star luxury. Same thing perhaps happens to currency exchange rates by Thomas cook, perhaps? Fortunately the post office at the airport does not sell the stamps double the
rate!
N Mar 26, 2011 by
User
claire.wingyin  
 
Hi all

I just arrived at Heathrow Airport from Hong Kong, because I need to change another flight to Stockholm, I exchanged some monery at Thomas Cook, which is 1000euro to 7100 sweden krono, and they told me the rate is 7.109, because I am in hurry and never change the krono before, I thought it was a reasonable rate. After that, I calculated again, and check the www.thomascookmoney.com, I found there are a big difference rate between, which is 8.6, also i check at the travelex, their rate also is 8.6. This mean I loss about 1500 krono (around 150GBP). Because I need to catch the flight, I didn't have time to go back the Thomas Cook. After I arrived at Arlanda Airport (sweden), the rate is also about 8.6.

To be an international aiport, I can't believe that there is a big difference (or mistake?) when I exchange foreign money. Would you please help to follow my case or any suggestions for me ?

I kept the receipt of the money exchange transaction
A May 31, 2012 by
User
maxone  
 
we tried to exchange our rupees at Chennai Airport and they said we had to have some rupees as they didnt have enough sterling. We said we would take US dollars or Euros and the answer was the same.
We sent 3 emails to Thomas Cook in London but received no replies.
We feel we were really cheated and would tell everyone not to use Thomas Cook at Chennai Airport

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    Thomas Cook Money Exchange Service - Unjustified INR to USD conversion rate

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