"When it comes to exchanging money, London is more eclectic than an oriental baza"

A review of The Change Group Corporation Ltd by Kairat written on Friday 5th of June 2009

The competition between exchange bureaus is low and the service fees/taxes are high. As a result, the spread between buy and sell prices is huge. In addition, at some bureaus the advertised exchange rates and service fees may be different from those actually applied. One example is The Change Group on 51 Whitehall. The board on the sidewalk says “Commission free”. The small print on the board inside says “12.5% service fee/tax plus 3 pounds”. Neither is true. You can bargain not only about the fees but also about the exchange rate. I guess your ultimate argument would be: I change a lot of money and around the corner the rate is lower. I took their rates at face value and ended up paying $2.27 per pound when the prevailing rate (including fees) was $1.85. The funniest thing is that when I came back a couple of days later, I was told that I could get back my 12.5% service fee if I came back the same day!.

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