Travelex is a large It'l company and AFAIK you can still get Qantas miles for each $$ I spend. They once had a double miles promo, so I bought $A25,000 worth of $US TC and prayed exchange rate moved slightly in my favour in the next weeks or so.

It did, so I ended up getting 50,000 QF points and made a few $100 on the deal! An around Australia ticket in business class on QF was only about 30,000 miles back then, with unlimited stops, so it was a neat deal.

One guy bought $250,000 or whatever of $A TC off them. Took in a certified bank cheque from his bank a couple doors up. Got all the paperwork and QF verification receipts, and then says "I changed my mind on this - I'd like to sell them all back please".

As Travelex offered $A TC buy and sell at NO fee if paid in $A as it is illegal to do otherwise, they nearly collapsed with shock. (As you'd imagine 99% of folks buying $A TC are tourists and paying in Yen, $US, Euro etc, at the bad rate set by Travelex.)

Anyway, guy took cheque back next door, and put back in his account. Cost to him - $10 for the cheque and his time. Took his wife and 2 kids to London First Class on Qantas with the 500,000 miles, and they plugged that $A>$A loophole in HOURS! Seems he knew his Bank Manager well, and told him what he was about and said cheque would be back and torn up within the hour, so it did not even go in and out of his bank account.

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~ Glen ~

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