Frequentflyer99

You did well there. When I went to Russell Sq last year, they wanted Photo ID and address ID and then after calling head office and much discussion would only sell me £2k of TCs, and then only on completion of a money-laundering questionaire. Although very convenient, I had completely given up on them and never went back.

Is the place not the pits though, sharing one's space with the junkies and other odd-sods quueing for the PO counters ?

Frequentflyer99

Another thought that could be useful. I ordered once or twice online for collection at LHR for dates when I was due to fly and then changed my travel plans. A quick email got the date and terminal changed. I suppose that one could buy online and then change the collection from somewewhere totally different such as a town location.

ChickenOrBeef

I didn't use the one in the Post office (which agreed is hideous), but the one a bit down Southampton Row towards Holborn - literally just south of Russell Sq.

They needed photo ID - my new Photo Driving License was fine - that has my address on as well, so wasn't asked for anything else. There were blank looks when presented with the Exec Club card - but another word with the chap in the back sorted that one.

It may be worth giving them a go - I'll certainly be going back, so I'm sure they'll get used to the procedure if others do as well!

Frequentflyer99

Ah yes - thats where I managed my £10k at half commission bulk purchase last year. I would stress that there is no point trying that again though, as they got very shirty when I asked to do another !!

Spongthrush

I tried ordering online using my Visa Delta card and got the response 'sorry we cannot fulfil your request because your card has been used for several orders recently with us'.

I rang Dover (01304 867005) and the nice lady said that it wasn't actually them refusing the order because of BA Miles laundering but because my card issuer has a floor limit which can't cope with £2.5k orders online, but there is no online referral system. So she will send the order off and I pay on collection when I have my card in hand which allows referral if necessary.

lowlyblue

Ah at last - my first chance to join in the miles collecting madness!

So in summary, the cheapest option is to go to an outlet offering a fixed £2 commission rather than 1.5% (LGW being the only known place to offer this), buy the maximum that you can (probably £2500) and use a Maestro card or similar to pay for it. You could pay with a Tesco Visa card if you immediately paid it off again (or even paid it off in advance) to avoid the charges that would start as soon as the payment hit the account.

That way a first class ticket to the USA would cost £40 plus taxes and charges (being 150,000 divided by 7,500 multiplied by £2) and would mean 20 transactions, involving signing 1000 times (if they do £100 cheques) and 2000 times (if they only do £50 cheques). This assumes a constant maximum of £2500 and no refusal by Travelex to transact due to tiresome repetition.

If the LGW fixed £2 commission applies also to foreign currency transactions, could you buy one lot of foreign currency and then convert it back again for £4? I suppose the rates would be unfavourable and you would lose out that way.

Frequentflyer99

Don't even go there with foreign currency. Cheaper to buy a full fare F ticket than take the hits that you would on that sort of transaction with Travelex.

Dave_C

Some banks take three days to clear TC's, like cheques. To get around it, my bank has suggested a great way of getting them to hit your account immediately, rather than waiting. The post office will cash sterling TC's for you, for free. Then, just pay the cash into your account. Sorted.

Jenbel

Some visa cards may treat it like a cash advance transaction though, and charge an extra commission on top (I know mine does), as well as interest charges from day one. Don't know if Tesco does, or if the extra points/miles would be worth it for the extra cash you'd have to pay if this were the case.

Frequentflyer99

But what are their money-laundering threshholds ?? I would guess very low. One of my banks (at which I have been a customer for 10 years) recently made an enormous gerfuffle when I tried to deposit (note: deposit not cash) £3k of TCs as this triggered their moneylaundering checks.

Frequentflyer99

I think that ALL credit cards would charge a cash advance fee for this, as the transaction comes up as a cash advance, rather than a purchase. This is why there are often security issues using a debit card.

srbrenna

When will the mileage be paid into our EC accounts?

Fraser

Where I work we have to submit money laundering reports for more than £2k cash paid in.

If someone came in with £5000 of TCs though I'd be more likely to ask them their FT handle

___________

srbrenna, miles usual take a few weeks, Travelex say give it a month to hit your account. Then when nothing happens after that lapses email the customer service department with a very non-descript email saying you were expecting xxxxx miles o hit your account and nothing has happened yet. Rectification happens soon after

schofs

lol! Before long we should have FT-Express queues at the LGW Travelex and all Post Offices!!

tristan727

Anyone know if the Travelex frequent user card could be of any use here? Was mentioned in FT in April, but no reply - the person seemed convinced it would reduce the fees here, but the Travelex website just talks about Money Transfers with it.