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Report: #1312515

Complaint Review: ICE Currency Exchange - Los Angeles California

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  • Reported By: TC — California USA
  • Author Confirmed What's this?
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  • ICE Currency Exchange 380 World Way Los Angeles, California USA

ICE Currency Exchange Misrepresented exchange rate and lied about charges by bank Los Angeles California

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On June 3, 2016 I visted the ICE Currency Exchange counter in Terminal 2 at LAX to find out about obtaining Euros for my trip to Spain and Italy.

The customer service representative said they only charge a $9.95 fee whereas my bank would charge a 3% transaction fee plus ATM fees which are usually $3-5.00. Multiple times I asked for clarification of their charges and each time she said the same thing. It seemed like a good deal. I also verbally verified that their exchange rate aligned with the true going rate. She said yes. They would charge my Visa card and I would have my Euros on hand prior to my trip. I went ahead and got $500 Euros. My bill was $662.25 USD.

I had a plane to catch so I didn't think about it much until I arrived in Europe and discovered that the actual going exchange rate was 1.13 EU for each 1.00 USD. $500 EU should have been approximately $565.00 USD. Plus the $9.95 service fee that I paid should have been a bill of at most $575.00. So why was I charged $662.25? They gave me an exchange rate of $1.30 instead of the actual $1.13. That means I paid a nearly 20% upcharge for my transaction.

To add insult to injury, I didn't realize that they charge your credit card as a cash advance. So my credit card company added the cash advance fee to my account. That was $19.95. PLUS my credit card company charged interest on that which was $8.47. 

So in short, my $500 Euros now cost me nearly $700 USD. I am so disappointed in the lies this company told me. I am embarrassed that I fell for this scam. I wish to let everyone else know that it is not a good deal even if the attendant tries to sell it as such. 

I found out that your best bet to get currency abroad is to use your Debit card at an ATM at your destination. 3% would have not been nearly as much as ICE Currency Exchange charged me. I want the world to know that you will get ripped off if you deal with ICE Currency Exchange at LAX Terminal 2.

This report was posted on Ripoff Report on 06/20/2016 09:07 PM and is a permanent record located here: https://www.ripoffreport.com/reports/ice-currency-exchange/los-angeles-california-90045/ice-currency-exchange-misrepresented-exchange-rate-and-lied-about-charges-by-bank-los-ang-1312515. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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