Exchange rates at Electric Avenue

  • Published
  • By Col. Lawrence S. Reed
  • 48th Fighter Wing vice commander
ROYAL AIR FORCE LAKENHEATH, England --  
COMPLAINT

I am writing to ask if something could done about Electric Avenue's US dollar to GB pound rate. I went in yesterday to buy a 50GBP top-up on my cell phone. When I received the bill it came out to $102.50. I later looked in the Stars and Stripes newspaper and discovered that the USD to GBP rate was $1.90 to the pound (military and commercial rates). This means that my bill should have only come to $95.00.

I called Electric Avenue later in the day and was informed that they base their rates on the first of the months rates listing. I had also asked as to what was done with the extra $7.50 that they seemed to have pocketed off of the deal. I was informed that this is used to pay for the line that they use to perform the top ups. When the rate was $2.00 to one GBP they were not making the same profit as their prices never seemed to fluctuate with the exchange rate. It seems to me that every other business that accepts GBP changes their rates on a day-to-day basis by checking with the banks on base to set their exchange rates.

I am just curious as to why this is the only business on RAF Lakenheath that does not set their rates on a day-to-day basis.

RESPONSE

Thank you for the opportunity to clarify procedures for setting currency conversion rates at Electric Avenue. The exchange rate used at Electric Avenue and all other Force Support Squadron activities is set monthly by the Force Support Squadron's accounting office in order for to maintain consistent financial accounting practices over a reasonable period of time.

Typically, the daily bank rates stay fairly consistent. Over the last six months, the rate has hovered around $2.00 to the British Pound. However, as banks' daily rates fluctuate, there can be variations, usually small, from the Force Support Squadron-set rate. Because it is not the goal of the squadron to profit from the exchange rate, the Force Support Squadron does make adjustments.

In the past two weeks, that rate has dropped twelve cents and in that time, Force Support Squadron's rate has been adjusted twice. Force Support Squadron activities, including Electric Avenue do post signs at registers to indicate the rate charged at the time of purchase. Although we certainly work to set prices and rates that draw customers to our business, we also realize that customers have choice.

The Force Support Squadron will continue to work hard to earn your business and provide you the best service at the most reasonable prices. 

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