Warning about Foreign Exchange with Ulster Bank

NavanMan1

Registered User
Messages
59
Just to let you know my experience as an Ulster Bank customer, with ordering foreign currency with them.

Two weeks ago I phoned up my branch and asked about ordering 12,000 Czech Crowns and the cost. The guy on the phone said they would have to order them in, it would cost approx 430 euro and would be there the following Tuesday. To me that sounded okay as I was flying out on the Friday and the rate they were giving me (27.73) was in line with what you would look up on the internet.

So on Tuesday went down to the branch to collect the money. Sorry was the reply, it’s just arrived and in our safe, can you call back tomorrow. Guess I have to, don’t I.

Called in Wednesday afternoon for the Czech Crowns. It took a bit of time getting the money as I was told that their systems were down and that they would have to phone the dealers at head office for the rate. So after waiting for 15mins (joke you not), got the money but was told that I would have to pay 470 euro ! ! that’s a rate of 25.5

Asked the bank official to go check again as I could not believe this. She came back and said that this was the correct rate. As I was flying out on Friday morning, had no choice but to pay this.

When I got back to work, went on the internet and checked the rates, again saying the same as the previous week, approx 28.

So decided to phone another Ulster Bank branch to confirm the rates, was told systems down could no quote. Then phoned both AIB & BOI, which were giving me rates of 27.6 & 27.9, which was a lot more in line with what I expected.
But the really sickening bit was when I got to Prague, all the different money changers around about were all offering a rate of approx 28

So from my recent experience of Ulster Bank, avoid them for any foreign exchange transactions.
 
Just in case anyone is under any illusions, the exchange rates offered by Chequepoint & other prominent bureaux de change in in Prague are very poor. Best bet by far is to top up one's credit card in advance and withdraw funds from ATM's. Also avoids the sort of hassle outlined above.
 
to clarify that excellent advice you must do as follows to avail of it .

1. You wish to spend €500 in Prague in local currency while you are there.
2. Visa ATM withdrawals are at a good rate of exchange
3. They are free if you are in credit
4. Your card must have €500 credit on it for the entire billing period up to the withdrawal as I understand
5. Your card must not drop below €0 at any time in that billing period as I understand .

If unsure get your bank to explain their policy clearly to you before you go otherwise you could be liable for ATM fees , particularly points 3-5 .
 
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