Why do I need to show my passport to buy foreign currency?

usignuolo

I went into Thomas Cook today to buy $400 for a trip to the US but they would not sell it to me unless I had a passport or driving licence with a photo. I did not, so on my way home I went into my local PO (Yes still have one), and where they know me, to order some to collect tomorrow. Would not order it without seeing my passport. In both cases I was paying cash for it.

Why is this? Anyone know?

Also the girl in Thos Cook said if I paid for it with my debit card, I would be charged a fee for using it by my bank. I thought that stopped last year?

dzug1

It's the dreaded money laundering - particularly if you are paying cash

Though I'm surprised the threshold wasn't higher

Debit cards haven't changed - some charge, some don't. There are proposals, but that's it at the moment

photome

I bought $400 from tesco a few weeks back using cash, I wasnt asked for ID

usignuolo

Money laundering - $400?

usignuolo

You know I just looked at Barclays on line, and it says for customers that they will sell you foreign currency, no commission, no fee for using debit card, with free home delivery. You just have to phone them before 1pm and it will be delivered the next morning. There cannot be any photo id involved in that. So why are Thos Cook and PO demanding one?

mcfisco

So why are Thos Cook and PO demanding one?

I guess because you're walking in off the street and [theoretically] could be 'hitting' every forex place on the high st. with small amounts of your drug money

just saying like

bryanb

usignuolo wrote: »

You know I just looked at Barclays on line, and it says for customers that they will sell you foreign currency, no commission, no fee for using debit card, with free home delivery. You just have to phone them before 1pm and it will be delivered the next morning. There cannot be any photo id involved in that. So why are Thos Cook and PO demanding one?

If they deliver they can trace you by your address.

usignuolo

Yeah right, small white middle aged lady - well known drug fence. Just as I was concealing weapons in my little old car when I was stopped on a random police search in central london 18months ago. You do wish they would spend more time on targeting more likely candidates for fraud, terrorism whatever.

GlennTheBaker

usignuolo wrote: »

Yeah right, small white middle aged lady - well known drug fence. Just as I was concealing weapons in my little old car when I was stopped on a random police search in central london 18months ago. You do wish they would spend more time on targeting more likely candidates for fraud, terrorism whatever.

Get ready, the PC cavalry will be along in a moment with a huge stock of outrage............

stephb34

You don't need ID at Thomas Cook if you're paying by cash unless its a large amount, which 400$ isn't perhaps she misunderstood you if she was telling you that some card providers charge.
To be honest it was good of her to tell you its not the FE cashiers job to know the terms and conditions of your bank. Its surprising how rude people are when they're told there maybe a charge for a debit card and they shout at you "Its a DEBIT card not a CREDIT card as though you're the stupid one.
Also how cross would you be if someone had stolen your card and was buying thousands of pounds worth of currency because no one did any checks.
Also its the external auditors that insist on ID even i have to provide ID for my currency in the shop i work for!!

usignuolo

The girl at Thomas Cook was quite explicit that I had to have a photo id before she would sell me any currency at all. Like the guy in the post office who would not order me any until I produced my passport or a photo driving licence. And it's not 000s it $400 dollars, paid for in cash.

The reason the debit card issue came up was Thos Cook's suggested having one of these currency cards or whatever they are, and when I said I would need to buy that with my debit card as extra, as I did not have enough cash for that with me, she suggested I go and withdraw some to avoid paying the bank commission on using my debit card.

I would be more impressed if I did not think it was just a rubber stamping exercise. My son got mugged a few years back and went straight round to the police station to report it and got a crime number and then phoned up his bank.

Despite that the muggers still went to two different cash machines - before and after midnight, with his stolen card, having got the code from him at knife point, and withdrew money. Card was not stopped.

Bank took 6 months to reimburse him and left him with an overdraft while it did so. And his driving licence, reported at the same time, was still being used to hire cars from car hire firms, a year later.