Foreign currency - Virgin Banking

howardscorton

A few days before leaving for holiday in Greece in July I began online purchase of £1000 worth of Euros using my Virgin debit card. Transaction declined when it got to Virgin. I called them and astounded to hear that they treat purchase of foreign currency in the same way as ATM withdrawl so max of £250 each day!. So, to buy my Euros would need 4 seperate transactions on 4 different days. Crazy, especially as online sites offer better rates the more you buy in one transaction. Luckily I also bank with Natwest so bought my Euros in one deal, no problem at all. Since returning I have been asking Virgin "Customer Relations" (a joke name I think) to explain this policy (which no other UK bank seems to have) with absolutely zero success, I just get fobbed off with "it is our policy". I know that it is their policy!! I want to know WHY it is their policy, how they justify it but absolutely no response to that question.
So...if you bank with Virgin and you need foreign currency don't leave it until the last minute or, better still, don't use Virgin Banking for it.

NiftyDigits

Better still, why buy currency at all, unless you are speculating? It's such a primitive practice. I have no idea as to why people still do it.

Kernow666

believe it or not people still like to take paper currency on holiday with them you'll be surprised how many do they like to see what they have before they go
not everyone uses cards or prepaid cards

worried_jim

Virgin have set their policies as they see fit after a risk assessment to counter money laundering as is their right to do so.

Banks will tailor their own polices inline with the current threats that they are facing and these will differ from bank to bank.