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Buying Euros - What a performance!
pimento
Posts: 6,243 Forumite
I went into the local HSBC today to get my son some Euros for a trip he is making at the weekend.
After having trouble before paying on my FD debit card, I withdrew cash from the machine and then went to the counter to buy £50 worth of Euros.
Sounds easy really. I pay them £50 in cash, they give me the equivalent amount in Euros.
Turns out that HSBC sell them pre-wrapped and packed in multiples of €50, €200 or €500. I opt for €50 and am told that is £41.75. So I can't buy £50 worth. He asks when I am travelling. I tell him I'm not. (Why do they need to know that?)
Then they want my debit card. I can't work out why but the cashier inputs the details from it.
Then I have to sign for receipt of the Euros. I initialled the print out. That wasn't good enough, they wanted my full signature as on the back of the card. But I have already paid in cash.
I'm only surprised that he didn't want to know what I was going to spend them on.
All this for £41.75.
Next time, I will go to the cash machine at the station where you can draw Euros out in cash.
I assume these are money laundering rules but honestly, for €50?
I expect they can track what they are spent on because the pack will have a serial number that is set against my debit card.
After having trouble before paying on my FD debit card, I withdrew cash from the machine and then went to the counter to buy £50 worth of Euros.
Sounds easy really. I pay them £50 in cash, they give me the equivalent amount in Euros.
Turns out that HSBC sell them pre-wrapped and packed in multiples of €50, €200 or €500. I opt for €50 and am told that is £41.75. So I can't buy £50 worth. He asks when I am travelling. I tell him I'm not. (Why do they need to know that?)
Then they want my debit card. I can't work out why but the cashier inputs the details from it.
Then I have to sign for receipt of the Euros. I initialled the print out. That wasn't good enough, they wanted my full signature as on the back of the card. But I have already paid in cash.
I'm only surprised that he didn't want to know what I was going to spend them on.
All this for £41.75.
Next time, I will go to the cash machine at the station where you can draw Euros out in cash.
I assume these are money laundering rules but honestly, for €50?
I expect they can track what they are spent on because the pack will have a serial number that is set against my debit card.
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." -- Red Adair
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Comments
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I went into the local HSBC today to get my son some Euros for a trip he is making at the weekend.
That wasn't a great decision, as well as the problems you experienced (although signing for the cash seems like a reasonable thing to be asked to do, and initials are not signing) you would probably have got more money elsewhere.
Perhaps next time have a read of MSE's Cheap Travel Money guide, paying particular attention to the Getting the cheapest foreign cash section.
http://www.moneysavingexpert.com/travel/cheap-travel-money?_ga=1.75350354.1706339514.13926493300 -
Money launderers don't all deal in multi million pounds worth of transactions. Or even thousands of pounds worth. Small amounts are often used for money laundering as these are less likely to be picked up on.0
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Money launderers don't all deal in multi million pounds worth of transactions. Or even thousands of pounds worth. Small amounts are often used for money laundering as these are less likely to be picked up on.
Quite. I fully expect that cash transactions in your local shops will be subject to money laundering regulations in the not-too-distant future.
MLP.0 -
That wasn't a great decision, as well as the problems you experienced (although signing for the cash seems like a reasonable thing to be asked to do, and initials are not signing) you would probably have got more money elsewhere.
Perhaps next time have a read of MSE's Cheap Travel Money guide, paying particular attention to the Getting the cheapest foreign cash section.
http://www.moneysavingexpert.com/travel/cheap-travel-money?_ga=1.75350354.1706339514.1392649330
Just out of interest, what would the difference have been for €50 between the HSBC rate and the best rate on the high street?
Don't worry, I just looked it up. 93p."If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." -- Red Adair0 -
Just out of interest, what would the difference have been for €50 between the HSBC rate and the best rate on the high street?
Don't worry, I just looked it up. 93p.
93p this time, next time you may be wanting €5,000, so if you remember to research before buying the saving could be worth a lot more.0 -
Turns out that HSBC sell them pre-wrapped and packed in multiples of €50, €200 or €500. I opt for €50 and am told that is £41.75. So I can't buy £50 worth.
I don't think they issue euro coins, so yeah you do have to buy in terms of euros rather than pounds.He asks when I am travelling. I tell him I'm not. (Why do they need to know that?)
Perhaps just being friendly? Perhaps he was establishing whether you didn't need the euros immediately in which case they could fulfill your original request for £50 worth?Then they want my debit card. I can't work out why but the cashier inputs the details from it.
They won't just dish out cash. It needs to be accounted for and have an audit trail.Then I have to sign for receipt of the Euros. I initialled the print out. That wasn't good enough, they wanted my full signature as on the back of the card. But I have already paid in cash.
He did ask you to sign not initial.Next time, I will go to the cash machine at the station where you can draw Euros out in cash.
Whatever's easiest for you. Like another poster has already said, MSE has a guide for your options when spending money abroad.I assume these are money laundering rules but honestly, for €50?
Not even.I expect they can track what they are spent on because the pack will have a serial number that is set against my debit card.
Nope.0 -
Who do you think would end up paying if bank branches had to supply a full till of all the currencies likely to be requested in each branch.
Trust me, it's easier now, than the days, (in living memory,) when you had to produce your passport and there was an annual limit to the amount of foreign currency you could buy.0 -
Who do you think would end up paying if bank branches ha top supply a full till of all the currencies likely to be requested in each branch.
Trust me, it's easier now, than the days, (in living memory,) when youhad to produce your passport and there was an annual li,it to the amount of foreign currency you could buy.
I vaguely remember something about that. The difference between then and now is that back in the 60s the control was for economic reasons, now it's all about money laundering paranoia.0
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