I got ripped off by my bank.

Few weeks ago, on a Saturday, I wanted to convert 10k euro cash in my bank. The cashier tried to call some kind of service they call when a large amount is to be converted, perhaps to offer a better rate than the displayed one? Anyway, she failed, because it was closed on Saturday and she exchanged my money with the displayed rate. Do they indeed call somewhere to offer a better rate for large amounts like this? Was I ripped off? And what can I do? thanks!
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  • SnowTiger
    SnowTiger Posts: 4,458
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    Axon75 wrote: »
    Few weeks ago, on a Saturday, I wanted to convert 10k euro cash in my bank. The cashier tried to call some kind of service they call when a large amount is to be converted, perhaps to offer a better rate than the displayed one? Anyway, she failed, because it was closed on Saturday and she exchanged my money with the displayed rate. Do they indeed call somewhere to offer a better rate for large amounts like this? Was I ripped off? And what can I do? thanks!

    You almost certainly didn't get the best deal.

    Should have come here first: http://travelmoney.moneysavingexpert.com/?_ga=1.241751234.1353928981.1435694812.

    What can you do? Chalk it up to experience.
  • Archi_Bald
    Archi_Bald Posts: 9,681
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    SnowTiger wrote: »
    You almost certainly didn't get the best deal.
    Which isn't the same as having been ripped off. It was the OP's free decision to accept the exchange rate offered.
    SnowTiger wrote: »
    Chalk it up to experience.
    agree
  • agrinnall
    agrinnall Posts: 23,344
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    If you had to do the exchange on a Saturday and weren't prepared to look elsewhere then I don't see what more you could have expected the bank to do. I believe banks will try to book a more competitive rate for large sums, but if that option is not available at the weekend there's nothing more they could do. The lesson to take from it is that the UK banking system really only works fully during business hours Monday - Friday, so if you want to do something slightly out of the ordinary that's the time to choose.
  • nidO
    nidO Posts: 847 Forumite
    Choosing to buy something at a higher price than you could have bought it elsewhere isn't being ripped off.
  • G_M
    G_M Posts: 51,977
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    Axon75 wrote: »
    Few weeks ago, on a Saturday, I wanted to [STRIKE]convert 10k euro cash[/STRIKE]buy 100 tins of beans in my [STRIKE]bank[/STRIKE]supermarket. The cashier tried to call some kind of service they call when a [STRIKE]large amount is to be converted,[/STRIKE]customer wants to make a bulk purchase perhaps to offer a better [STRIKE]rate[/STRIKE]price than the displayed one? Anyway, she failed, because it was closed on Saturday and she [STRIKE]exchanged my money with [/STRIKE]charged me the displayed rate. Do they indeed call somewhere to offer a better rate for large amounts like this? Was I ripped off? And what can I do? thanks!

    Try a wholesaler, or cash & carry next time. If they are closed on Saterdays, wait till Monday.
  • Goldiegirl
    Goldiegirl Posts: 8,805
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    Why is the title of this thread 'I got ripped off by my bank'

    In your post, you ask 'was I ripped off'. So you don't know if you were ripped off or not, so the title of the thread is very misleading.

    In any event, no you weren't ripped off. They told you the exchange rate, and you accepted it. You could have gone elsewhere if you didn't like the exchange rate.
    Early retired - 18th December 2014
    If your dreams don't scare you, they're not big enough
  • Axon75
    Axon75 Posts: 94 Forumite
    Goldiegirl wrote: »
    Why is the title of this thread 'I got ripped off by my bank'

    In your post, you ask 'was I ripped off'. So you don't know if you were ripped off or not, so the title of the thread is very misleading.

    In any event, no you weren't ripped off. They told you the exchange rate, and you accepted it. You could have gone elsewhere if you didn't like the exchange rate.

    You have no idea what you are talking about. Financial institutions operate under TCF terms of FCA, if you have any clue what is this.

    (treat customers fair, financial conduct authority)
  • djpailo
    djpailo Posts: 550
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    You weren't ripped off because they were clear what deal you were getting and accepted that. It happens to us all in that we all make mistakes. You'll be wiser next time. Just take it on the chin and move on.
  • Axon75
    Axon75 Posts: 94 Forumite
    djpailo wrote: »
    You weren't ripped off because they were clear what deal you were getting and accepted that. It happens to us all in that we all make mistakes. You'll be wiser next time. Just take it on the chin and move on.

    Why can't you understand that it's treating customers unfair if they don't give me the rate that they would normally give to people with that amount?

    I don't demant the rate that other banks/services give. I demand the better rate that they would normally give for that amount. And they didn't even advised me to come on Monday to get a better rate. That is concealling of information and unfair treating. Financial institutions have very strict regulations for this. I expected in this forum to answer knowledgeable people, not trolls.
  • Thrugelmir
    Thrugelmir Posts: 89,546
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    Axon75 wrote: »
    I expected in this forum to answer knowledgeable people, not trolls.

    Try Mumsnet if you want a sympathetic ear and a hug. Alternatively read what's written here and take on board the comments.
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