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Post office ripped me off

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  • 20-07-2011 7:17pm
    #1
    billyhead
    Registered Users Posts: 9,853 ✭✭✭


    I received a notice that the local post office would exchange Euro to sterling or Dollar commission fee so with a trip booked for the Uk in September decided to get some money exchanged now. After I got home and checked on the internet the exchnge rate of 90 pound sterling worked out at 102 euro however I was charged 105 euro. Can anyone explain this?:mad:


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    #2
    snubbleste
    Banned (with Prison Access) Posts: 31,117 ✭✭✭✭snubbleste


    There is a very simple explanation. Since you have internet access, do some research :)


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    #3
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    Which one was it, An Post or the Credit Union? You refer to both.

    What does the receipt say? That will give you a breakdown of the trade.

    Where on the internet did you get the exchange rate? Bear in the mind that the rate listed on the net is not the rate charged by the exchange. They are free to set their own rates (to cover their own costs and make some money).

    For instance xe.com are currently listing €1 = £0.88. Realistically though, any bank is going to give me something like €1 = £0.87.

    Moved to Banking & Insurance & Pensions


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    #4
    billyhead
    Registered Users Posts: 9,853 ✭✭✭billyhead


    Ok,

    I found the link on heir site. They are charging 85 pence to a euro. The official exchange rate is around 88 pence to the euro

    http://www.anpost.ie/anpost/maincontent/personal+customers/money+matters/foreign+exchange/an+post+foreign+exchange.htm

    Its not the extra 3 euro that annoyed me buy why are the exchange rates not used with what the actual official daily exchange rate is?


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    #5
    Bluetonic
    Registered Users Posts: 7,588 ✭✭✭Bluetonic


    billyhead wrote: »
    Its not the extra 3 euro that annoyed me buy why are the exchange rates not used with what the actual official daily exchange rate is?
    Thats the mid market rate you are looking at, the difference between the bid and offer.

    Like any product there is a difference between the price to buy something and the price something will be sold for, otherwise said item would make no profit.

    Would you expect a supermarket to sell you items at cost price?


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    #6
    ScouseMouse
    Closed Accounts Posts: 5,070 ✭✭✭ScouseMouse


    Oh dear, another ripoff thread that isnt actually a ripoff...


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    #7
    Oral Surgeon
    Registered Users Posts: 3,240 ✭✭✭Oral Surgeon


    Wow, a whole €3, call the FBI in, this is big stuff indeed...


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    #8
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Learn how exchange rates work. The price XE have is not what you get at. Its the mid market rate (between buy and sell rate).

    Doesnt matter anyways they all have rates posted in the post office so it is clear what you were going to get and if you want a better price you can shop around but wont change much.

    waste.


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