A number of payments abroad can be made by wire transfer, ie by credit card. This pay-as-you-go option is convenient, safe, and inexpensive while adhering to the security policy for using the card. This minimizes the theft, loss or damage of money. Your credit card will not sweep you in the water and when the card is blocked after you lose it, the money on your account will be safe.
Paying a card is also cheap, if your bank does not have a disadvantageous course. "Indeed, the Bank transfers non-cash foreign currency in the foreign exchange-selling rate, which is on average about 10 cents per euro or US dollar more advantageous than the exchange rate-sale intended for the exchange of notes and coins. Additionally, you usually pay no fees for foreign card payments, the bank's shift costs are included in the exchange rate, " explains Lukáš Zelený, head of the Legal Department of the consumer organization dTest.
Without cash (currency), however, you often do not have to go abroad. Foreign banknotes and coins can also be guaranteed in the Czech Republic, because with the offer of our currency you would be successful at the banks of neighboring countries and often only in border areas. Alternatively, you could also pick up a foreign currency at an ATM abroad. However, this option is burdened by a considerable fee, even in the hundredths of a single selection. Money can also be exchanged at a worse rate. Even worse conditions for selection in foreign ATMs are usually set for credit (credit) cards and, in most cases, they are not covered by interest-free periods. Before you go on holiday, therefore, find out how your bank charges for withdrawals from an ATM abroad, and then cash in before you travel.
You can use the dense network of traditional bank branches to buy euros, US dollars or other currencies. New banks of the classic currency exchange service usually do not offer, but cash payments and cash withdrawals from foreign ATMs of course allow. "Currency exchange rates in banks are slightly higher than currency exchanges, and banks add up to a fee based on the amount exchanged. The exchange rate and exchange rate announced by the bank is valid in all its branches in our territory, " says Lukáš Zelený.
For the currency you can go to the exchange office, but perhaps you will have to travel tens of kilometers if you do not live in a big city or in a touristy exposed area. Exchanges usually offer more advantageous courses, but unfortunately, you may encounter unfair practices of exchange bureaus. So be careful to read reviews and discussions on this topic on the Internet and go to the one with whom clients have a good experience.
Every exchange office is required to give you information on your transaction (currency, transaction volume, exchange rate, fees, total amount paid, date and time) and your other rights, such as claim options . Always ask for this document, check the data and save it for any claim. If the exchange office wants you to sign this document, sign it after reading and checking.
After the exchange, the exchange office is required to provide you with a proof of transaction. Again, ask for this document. "If the exchange did not take place under a pre-transaction document, such as a different exchange rate or total amount paid, then claim the service immediately on the spot with the responsible employee. If the Exchange does not recognize your claim, you have the option of complaining to the Czech National Bank, which can initiate an administrative procedure and impose a fine on it, " says Zeleny. And he adds: "It is not its responsibility to recover damages caused to you by the exchange office. Compensation must be settled as a private-matter dispute or through a financial arbitrator. "
Source: tz dTest.cz
