ATM rip off by Ceska sporitelna
Replies: 6 - Last Post: Jan 26, 2013 10:42 AM Last Post By: bleen68
Dec 21, 2012 11:29 AM
ATM rip off by Ceska sporitelnaAnother warning about a new ripoff in the Czech Republic. This time it is from an ATM of the Ceska sporitelna, a savings bank, owned by the Austrian Erste Bank. I used their ATM at Vaclavske namesti No 16.The bank used an exchange rate of A$1=19.809 CZK while the banks official exchange rate was 20.58 CZK. The bank gives you a warning before you proceed with the transaction about the exchange rate it will use, so if know it, you have the option to decline the transaction. Otherwise, you end up getting a much worse exchange rate than the other banks ATM offer in the area. Don't use ATMs of the Ceska sporitelna/Erste Bank while in Europe but use the other banks. Beware of other banks ATMs as they might be quick to catch on to this official rip off.
Dec 21, 2012 5:09 PM
1As it's the festive season, I'll try to resist announcing you as another proud winner of a TT FTPW (First Time Poster Whinge) award...since you were notified in advance as to what the rate is and the difference is approx 3%, the term 'rip-off' may be a trifle histrionic...
My recommendation is that you haul yourself out of bed, treat yourself to a healthy 10 mile run through a freshly-ploughed field and prevail on your partner to give you a good, hard flogging with branches from a nearby eucalyptus tree when you arrive back, all hot and sweaty...
You've done that earlier, I hear you say?......there there, I'll bet you're feeling much better, already...
Dec 21, 2012 9:29 PM
Jan 16, 2013 6:40 AM
3Do you think that's so really bad? Try travelling on some European budget airlines and getting more than €1 for £1. Everything in the Ryanair and Wizzair food brochure is priced in €'s. If it's €5 and you give them £5, the cheeky beggars give you zilch change. Also many cash booths in France, Spain, Italy and Portugal trade £1 = €1. if you want to change €'s back to £'s they often charge up to €1.50 = £1.
Jan 16, 2013 11:15 AM
4'tis indeed an entirely unfounded claim. 3%! Come on, in Poland the FX spread (bid/ask) for the AUD is 4% in a good exchange booth and 6% in the typical bank (just checked it).
It's a bit like whining you bought a more expensive chocolate because the cheaper one was on a lower shelf and you didn't see it, and the shop "ripped you off".
It's a common practice in Europe, last time I saw it in a Berlin ATM. Just goes to show you have to be up-to-date before you make financial decisions.
Jan 17, 2013 9:53 AM
Jan 26, 2013 10:42 AM
6It also depends what their ATM fee is. If there isn't one that would even the transaction out. We recently paid a hotel in Spain by credit card and they charged us US $ at a rate that was worse than average. But since we avoided the foreign exchange fee it was a win-win since we broke even and the might have been slightly better off.
(4 star Hotel)
From US$134.33 per night
(3 star Hotel)
From US$101.20 per night
(4 star Hotel)
From US$171.47 per night