My bank got to me today.

[Carl]

I bought some Euros and they charged me a much larger exchange rate than is listed on the internet and then charged me a $10 fee to deliver the Euros to my local branch. I have filed a complaint with customer service. I'll have to wait and see if I get any satisfaction from them. I have use the bank (Bank of America) the last two years and they have not done this. But this year they did. Internet listing for Euros was 1.21 per Euro. My bank charged $1.28 and then added the $10 charge on top of that - making the net exchange rate for 100 Euros 1.38. Bad news.

 

[nativetxn]

I hate to hear this, Carl. Perhaps it's time for a new bank?

 

[TigerBear]

That doesn't seem fair. I wonder if they may have changed their policy? Hopefully, they will resolve it for you.

 

[Micca]

Way to treat a valued customer, right Carl? I don't know what you're using the Euros for, but for travel abroad, it used to be consensus that you'd get the best deal changing money in the foreign country at a full service bank, not a "bureau de change". Dunno if that's still the case.

 

[Beauty]

Was this the rate listed on their (the Bank's) web page? If so then you have a very valid argument with them. Of course if its just an average or something like what you "should" be charged then they can charge whatever they want as long as people will pay it. If that is the case I think I would call around to other banks and compare the prices just to see.

 

[KristaTX]

Hi Carl - I didn't know you were going to Europe. Where are you going? Going to visit DL Paris? Hope you get the bank situation resolved.

Krista

 

[raidermatt]

I used to work at BofA. If you're looking for service and/or pricing, there are usually better choices. The big advantage BofA has for a retail customer is the breadth of their retail network. However, even that is mitigated somewhat by the fact that they haven't integrated many of their systems.

 

[Carl]

Like I said, they have been fair the last 2 years and exchanged the money at more or less the going rate. This is the first year they got to me. They admitted they had just initiated the $10 fee, but didn't admit that their exchange rate was inflated.

I am going on a tour of Austria, Northern Italy, and Baveria this June. I have gone to Germany and Austria the past 2 summers.

I used Bank of America because they claim they do not charge their customers any service fees to do exchanges. In Europe most banks do charge some fee to do exchanges. It is true that a full service bank is better to use than one of the smaller exchange booths.