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Bank of Ireland bank statement codes

  • 29-10-2020 8:17pm
    #1
    Rossmcc21
    Registered Users, Registered Users 2 Posts: 1 ✭


    Have a lot of unusual codes in my bank statements, some include NEPOSCHGUSD, P1910HK, P1810GB

    What do these mean !


Comments

  • #2
    John Frank Wilson
    Registered Users, Registered Users 2 Posts: 105 ✭✭John Frank Wilson


    Rossmcc21 wrote: »
    Have a lot of unusual codes in my bank statements, some include NEPOSCHGUSD, P1910HK, P1810GB

    What do these mean !
    I'm going to try and guess this one NEPOSCHGUSD - but truth be told, I don't have a clue!

    Right - NEPOSCHGUSD = NE POS CHG USD

    POS = Point of Sale?
    CHG = Charge?
    And USD = US Dollar

    I couldn't tell you what NE is... HK = Hong Kong? and GB = Great Britain!?

    Sorry... I'm only guessing at this stage!!! :) !


  • #3
    John Frank Wilson
    Registered Users, Registered Users 2 Posts: 105 ✭✭John Frank Wilson


    I actually had the same: NEPOSCHGUSD on mine two days ago, f***ers robbed 2 euro out of my account!? I still don't know where or what it was for. How much did you get charged, if you don't mind me asking?


  • #4
    John Frank Wilson
    Registered Users, Registered Users 2 Posts: 105 ✭✭John Frank Wilson


    I think the GB and HK ones are simple online transactions, come to think about it... like an eBay transaction from China or something? Does that line up with you?


  • #5
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,612 Mod ✭✭✭✭Jim2007


    John Frank Wilson wrote: »
    I actually had the same: NEPOSCHGUSD on mine two days ago, f***ers robbed 2 euro out of my account!? I still don't know where or what it was for. How much did you get charged, if you don't mind me asking?

    Non Euro - Point Of Sales - Charged - US Dollar. You choose to use your card in US Dollars rather than Euros and as per your account agreement got charged for doing so.

    - Read the T&C for your account
    - Select to pay in Euro

    This way you avoid the charge.

    For an ATM withdrawal it would be NEATM. The others I don’t know.


  • #6
    RachelsCousin
    Closed Accounts Posts: 64 ✭✭RachelsCousin


    Jim2007 wrote: »
    - Select to pay in Euro

    This way you avoid the charge.
    You avoid the charge from your bank, but usually end up paying more in the FX spread. Blindly selecting to pay in Euro is almost always going to cost more, and is far less transparent.

    Particularly with larger transactions. On debit cards there is a cap to the bank fee, but there's no cap to the amount you lose by getting a bad FX conversion rate.


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  • #7
    coylemj
    Registered Users, Registered Users 2 Posts: 25,624 ✭✭✭✭coylemj


    RachelsCousin wrote: »
    You avoid the charge from your bank, but usually end up paying more in the FX spread. Blindly selecting to pay in Euro is almost always going to cost more, and is far less transparent.

    +1 paying in Euros in a non-Euro country allows the vendor to set the exchange rate and this is always more expensive. When I'm checking out, Amazon UK always offer to charge me in Euros and I always decline because a spot check on the current rate on XE shows that they're going to rip me off. Mastercard typically charges me 2.25% above interbank.

    With a credit card, they show the FX charge within the transaction description. For example, on my last Mastercard statement, there is a purchase from Amazon UK and the description says 'Includes cross border handling fee of €1.24' but there's only one line item. Unlike the OP's current account statement where the currency charge is a separate line item.


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