AIB and their foreign exchange "service" - just a comment

manofthefora

I wanted to purchase some Polish currency. I am going to Poland next Saturday.

Early this morning (Monday) I called AIB to ask about ordering Polish currency.

I am told to go to my local branch (Bray) and fill in the form. It would take UP TO 3 DAYS to get the currency, I was told.

I immediately go straight to the branch and ask for the order form. The clerk informs me that the currency will be available NEXT MONDAY. Definitely not earlier.

I head to the local post office. How long will it take to get Polish currency? I ask.

Up to 3 minutes I am told. 5 minutes later I leave with the notes in my pocket.

Just saying.

MOTF

Jim2007

I guess it is not a profitable business for them to be in. Not every shop sells every product etc...

walterking

There's virtually no demand for currency exchange these days. Banks will not hold onto hard currency.

Most people will just use a debit card and withdraw cash from an atm when they arrive.

Only selected post offices carry currency and then its only about 5 (inc Zloty)

beachhead

https://www.boards.ie/discussion/2058274709/aib-and-their-foreign-exchange-service-just-a-comment

The Irish banks lost interest in selling foreign countries soon after the euro was introduced.No profit in it anymore.I'd say demand reduced hugely too.A lot of countries like to deal in cash-bring euros and get a better rate in Poland.I would bring enough currency for the first day i.e. get from airport,buy food,suss out atms or exchange options.Or use cash and not hammered by transaction charges

HeidiHeidi

https://www.boards.ie/discussion/comment/119964027#Comment_119964027

This.

I cannot remember the last time I bought foreign currency before going away. ATM locally if you need actual paper cash, or Revolut to avoid charges.

I spent a 10-day break in California a few years ago and never used a banknote the whole time I was there.

coylemj

Even before the use of cash declined, partially because of Covid, it was always better to withdraw cash from an ATM when you arrived than buy the currency before you travelled. Because while the bank in your home country will always take in some foreign notes from returning tourists, the fact is that they have to buy in most of the currency that they sell and that costs money. Which you pay in the FX transaction.

dalyboy

I recently came back from a trip to New York (2nd US trip this year). Not once did a US dollar note or coin pass my hands. Not once did a bank or exchange booth either side of the Atlantic get their greedy mits on my hard earned money via a commission or fee.

Ever since I got revolut card all my US dollar purchases were based off the “live” interbank rate and every vender luckily I dealt with accepted my visa revolut.

cuttingtimber22

https://www.boards.ie/discussion/comment/119965654#Comment_119965654

How did you manage tips? Hotel rooms etc.

dalyboy

https://www.boards.ie/discussion/comment/119965700#Comment_119965700

I was staying Airbnb , in pubs I just added a percentage gratuity on check out with my card. I had my sight seeing and broad way all prepaid and had QR codes to present.

btw , I personally dislike losing the cash and detest the thought of a cashless society but needs must when dealing with a foreign currency abroad

beachhead

Have used Revolut recently abroad to get atm cash and been charged a fee by the atm owner.Tried a few atm.Fees varied by up to 100% Revolut do not convert currencies for free.They take their cut on the exchange transaction when you load you card,interbank rate or not.The banks (Rev incl.)never lose.Only a matter of time before retailers add a charge for using cards.AMEX led the way years ago by screwing retailers who pass on the charge.Yes,I know AMEX is a charge card

walterking

https://www.boards.ie/discussion/comment/119968552#Comment_119968552

ATMs will always charge Revolut. Why on earth would they give Revolut the service and use of their machines and technology free?

Other banks will have agreement that customers of both banks can use ATMs but Revolut do not have anything to bring to the table, thus they have to pay.

Yes, they and every bank will take a cut of commission. That's how business works. Buying foreign exchange is worse - there's usually a fee and a 3%-4% spread.

As for retailers adding a fee for cards. Not a chance. It is CHERAPER to take a debit card (0.18% in my case) and about the same to take a credit card (0.45%) than to take cash (0.48% lodgement fee). With cash, as well as paying a lodgement fee you have to count it, bag it and lodge it. A complete Pain in the ass. If retailers are ever going to start charging, it will be to take cash.