This practice of bankers is confirmed by the experience of the creators of the financial application Patron Go, which tested how dozens of large Czech banks approach the exchange rate. And what was the result? The monitored banks charged a surcharge of three to five percent of the purchase price. “When shopping for about 20 thousand crowns, which many of us make annually abroad, it is about 600 to thousand crowns a year,” said Jiří Paták from Patron Go.
As an example, he cites a specific purchase of electronics from China for $ 850. On the day when the so-called central dollar exchange rate was 21.2 crowns, the bank charged 22.05 crowns for the dollar. The customer had to pay 723 crowns more. According to the Patron Go application, every second domestic customer pays for transactions with stores such as AliExpress.
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Especially before Christmas, when gifts are bought in bulk, even through foreign e-shops such as Amazon, eBay or Alibaba, customers should therefore sharpen their own interest. Unfortunately, buyers usually do not know that the bank converts the transaction at a different exchange rate than the one they find in the exchange rate list of the Czech National Bank. For example, the Czech Banking Association (CBA) did not record any complaints about this approach. “Bank clients do not turn to us in this connection,” said Markéta Dvořáčková from the CBA.
Similar experiences are confirmed by consumer organizations. “We have recorded only a few such complaints,” said dTest spokesman Jaroslav Švehla. “This may be due to consumers not realizing these losses or simply counting on them,” he said.
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In case of repeated problems with the exchange rate of banks, dTest would recommend dissatisfied customers to turn to European Consumer Center, which helps customers resolve disputes, especially with traders from European Union member states.
Overpriced and dangerous business transactions can also be detected through the aforementioned Patron Go application. Its algorithm can determine what product or service people can save on. The solution may also be the use of payment services by Revolut or Twisto.
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