ČSOB and Raiffeisenbank ceased to change their currency. They respond to a change in law – Novinky.cz



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"As of Monday, April 1, 2019, we will no longer provide foreign exchange services in our branches," the CSOB said on its website.

Raiffeisenbank has also canceled money exchange services since April 1. The reason is, according to the bank, a decrease in interest in this service and change in legislation. The amendment introduces complicated rules for bank cancellations or claims over transactions and significantly extends cash receipt requirements, said bank spokeswoman Petra Kopecká.

According to her, the change is mainly concerned with tourists who are not bank customers and can exchange currency or ATM withdrawals. Bank customers can continue to make deposits and withdrawals in foreign currencies linked to their multi-currency account at the branches, he added.

Komerční banka will continue to offer the purchase and sale of foreign currency in cash, said bank spokesman Pavel Zúbek. He pointed out that the new legislation, among other things, abolishes rates for standard foreign exchange transactions, except as provided by law.

"We will not cancel the foreign exchange deal now, we will apply the regulation resulting from the amendment to the Exchange Act," said Petr Plocek, a spokesman for UniCredit Bank.

According to spokesman Filip Hrubý, Česká spořitelna provides foreign exchange services with 174 of the 513 branches. In these agencies, people can exchange Czech crowns in cash for foreign currency in cash. In another 69 agencies, they can deposit money in foreign currency into their account. In the same way, they can withdraw money in foreign currency from their account in foreign crowns or currencies.

The CNB issued the Ten Commandments

The purpose of the amendment is to protect customers from the unfair practices of some exchange offices. In the case of exchange machines, the law provided for a withdrawal period of up to three working days.

Due to speculation, the new measure applies to amounts up to EUR 1 000 (CZK 25 790). The draft also introduces the rule that if the exchange office provides an additional service related to the exchange, the customer may also withdraw from the service. Information on the withdrawal right will be placed first on the receipt of the exchange office.

In connection with the amendment of the law, the National Bank of the Czech Republic has published the Ten Commandments for the Exchange Office client. It states that if the exchange office does not want to cancel the exchange within three hours and return the money, the customer can file a written complaint with the CNB, which will impose a penalty on a justified claim. However, the CNB does not have the power to order the exchange office to compensate the client for the damages caused, only the financial arbiter has that option.

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