on April 7, 2007
Some of my British and American friends have told me horror stories of the rip-off rates charged by Chequepoint when changing money into Euros. It seems to be a problem with this particular dealer - other VT members in Hungary and Hong Kong have reported the same kind of fraud.
My advice is not to use Chequepoint under any circumstances. Click on the logo so you can steer well clear of these sharks.
Fellow tourists might like to consider the following letter to the Herald Tribune written by an outraged Chequepoint customer - source: http://www.iht.com/articles/20
Speaking of Rip-Offs : LETTERS TO THE TRAVEL EDITOR
International Herald Tribune
Friday, November 24, 2000
From Irwin Hankins in Singapore:
I was most interested to read Mr. Ponka's letter about Chequepoint charging transaction fees and charging for a city map that he was offered ("Currency Exchange Fees," Nov. 17).
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This happens not only in Prague; it seems to be a corporate practice and should be investigated by the relevant authorities in the countries where this organization is active. Licensing, consumer and tourist authorities should be made aware.
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In Amsterdam, I have seen the same thing, and recently had the map scam tried on me. In this case I made so much noise, with a long line of customers behind me, that the clerk very quickly refunded the map cost to me. But there was no attempt at an apology and the attitude seemed to be, "O.K., so you caught us." More seriously, Chequepoint's exchange process is a rip-off. They convert all European transactions twice, claiming that this is a "regulation," which of course it is not.
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For example, if you want to change Deutsche marks to Dutch guilders they do not use the cross rates, but convert marks to euros and then euros to guilders. I went to one of the leading local banks and was given the direct exchange — saving in this transaction over $45 as a result — at a better rate, with no hidden costs.
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My strong advice to anyone changing money in Europe is to avoid this company no matter what, and, if possible, change foreign currency during banking hours at a trading bank.
In any event, you will get much more competitive rates drawing local currency on your Visa or Visa Electron card (preferably use a cash dispenser in a bank during opening hours and check the card slot shows no evidence of being fiddled with (a favourite trick is to slip a thin additional reader in). Shield the keypad with your hand as you tap the numbers in (in another scam, a concealed webcam films your PIN number).
