Snaipyr Posted July 27, 2004 Share Posted July 27, 2004 For those who aren't aware - use Barclays, not IOM Bank for euros. The IOM Bank wanted 2% handling charge for the 500 euros I wanted to pay into my account, so I nipped up the road to Barclays to see what they charge and the answer was - nothing. They told me they have suspended commission charges until October. (I suppose the finance sector bods on here already knew this, but it came as a surprise to me) Link to comment Share on other sites More sharing options...
Declan Posted July 27, 2004 Share Posted July 27, 2004 As I understand it there was a ruling earlier in the year that banks from EU countries couldn't charge extra fees for handling Euros than they would for handling pounds. Don't see how the IOM Bank can get away with the charge if Barclays can't since both are Manx registered subsidiaries of UK companies. Link to comment Share on other sites More sharing options...
The Old Git Posted July 27, 2004 Share Posted July 27, 2004 Don't see how the IOM Bank can get away with the charge if Barclays can't since both are Manx registered subsidiaries of UK companies. But I'd presume the IOM Bank operates under Manx laws and not UK laws irrespective of it being a subsidiary of a UK company. Mind you, I don't know what Manx law says on the subject though Link to comment Share on other sites More sharing options...
Declan Posted July 27, 2004 Share Posted July 27, 2004 Yeah, but Barclays offshore is a "Manx" company as well. There is no real difference in terms of status between the two - both Manx registered but owned by UK plcs. Link to comment Share on other sites More sharing options...
Snaipyr Posted July 28, 2004 Author Share Posted July 28, 2004 Yeah, but Barclays offshore is a "Manx" company as well. There is no real difference in terms of status between the two - both Manx registered but owned by UK plcs. <{POST_SNAPBACK}> So no clear answer then. Anyone any idea who to contact to find out whether IOM Bank are ripping people off legally or illegally? Link to comment Share on other sites More sharing options...
blue kipper Posted July 28, 2004 Share Posted July 28, 2004 Go to the post office. It's free as I understand it. Link to comment Share on other sites More sharing options...
Declan Posted July 28, 2004 Share Posted July 28, 2004 I suppose that Barclays may have elected for a uniform charging policy across it branches so that the Manx ones have fallen into line with the English ones. Whereas IOM Bank is, at least in the public eye, distinct from RBS and NatWest and therefore is free to set tariff as the IOM regs allow. Anyway, Snaiyper there is the Financial Ombudsman Scheme which is based at the Office of Fair Trading. However, you usually need to have exhausted the bank's complaints procedure before they'll look at it. I doubt they'll explore the situation as a matter of principle, but it wouldn't hurt to have a look. You could try writing to the IOM Bank's Head of Compliance and say that your letter is a courtesy before contacting the press: if you wanna stir things up, that is! Link to comment Share on other sites More sharing options...
sirdick Posted July 28, 2004 Share Posted July 28, 2004 stir it up, stir it up... I only say this because I'll be needing Euros soon and I'm at the IOM bank. I could just go in to get them and make a right scene when they try and charge me a fee. I also didn't realise that if you have Spanish Euro coins you can't use them in any other Euro country. Same goes for all Euro countries' coins. What a load of crap that is. Link to comment Share on other sites More sharing options...
Karellen Posted July 29, 2004 Share Posted July 29, 2004 stir it up, stir it up... I also didn't realise that if you have Spanish Euro coins you can't use them in any other Euro country. Same goes for all Euro countries' coins. What a load of crap that is. <{POST_SNAPBACK}> Not sure this is right - have they been turned away? I have spent Irish euro coins in France and Holland without any problem. I thought the whole point of euros is that you could spend them anywhere in euroland Link to comment Share on other sites More sharing options...
Uni Posted July 29, 2004 Share Posted July 29, 2004 Post Office = win Link to comment Share on other sites More sharing options...
simon Posted July 29, 2004 Share Posted July 29, 2004 I also didn't realise that if you have Spanish Euro coins you can't use them in any other Euro country. Same goes for all Euro countries' coins. What a load of crap that is.Not so. Euros are Euros. The coins can be used in any Euro zone country - irrespective of their nominal nationality. EDIT: the notes are all the same, of course; only the coins are nominally national. When it comes to working out a good place to do an exchange -> as well as considering the rate of commission ... you should also consider the actual exchange rate you get. Sometimes the low (or non) commission places exchange cash at a less favourable rate. So it depends how much cash you are planning to convert and how any commission is actually charged. Link to comment Share on other sites More sharing options...
The Old Git Posted July 29, 2004 Share Posted July 29, 2004 Post Office = win <{POST_SNAPBACK}> Not necessarily. It depends on what exchange rate they give you. Some of these commission free money changers give a poorer rate of exchange than the ones that charge, they've got to make their money somewhere. I'd check that rates first before deciding. Link to comment Share on other sites More sharing options...
Snaipyr Posted July 29, 2004 Author Share Posted July 29, 2004 Post Office = win <{POST_SNAPBACK}> Not necessarily. It depends on what exchange rate they give you. Some of these commission free money changers give a poorer rate of exchange than the ones that charge, they've got to make their money somewhere. I'd check that rates first before deciding. <{POST_SNAPBACK}> Barclays exchange rate was better than the IOM Bank one too. Link to comment Share on other sites More sharing options...
The Old Git Posted July 30, 2004 Share Posted July 30, 2004 I'll have to do a few comparisons when I get some dollars next month. I don't normally get that much as I find debit and credit cards easier Does anyone still use travellers cheques these days? Link to comment Share on other sites More sharing options...
Karellen Posted July 30, 2004 Share Posted July 30, 2004 I'll have to do a few comparisons when I get some dollars next month. I don't normally get that much as I find debit and credit cards easier Does anyone still use travellers cheques these days? <{POST_SNAPBACK}> In the states, you only need a credit card. People commonly use them even for small amounts - like a coffee in Starbucks. I was in Vegas 2 weeks ago and dollar charges were converted at 1.80 or better on my amex card, with no fees. You cant buy USD notes at that rate from any IOM bank. Link to comment Share on other sites More sharing options...
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