What I’ve just found out about Banks

Maybe I should really say “what I have been reminded of”!

Firstly, most of them are greedy, grasping and outright disingenuous in their dealings with us, their customers. Why was I reminded of this, well – a ‘shock’ purely and simply!

It started out as £300 and ended up as only £235!

Wow was I shocked and then some when I tried to send (what I thought would be a good sum) £300 to a troubled friend’s family overseas, under the guise of something for birthdays & Christmas.

My gift was reduced by an unbelievable £65! Couldn’t quite believe that so much should be taken out so contacted my bank in an attempt to find out why, in other words get the details.

Well, did that turn out to be pretty much a waste of time – spent well over an hour on the phone, but even then didn’t get a full answer. Some was Bank Charges; other was for currency charges (they thought?) and the rest? Well your guess is as good as mine.

One of their many tricks is to “pass the buck” to the other bank or banks! It is terribly disappointing – NO, upsetting is closer to the truth.

The moral of the story is, if you’re thinking of sending money, go to the hassle (and it is a hassle) of looking into the finer details of ALL the fees/charges attached to doing so, then you might have some idea of what you will be hit up for. BUT you might wish to be smarter.

One thing I’ve definitely had confirmed is “don’t go anywhere near your high street bank when sending money overseas”. Consider the alternatives – consider using one of the many currency companies that operate in that particular area. The charges they apply are hugely undercut – this is definitely the way to go.

SO HOW DO THE BANKS GET AWAY WITH IT? Simple again, people just aren’t aware that there are alternatives open to them. BUT now that we have easy access to the Internet we can look into these things, can’t we?

Well I off to take of a few early Christmas chores. Only the best for Alphie.

by