News of the Bank

How not to be deceived while exchanging currency

At present currency exchange is performed not only in banks and currency exchange point but in shadow sector which causes different deceits and fraud. It is possible to avoid such unpleasant situations while currency exchange if you are attentive and aware about possible means of deceits.

If currency exchange is performed in the currency exchange point first of all it is necessary to pay attention to the presence of license of the National Bank of Ukraine, and then never ask help in strangers. So, for example, when there is no necessary currency amount in the currency exchange point it is not worth trusting to strangers wishing to sell you necessary currency amount as it is likely an attempt to deceive.

Besides, it is important to pay attention to the way of information placement on bigboards by currency exchange points, as some of them can mislead clients by rate manipulation. The most widespread manipulation variants are visual overstating or understating of rates by using of other signs or gap on the bigboards. For example, indicated on bigboard «5_3», implies purchase rate 5,03, but not 5,3, as it seems at the first sight. May be, indication on bigboard more advantageous rates with inconspicuous addition or announcement: «for wholesale operations». Also, substitution of columns with purchase and sale rates is possible directed to clients' perception, who are used to the standard rates placement on the bigboard.

In any case a client should remember that in accordance with Instruction of NBU №502 as of 12.12.2002 possibility of refusal from currency exchange operation within 15 minutes after its performance is foreseen. Consequently, it is important to require receipt about performance of currency exchange operation, where is real rate of operation and which is necessary condition for operation refusal.

«It is not a secret, that in banks it is possible to perform currency exchange with really opened rate avoiding the slightest deceit possibility, besides following factors are important: reliability, confidentiality, decency and stability of selected financial institution», comments Elena Bakaeva, Head of bank-note business and non-trading position management of JSCB «PRAVEX-BANK».