Exchange offices should return the exchanged money within two hours, the CNB is proposing an amendment to the law
The CNB submitted its proposals to the Ministry of Finance. “I must say that there is a consensus here, because we realize that these changes would contribute to better exchange offices. Currently, it has the Ministry of Finance So on the table and preparing the law for the legislative process,” Nidetzky. According to a dozen annually, mostly complaints from Czech exchange offices, mostly from foreign clients, but not all dissatisfied customers had to complain.
People who later found out that the original transaction was unfavorable would have the opportunity to change. “So they can go back to the exchange office within two hours and ask her to return the shift and get her money back. And then they can do the shift somewhere else,” the central banker said. The obligation to have only one course is to limit the offers of different courses according to the volume to take place and to prevent unfair practices. According to Nidetzky, in practice it happens that exchange rates hang in exchange offices, which is marked so that this is not an exchange rate list.
Nidetzky expects that the amendment would improve the market situation. “Especially the reverse shift is, I think, a very powerful tool that should discourage money changers. But let’s not have the illusion that those money changers will not try again,” he said. According to him, it is important that foreigners are prepared to exchange money. “It is the inattention of clients. I repeat that the best legislation and regulations will not fully prevent clients from being harmed in this way,” he added.
The new rules for the field were introduced by the law on foreign exchange activities, which was approved four years ago. According to him, exchange offices provide the customer with proof of money exchange, the data on the exchange rate list must be presented in the appropriate size in a clear and comprehensible manner and exchange offices must not exchange money on less favorable terms for the client than stated in the exchange rate information and fees. The law also stipulated who can run a foreign exchange business and what obligations they must meet in order to obtain a permit.