Post Office Review byCurrencyComparison.co.uk
2 out of
Post Office Review
Post Office has been voted 2/5 or 49% out of 1288 recommendations. CurrencyComparison.co.uk has researched their Foreign Exchange Business and their Currency Transfer rates are not great.
Who are the Post Office?
So who are Post Office? Post Office offers more than 170 products and services which include travel money, travel cards and a Platinum credit card promising no fees on overseas purchases. Trusted and convenient, Post Office is the UK’s largest retail network and the largest financial services chain in the UK with more branches than all of the UK’s banks and building societies put together. They have focused on growing direct channels such as contact centres and online – seeking more ways to connect with more customers.
There are 322 crown offices, directly managed by Post Office. The remaining branches are managed on an agency basis either by sub-postmasters or partners. Some partners include Tesco and WHSmith.
In branch: No commission is charged, nearly unlimited transfer amounts are available and can be paid for with cash, Visa or MasterCard. Post Office offers up to 80 currencies which can be ordered for pick-up two hours later. There is no minimum purchase in branch and Post Office will buy back any cash not used.
Post Office / Post Office Money
Why should I use the Post Office?
Review Centre lists 303 very unhappy users of Post Office travel card. Only 9% of users would recommend using the card and most complained about very bad exchange rates and an inability to get funds leftover on card refunded. In one case two months of chasing the company down were necessary to receive £600 balance on the card. Fees charged by Post Office coupled with fees for using the card at ATMs were compounded by very poor exchange rates to render the card the worst travel card available.
Post Office Money
Money Saving Expert Forum discussed the advantages and pitfalls of using a Post Office Travelcard when a member queried users experience with the product. Two-thirds of the respondents wrote of negative to very bad experiences which brought many hidden disadvantages to light. One client had his card stolen in the US and found the criminal was easily able to bypass any security mechanisms protecting his balance. Replacing the card took 5 working days and cost him $50, as well as the funds the card wasn’t able to block even after he’d reported the card stolen. Cashing our process has been consistently described as bureaucratic, requiring a long phone call toa customers centre, a 15 day wait for a letter to be brought to PO for a refund of money left on a card- which is reduced by 14% below the mid-market rate on the day the letter is written. One client cashed in around $400 and lost a hidden fee of £30.
TRUSTPILOT has a Bad rating for Post Office- with 53 reviews- None specify bad currency exchange rates (as others have) but most spoke to Post Office is unable to make a go of more services that employees are properly trained to administer. Long ques and poor customer service ruined customer experiences.