Money Exchange fraud at Warsaw Chopin Airport, Poland
29% - hidden - money exchange commission!
I had a business visit in Poland from date Nov. 08 – Nov. 13. I entered Poland via the Warsaw Chopin Airport. I was in a hurry so I chose the first money exchange office inside the airport. I exchanged 2000 EUR cash into the local currency Zloty. The rate the applied was 3.66 on date Nov. 11 – 2020. I was given 7320,00 Zloty. On my way out I again changed the left over. I gave them 6796,71 Zloty, I received 1.315 EUR. No commission was charged according to the invoice.
I was wondering, where I did spend the 700 EUR difference.
In the Airplane I started calculating and found the massive fraud.
On date Nov. 08 the official exchange rate was of that 1 EUR = 4.5051 PLN (exchangerates.org.uk)
Compared to the actually applied exchange rate from that office of 1 EUR - 3.66 PLN, on date Nov. 08, they charged a HIDDEN commission of 19%! It means for my 2000 EUR instead of giving me 9010 PLN, they gave me 7320 PLN and made 1690 PLN or 375 EUR commission!
On date NOV 13 the official exchange rate was 1 EUR = 4.4834 PLN
(exchangerates.org.uk)
Compared to the actual applied exchange rate from that office of 1 EUR – 5,168 PLN, on date Nov. 13, for returning PLN, they charged a HIDDEN commission of 15%! It means, for my 6796,71 PLN instead of giving me 1515 EUR, I received only 1315 EUR. Again, they made 200 EUR HIDDEN commission.
Summary: From 2000 EUR is spend locally in Poland 524 PLN (Zloty) for local purchased. That is about 116 EUR. Everything else I paid with credit card. But for the exchange on cash of 2000 EUR back and forth, I was charged in total: 575 EUR (375 EUR + 200 EUR). That is rounded 29% commission!
All this happened NOT in the market, in shady little office in an unknown side road. It happed in the building of the WARSWA Chopin Airport, where a traveler assumes, he will be treated with utmost respect.
I am a well-traveled person. I have seen almost all major countries on this planet. I have come across of exchange commissions (that were also openly published) of 1% to 3%. The fact that they are hiding this commission inside some virtual not existing exchange rates, shows already that they know, that they are doing something wrong.
And the most painful thing here is, it happened in a well-established AIRPORT in the heart of EUROPE. WHAT A FRAUD.
The 2 offices related to this fraud are:
Money World at the baggage claim area at arrivals.
CURRENCY-EXPRESS SP at the departure area
This will be reported to all major institutions in Europe responsible for fraud claims and to major online platforms about travel.
November 14, 2020
Unprompted review