MPs vote to allow refunds on foreign exchange transactions within 3 hours

14-11-2018

MPs have approved an amendment to the Exchange Act that will allow customers up to three hours to cancel a currency exchange transaction at bureaux de change and get their money back.

The aim is to protect tourists from unfair bait-and-switch practices, such as promising “zero commission” but offering favourable exchange rates that in fact only apply to large transactions.

Bureaux de change set their rates independently of the official exchange rates announced by the Czech National Bank. Under current law, they are obliged to publish on their exchange rate list only the least favourable exchange rate it offers.

The amendment also tightens rules for advertising a more advantageous offer of exchange rates, registering exchange obligations, and defining the boundary between currency exchange and payment services.