When you're out and about in town and need to change a note for some change for the car park you might want to think twice before heading to your local Post Office to do so.
A shopper from Stroud tweeted his disbelief when a post office in Worcestershire refused to change a £10 note for coins, saying that their reasoning was 'nonsense'.
He wrote: "I called into Post Office today and asked if they could change a £10 note for coins. They refused saying they couldn't change money because it might be money laundering. Have you ever heard such nonsense?"
But the Post Office HQ responded saying that the branch were correct.
They said: "Sorry, you feel that way, but the branch is correct. It's not something we offer to help prevent Money Laundering. The only exception is our Change-Giving service which is set up through a Business Bank Account - Stephen."
It does seem however that there is always an exception to the rule, as another person from Gloucestershire said: "If you were trying to get change for £50 notes then the Post Office could reasonably argue that you could be trying to process hot money. But a tenner?! That's silly.
"My bank in Glos changed a £20 into pound coins recently without batting an eyelid. But then they'd seen my ID."
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We contacted the Post Office to ask to clear up the confusion about the rules on changing cash and they said that it was in fact down to the individual branch's discretion.
A Post Office spokesperson, said: "Post Officesare not required to change notes for coins to customers, however, branches can do so at their own discretion.
"A branch may be reluctant to provide change as they want to ensure they have enough for their own tills. It is also a measure to help prevent money laundering.
“Business customers can use our Change Giving service at some of our branches.”
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FAQs
What is the Change Giving service at Post Office? If you're a business banking customer and you regularly need to exchange cash for coins, you can do this at the Post Office with selected banks using our Change Giving and Change Giving “l*te” services.
Can I exchange currency at a US post office? ›
Do US post offices exchange currency? No, you can send international money orders at a US Post Office, but you can't exchange currency over the counter.
Is post office best for currency exchange? ›
Does Post Office exchange currency? The Post Office offers foreign currency exchange in bureaux de change, in their stores and online. However, the Post Office may not always provide the best exchange rate, so it's a good idea to compare exchange rates from other providers before making a decision.
How much cash can I exchange at once? ›
Is there a limit on large currency exchange? In most countries, there are no legal limits on currency exchange. The UK, US, Canada, Australia, NZ, and the countries in the EU have no restrictions on the maximum size of an international bank-to-bank money transfer.
Can you change paper money at the post office? ›
Exchanging old banknotes
Many banks accept withdrawn notes as deposits from customers. The Post Office will also accept withdrawn notes as a deposit into any bank account you can access at the Post Office. And you can always exchange withdrawn notes with us.
Why was my cash deposit declined at the post office? ›
If you reach your daily or monthly limit, your transaction will be declined at the Post Office. If you exceed only your daily cash deposit limit, you can come back the next working day.
Can I exchange currency at an post? ›
Get Global Travel Money from your Local Post Office
Get foreign exchange cash or our handy prepaid currency card with a 24/7 helpline and emergency cash.
Where is the best place to exchange money? ›
Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, often offer the added benefit of having ATMs overseas. Online peer-to-peer foreign currency exchanges. Online bureaus or currency converters, such as Travelex, provide convenient foreign exchange services.
How do I exchange currency? ›
How to Exchange Currency
- Contact a bank or credit union to make sure it has the currency or will accept foreign currency, and check what the fees are.
- Find exchange rates through your bank, credit union or websites such as xe.com.
- Check the bank's exchange rate to make sure it's fair.
- Arrange for pickup or delivery.
FOREX FOR LEISURE TRAVEL
- Valid Passport.
- Proof of travel, Air ticket (departure within 60 days)
- Proof of address.
Online currency exchange brokers, such as Travelex, Eurochange, TravelFX, TorFX, and the Currency Online Group, are all likely to offer more competitive exchange rates compared to the high street banks. These providers offer a wide range of currencies for home delivery.
What is the post office exchange rate for US dollars? ›
Today's online rates
| Spend £400+ | Spend £500+ |
|---|
| Euro | 1.1239 | 1.1345 |
| US Dollar | 1.2252 | 1.2368 |
| Australian Dollar | 1.9 | 1.9109 |
| Canadian Dollar | 1.6774 | 1.696 |
2 more rowsBuying currency in branch
Many of our branches keep euros and US Dollars in stock. Availability varies so it's always best to order online or in branch and collect later.
Where is the cheapest place to exchange money? ›
ATMs tend to offer competitive exchange rates, and you can save on ATM fees by withdrawing more cash than you need instead of withdrawing smaller sums several times during your trip.
Is there a limit for money exchange? ›
Purchasing Foreign Exchange
Foreign exchange for travel abroad can be purchased from an authorized person against rupee payment in cash below Rs. 50,000. However, if the sale of foreign exchange exceeds this limit, other forms of payment such as cheques or online transactions can be used.
Does the post office swap money? ›
Australia Post - frequently known as Auspost - is a popular option in Australia. Like many national postal services around the world, Auspost offers various services to do with international travel, including currency exchange.
Can I withdraw cash over the counter at the post office? ›
Other essential services
Access your personal or business bank account at any of our 11,500 Post Office branches. Pay in cash and cheques, withdraw cash and check your balance over the counter. Pay your utility bills, rent or top up, buy transport tickets and more.
Can you put cash in at the post office? ›
Access your personal or business bank account at any of our Post Office branches. Pay in cash and cheques, make withdrawals or check your balance. Manage your personal finances and borrowing.
Can you do cash back at Post Office? ›
Can I get cashback (at the Post Office)? No, it is not possible to get 'cashback' at a Post Office counter.
