Exchange Desks Use Commissions to Defraud Clients – economist

Collecting commissions on the foreign currency market of Moldova is a trick practiced by certain owners of exchange desks in order to rip off clients, economist Veaceslav Ionita noted. According to him, some owners of exchange desks, counting on the fact that people are not very attentive, show an advantageous exchange rate and, in a less visible way, the collected commission. Previously, he mentioned, in order to mislead possible clients, there were used other „tricks”: a „zero” is added between the figures of the exchange rates or the order the order in which currencies come usually is changed. Legislation of Moldova allows, for 10 years already, collecting commissions by exchange desks, but their owners are obliged to present them clearly and visibly. More than this, collecting commissions is legal only in case when announced on a stamped sheet in front of the desk, not only on the stand in the street, and the cashier is obliged announce the client in advance. In case when these requirements are not respected, the client has the right to require money reimbursement or to complain at the National Bank, which might apply sanctions. Even if in the majority of European countries exchange desks practice commission collection, this tradition in Moldova did not get in use because of „Moldovan poverty”, and as well of economic reasons, especially because of competition, Ionita highlighted. Moreover, he said, the owners of exchange desks operate a little difference between the currency selling and purchasing rate. Of this commission collection, the exchange desks have a very small profit, which is compensated due to high rotation level on the currency market. BNM press responsible Rodica Teleuca noted that any commercial bank has the right to establish the collection and the amount of the commission for currency exchange operations, without any level set in the legislation. At the same time, Teleuca underlined that current legislation suspended the fix level, of 3%, between currencies’ selling and buying rate, anyway, now the exchange desks do not get over it.