AIB criticised on exchange rate

On a day on which the inter-bank euro-dollar rate of exchange was €1 = $1.3041, AIB Visa card was using a conversion rate of €1 = $1.265.

4th December, 2004

On a day on which the inter-bank euro-dollar rate of exchange was €1 = $1.3041, AIB Visa card was using a conversion rate of €1 = $1.265.

This is a 3 per cent profit on sale.

They also make a 3 per cent profit on transactions moving in the other direction, which gives them a 6 per cent spread between buying and selling.

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