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.
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.
The norm in this industry is 3-4 per cent spread ...