Tesco Bank is a UK retail bank launched in 1997 as a joint venture between Tesco, the UK’s biggest supermarket chain, and The Royal Bank of Scotland. Since 2008 Tesco Bank has been fully owned by Tesco. Tesco Bank provides a range of financial products including personal accounts, current accounts, mortgages, credit cards, loans, savings accounts, insurance and foreign currency exchange.
Tesco, as a supermarket and bank, is at a unique advantage in that they can promote banking services by offering its large customer base Tesco Club card points when they purchase finance products. In addition to banking services offered at Tesco supermarkets, there are over 200 Tesco Money Bureaux – an in-store bureau de change run by Travelex.
MoneyGram Money Transfer Available through Tesco
Tesco stores operate as a convenient local branch where MoneyGram transfers can be sent or received in person. While money can be refunded at Tesco stores providing client has retained all the issued documentation, complaints about problems can’t be resolved in Tesco stores.
Complaints about MoneyGram services through Tesco are directed to write letters to: Resolution Assurance Department, MoneyGram International, Konstruktorska Business Centre, Konstruktorska Street, Warsaw, Poland 02-673.
Money transfer fees are not made easy for customers to calculate, although Tesco agencies promise they will always explain the rates before the money is sent.
Typically MoneyGram charges a 12% fee on exchanges under £100, although this varies depending on the country the transfer will be made to.
Travel Money, provided by Travelex, is available for convenient collection when clients are shopping. Competitive travel money rates are on offer – to be purchased online and then collected in the store or available for home delivery. Tesco notes that rates vary whether travel money or traveller’s cheques are bought in store, online or via telephone.
No transaction fees are charged for online purchases made using a Tesco Bank personal credit card or any other debit card.
Tesco will buy back any unused travel money, any used traveller’s cheques and any Cash Passport balance at any in-store Tesco Bank or travel money bureau.
Multi-currency Cash Passport Cards are available only in Tesco banks.
Prepaid travel money card can be used at any retailer accepting MasterCard and can be used at ATMs worldwide.
Card can be pre-loaded with one of 7 currencies: Sterling, Euro, US Dollars, Australian Dollars, Canadian Dollars, New Zealand Dollars and South African Rand.
Tesco Bank also offers American Express Traveller’s Cheques
Website: Tesco’s well-stocked shelves feel overwhelming when their website flings foodstuffs, cases of wine and banking services at the visitor in rapid succession. In this hypermarket atmosphere Tesco’s banking services are impossible to access, although it is possible for bank account holders to order travel money.
Tesco Bank is rated a Bad 1.5 on TRUSTPILOT with 90 reviews. With so many services available, little wonder the customer service counter at Tesco bank is overwhelmed and unequal to the task of managing these services. While most reviewers bitterly complain about Tesco Auto Insurance, all complain about rubbish customer service experiences. Tracking transfers and resolving any issues is likely to rob clients of any time they hoped to save by using the convenience of Tesco Bank transfers and travel money.
ReviewCentre rates Tesco Bank at 1.2 out of 5 stars with 115 reviews. Only 4% of reviewers would recommend Tesco Bank. Many furious former users express frustration with website not functioning regarding any bank services, regardless of how simple they seemed to be. Complex transactions weren’t even attempted. All those who tried to resolve issues by telephone to customer service expressed anger over long wait times. One described Tesco Bank as “too big to care” and others used much stronger language to summarise their experiences.
Busy shoppers hoping to save time by using banking services at a supermarket are wasting money and time. While the banking services seem handy for shoppers, other companies can offer online services and deliver money at much better rates. With MoneyGram, exchange rates are the same as bureau de change rates available elsewhere – unless customers take the time and energy to make use of Tesco card special offers. Ordering currency online to collect while doing the shop would be fine if the shop wasn’t overwhelmed with the bevy of banking services it offers. Beware of customer service delays when trying to save time and go elsewhere when hoping to save money. Tesco Bank Travel Money and Transfers rates 3 out of 5.
For those very busy clients seeking to quickly collect travel money or rapidly make a money transfer, Tesco’s financial services provide a valuable service.
Sending money by MoneyGram is a costly option when so many foreign exchange firms can make better transfers across the UK.