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Exchange offices have to return money in 2 hours

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MPs passed an amendment to the Foreign Exchange act that will require money exchange offices to cancel transactions and return money that was exchanged by customers within a 2 hour time limit, should customers request it.

The amendment was passed in the first reading in parliament, and was proposed by the Ministry of Finance, in consultation with the Czech National Bank. Under the new regulations, transactions under 1000 euros can be cancelled within in 2 hours at exchange places or within 3 working days at electronic exchange machines.

The new law will mostly benefit tourists who often complain of the unethical activities of exchange shops in Prague to the CNB. If the Senate and President approve it in time, the regulation will be in place before the Christmas tourist season begins.

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