Tesco Bank , a UK retail bank was launched in 1997 when The Royal Bank of Scotland and Tesco, the UK’s largest supermarket combined for a 50/50 venture. Since 2008, Tesco has owned Tesco bank outright. Tesco Bank provides a range of financial products that include current accounts, mortgages, credit cards, loans, savings accounts, insurance as well as foreign currency exchange.
Tesco bank offers Tesco Club card points to their massive customer base when they purchase finance products, taking advantage of their unique ability to promote their banking services. 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.
Tesco Money Transfer (Available through MoneyGram)
Special offers-100 ClubCard points are rewarded each time a customer sends 350 or more when customer completes a form available at Tesco customer service desk. Tesco offers transfer discounts: 15% off send fees with exclusive colleague rate when sending money abroad. Showing a valid Privilege card and quoting savings code number when handing over completed ‘Send or Receive Money’ form activates the discount. The discount applies to send fees only. The discount is not available in conjunction with any other Tesco offer for the MoneyGram® service.
Tesco stores are 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.
Typically MoneyGram® charges a 12% fee on exchanges under £100, varying depending on the destination country.
Fees are difficult for customers to calculate, but Tesco agencies promise they will explain the rates before the money is sent.
Travel Money and TravelCards(through Travelex) are available when ordered online for delivery or collection when clients are shopping.
Rates vary whether travel money or travellers 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 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.
Website: As over-stocked as the Tesco market, Tesco’s financial services lists overwhelm the visitor ( and it doesn’t help when offers on cases of wine compete for attention). With all the special offers for bank account holders and Club Card members, the visitor simply hopes that by spending more they will- at some point-save money.
TRUSTPILOT has a 2.1 rating for Tesco Bank with 50 reviews.The obvious issue with offering a dizzying range of services is that it would be impossible for any person at a customer service desk to have expert knowledge required to remedy issues. The very poor quality of service is worsened by customer service apathy.
ReviewCentre gives Tesco Bank 1.2 out of 5 stars with 115 reviews. A mere 4% of reviewers recommend Tesco Bank. One calls Tesco Bank ‘too big to care’ after waiting for an hour on hold. Frustration writ in all CAPS was seen when describing how badly the website functions when using bank services.
Unlimited financial services are not a supermarket’s specialist area. The only clients getting any benefit from the few special offers are those willing to support a range of Tesco products that aren’t a good value. Both MoneyGram and Travelex services are available directly through each of these companies directly with much better customer service ( although still not up to industry standards, and they have outrageously high fees), so clients who access these services while shopping are getting services from a second-party. Tesco Bank is only an agency offering these products which its employees can’t be expected to deliver expertly.Tesco Bank exchange rates and bureau de change services is rated 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.