Tesco Bank is a UK retail bank was formed in 1997 as part of a 50:50 joint venture between The Royal Bank of Scotland and Tesco, the UK’s largest supermarket. Tesco bank has been owned by Tesco since 2008. Tesco Bank provides a range of personal accounts, including current accounts, mortgages, credit cards, loans, savings accounts, insurance and foreign currency exchange.
Tesco bank offers its large customer base Tesco Club card points when they purchase finance products, a unique advantage permitting the bank to promote 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.
MoneyGram Money Transfer Available through Tesco
Fast, secure transfers (10 minute typically) from Tesco stores to over 200 countries
Money can also be transferred for collection to Tesco stores
Money transfer services available 7 days a week, excluding public holidays
MoneyGram services available at both Tesco Bank and supermarket customer service desks
Photo ID required for transfers over £650
Quotes can be made in languages other than English by using telephone translation service
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 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.
Fees for money transfers aren’t transparent, 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.
Tesco offers transfer discounts: 15% off send fees with exclusive colleague rate when sending money abroad.
It’s easy to send money with MoneyGram® money transfer at Tesco. As a colleague you’ll get 15% discount off the MoneyGram® money transfer send fee when sending money from any Tesco store offering the MoneyGram® service.
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.
Travel Money is available for convenient collection- when clients are doing their food 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 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 bureaux.
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: Tesco’s dizzying array of services overwhelms their website as foodstuffs, cases of wine and banking services compete for attention. Few of Tesco’s banking services are made clear on the website, making it a pointless reference for those seeking transparent money transfer rates
Tesco Bank is rated 2.1 on TrustPilot with 50 reviews. With so many services available, little wonder the customer service counter at Tesco bank is overwhelmed and not equal to the task of managing these services. Most complain about Tesco Auto Insurance, all complain about rubbish customer service experiences.
ReviewCentre rates Tesco Bank at 1.2 out of 5 stars with 115 reviews. Only 4% of reviewers would recommend Tesco Bank, citing frustration with website function regarding bank services. Forced to telephone customer service, users report long wait times from a company they described as ‘too big to care’.
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.