NBP tells Amex to get permit for checks
Seven years after American Express set up shop in Poland, the National Bank of Poland (NBP) suddenly blocked the company from selling traveler's checks to foreigners on the grounds that the U.S. financial services company needs a special permit to do so. While the NBP's action has caused a momentary inconvenience for foreigners, an Amex executive said the situation should be cleared up in "two to three weeks" when the necessary permit comes through.
"We based our decision (to stop selling the checks) on the advice from the National Bank of Poland," said Paul Kessler, general manager for Warsaw office of American Express. "They said we should apply for a separate permit, and we did it immediately."
Officials at the NBP were unavailable to comment on why the organization suddenly decided to come down on Amex.
Since 1991, American Express has operated with a limited banking license that allows the company to issue checks and cards and also enables it to sell hard currency to Polish citizens. However, a special permit is required to sell hard-currency products to foreigners.
Kessler stressed that the offices still are able to sell all products to Polish customers, including hard-currency checks.
Amex falls into a gray area in the Polish banking law. While the group basically exchanges money, the act of issuing checks and cards forces it to hold some sort of banking license. Otherwise, the group would be able to operate as a normal exchange office, which has no limitations on to whom it sells hard currency.
"The problem with American Express here in Poland is that they don't carry out typical banking operations," said Andrzej Golebiewski, director of the exchange policy department at the Finance Ministry. "Had they been an ordinary 'kantor,' everything would be all right."
"We based our decision (to stop selling the checks) on the advice from the National Bank of Poland," said Paul Kessler, general manager for Warsaw office of American Express. "They said we should apply for a separate permit, and we did it immediately."
Officials at the NBP were unavailable to comment on why the organization suddenly decided to come down on Amex.
Since 1991, American Express has operated with a limited banking license that allows the company to issue checks and cards and also enables it to sell hard currency to Polish citizens. However, a special permit is required to sell hard-currency products to foreigners.
Kessler stressed that the offices still are able to sell all products to Polish customers, including hard-currency checks.
Amex falls into a gray area in the Polish banking law. While the group basically exchanges money, the act of issuing checks and cards forces it to hold some sort of banking license. Otherwise, the group would be able to operate as a normal exchange office, which has no limitations on to whom it sells hard currency.
"The problem with American Express here in Poland is that they don't carry out typical banking operations," said Andrzej Golebiewski, director of the exchange policy department at the Finance Ministry. "Had they been an ordinary 'kantor,' everything would be all right."
