Cinkciarz.pl accuses banks. It is about PLN 1.4 billion
Since its establishment in 2010, Cinkciarz.pl has become one of the leading players on the Polish currency exchange market. However, the company is struggling with serious difficulties related to the activities of some banks, which systematically blocked its funds, keeping over PLN 1.4 billion in various currencies, including euro, dollars and British pounds.
Blockages and delays in the execution of transfers that affected the platforms Cinkciarz.plhad a significant impact on the functioning of the company, disrupting the provision of services and deteriorating the quality of customer service. The data presented by the company shows that in recent years, banks have suspended over 2,700 transfers, which translates into an average of 2-3 transactions per week. The scale of the problem is illustrated by the last case from October 10, 2024, in which a currency transfer was made only after five days.
What’s more, banks charged fees for “same day” transfers that were not actually processed on time. This led to additional costs and even greater financial difficulties for Cinkciarz.pl.
This is the summary prepared by Conotiarz of the number of transactions, volume and average delay divided by banks.
| Bank | Number of delayed transactions | Volume of delayed transactions (converted to PLN) | Medium latency (days) |
| mBank | 1102 | 389 098 016.14 | 1.21 |
| Santander Bank | 271 | 188 749 333.43 | 1.19 |
| BNP Paribas | 332 | 174,921,769.68 | 1.44 |
| Crédit Agricole | 140 | 122 516 610.41 | 1.09 |
| PKO BP | 194 | 121 880 043.01 | 1.16 |
| Societe Generale | 155 | 104,493,085.96 | 1.15 |
| Bank Pekao SA | 135 | 57,105,638.76 | 1.12 |
| Getin Bank | 107 | 43,799,150.75 | 1.39 |
| ING Bank Śląski | 72 | 41,711,298.55 | 1.31 |
| Bank Millennium | 39 | 39,450,819.01 | 1.05 |
| ING UK | 14 | 27,394,515.19 | 1.71 |
| Environmental Protection Bank | 51 | 25,759,458.83 | 1.67 |
| Nordea | 62 | 22,070,392.26 | 1.16 |
| Alior Bank | 66 | 21,806,056.32 | 1.18 |
| BPS Bank | 34 | 16,505,626.18 | 1.21 |
| SGB-Bank | 132 | 12,677,830.82 | 1.11 |
| BPH | 23 | 5,875,910.03 | 1.30 |
| DNB Nord | 17 | 3,636,403.80 | 1.53 |
| Meritum Bank | 9 | 2,363,004.16 | 1.89 |
| HSBC | 4 | 1,560,790.01 | 1.25 |
| KB | 12 | 1,103,435.00 | 1.17 |
| Volkswagen Bank | 1 | 600,000.00 | 1.00 |
| Barclays UK | 1 | 441,847.02 | 1.00 |
| Bank of America UK | 1 | 39,521.92 | 1.00 |
| SUM | 2974 | 1,425,560,557.24 |
The amounts given in PLN were converted from other currencies at the NBP exchange rate from October 30, 2024. The exception is the Russian ruble, for which the exchange rate of March 23, 2022 (the eve of the outbreak of the war in Ukraine) was used, while for the Croatian kuna, the exchange rate of December 30, 2022 was used (on January 1, 2023, Croatia adopted the euro).
Cinkciarz.pl sends notifications
In the face of these unfavorable practices, Cinkciarz.pl decided to take legal action. The company filed notifications to the Office of Competition and Consumer Protection (UOKiK) and the Polish Financial Supervision Authority (KNF). It demands urgent administrative proceedings against the banks involved in these activities. The aim is to punish institutions for abuses and restore fair competition in the currency exchange market.
Cinkciarz.pl also plans to do so report the case to the prosecutor’s officerequesting the appointment of a special team of prosecutors to investigate suspicions of committing crimes by members of bank management boards. According to the company, these actions are justified not only due to the difficulties experienced, but also due to the broader context – blocking financial resources and hindering the company’s operations may be perceived as unfair competitive practices that harm not only the company itself, but also its customers.
Due to the seriousness of the situation, Cinkciarz.pl also intends to: inform the relevant institutions of the European Unionto monitor the course of proceedings and consider possible supervisory actions. Full documentation, including a detailed analysis of data on unfair banking practices, is to be submitted to the relevant institutions.
The situation of Cinkciarz.pl is not only a matter of conflict with banks, but also an important issue regarding competitiveness on the Polish financial market. Actions aimed at limiting the activities of one of the leading players may have far-reaching consequences for the entire financial sector.
