Currency Converter Advice?

bmstrong

Flashlight Enthusiast
Joined
Jul 23, 2002
Messages
1,334
Long story short: I have, in my hands, 5 100 Euro bills. I'd like to exchange them for the equivalent USD amount. However, when I went around to my local banks this morning I was shocked to find the rates they were offering. Looking online at sites like these:

http://www.xe.com/ucc/
http://finance.yahoo.com/currency-co...D;to=EUR;amt=1
http://www.oanda.com/convert/classic...on〈=en

I'm getting a good deal more online than the locals were offering. I'm not keen on loosing a substantial amount of cash on top of the $8 - $10 fee to exchange it. Are these online currency converter sites legitimate? Are they banks trying to rip me off? Or am I at fault here?
 

RA40

Flashlight Enthusiast
Joined
Oct 15, 2004
Messages
1,397
Location
So. Cal
Ouch. If you plan on going back, hang onto it if possible. That's what we did when we brought back about the same from our Japan trip. It's a good bite of $$ but it is one less hassle to do when you first land. Airport exchanges are the worst.

Otherwise, just have to bite it, you'll still come close to 1:1 here. I wouldn't even bother with an online exchange...just do it locally. If you know anyone that is going to Europe help them with a reasonable exchange.
 

InTheDark

Enlightened
Joined
Sep 13, 2001
Messages
570
Location
USA
You will never be able to match the online exchange rates. Every place will have 2 different exchange rates, the buy and sell. No matter which way you exchange, you will be getting less than the going rate, that's how the banks make their money.

I'd just hang on to it if you plan on going back, or find someone who is going back and needs to exchange money. It's always better to have a little bit of local currency when you arrive, at least enough to get you out of the airport.
 

NA8

Flashlight Enthusiast
Joined
Jun 4, 2007
Messages
1,565
About a year or two ago a big electronic board showed up at my local Wells Fargo branch with all the major exchange rates displayed. Oddly enough, I took this as a sign that things were going to go bad economically sometime soon. So far things aren't looking good.
 
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