Friday, March 1, 2013

Currency Conversion Tutorial

I chose to convert some Euros after my bank would not deposit them and this is what I discovered.

Bank of America and BB&T will middle the exchange for you if you have an account with them. I don't so I didn't proceed to ask about the rates. I expect that they are no better than elsewhere. Even if they don't take a cut, they are just matching you with a currency trader that you can deal with directly. It is kind of funny that these nickel and dime artists wouldn't want another revenue source (non-customers) or wouldn't want a chance to audition for new non-customers. That's another issue.

Airport - The worst. I think they offered 20 cents less than the going rate on every euro. I'm still not sure I heard the woman correctly. I think they charged $25 processing too. I think the rates were worse the more you tried to exchange.

CXI - In the Florida mall. I just wrote down that they offered bad rates. I don't remember how bad, but, they didn't measure up.

US Foreign Currency Exchange - On 4200 Conroy. There rates were about two cents worse than the winner. I don't believe they gave a better rate if you exchanged a greater amount. That may have been the deciding difference. They had a $10 flat fee too.

Money Exchange Bureau - At 8000 I Drive (intersection of Sand Lake and I Drive). The best. Offered a low of 9 cents off the going rate and will lower the spread if you exchange larger quantities. Charged a $10 flat fee too. I read about this place (all the place) on blogs and all of them said he was the most generous. I can also add that he was conscientious, polite and reputable. I took his bills and paid some of my own with them and the person I gave them to ran them under a lamp and they all were accepted (so I guess they weren't counterfeit).

It's ridiculous that you can't deposit extra travel cash with your bank and have them convert it, but until they do, I suggest this guy until I don't.

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