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Offlinefireworks_godS
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Unfamiliar With Currency Conversions...
    #15316395 - 11/03/11 03:12 AM (12 years, 2 months ago)

How much, generally, would it cost to change, oh, I don't know, about 20,000 euros into dollars? From what I understand, you get better rates if it's a larger amount... but, generally speaking, what kind of loss in fees would one take? :grin:


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InvisibleLana
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Re: Unfamiliar With Currency Conversions... [Re: fireworks_god]
    #15316906 - 11/03/11 09:12 AM (12 years, 2 months ago)

The rate varies depending on where you exchange the currency.  For example, you'll most probably get a better rate through a bank than through a Travelex or some other company that only exchanges currency.

At the time of this post, the EUR/USD exchange rate is 1.37447

20,000 EUR * 1.37447 USD = 27489.40

So if you were to exchange your 20k EUR for USD, you'd wind up with about 27,489 USD.  The issue is that you won't get that rate.  The bank will charge anywhere from 1% to 3% higher than the spot price.

Don't know if that helps of not?

As for a discount, you can ask but I wouldn't hope for much.  20k EUR is a nice chunk of change but the currency markets have about 3 trillion USD a day in volume so more may be needed to justify a discount.  I'd ask, the worst that can happen is they say no.

Lana


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Offlinefireworks_godS
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Re: Unfamiliar With Currency Conversions... [Re: Lana]
    #15316945 - 11/03/11 09:27 AM (12 years, 2 months ago)

Thanks for the help. I don't quite get what the 1-3% is on, however. I mean, I get the idea of the exchange rate and everything, but which is the spot price? If they were charging 3%, for example, how much would be lost, in euros?


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If I should die this very moment
I wouldn't fear
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InvisibleLana
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Re: Unfamiliar With Currency Conversions... [Re: fireworks_god]
    #15321006 - 11/04/11 08:18 AM (12 years, 2 months ago)

No problem.

The spot price is the actual value of the currency.  For example, the spot price for a barrel of oil is around $94.00  Now try to go to your local auto store and buy a 55 gallon drum of oil for $94.00.  The price will be higher because the auto store needs to make a profit.

Currency exchange is no different.  When you exchange one currency for another you will receive the "exchange rate".  But, the bank (and any other exchange service) will charge you a fee simply for exchanging it because many banks don't carry much foreign currency on hand.

So when you go to exchange it, the bank makes a profit/premium on the exchange.  In short, they want paid to exchange your currency.  It's like any other service based profession.  So that 1 to 3% is what the bank will make off of exchanging your currency.

You asked, "If they were charging 3%, for example, how much would be lost, in euros?"

The reason financial institutions use percentages instead of flat rates is because percentages are universal.  In other words, get the amount of euros you want to exchange, then subtract the percentage that the bank will charge you.  If you've got 20k euro...

20,000 * 3% = 600 euro. 

Some banks will add a pip or two to the exchange rate instead of a percentage and sometimes that's a better deal.    If I were you, I'd simply call a few bank and ask how much USD you'd receive if you exchanged 20k EUR.    It's not an outlandish question.  Anyone who works in currency exchange should be able to tell you quickly without hesitation.

Lana


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http://www.MycoSupply.com

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Visit us online or call us toll free


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