Off Topic - foreign currencies

Spooly

Any ideas on how to get the best deal on foreign currencies? My bank does exchanges.... but I don't think it's a very good deal. (Spread)



To make this PM related.... I hope Gold/Silver goes up in price!

Justacommeman

<< <i>Any ideas on how to get the best deal on foreign currencies? My bank does exchanges.... but I don't think it's a very good deal. (Spread)

To make this PM related.... I hope Gold/Silver goes up in price! >>



Are you looking to invest or are you looking to get some before traveling? If it's traveling -----ATM's in the country that you visit has the best bang for the dollar. MJ

secondrepublic

I've heard the bigger coin dealers sometimes have Euros or Pounds they will happily exchange for you.

derryb

Unless you need them for travel (try international airport for exchange) holding them might just prove to be a losing proposition.

Justacommeman

<< <i>Unless you need them for travel (try international airport for exchange) >>



You will lose 3-8% instantly doing this. The only place worse in my opinion is the hotel. ATM's you will get close "to spot". Some banks will even waive the $2 foreign ATM fee. MJ

Spooly

<< <i>Unless you need them for travel (try international airport for exchange) holding them might just prove to be a losing proposition. >>



I wonder if I can go to the Dallas/Ft.Worth international terminal and use an ATM?

derryb

<< <i>

<< <i>Unless you need them for travel (try international airport for exchange) holding them might just prove to be a losing proposition. >>



I wonder if I can go to the Dallas/Ft.Worth international terminal and use an ATM? >>


Like MJ says, airport premiums are high, but they are convenient for world travelers. Are you traveling are just stocking up on something you think will appreciate?

KUCH

I'm thinking for appreciation, to take a quick trip to Canada and exchange/open a small canadian bank account. Everything legal of course.

derryb

<< <i>I'm thinking for appreciation, to take a quick trip to Canada and exchange/open a small canadian bank account. Everything legal of course. >>


You might look into a bank SDB while you're there.

Justacommeman

<< <i>

<< <i>Unless you need them for travel (try international airport for exchange) holding them might just prove to be a losing proposition. >>



I wonder if I can go to the Dallas/Ft.Worth international terminal and use an ATM? >>



No. that will not work. What are you trying to do exactly?

OzzyAndy

Foreign ATM's are usually good but be aware they can charge an about $20 transaction fee so need to do larger quantities. Hotels can be hit and miss but some do give good rates for guests. Casinos can be really good, worth checking out.

Justacommeman

<< <i>Foreign ATM's are usually good but be aware they can charge an about $20 transaction fee so need to do larger quantities. Hotels can be hit and miss but some do give good rates for guests. Casinos can be really good, worth checking out. >>



I use my US ATM card in all of Europe and all of Asia and only get dinged for a $2 transaction total. Often these $2 fees get forgiven. Then it's just a matter of losing about 0.5% on the exchange rate fees itself. Not a big feel. MJ

OzzyAndy

I use my US ATM card in all of Europe and all of Asia and only get dinged for a $2 transaction total. Often these $2 fees get forgiven. Then it's just a matter of losing about 0.5% on the exchange rate fees itself. Not a big feel. MJ >>



Could well be that with American banks. I thought it was about $6 (for oz bank) when I went about 7 years ago but this year I got a shock to see it $22 each time, lucky I have taken it all in large lots.

jmski52

<< I'm thinking for appreciation, to take a quick trip to Canada and exchange/open a small canadian bank account. Everything legal of course. >>

You might look into a bank SDB while you're there.

I like this idea.