Home› Precious Metals

Off Topic - foreign currencies

SpoolySpooly Posts: 2,108 ✭✭✭
in Precious Metals
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! image
Si vis pacem, para bellum

In God We Trust.... all others pay in Gold and Silver!

Comments

  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭


    << <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! image >>



    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
    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • secondrepublicsecondrepublic Posts: 2,619 ✭✭✭
    I've heard the bigger coin dealers sometimes have Euros or Pounds they will happily exchange for you.
    "Men who had never shown any ability to make or increase fortunes for themselves abounded in brilliant plans for creating and increasing wealth for the country at large." Fiat Money Inflation in France, Andrew Dickson White (1912)
  • derrybderryb Posts: 36,793 ✭✭✭✭✭
    Unless you need them for travel (try international airport for exchange) holding them might just prove to be a losing proposition.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭


    << <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
    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • SpoolySpooly Posts: 2,108 ✭✭✭


    << <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?
    Si vis pacem, para bellum

    In God We Trust.... all others pay in Gold and Silver!
  • derrybderryb Posts: 36,793 ✭✭✭✭✭


    << <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?

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • KUCHKUCH Posts: 1,186
    I'm thinking for appreciation, to take a quick trip to Canada and exchange/open a small canadian bank account. Everything legal of course.
  • derrybderryb Posts: 36,793 ✭✭✭✭✭


    << <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.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭


    << <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?
    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • OzzyAndyOzzyAndy Posts: 344
    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.
    Still thinking of what to put in my signature...
  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭


    << <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
    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • OzzyAndyOzzyAndy Posts: 344

    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.
    Still thinking of what to put in my signature...
  • jmski52jmski52 Posts: 22,822 ✭✭✭✭✭
    << 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.


    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
Sign In or Register to comment.