Currency exchange rates

[glein]

I figured on exchanging some of my dollars into euros in the US so I dont have to look for money exchange places right away. So I exchanged $1000 at some American Express office. They gave me 775 euros.

But I looked at the exchange rates on xe.com and its 823 euros. So that's a fee of over $60, I figure. This seems pretty outrageous. What's a typical fee?

[Rosamunda]

As a general rule of thumb it is usually cheaper to change money at a destination... There are Forex exchange counters in the airport at Helsinki and along nearly every high street, shopping mall, aleast down here in the Helsinki region.

http://www.forex.fi/ 815,20 euro today

[callan]

depends on commision, and place, its becomming a norm in england to not charge commission, but while i was out in poland, i found that going from 1 place to another, i managed to get a better exchange rate than a few other previously visited venders

[Rosamunda]

Banks who say they "do not charge commission" are lying. The commission is simply hidden in the exchange rate, so you can't see it. You should always factor-in commission and fees when comparing rates. It is also a good idea to check with your home bank how much they charge for cash withdrawals on Visa and Mastercard and also the fee for purchases in foreign currency. Sometimes it is just cheaper to take cash out of a machine when you get to where you are going. Beware of putting small value foreign currency purchases or cash withdrawals on a Visa/Mastercard, it usually works out expensive.

[khu]

Indeed..it's much cheaper to just use the Visa as a credit card if that's an option, as Visa's currency rates are very good because they deal in so much money.

[greenhorn]

As a general rule of thumb it is usually cheaper to change money at a destination... There are Forex exchange counters in the airport at Helsinki and along nearly every high street, shopping mall, aleast down here in the Helsinki region.

http://www.forex.fi/ 815,20 euro today

They charge much more than Nordea bank, I had exchanged my AMEX traveller cheques with them and later with Nordea so I know.

[superiorinferior]

Once I took in a few hundred Euros into a Maine bank in the US.

The bank teller looked at the colorful currency, then me, in disbelief -- as if I had suction-cupped a motorized sex toy to my forehead.

"We can't... It'll take a week or two to exchange this. We'd have to send it down to Boston," the teller stuttered.

You're lucky you got any Euro at all.

[Hank W.]

I think you got screwed.
Oh, and hopefully they gave you small bills, as people won't accept anything bigger than a 50 in fear of them being counterfit... so if you have a 200 euro banknote you have to go to a bank to get it smaller anyways.

[neil]

But I looked at the exchange rates on xe.com and its 823 euros. So that's a fee of over $60, I figure. This seems pretty outrageous. What's a typical fee?

The rate shown on XE.com is the pure market rate. You will never get it from visa, western union or anywhere. All you can do is aim to get as close to it as possible.

[catcher]

I was shocked when I tried to exchange $$ to euros in Forex here. They make money on exchange rate and plus they take 10% commision!!!!??? When I asked person are you kidding? - he said ok, let's go with 5% )))) This was another shock... looks like a fleamarket and not a currency exchange.

It's always better to use Visa or Mastercard or exchange before arriving to Finland.

I've been in many countrues, but never heard of commision for currency exchange. They have different rates, but not commision

[dusty_bin]

Be careful using credit cards. Visa, for example, have introduced a charge of 1.5euro for all purchases made with a card and significantly increased their fees for using an ATM. There are now more cost effective ways of travelling with money, although the convenience and relative security is hard to beat.

[Rosamunda]

There are now more cost effective ways of travelling with money.

and would you like to share those with us..........

[dusty_bin]

Changing the money before you come and using cash springs to mind, but it has the disadvantages I noted above.

If you are like me, and normally carry as little cash as possible, using ATMs to withdraw small amounts as needed, the effective cost is now very high. For me, it looks as though the balance point between having cash in pocket and using an ATM is now somewhere in excess of 300euro. Formerly I would withdraw 50 or 60euro at a time. Cash is now cost effective as an alternative to plastic up to, IIRC about 75euro.

I understand individual issuing banks have modified the charges, but the charges introduced, IIRC in May, were from Visa International and thus, one way or another users of plastic, internationally will be paying.

[superiorinferior]

I was shocked when I tried to exchange $$ to euros in Forex here. They make money on exchange rate and plus they take 10% commision!!!!??? When I asked person are you kidding? - he said ok, let's go with 5% )))) This was another shock... looks like a fleamarket and not a currency exchange.

Are you sure this was an actual Forex employee? I have had nothing but good experiences with them, and if you change your money with them, you can change back (save the receipt) any leftover bills for free.

I am pretty sure that Forex doesn't take any commission (except on travellers cheques), but does charge a fee for cash exchange.

http://www.forex.fi/pricelist.asp?sectionId=3531

[glein]

They gave me 50s and smaller. I had to get money exchanged anyway because I had 100 dollar bills and figured I'd have trouble exchanging those after I move. There was only a $3 fee at this place but the exchange rate they gave was 1.29497...which...I dont know. xe.com says it should be 1.21172. I figure a 3% commission would be reasonable, but by my figuring it was over a 6% commission.