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Would someone please explain how the exchange rate works?

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Ok, I'm a well seasoned traveler, but for some reason I need a bit of an explanation about how the exchange rate works or just some clarification.

With the Euro / U.S. Dollar exchange rate being so good, I thought I would make out pretty good with changing U.S. Dollars for Euros. Here's why I'm asking for clarification. On Saturday I went to my closest American Express office. Before I went, I checked the exchange rate on and saw that it was $1.23 for 1 Euro. When I got my money changed, the slip of paper indicated that the exchange rate was $1.348146159 (ok, so rounding up it was about $1.35). What am I missing here? Why was Amex 12 cents higher than what I saw on Oanda? Would someone please clarify this for me? Thanks in advance.

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