Actual currency exchange rates
Jul 26th, 2010, 09:51 AM
#1
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Actual currency exchange rates
Will someone who has been to Amsterdam recently share what they recieved for their 100USD while there?
I usually exhange my USDs at the " No Commission" Currency Exchange business located in the entrance way to the Dam Hotel on Damrak near Teasers restaurant.
I have always found that this place was my best bet for "no commission" and fair exchange rates.
Thanks
I usually exhange my USDs at the " No Commission" Currency Exchange business located in the entrance way to the Dam Hotel on Damrak near Teasers restaurant.
I have always found that this place was my best bet for "no commission" and fair exchange rates.
Thanks
Jul 26th, 2010, 10:43 AM
#4
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Ditto. What rate did you get and on what day did you get it? IME, *no commission* translates to *terrible exchange rate*. Further, exchanging only $100 gives you a bad rate. Next time use an ATM with a card that has no home town fee.
Jul 26th, 2010, 11:36 AM
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This is a bad question. Your answer is accessible by checking out oanda.com and checking out the exchange at the various percentages of Interbank rate plus 4-6%.
Get a Cap One account, credit union account or similar that charges low foreign exchange fees and you can beat the No Commission exchanges by a lot.
If there's no commission, how do you think they make money? By giving you a rate of exchange that is 3-5% worse than what they will get from their banks. This ain't rocket science.
Get a Cap One account, credit union account or similar that charges low foreign exchange fees and you can beat the No Commission exchanges by a lot.
If there's no commission, how do you think they make money? By giving you a rate of exchange that is 3-5% worse than what they will get from their banks. This ain't rocket science.
Jul 26th, 2010, 11:42 AM
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Today, 100 dollars at the official/interbank rate is about 77.5 euros, so someone whose bank adds 1 percent would get 76.7 euros at a european bank ATM. To purchase 100 euros, with the interbank rate at 129.13, your cost at an ATM would be 130.44.
On July 7, the interbank rate was 79.3 and the ATM rate would have been 78.5 euros for a hundred dollars, or $125.99 (interbank) and 127.26 (ATM) to get 100 euros.
(figures from Oanda.com)
On July 7, the interbank rate was 79.3 and the ATM rate would have been 78.5 euros for a hundred dollars, or $125.99 (interbank) and 127.26 (ATM) to get 100 euros.
(figures from Oanda.com)
Jul 26th, 2010, 08:11 PM
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So, the answer is that no one yet is actually able to tell me from first hand recent experience what I would get from one of the cash currency exchange places along Damrak. Right?
To go through the process of securing YET ANOTHER credit card along with the annual fees etc is something that I don't relish.
I have credit and debit cards, but they charge 3% foreign exchange fees, and that is on top of the official bank exchange rate.
FYI, I have used ATM's in Amsterdam and thought that in the LONG run I was better off at an cash exchange business.
The response about using oanda.com has led me to on-line purchase options that look pretty good.
Using a more resonable amount to exhange reflecting my actual need for Euros when in Amsterdam, i have decided to look at 1000 USD would get me.
Currencysource.com
680 Euro delivered to me would cost 1000 USD.
68 euro cents on a dollar
oanda.com/currency/traveler-cash
750 Euro delivered to me 1002 USD.
75 euro cents on a dollar
As far as money laundering....WOW....I am not talking a lot here , and I think the Dutch Police would be skilled enough to be somewhat on top of this...
Again I ask, is there anyone out there that has used one of these exchange businesses along Damrak recently?
I really do appreciate the offers of help even though someone said it was a "bad question", but no one has yet answered my question, be it bad or not. Be my choice to use them, rational or not.
Enough said. Big Smiles and thank you.
To go through the process of securing YET ANOTHER credit card along with the annual fees etc is something that I don't relish.
I have credit and debit cards, but they charge 3% foreign exchange fees, and that is on top of the official bank exchange rate.
FYI, I have used ATM's in Amsterdam and thought that in the LONG run I was better off at an cash exchange business.
The response about using oanda.com has led me to on-line purchase options that look pretty good.
Using a more resonable amount to exhange reflecting my actual need for Euros when in Amsterdam, i have decided to look at 1000 USD would get me.
Currencysource.com
680 Euro delivered to me would cost 1000 USD.
68 euro cents on a dollar
oanda.com/currency/traveler-cash
750 Euro delivered to me 1002 USD.
75 euro cents on a dollar
As far as money laundering....WOW....I am not talking a lot here , and I think the Dutch Police would be skilled enough to be somewhat on top of this...
Again I ask, is there anyone out there that has used one of these exchange businesses along Damrak recently?
I really do appreciate the offers of help even though someone said it was a "bad question", but no one has yet answered my question, be it bad or not. Be my choice to use them, rational or not.
Enough said. Big Smiles and thank you.
Jul 27th, 2010, 12:33 AM
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<i>So, the answer is that no one yet is actually able to tell me from first hand recent experience what I would get from one of the cash currency exchange places along Damrak. Right? </i>
It seems that you are posing a hypothetical question. Since exchange rates change by the minute any answer to your question is meaningless.
Did you actually make an exchange? If so tell us about it.
It seems that you are posing a hypothetical question. Since exchange rates change by the minute any answer to your question is meaningless.
Did you actually make an exchange? If so tell us about it.
Jul 27th, 2010, 01:42 AM
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It is actually incredibly difficult to prove money laundering, certainly through exchange places - after all the exchange of cash is not illegal.
You do not need another credit card. Getting cash with a credit card is just plain stupid, unless it is an emergency. All you need is an ATM card.
Why risk supporting the Mafia and drugs dealers when you can exchange money by using an ATM legally, safely, and cheaply.
It also has to be safer to carry just an ATM card with you that huge amounts of dollars.
You do not need another credit card. Getting cash with a credit card is just plain stupid, unless it is an emergency. All you need is an ATM card.
Why risk supporting the Mafia and drugs dealers when you can exchange money by using an ATM legally, safely, and cheaply.
It also has to be safer to carry just an ATM card with you that huge amounts of dollars.
Jul 27th, 2010, 03:54 AM
#12
>>>I usually exhange my USDs at the " No Commission" Currency Exchange business <<<
Just because it says no commission doesn't mean they aren't charging you a fee. They make their money by marking up the exchange rate over what you could get the money for at an ATM. They build their fee into the rate they use to exchange just like the amounts you quoted on currencysource.
>>>So, the answer is that no one yet is actually able to tell me from first hand recent experience what I would get from one of the cash currency exchange places along Damrak. Right? <<<
The answer is you will get a terrible exchange rate using currency exchange places. The best way to get money at the best exchange rate is using an ATM card (not a credit card) at an ATM.
>>>Again I ask, is there anyone out there that has used one of these exchange businesses along Damrak recently?<<<
Most people that are familiar with exchanging money do not use exchange businesses because of the inflated exchange rates.
If you use an ATM card:
Actual rate 1000USD = 772€
Some banks levy a 1% fee or a flat fee of a few dollars.
>>>Currencysource.com
680 Euro delivered to me would cost 1000 USD.
68 euro cents on a dollar
oanda.com/currency/traveler-cash
750 Euro delivered to me 1002 USD.
75 euro cents on a dollar <<<
Would you rather have 770€,680€ or 750€ for your $1000?
Just because it says no commission doesn't mean they aren't charging you a fee. They make their money by marking up the exchange rate over what you could get the money for at an ATM. They build their fee into the rate they use to exchange just like the amounts you quoted on currencysource.
>>>So, the answer is that no one yet is actually able to tell me from first hand recent experience what I would get from one of the cash currency exchange places along Damrak. Right? <<<
The answer is you will get a terrible exchange rate using currency exchange places. The best way to get money at the best exchange rate is using an ATM card (not a credit card) at an ATM.
>>>Again I ask, is there anyone out there that has used one of these exchange businesses along Damrak recently?<<<
Most people that are familiar with exchanging money do not use exchange businesses because of the inflated exchange rates.
If you use an ATM card:
Actual rate 1000USD = 772€
Some banks levy a 1% fee or a flat fee of a few dollars.
>>>Currencysource.com
680 Euro delivered to me would cost 1000 USD.
68 euro cents on a dollar
oanda.com/currency/traveler-cash
750 Euro delivered to me 1002 USD.
75 euro cents on a dollar <<<
Would you rather have 770€,680€ or 750€ for your $1000?
Jul 27th, 2010, 07:03 AM
#13
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Yea, I'll take the 770 euros 
Was actually just researching this issue with BofA. They will allow me to purchase online ahead of time for about a 7~ markup. Even with the 1% ATM conversion + $5 ATM fee BofA charges, I still walk out ahead by about 4%.
My CCs with BofA are about 3%...again, still better than the 7% fee! I'll be trying to use CCs as much as possible (just safer and about the same cost as cash)....but will withdraw maximum amount at ATMs when needed.
Was actually just researching this issue with BofA. They will allow me to purchase online ahead of time for about a 7~ markup. Even with the 1% ATM conversion + $5 ATM fee BofA charges, I still walk out ahead by about 4%.
My CCs with BofA are about 3%...again, still better than the 7% fee! I'll be trying to use CCs as much as possible (just safer and about the same cost as cash)....but will withdraw maximum amount at ATMs when needed.
Jul 27th, 2010, 07:09 AM
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It's simple, but you're not getting it. You don't need another credit card, you just need an ATM card linked to your checking account, from a bank that doesn't charge you a fee for withdrawals abroad. You're being ripped off at currency exchange places, and as hetismij notes, possibly aiding and abetting the mafia.
It is very unlikely that anyone here on Fodor's has used an exchange place on the Damrak recently because it's a stupid thing to do and we know better.
It is very unlikely that anyone here on Fodor's has used an exchange place on the Damrak recently because it's a stupid thing to do and we know better.
Jul 27th, 2010, 08:22 AM
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<i>It is very unlikely that anyone here on Fodor's has used an exchange place on the Damrak recently because it's a stupid thing to do and we know better.</i>
LOL. Right on StCirq.
From Wikipedia, the free encyclopedia
Thomas Tusser (1524–1580) was an English poet and farmer, best known for his instructional poem <i>Five Hundred Points of Good Husbandry</i>, published in 1557, and for the oft-repeated proverb, *A fool and his money are soon parted*.
LOL. Right on StCirq.
From Wikipedia, the free encyclopedia
Thomas Tusser (1524–1580) was an English poet and farmer, best known for his instructional poem <i>Five Hundred Points of Good Husbandry</i>, published in 1557, and for the oft-repeated proverb, *A fool and his money are soon parted*.
Jul 27th, 2010, 08:47 AM
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The problem with your response in support of your own question is that it ignores reality.
The 3% foreign exchange fee you pay with your debit card (hopefully you don't use a credit card to obtain cash -- that's simply daft because you incur interest from the moment the transaction occurs) is on top of the INTERBANK rate -- the true foreign exchange rate that you see in the newspapers.
The no-commission place charges "no commission" but exchanges your money at 4-6% higher than the Interbank rate (or more, depending upon their scruples). This is essentially a HIDDEN FEE.
Thus, if you get 3% fee on your card with no other charges, that's not bad. You just don't want to know what the fee is. That may be understandable, but it's not going to save you any money.
The 3% foreign exchange fee you pay with your debit card (hopefully you don't use a credit card to obtain cash -- that's simply daft because you incur interest from the moment the transaction occurs) is on top of the INTERBANK rate -- the true foreign exchange rate that you see in the newspapers.
The no-commission place charges "no commission" but exchanges your money at 4-6% higher than the Interbank rate (or more, depending upon their scruples). This is essentially a HIDDEN FEE.
Thus, if you get 3% fee on your card with no other charges, that's not bad. You just don't want to know what the fee is. That may be understandable, but it's not going to save you any money.
Jul 27th, 2010, 10:00 AM
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Before you go - check www.xe.com for each of the currencies you'll be exchanging. I actually print a little list for myself and then leave it at home.
Not to be foolhardy, but once I've left, I only use ATMs for cash at international banks and I DO NOT think about the exchange rate again. My bank does not charge a fee for the conversion when taking out cash. It does charge .5% if I use my card as a debit or credit card. There is no additional rate. Even on the more expensive trips, I've never incurred more than $100 in fees/conversions.
And really, while I like to save 3% whenever possible, it would not have kept me from going on the trip. I factor that into the cost of travel.
Not to be foolhardy, but once I've left, I only use ATMs for cash at international banks and I DO NOT think about the exchange rate again. My bank does not charge a fee for the conversion when taking out cash. It does charge .5% if I use my card as a debit or credit card. There is no additional rate. Even on the more expensive trips, I've never incurred more than $100 in fees/conversions.
And really, while I like to save 3% whenever possible, it would not have kept me from going on the trip. I factor that into the cost of travel.
Jul 27th, 2010, 10:06 AM
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To actually answer the OP's question without commenting on it's wisdom.
http://www.lorentzchange.com/AMS/ExchangeRatesAms2.php
http://www.lorentzchange.com/AMS/ExchangeRatesAms2.php
