Any forseable problems using Visa debit card at ATM's?
Oct 15th, 2003 | 01:34 PM
#21
Joined: Oct 2003
Posts: 172
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There are some of those banks that add on a few perks on some accounts for various purposes.
And you might have benefitted from a bank that sells at the wholesale rate, which is the rate that banks charge each other. I don't think an institution can trade at less than the wholesale rate unless it is a situation involving out and out dumping of currency like the Russians would do in times past.
No one wanted a ruble anyhow, so a few million rubles put up for sale by the central bank at rediculously low prices would usually drive the ruble down in a hurry.
If exchange rates are blocked in that there is an official government rate and the official rate does not float by law, you can get some tremendous bargains on the black market. Those are dangerous, however, because it is often illegal to bring the currency into the currency,unless you can prove that you exchanged at the government dictated official rate.
Turkey was like that and people got burned. Either their currency was confiscated at the border, or the currency was confiscsted and they were fined on top of it, or they paid a substantial "fee" to have the charges waived.
At any rate, check what you are paying against the wholesale rate. If you are within 2% you are doing well in the USA.
I know some people claim that AAA sells travelers checks at no fee. True to an extent, but the exchange rate is usually 2% above the wholesale rate. So you are in effect paying 2% whether it is called that or not.
For the protection of traveler's checks I have not refused to buy. The problem often comes when attempting to use them in Europe. Most places on the continent will not accept them even if they are denominated in euros.
I hope you have found a place that sells euro notes at the true wholesale rate plus a reasonable markup for handling.
And you might have benefitted from a bank that sells at the wholesale rate, which is the rate that banks charge each other. I don't think an institution can trade at less than the wholesale rate unless it is a situation involving out and out dumping of currency like the Russians would do in times past.
No one wanted a ruble anyhow, so a few million rubles put up for sale by the central bank at rediculously low prices would usually drive the ruble down in a hurry.
If exchange rates are blocked in that there is an official government rate and the official rate does not float by law, you can get some tremendous bargains on the black market. Those are dangerous, however, because it is often illegal to bring the currency into the currency,unless you can prove that you exchanged at the government dictated official rate.
Turkey was like that and people got burned. Either their currency was confiscated at the border, or the currency was confiscsted and they were fined on top of it, or they paid a substantial "fee" to have the charges waived.
At any rate, check what you are paying against the wholesale rate. If you are within 2% you are doing well in the USA.
I know some people claim that AAA sells travelers checks at no fee. True to an extent, but the exchange rate is usually 2% above the wholesale rate. So you are in effect paying 2% whether it is called that or not.
For the protection of traveler's checks I have not refused to buy. The problem often comes when attempting to use them in Europe. Most places on the continent will not accept them even if they are denominated in euros.
I hope you have found a place that sells euro notes at the true wholesale rate plus a reasonable markup for handling.
