Currency exchange? HELP!

Jul 12th, 2001, 09:20 PM
  #1  
Christy
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Currency exchange? HELP!

Hello, I am converting U.S. dollars to British Pounds, which is the better rate of these two?

A) Bank of America: 1.47798000

B) Chase: 1.500521

I am thinking that the Bank of America is the better rate? Or do I have it bakwards??

Please help!
 
Jul 12th, 2001, 09:34 PM
  #2  
Wilt
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A pound is about $1.40, so the better conversion is the one that takes *fewer* dollars to buy pounds.
 
Jul 12th, 2001, 09:38 PM
  #3  
Christy
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I'm so confused! So the bank of america rate of 1.47798000 is the better of the two rates?
 
Jul 12th, 2001, 09:47 PM
  #4  
wilt
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The 'problem' is that the Pound is one of the few currencies that thats multiple dollars to buy ONE of their units. Most countries buy multiple of their currency with one dollar. In the case of the pound, you are quoted the amount of dollars to buy one unit of the foreign (UK) currency, the lower amount is better. But if your amount of conversion was quoted as how many pounds are purchased by one dollar (the inverse amount, such as 0.72, the higher amount is better.
 
Jul 12th, 2001, 10:51 PM
  #5  
I'm just a
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But I'm going to see if I can figure this one out

A pound of bananas costs

$1.47 at K-mart
$1.50 at Walmart

Now which one would be the better deal?

I'll blame my confusion on the price of raisins from Italy.

2150 raisins for a dollar at K-mart
2120 raisins for a dollar at Walmart

Oh, you know what? Even a dumb monkey like me really can figure these problems out!
 
Jul 13th, 2001, 04:22 AM
  #6  
pam
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Dumb monkey:
Go climb a tree and stay there.
If you can't be civil or helpful,all you really are is a troll nuisance.
What is going on with all you troll people lately? Don't you have anything else to do or somewhere else to go?
I've an idea. Call NASA...maybe they can use you for some more space exploration.
 
Jul 13th, 2001, 04:31 AM
  #7  
Ed
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Simple question, simple answer: the B of A rate is better.

Better since it take fewer dollars to buy a pound. Neither rate is terribly good; you'd do better to wait until you get to Britain.
 
Jul 13th, 2001, 03:15 PM
  #8  
wilt
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I agree with the previous reply...buy currency IN THE NATIVE COUNTRY to get the best exchange rates. Buy dollars in US, buy Francs in France, buy Duetch Marks in Germany, etc.
But it is wisest to buy SOME of the currency while still at the departure point, just enough to 'get by', e.g. in case you need to buy subway fare but it's in the middle of the night and everything is closed at the destination.

 
Jul 13th, 2001, 03:20 PM
  #9  
Howard
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Putting what Ed correctly said in another way: The more pounds you get for a dollar, the better the deal. And you get more with Option B.
 
Jul 13th, 2001, 03:26 PM
  #10  
Maybe Howard needs to
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to dumb monkey school.

Ed said it correctly all right.

But at option B, just like with the cost of bananas at Walmart, pounds cost the buyer more.
 
Jul 13th, 2001, 05:15 PM
  #11  
previous
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And maybe the previous poster has to go to school to learn some manners and not be such an ass!
 
Jul 13th, 2001, 05:27 PM
  #12  
Smart
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$1.47 for a pound of bananas is way too much. I would never pay that. Those Italian raisins sound like a good deal though.
 
Jul 13th, 2001, 05:49 PM
  #13  
Me Too
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I'm just a dumb monkey:
Me too.
My bank says they'll buy my lire from me for .0004752 each. Is that a good deal? I wasn't very good at math. How many of those would I need to get a pound of bananas?
 
Jul 15th, 2001, 05:11 PM
  #14  
remus
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pam go grab a banana and join your friend in the tree. you are now one to accuse others of being a troll.
 

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