Thanks ... Janisj

The plunge continues and I'm holding off buying for as long as I can. Between last Friday and today, I've saved $552.00 between what it would have cost me then and today (Tues).

I have to do a money transfer by Thursday so will buy about 2/3 of what I need by then, but the rest in cash can wait until the end of the month. Wonder how low it will go by then. Today's rate was just a few points between the lowest its been in the past 120 days, on July 21st. The highest was in August.

Sorry, a typo : "Today's rate was just a few points ABOVE the lowest..."

Even if you are a professional currency speculator at the Chicago Mercantile Exchange any bet on the euro is a crap shoot. When Germany supports the Greeks the euro will bounce back up.

Hey ddd,

>Ira ... My bank charges me around 3% for euro exchange. <

That would mean that the price would be $1.41.

If that is the price, please give me the name of your bank.

((I))

Yes, please DeeDee, what bank do you use?

Byrd

If Germany (and France) support Greece, IF being the operative word. Their populations are more and more reluctant to sink their hard won funds into countries notorious for tax avoidance and wasteful spending of Euro grants. I would be exercising great caution in purchasing Euros too far in advance. This monetary situation is unprecedented and the Eurozone faces so many "unknown unknowns" that travellers will need to exercise that caution. Paying by credit card on arrival (where possible) and using fee free ATMs (talk to your bank) while away would be my suggestions.

Mathieu, if $552 is your savings, I guess you will be carrying a staggering amount of Euros around with you. Frankly, I would not take that risk.

I was doing a Euro wire transfer Charnees, not buying cash.
I will need some cash which I'll buy later in the month.

Hey ddd,
>Ira ... My bank charges me around 3% for euro exchange. <
That would mean that the price would be $1.41.
If that is the price, please give me the name of your bank.

Byrd on Sep 14, 11 at 1:25pm
Yes, please DeeDee, what bank do you use?
Byrd

I'm wondering which bank only charges 3% too.

My bank, State Employee's Credit Union in North Carolina, charges no fee.

Do they give you the interbank rate listed on xe or oanda for that day or charge a much higher rate which equals a hidden fee?

My credit union gives me the interbank rate when using an ATM or charge card in another country, but they do not order euro in. I live in a small town and most banks here do not keep euro.

The interbank rate listed on xe or oanda for that day, no hidden fee.

I can;t see how any bank/on-line bank could sell you euros at an interbank rate. This rate is meant for transactions in the millons/billions. I don't see how they would make money. Am I missing something?

Also, any currency transaction has two componenets, the fee and the exchange rate. Just because an institution charges a low or no fee, does not mean that they don't make their profit by playing with the exchange rate. They control BOTH.

It seems that some people think the exchange rate is a fixed number, so when they go to Joe's Forex or Michel's Bureau de Change, there will be the same exchange rate. Nope.

You are correct on all counts Michel_Paris.

By the way, I'm coming to Michel's Bureau de Change. I hear they have the best rates...

I've asked my bank in every way I can phrase the question about fees, they say no. My son that works there says no fees. I'll yet you know later in the week, as we're buying a few. I'm not arguing with anyone, just relaying what I've been told. We'll see if they're being completely forthcoming.

Mathieu,

I have special rates for my Canadian friends :)

@Michel : Thats what I was counting on ! :)
Actually Mike was going to drop you a line to ask you some info for an upcoming trip. Unfortunately I seem to have misplaced your e-addy though I think I remember what it is. Is there a '.' between your first and last name ? and is it'.com' or '.ca' ?

@Mathieu
yes and com. Should work, my company split into two recently.

>>>I can;t see how any bank/on-line bank could sell you euros at an interbank rate.<<<

It's not a bank, it's a credit union. Big difference.

>>>Am I missing something?<<<

Yes, credit unions do not operate the same as banks and don't charge many of the fees that banks do.

>>>Mathieu on Sep 18, 11 at 10:19am
You are correct on all counts Michel_Paris.
By the way, I'm coming to Michel's Bureau de Change. I hear they have the best rates..<<<

Most of us on these threads that regularly travel to Europe (just got back Wed.) know the difference between a buy/sell rate. We also know whether we are getting the interbank rate or not and if there are any fees tacked on.

Most credit unions do not tack on fees (a few will add 1%). When my statements arrive from my credit union, for my credit cards and checking accounts (often called share accounts as you are a share holder and have the right to vote on credit union matters) after I return from a trip, I can go on FX or Oanda and enter the dates of each transaction on their history calculator. That pulls up the interbank rate for that particular date. I'm always charged the interbank rate.

deedeedee said bank (not credit union) which made me curious as I've never heard of a good exchange rate from a bank.