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Bank Exchange Rate Is Lower Than Actual Exchange Rate?
LimYoo
post Jul 12 2008, 07:36 PM
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Joined: 29-June 08
From: Richmond, VA
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How come when I convert foreign money at the bank, it's always a much lower value than the actual exchange rate? (This is excluding the fact that banks charge a small $5 fee)

Example:
I exchanged 300 CAD and only receive back about 260-270 USD. The exchange rate is suppose to result in 297 USD

What gives?
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Posts in this topic
- LimYoo   Bank Exchange Rate Is Lower Than Actual Exchange Rate?   Jul 12 2008, 07:36 PM
- - realist   QUOTE (LimYoo @ Jul 13 2008, 04:36 AM) Ho...   Jul 12 2008, 11:14 PM
- - iZero   It's how they make money, they buy and sell at...   Jul 13 2008, 12:59 AM
- - liner   QUOTE (LimYoo @ Jul 12 2008, 07:36 PM) Ho...   Jul 13 2008, 03:51 AM
|- - tock   QUOTE (liner @ Jul 13 2008, 03:51 AM) The...   Jul 14 2008, 03:34 AM
|- - liner   QUOTE (tock @ Jul 14 2008, 04:34 AM) Is i...   Jul 14 2008, 07:12 AM
|- - zeum   QUOTE (liner @ Jul 14 2008, 08:12 AM) Yes...   Jul 14 2008, 10:19 AM
- - LimYoo   Thanks for the replies. It's good to know all ...   Jul 14 2008, 10:19 AM

 

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