Currency exchange

[Menachem613]

Can we maybe start a thread (or use this thread) for people coming and going from foreign countries who want to buy/sell currency?

I have a bunch of Australian dollars, Euros, and GB Pounds. I'd love to sell for a better rate than the companies are buying for and I would give you a better rate than they are selling for.

How many EUR and Pounds?

[Freddie]

How many EUR and Pounds?

I have to look. i am not home now. A few hundred pounds. Maybe a thousand Euros.

[eli1571]

just for your info google currency is not 1005 accurate. it only gives you the first 3 digits e.g. gbp/usd they will give you 1.71 when it can be closer to 1.72 like 1.717

[vaksler]

To be clear the rate what you see on google, xe, are only bank rates for on-line transfer transactions (and not for cash) for over a mill. and up, you will never got that rate when you buy/sell your few thousand or hundred foreign cash, for example the federal reserve % rate are .25 percent and when you take a mortgage it will be at least 4%-5%

[Freddie]

To be clear the rate what you see on google, xe, are only bank rates for on-line transfer transactions (and not for cash) for over a mill. and up, you will never got that rate when you buy/sell your few thousand or hundred foreign cash, for example the federal reserve % rate are .25 percent and when you take a mortgage it will be at least 4%-5%

Vaksler, are you the Vaksler who buys and sells currency?

[vaksler]

Yes, but here im not for business, just to post general currency exchange info. cus i see a lot of people are confused about the exchange rate,

[Freddie]

Yes, but here im not for business, just to post general currency exchange info. cus i see a lot of people are confused about the exchange rate,

When I go abroad and they ask me how much I charge, I use google to figure out the rate. You're saying that I am hurting myself that way. Ok, so what rate should I use that is "oisgehalten" but more representative of the reality?

[sky121]

I used Google as reference when changing money in Israel recently.
Rate said 3.42 and I got 3.41. 

[vaksler]

if you are selling stuff overseas for foreign cash, and you will convert it to usd, you should add the exchange fee,
cash is always more then wire/bank transfers cus the exchange houses are adding the fees, because if they have a overstock of a currency they have to mail it, to the foreign country then a small package could cost them over $50 only for the insurance,

[vaksler]

the Israel shekel have the lowest exchange fee in the world, but only in Israel in the heimishe.....   because there is a lot of compaction, and they make there share when they sell the dollar to investors, where the most of real estate sells are on the dollar,

[Freddie]

So what should I do with my foreign cash? Does it make sense to keep an eye on rates and try to make something?

[The Guy]

the Israel shekel have the lowest exchange fee in the world, but only in Israel in the heimishe.....   because there is a lot of compaction, and they make there share when they sell the dollar to investors, where the most of real estate sells are on the dollar,

Actually not by the heimisher,by the heimishwer on geula they take 2-3 agurot,I always change on Yafo,next to the shuk,it's only 1 agura,and I change a lot so he gives me sometimes .5 agura.

[vaksler]

just make a few phone calls, and change it, where you got the the best rate, and note that it will always be higher then the spot rate, they are not open "lesham mitzva"

[@Yehuda]

Why do you guys have such a hard time believing this is true. We can send movies across an internet connection but we can't send one simple piece of data, what the ATM fee was. As I've said numerous times, I've had the fee refunded, even when it was charged in foreign currency

Well, I've got my TD bills, and I got nothing refunded. A LONG phone call with TD and they didn't know what to do. They asked if I can bring my ATM receipts to a branch. I laughed at the idea that I kept all my receipts. So, this was not a simple process for me.

[Ergel]

Use fidelity next time. Wanna see screenshots?

[@Yehuda]

I believe you. Yeah, it's too bad.

For the future reader: don't use TD if you're travelling in foreign countries under the assumption that they will refund the fees. Foreign banks do not report fees separate from your withdrawal amount to TD, therefore TD doesn't even think any fees were charged, and they won't refund you anything.

[Ergel]

Withdrawals with credits

[@Yehuda]

Withdrawals with credits

Jealous.

[@jack123]

For the record I have gotten Td to do it in a short call before. May just depend on the rep you get.
Ergel have u checked fx rates on fidelity- I thought they charge 1% fx- not as a separate fee just skimmed off the rate as opposed to Td which does give u actual rate

[Boruch999]

So what should I do with my foreign cash? Does it make sense to keep an eye on rates and try to make something?

Send it to Yerushalaim. You will get the best rates on all major currencies. PM for more details.