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US Banks Rob Customers on Exchange Rates

Posted By: Paul Weaver
Date: Monday, 11 April 2016, at 10:27 p.m.

In Response To: euros for sale (Keene)

As Albert mentioned, the banks in the USA make a killing when they exchange currencies.

This lady at my bank claimed it only costs a ten-dollar fee to change money, but she neglected to mention that their exchange rate is about 7% away from the rate given at www.xe.com. She claimed the bank only changes money for customers as a "convenience." I am not sure she was telling the truth. I suspect the bank does it to make money and not for the convenience of their customers.

I asked her, "If I sell you 1000 euros, how many dollars will you give me?" After she answered, I then asked her, "How many dollars would I need to buy 1000 euros?" She glared at me and refused to answer.

If you sell 1000 euros to my bank and then buy back the 1000 euros, you will be about $170 poorer. "A pleasure doing business with you."

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