Quote:
Originally Posted by metoo21
Very sorry that you are mistaken/misinformed.
Here is what US Bank says about selling foreign currency. Link Here
How do I exchange or sell my foreign currency?
Visit a U.S. Bank branch and a banker will help you through the process. We encourage you to make an appointment to allow time for questions and processing.
Full order returns within seven (7) days of purchase:
We will buy back the currency at the same exchange rate used for purchase.
A $10 return fee applies.
Full or partial returns after seven (7) days of purchase:
We'll process your return at the current day's exchange rate.
A $10 fee applies to returns of $250 USD or less.
So , a bank will not pay you 80 cents per euro to buy it back.
Today's rate is $1.06 per euro. For 200 euros, that would be $212 US dollars minus the $10 fee. Making it $202 US you'd get for 200 euros or 202/200 = $1.01 US per euro. A long way from 80 cents. |
I am not misinformed. That is one bank and not the norm. Also, take the person that has 50 euros left over. 1.06 X 50 = $53. If they pay the $10 exchange fee they net $43 or 86 cents per euro. They had to go to the bank to do it and the bank will not accept foreign coins - paper money only.
To be clear, the "exchange fee" is just another way of collecting the reduced buy back rate. Go to a currency exchange and look for sell rate and buy rate on any currency to get a picture that you might understand.