Quote:
Originally Posted by npwalters
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.
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If you go to a bank or a credit union, what I wrote is the norm. If you go to a currency exchange like in an airport or foreign country, they do the exchange to make money and you accept paying more or getting less for the conversion. That is how they make their money. They won't sell or buy at the price you'll get at a bank or CU. Their business is to make money on the conversions back and forth.
And a bank or CU will usually waive the $10+ fee if you purchase or sell $200 or more foreign dollars so it has nothing to do with a reduced buy back. Regarding coins, the goal is to spend the coins before leaving, put them in one of the many coin/currency collection bins around the airport that goes to charity or simply keep as a souvenir.
Maybe you'll find someone that doesn't understand how it works and you can take advantage. Good Luck.