On Tue, 8 Jul 2003 07:29:02 +0200, "Sjoerd"
wrote:
>
>"M Katz" schreef in bericht
>news:wLrOa.52719$Il3.1561925@wagner.videotron.net...
>>
>> "Sjoerd" wrote in message
>> news:3f0898cb$0$49104$e4fe514c@news.xs4all.nl...
>> >
>> > "Alfred Molon" schreef in bericht
>> > news:7c2b504ed267c87f4fa3ad5c9e93cb3c@news.meganetnews.com...
>> > > In article <3f07c914$0$49107$e4fe514c@news.xs4all.nl>,
>> > > sjoerdhahahaha@xs4all.nl says...
>> > >
>> > > > I recently went to an ATM in New York to get US dollars. The
>Interbank
>> > rate
>> > > > on that day was 1.1595 US dollar per euro. I got my US dollars for
>> > 1.1583
>> > > > per euro. No further fees or charges.
>> > >
>> > > Almost too good to be true. What is your bank ?
>> >
>> > ING Bank.
>>
>>
>> Since the general discussion seems to point at ATM's a the best way to
>> access money in foreign countries I took a look at a credit card statement
>> and found this little item:
>>
>> "'For foreign currency transactions, the foreign currency (if it is not
>> already in US dollars) will first be converted to US dollars and then to
>> Canadian dollars before it is recorded in the Account."
>>
>> Any other reason for this besides earning even more money than if
>converting
>> directly to Canadian dollars?
>
>This is the way the foreign exchange markets work. It would be too
>cumbersome to have direct exchange rates between all possible pairs of
>currencies, so what happens is that the USD is used as a reference and all
>other currencies' exchange rates are calculated "via" the USD rates.
More important is to check whether your bank or card company add any
additional surcharges. I know that most banks in the UK add another
2.75% on top of the basic exchange rate used.
Chris
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