foreign currency - exchange vs bank


quick question for the knowledge of the group
Foreign Currency exchange rates...
Our son is in Germany for a year,
and we have sent him some Euros for birthday etc.
Why is the exchange rate quoted on TV or Yahoo Finance
different from the banks (Chase & BOA)
when they say they don't charge any fees or commissions ???
ie -
Wells Fargo - $100 = 159.18 euro
Chase - $100 = 158.89 euro
Yahoo - $100 = 150.48 euro
Reply to
ps56k
In article ,
Are the quotes for buying euros with dollars or buying dollars with euros.
Certain quotes (e.g. WSJ) are for $1,000,000 transactions.
Final note - my MasterCard at an ATM machine has always been better than any change rate or bank even after the MC 2 to 3% commission (Euros in Italy in 2005, Pounds in England 2007, Shekels in Israel in 2009). In previous travels I found banks better than money changers in Hong Kong, Tahiti, Denmark, Spain, Netherlands and cash always better than travelers checks.
Reply to
Avrum Lapin
ooops - wrong order -
Wells Fargo - 100 euro = $159.18 Chase - 100 euro = $158.89
Yahoo - 100 euro = $150.48
--
Reply to
ps56k
[snip]
Banks and airports charge 6% (last I recall) (ripoff). American Express may offer currency conversions at more reasonable rates (for small amounts), via travelers cheques. Best bet is to look in Germany for a dedicated exchange shop. If your son is in the military or diplomatic corps or other, he might have access to better conversions. Might also ask Western Union. The futures quotes you see are for 125k USD (I think that's right - haven't checked on it). Banks trade *their* stuff at futures quotes!:-) Cards may charge like $85 bucks if you charge something in a foreign country, I think 3% for a cash advance.
Reply to
dapperdobbs
MaterCard and Visa charge a 1% fee for withdrawals from foreign currency ATMs. Any fee above 1% is being imposed by your bank/financial institution.
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Reply to
terrable
The foreign currency exchange outfits that say there are "no fees or commissions" are telling a half truth. They are using a very wide bid/offer spread to make money.
For example if the Euro is at $1.50 the bank will buy Euros for $1.41 and sell them for $1.59. A fairer dealer will have a narrower spread, say buy $1.48 and sell $1.52.
Reply to
terrable

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