Well fargo wanted to charge me 6% over spot to buy euros and 6% below spot to sell euros.

This is the worlds most liquid financial instrument and to charge criminal exchange rates is theft.

Anyone know a good place to exchange euros - I am spending this weekend in Milan.

Mike

Avoid airports and go to the nearest bank ATM that accepts your credit credit card. The best exchange rate you will ever get is to use your credit card for everything. Just make sure that you have a card that does not charge a foreign transaction fee.

Make sure you spend all your Euros as you will still face getting screwed on the exchange rate to convert back to USDs.

quote:

Originally posted by Opus1:
Avoid airports and go to the nearest bank ATM that accepts your credit credit card. The best exchange rate you will ever get is to use your credit card for everything. Just make sure that you have a card that does not charge a foreign transaction fee.

Make sure you spend all your Euros as you will still face getting screwed on the exchange rate to convert back to USDs.

My Costco visa hoses me on foreign charges

My Amex are now all work related and last think I want to do is mix personal and business expenses

F@cking theft to charge these rates for currency that trades in fraction of basis points.

I can't wait to get to Asia we're fx exchange is honest.

Mike

quote:

Originally posted by Beretta682E:
Well fargo wanted to charge me 6% over spot to buy euros and 6% below spot to sell euros.

This is the worlds most liquid financial instrument and to charge criminal exchange rates is theft.

Anyone know a good place to exchange euros - I am spending this weekend in Milan.

Mike

Perhaps you should do business with a better bank, one that actually gives a damn about you as a customer.

quote:

Originally posted by DLS:

quote:

Originally posted by Beretta682E:
Well fargo wanted to charge me 6% over spot to buy euros and 6% below spot to sell euros.

This is the worlds most liquid financial instrument and to charge criminal exchange rates is theft.

Anyone know a good place to exchange euros - I am spending this weekend in Milan.

Mike

Perhaps you should do business with a better bank, one that actually gives a damn about you as a customer.

Which us bank gives exchange rates anywhere near spot ?

I normally exchange currency in Macau but this time I am flying to Europe first.

Mike

quote:

Originally posted by DLS:

quote:

Originally posted by Beretta682E:
Well fargo wanted to charge me 6% over spot to buy euros and 6% below spot to sell euros.

This is the worlds most liquid financial instrument and to charge criminal exchange rates is theft.

Anyone know a good place to exchange euros - I am spending this weekend in Milan.

Mike

Perhaps you should do business with a better bank, one that actually gives a damn about you as a customer.

Which means stop dealing with any of the big multi nationals.

They could not careless about you.

quote:

Originally posted by Saeed:

quote:

Originally posted by DLS:

quote:

Originally posted by Beretta682E:
Well fargo wanted to charge me 6% over spot to buy euros and 6% below spot to sell euros.

This is the worlds most liquid financial instrument and to charge criminal exchange rates is theft.

Anyone know a good place to exchange euros - I am spending this weekend in Milan.

Mike

Perhaps you should do business with a better bank, one that actually gives a damn about you as a customer.

Which means stop dealing with any of the big multi nationals.

They could not careless about you.

Does not solve my problem - I am a private banking client and I am getting hosed.

If I was flying straight to Dubai I would change into euros near spot.

There is no place to buy fx without gettin hosed in us.

Mike

Look here:
https://docs.google.com/spread...JyJG-W5Hk/edit#gid=0

quote:

Originally posted by Wesheltonj:
Look here:
https://docs.google.com/spread...JyJG-W5Hk/edit#gid=0

Thanks

My cards are criminal on fees. Need to get a new credit card.

Mike

I'll take a photo of a Euro system ATM this week, and email it to you.

For your American ATM card to work it will have to have certain partnerships, most do not.

At least then you'll know what to bring.

Our Wells Fargo, Navy FCU, and several others do not work. They only work on the military base near my house, at the US banks.

Never had this problem in Australia.

Try the Venture One Card from Capital One. Gives you the best deal for miles and has no foreign transaction fees.

Unfortunately, you might as well leave your Amex at home. No one overseas likes it. Never had a problem with the Venture One.

Last fall in Europe, used my Wells Fargo card exclusvely, got home, checked my account, guess what, "International monetary transfer fee"! On every transaction.

quote:

Originally posted by Beretta682E:

quote:

Originally posted by Saeed:

quote:

Originally posted by DLS:

quote:

Originally posted by Beretta682E:
Well fargo wanted to charge me 6% over spot to buy euros and 6% below spot to sell euros.

This is the worlds most liquid financial instrument and to charge criminal exchange rates is theft.

Anyone know a good place to exchange euros - I am spending this weekend in Milan.

Mike

Perhaps you should do business with a better bank, one that actually gives a damn about you as a customer.

Which means stop dealing with any of the big multi nationals.

They could not careless about you.

Does not solve my problem - I am a private banking client and I am getting hosed.

If I was flying straight to Dubai I would change into euros near spot.

There is no place to buy fx without gettin hosed in us.

Mike

Saeed nails it! Big banks screw the consumer banking customer. But, since you mention that you're a Wells 'private banking' client, talk to your personal banker about it. Make it clear that you feel like you're getting hosed and want a better deal. If you're a substantial client, they'll give you a break, especially if you suggest you can get better treatment elsewhere. If they value the relationship, they'll work with you. I'm a banker and can assure you, it is a competitive business. I've taken clients away from other banks over not accommodating a request for consideration similar to this.

I'm a De Minimus private bank client at JP Morgan and got similar treatment. I had a talk with my banker and now get FX near spot. It's worth a shot.

I will ask Wells Fargo tomorrow but I am a irrelevant client in the big picture.

Mike

Wells Fargo Is not the same bank that opened fragulent new accounts on customers to drive revenue . The same Bank that called loans in violation of the soldiers and sailors act on our brave troupes while they were deployed and could not take action
What a surprise that they would screw you with usurious fees.

Have never used it to get cash, but my B of A card has no transaction fees for purchases.

I'm kind of between a rock and a hard place here. I was given this information by a good friend who flies around the world like you and I would go to a 7/11.

I have a contact name but don't feel I can reveal it, since it is not my intial info.

At any rate, you can check with Associated Foreign Exchange and see how they compare. They will send you foreign notes to your address.

https://www.afex.com/unitedstates/

Is it better to take USD to Milan and change there?

Only if you want to lose value when exchanging currency. The reason why there are so many currency exchange kiosks is they make money exchanging currency. You do not get the mid exchange rate. In short, you pay them $$$$ to exchange currency.

Best to take cash from your credit card as long as you do not have foreign transaction fees and do not get hit with ATM fees.

quote:

Originally posted by Gatogordo:
I'm kind of between a rock and a hard place here. I was given this information by a good friend who flies around the world like you and I would go to a 7/11.

I have a contact name but don't feel I can reveal it, since it is not my intial info.

At any rate, you can check with Associated Foreign Exchange and see how they compare. They will send you foreign notes to your address.

https://www.afex.com/unitedstates/

Thanks gato

This is the single biggest fraud I have seen in financial services - the 10 plus percent bid ask spread and 3 percent fees are criminal. Fx trades at fraction of a basis point - this is like a 20000 times plus spread on something the bank do 24 hours a day and thousands and thousands of times .

In Bangkok or Macau and I am pretty sure Dubai I can swap dollars to local currency back to euros and get off for less than 50 bps

I just figured out there is a Citibank in Milan so I can use my account there to get euros.

I bought 100 euros and I paid 1.11 - lost $6 - an sci soda.

Thieves.

Mike

Schwab has a free checking acct that lets you withdraw money internationally for free from ATMs.

http://www.schwab.com/public/s...ing/checking_account

As was mentioned earlier. ATMS will give you the best exchange rates. IIRC, Schwab just charges market rate at the ATM.

What a honest cash fx market should look. Took the picture 5 minutes ago in Bangkok where I swapped some dollars for Thai Bhat.

Banks in the us are crooks as are airports and hotels.



Mike

I can swap dollars to Thai Bhat and then the
Thai Bhat to euros in Bangkok and be able to do it for 1/10 the cost of buying euros at well Fargo or any us airport.

Mike

quote:

Originally posted by Opus1:
Try the Venture One Card from Capital One. Gives you the best deal for miles and has no foreign transaction fees.

Unfortunately, you might as well leave your Amex at home. No one overseas likes it. Never had a problem with the Venture One.

Capital One cards are some of the best...also take a look a Chase Sapphire Preferred. Very good card for traveling...much better than Amex Platinum IMO.

The Capital One and Chase cards are the way to go at the moment.

quote:

Originally posted by Heym 450/400:

quote:

Originally posted by Opus1:
Try the Venture One Card from Capital One. Gives you the best deal for miles and has no foreign transaction fees.

Unfortunately, you might as well leave your Amex at home. No one overseas likes it. Never had a problem with the Venture One.

Capital One cards are some of the best...also take a look a Chase Sapphire Preferred. Very good card for traveling...much better than Amex Platinum IMO.

The Capital One and Chase cards are the way to go at the moment.

Will do - I need a good traveling credit card.

I gave up my American Express platinum - $400 bucks was it worth it especially when American Airlines told me I could not use their lounge.

Mike

quote:

Originally posted by Beretta682E:

quote:

Originally posted by Heym 450/400:

quote:

Originally posted by Opus1:
Try the Venture One Card from Capital One. Gives you the best deal for miles and has no foreign transaction fees.

Unfortunately, you might as well leave your Amex at home. No one overseas likes it. Never had a problem with the Venture One.

Capital One cards are some of the best...also take a look a Chase Sapphire Preferred. Very good card for traveling...much better than Amex Platinum IMO.

The Capital One and Chase cards are the way to go at the moment.

Will do - I need a good traveling credit card.

I gave up my American Express platinum - $400 bucks was it worth it especially when American Airlines told me I could not use their lounge.

Mike

I cancelled my Amex and went with Chase Sapphire Preferred and never looked back..Amex used to mean something..now when I see one I assume the owner doesn't understand credit/charge cards.

edit* if you travel a lot. The Chase Sapphire Reserve might be worth it. Compare the Reserve to Preferred and see