Currency Exchange Rates

[coles525]

Evening everyone, I'm not too good in regards to the actual meaning or maths of currency Exchange shops.

I've taken some photo of different rates/shops advertising their "we buy / we sell", with one of them being fee and commission free.

Any hints on how to workout which place gives you the most international equivalent?

Locations are: HKD, THB, MYR.

 

[coles525]

final photo

 

[serfty]

Check the rates advertised against the current crossrates - they can be found here: XE Currency Tables

You will get an idea much the traders is making from such trades.

Note that cards like the 28° and Citi DEbit tend to give rates more in line with XE than those money trader photos.

As a rule of thumb, the higher the "Buy" rate the worse it is for you. Of course, the lower the "sell" rate the worse it is for you as well.

e.g. With the first one (presumable they are AUD rates) they will give you one AUD for every NZD1.328 but sell you NZD1.082 for every AUD.

So, if you gave them NZD100 they would give you AUD75.30. Convert that AUD75.30 back to NZD and the'll give you NZD81.48.

 

[markis10]

No commission just means no added fees on top of what's quoted, it does not mean no margin!