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Re: Sell currency
Posted: 2008-07-12, 7:23 pm
amsterman
Power Kat
Posts: 1818
Location: London,UK
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Don't know, but i'm like you! I just put whatever i have left away for next trip :-)
Especially now as every time you go the exchange rate is less and less!!!
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Re: Sell currency
Posted: 2008-07-12, 9:12 pm
george47
Power Kat
Posts: 1074
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It's not for nothing. They aren't changing money for fun you know. They are running a business. They have to buy it and pay staff to distribute it. Both buying and selling needs to give them a profit so when you compare the buy rate to the sell rate you are talking about two separate acts, each of which needs to make them money. It's no different to a shop buying an item at $10 and selling it to the public at $30. It's called normal business!
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Re: Sell currency
Posted: 2008-07-13, 7:42 pm
riley
Posts: 129
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As George said, there is a reason for the spread. However, usually it is a bit less than 10%, so if you found a larger spread there are two possible explanations.
One is, the post office is an outlier for exchange rates, and there will be less spread at the bank or at a kiosk.
The second is, they are more uncertain than normal about which way the exchange rate is going, and when the uncertainty is greater the spread has to be larger.
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