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Currency exchange question

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  • 15-05-2012 12:24pm
    #1
    spider_pig
    Registered Users Posts: 1,310 ✭✭✭


    I just got €300 changed to czh czech korona and was givin 1100 the fx rate was 23.5000
    No commission paid on the receipt, when I google it I get €275 euro coming up have I been ripped off
    I got it on the corner of Henry street Dublin

    Cheers


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    #2
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    The rates you see online are not what you get at the bank/post office etc. think wholesale price vs retail price


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    #3
    lexa
    Registered Users Posts: 150 ✭✭lexa


    This looks like an error. What does your receipt say?
    1100 CZK is only around €42 so nothing close to the €300 you exchanged.

    However the rate you see quoted online will not be the rate given as companies will apply a margin to this wholesale rate to make their profit.

    i.e. if Bloomberg has an FX rate of EUR/CZK - 25.6.
    If you go to a bureau de change they may sell to you at 23.04 (if they applied a 10% margin for example)


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    #4
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    BuffyBot wrote: »
    The rates you see online are not what you get at the bank/post office etc. think wholesale price vs retail price

    The different being margin which is frequently extortionate.

    Some banks give market spot to retail customers.

    Institutional and retail does not always mean rate segregation.


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    #5
    coylemj
    Registered Users Posts: 25,434 ✭✭✭✭coylemj


    From a bureau du change you should have gotten about CZK 7,200 for €300. That's allowing for a 5% deviation from midmarket which is bad enough, anything less than that would have been a serious rip-off.

    You told us you got an FX of 23.5 but even at that they should have given you CZK 7,050 instead of 1,100. You should have done the research before you walked in and had a good idea what to expect.

    You'd have been much better off taking it out of an ATM when you get there. High street and airport bureaux du change are complete ripoffs with massive margins, how do you think those guys can afford to pay Henry St. rent?


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