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 Replies: 8 / Views: 2,086 |
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Valued Member
United States
264 Posts |
I've not tried it yet but Bank of America is offering foreign currency exchange. It takes 5 days to do the transfer. I suspect it is only for paper currency however. Just thought I would share the news for those like me who are behind the times.
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Pillar of the Community
Australia
3831 Posts |
Not possible - banks will NEVER handle foreign coin exchange, no matter how big the denomination can be.
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Pillar of the Community
United States
819 Posts |
No, banks do handle foreign currency. You can order lots of foreign currencies from the banks, but they require a minimum purchase of $100, in the US. The currencies are the circulating notes from the country.
Coins, no. Banks don't deal with coins, and neither do airport exchanges.
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Pillar of the Community
Australia
3831 Posts |
There is one thing I should add, that is the commission rate from banks are usually pretty high, at least 3% to anywhere like 8+% where I was in Europe (big time robbers). Even worse in hotels where they dare to charge tourists 15% commission. Not too sure about the commission rate in the US. It also depends on what currency you are trying to exchange them to.
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Pillar of the Community
Germany
1238 Posts |
Question of supply and demand, I guess. In earlier years it made sense to buy foreign cash before a trip, but nowadays? Depending on where you go, it may still be more convenient to have some money in the destination currency before you leave, but other than that ...
Then again, a few (very few) banks here in Europe even buy foreign coins. Don't know if they sell any though - probably not.
Christian
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Valued Member
Italy
244 Posts |
I also never see a bank to exchange foreign coins, also trasaction costs for banknotes are quite expensive, the percentage may be around 5% but they often have a minimum cost that for low value to exchange may be at 50%.
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New Member
United States
31 Posts |
here's a few juicy tidbits from the bank of america foreign currency faq. no fees for currency besides a $7.50 delivery charge. minimum order is $100, with $25 minimum per country if you're ordering multiple currencies. overall, doesn't seem so bad if you don't mind circulated notes. those european hotels sound terrible. the hotels I've stayed at in the u.s., korea, and japan all offered free currency exchange to guests. also, a few of them didn't mind I wasn't a guest when I asked politely.  link to faq: http://www.bankofamerica.com/foreig...=fc_faqs.cfmDo I need to be a Bank of America customer to order from Bank of America Foreign Currency? quote:
No. Anyone can order foreign currency and foreign currency travelers cheques from Bank of America Foreign Currency using any MasterCardŽ or VISAŽ card.
Does Bank of America Foreign Currency charge a fee? quote:
Bank of America Foreign Currency does not charge a fee for the purchase of foreign currency online.There is a 2% service charge on all American Express Travelers Cheques in foreign currency and U.S. Dollars. If you are an Advantage, Prima, or FirstChoice Gold account holder, the service charge for your travelers cheques order is waived. Delivery is free for all orders of $1000 or more. A delivery fee of $7.50 will apply to all orders that are less than $1000.
What is the minimum order amount? quote:
Your total order (foreign currency and foreign currency travelers cheques) must be $100 or more. If ordering multiple currencies, the minimum purchase amount for each currency is $25.
Can I get specific denominations in currency? quote:
You will be given the option of choosing from small, large or a mixture of denominations.
Can I get foreign coins? quote:
No. Bank of America Foreign Currency does not offer foreign coins for purchase or for deposit.
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Pillar of the Community
United States
597 Posts |
I had negative experiences with BoA with foreign currency transactions, they were the only bank that I could get money orders in sterling from etc, but they were always a pain.
The coin non-exchange thing can be a bit of a pain if you are not likely to spend coins but save them like I do. I come home from all my trips overseas with bags of coins, I just do the same thing I do at home. I do not spend coins, only get them in change and take them to the bank. Unfortunately overseas I do not do that, I just end up with a big plastic bag full of coins, and in China's case, a wad of small denomination paper money.
I have kept some larger silver coins in change from Europe, ie French 100FF or German 10 DM coins deliberately, but the rest of the chicken feed just comes along for a free ride.
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Pillar Of The Community
3147 Posts |
Sure a lot of folks buying Iraqi currency right now. Dirt cheap and it has no where to go but up!!
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Replies: 8 / Views: 2,086 |
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Posted 07/01/2007 01:34 am
