Difference between regular and wholesale exchange rates
Posted in the Banking Forum
Since: May 11
#1 Oct 7, 2013
How much do banks charge to do larger foreign exchanges in comparison to what a tourist would pay? I guess what I am asking is if you had 10K in USD, how many Euros would you get and if you had 1M USD how many Euros?
Since: Jul 11
#2 Oct 7, 2013
It's all related to:
a) Who the client is.
b) How long has the client been with the bank's exchange department.
d) Negotiations (Futures).
Is like walking into a car dealership. The dealer will have "their asking price on the window of the car"....and if the salesperson can gauge that you are an easy target, he (or she) will start to add "this and that" to the car you want to purchase from the dealership. If you are not careful, they will sell you stuff you don't need. Like "paint protection" and "nitro for your tires"...
The same thing happens with banks.
Moral of the story: You must ALWAYS negotiate for a better deal.
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