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Username: Ed

Post Number: 36
Registered: 11-2003

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Posted on Sunday, June 26, 2005 - 1:04 am:   

The best way to acquire foreign currency may be to arrange it through your own bank. Another way is to use foreign ATMs to access your own account. Your exchange rate will be about 2% over the interbank rate, provided that your bank does not charge a currency coversion fee on top of the fee charged to access foreign ATMs. Ask if you're not sure.

NOTE: The interbank rate is the exchange rate you see referenced in the newspapers or over the internet. It's reserved for those trading large sums of currency; i.e., millions of dollars.

I'd also suggest calling International Currency Express in Beverly Hills, California. The toll-free number is 888-278-6628. You'll pay about 4% over the interbank rate, which is comparable to that charged at foreign banks and is preferable to the 7% to 10% percent charged at airport exchange booths. If you decide to order currency from this company, you'll also pay a $10 delivery fee. TIP: Arrange to pay by check rather than by credit card. You'll get a better rate.

Regarding the Euro: Political and economic developments are tough to predict, and anything can happen. The Euro is generally expected to trade within a tight range for the next several months, with the $1.20 level thus far proving to be a difficult psychological barrier to break.

To learn more about the developments surrounding the Euro and the dollar, read the latest issue of our newsletter here.

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