To convert my USD$ in to Euro in my country of origin or in Paris?
Hi everyone :) I live in Australia. I have a remaining money(2,000USD) from my previous trip in the US. Me and my husband are planning to visit Paris maybe in September. I'm not sure whether to convert all the remaining USD$ to Euro here in Australia or in Paris as I would also like to get better rates. Any suggestion/s are welcome :)
Best Answer
Usually it is better to exchange it in Paris. If you exchange it in Australia, the bank will first convert the USD to AUD, then convert the AUD to Euro. And since every time you exchange money you lose a little bit (the bank has to make a profit somehow), you are getting a double loss.
Occasionally quirks in exchange rate negate this rule of thumb, say if the Australian dollar was exceptionally strong against both the US dollar and the Euro, while the US Dollar was weak against the Euro. So it never hurts to look up the various exchange rates and do the math to be safe.
To do the above comparison, you need to look at the Paris bank's "buy" rates for US Dollars and your Australian bank's "buy" rate for US Dollars and "sell" rate for Euros
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Is it better to exchange money in the country of origin?
Although this depends on many factors, including which currencies you want to convert and which country you are travelling to, generally speaking exchanging your money AFTER you travel will provide you with a more favourable exchange rate. The rule is simple: the more common the currency is, the cheaper it will be.How do you exchange currency in a foreign country?
Your bank or credit union is almost always the best place to exchange currency.How do you exchange currency in Europe?
The best option is to use your credit card while you are traveling and to withdraw money at a foreign ATM, if you can, to obtain cash. Other options include using a Travelex card or exchanging money at your local bank before you leave. 1.Where can I exchange USD for euros in Paris?
Travelex and money exchange companies are another option. You'll usually get a worse exchange rate than at your bank - but you may find this to be the most convenient option. Travelex lets you pick up your euros at a local office or your departure airport, or choose home delivery.what is the rate of one dollar in euro currency Convert Euro to Dollar | exchange dollar to euro
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Answer 2
It is generally best to exchange direct (in other words, from USD to EUR) in a country having one of the currencies. This means, you get most out of your bucks by exchanging in Paris. In a third country, such as Australia, the banks will first change USD to AUD, and then AUD to EUR, which means a double exchange, and (most likely) a double commission.
Now, where to change in Paris? Definitely not at the Travelex booths at the airport. There may be bureau de changes downtown with better rates. Most likely the best rates are available at banks. However note that many French banks have no or only very few places which handle cash; you'd have to find out which one does. They may also only exchange cash for customers; if you are with local friends, you may ask them to do the transaction for you; and then you would get the best exchange rate (…and use your "profit" for treating your friends for a nice dinner…).
In any case, know the approximate exchange rates. Online you normally can find the interbank rate, which is the absolutely very best rate possible (the ones big banks pay/charge for transactions with other big banks). For cash exchange, being something around 3 cents off that value is certainly acceptable (USD to EUR or vv).
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