Diferent exchange rates... :oS
Feb 5th 2010, 6:12 pm
#1
Forum Regular
Thread Starter
Joined: Apr 2008
Location: UK
Posts: 63
Diferent exchange rates... :oS
I always thought (or maybe that should be presumed) that exchange rates would be the same from one bank to another...boy was I wrong
I went into first caribbean to change EC$1,000 into GBP. Their rate was 4.4187, then had to go to scotia and their rate was 4.5263.....
How can two different banks, within 50 feet of one another use different rates for the same currency???
I went into first caribbean to change EC$1,000 into GBP. Their rate was 4.4187, then had to go to scotia and their rate was 4.5263.....
How can two different banks, within 50 feet of one another use different rates for the same currency???
Feb 8th 2010, 10:31 am
#2
...
Joined: Sep 2004
Posts: 1,165
Re: Diferent exchange rates... :oS
I always thought (or maybe that should be presumed) that exchange rates would be the same from one bank to another...boy was I wrong
I went into first caribbean to change EC$1,000 into GBP. Their rate was 4.4187, then had to go to scotia and their rate was 4.5263.....
How can two different banks, within 50 feet of one another use different rates for the same currency???
I went into first caribbean to change EC$1,000 into GBP. Their rate was 4.4187, then had to go to scotia and their rate was 4.5263.....
How can two different banks, within 50 feet of one another use different rates for the same currency???
Beleive it or not this works to our advantage, as competion exist between the banks. Imagine they all had the same rate as a set figure, I guarantee you would get less in your hand. Competion in the commercial world is healthy.
Feb 8th 2010, 4:57 pm
#3
Forum Regular
Joined: Dec 2007
Posts: 77
Re: Diferent exchange rates... :oS
The individual banks buy and sell currency at different rates themselves... some get better deals than others.
