Can anyone recommend the best option for buying US dollars, I see the current market exchange rate € to $ is around 1.21 with the bank of Cyprus selling at 1.18 which isn't too bad, anyone know of other better rates around please?
Location: Having escaped the near-death experience of Sofia Bulgaria, happily living in Frenaros
Santorini Paul 1 wrote:
That's the reciprocal. So 1.21. Pretty good.
Nope Paul, that's what I thought so reconfirmed it but it's not. They are doing euro to Dollar 0.825 and Dollar to Euro is 0.80. Really really low.
I think someone is confused here (either you or the person who told you the rates). The rates they are posting are the buy and sell rates. They are usually slightly different. You buy USD at 0.825 (which means you get $1.21 for each Euro - that's really good!) and you sell dollars at 0.80 (which means it costs you $1.25 for each Euro). So the rate for buying dollars is much better than for selling dollars, if the rates you posted are correct. I'm assuming the difference is because Euros are the currency here and they are easily available, dollars are not - they are making more money buying USD than they are selling them, which makes sense since most people want to buy Euros here.
The dollar is currently showing mid-market rates of $1.20016 to the Euro (or $1 = 0.83322 Euro) 11:56pm on 2 Jan 2015 (according to www.xe.com)
I've been watching this very closely as the euro has been weakening quite a bit lately. I'm expecting the Euro to go down to $1.14 this year. I've been holding off exchanging $ waiting for the rate to go down even more.
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