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Currency exchange

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Currency exchange

I was robbed at:

International Group Exchange

SARL au capital de 38 113 EUR

79, avenue des Champs Elysees

75008 PARIS

I exchanged 400 usd and the guy gave me 350 dollars in euros (http://www.xe.com) . When i showed him on my iphone that it was not correct he got all offensive and asked me what my reference was. I immediately asked him for my money back and he said it was too late. I was gonna punch him in his stupid face but there was glass in between us.

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California
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1. Re: Currency exchange

Maybe you are not aware that the XE site quotes the bank rate, not the actual rate you will receive at an exchange booth. They also charge fees on top of that,which is how they make a living. The best way to get euros is from an ATM and your debit card.

Paris, France
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2. Re: Currency exchange

I'm confused. Did they give you 350 euros in exchange for $400 US? If so that's a great deal. Or did they charge you $50 for the exchange? I'm assuming that's what happened. It's too bad you didn't do your homework beforehand. By using an ATM to make a withdrawal you would have received a rate very similar to the rate you found on xe. Thanks for the warning.

Paris, France
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for Paris, Loire Valley
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3. Re: Currency exchange

A very confusing post. For $400, how much did you receive in euros?

Were exchange rates not clearly posted at the exchange window?

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4. Re: Currency exchange

Charged me 50 bucks. I understand the fees but 15% is a bit much don't you think?

Sunshine Coast...
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5. Re: Currency exchange

As the others have said an ATM would have been a better option.

However if you have cash that you must convert then your procedure should always be to ASK first - "How many Euros will I get for US$400?" If you don't like the answer then just leave.

If you choose to go ahead with the transactions always count the money yourself.

No need to punch anyone in the face.

Sorry you had to learn this lesson the hard way. Hopefully your experience will help someone else.

Edited: 29 December 2012, 22:12
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6. Re: Currency exchange

Charged me 50 bucks. I understand the fees but 15% is a bit much don't you think?

Sorry for the confusion. I got 260 euros in return for 400 usd.

Oceanside...
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7. Re: Currency exchange

you are lucky. $400 US today would get you about 303 euro. Xchange in todays paper was about 1.32 US for 1 euro

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8. Re: Currency exchange

260 euros (350usd)

Edited: 29 December 2012, 22:17
Paris, France
Destination Expert
for Paris, Loire Valley
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9. Re: Currency exchange

If you received 260€ in exchange for $400, then indeed you were taken advantage of, paying about 17% more for the exchange than the current bank mid-market rate would allow (such as is published on XE).

Reputable exchange firms, and there are many in Paris, usually charge from 2% to 3% of the transaction as their fee which is exactly what many will pay for using their credit card. Given today´s rates, you should have received closer to 300€ for your $400.

Philadelphia
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10. Re: Currency exchange

Use the ATM.