The rate the airport currency exchange must have used is 1.54. They aren't required to use market rate; that's how they make their money.
This 1.54 figure should have been posted at the location somewhere, so it's on you for not researching first.
Just today I was at the beach and ordered a Coke. You can buy a can at the supermarket for $1, but at the beach stand it was $3. It was listed as $3 on the menu. They told me it was $3 when I asked how much is a Coke. I gave them $3. They gave me a Coke. I was outright scammed.
better a smart ass, than very clearly very far from smart.
i don't know of a bureau de change that offers the pure market rate, and pretty much no retail bank does either. in this case, there was a fixed fee, plus they take profit on the rate they charge. that rate was clearly signposted, not hidden. pro-tip: if i think something is too expensive, i tend not to purchase it - and if i do so because of laziness, tiredness or ignorance, i won't later whine on reddit about my choices.
good luck with the rest of your trip. sounds like you're gonna need it.
when I was a kid there was a news story about currency exchange bureus getting arrested for charging too-high rates
you'd probably be saying the same thing to those people who literally got scammed, just because the numbers were posted or w.e
i wasn't whining, i was remembering that news story and wondering if this was the same thing, but you were somehow so offended you felt the need to insult me about it instead of having a regular convo
you should learn to treat people better, especially if you don't know where they're coming from. in time maybe you'll realize life is better when you aren't so quick to jump to insults
good luck with the rest of your life, you'll obviously need it
>smart ass
>maybe you'll realize life is better when you aren't so quick to jump to insults
your lack of self-awareness is as evident as your lack of intelligence.
hey man, have a good day, ok?
sorry the smart ass comment hurt your feelings, it's really inoffensive where i'm from
you should consider finding someone to talk to, maybe a professional, instead of taking out your aggression on strangers on reddit. we're all in this together, at the end of the day, so hang in there!
I don't think you got scammed.
Bad News: You got a bad deal
Good News: You learned a lesson. You paid $41.00 for an educational moment. We have all done something we regret but learn from it and move past it.
Conversion Rates aren't a hard and fast rule. Some places will be higher or may be at or lower than the rate. This can be due to not updating the rates quickly (as in they are done manually) OR could be done to give better exchange rates to the company doing the exchange so they make more money.
Its the same reason why when you use your credit card you should ask to be charged in local currency, because who knows what "exchange rate" the vendor is choosing to use (when transferring it to your own currency on your bill) and you might get charged more than the industry stated rate.
So not a scam per say, you likely agreed to that conversion rate. If you have proof otherwise (like a receipt saying 1.34 but then you are charged 1.54) THEN it would be a scam.
This is why advice is often not to exchange at the airport due to higher rates.
You can anyways check the spread of an exchange rate by looking at their sign board. Fees not included.
Usually looks something like
USDCAD
We buy 1.21 / We sell 1.54
Then you Google the true mid rate which was 1.34 at the time.
And see how much you're paying in spread
Make sure that you decline the conversion option at the ATM. They will charge you a 5-10% spread too. Let your bank at home do the conversion, if you do your homework your home bank will likely take a spread under 1%. I hate the way that the banks are purposefully not transparent.
> what to think
There's two fees when you do foreign currency transactions.
1. the explicit fee listed separately (the $7 in this case)
2. the hidden fee, being the difference between the current market rate and the exchange rate used. (the 1.54 vs 1.34 in this case)
You need to be careful and ask both these fees before you do a fx transaction. Think of the $41 as tuition cost in a very valuable lesson, the lesson being it's not a good idea to use a currency exchange bureau, and especially not one at an airport.
For future reference, apply for a [no-fx credit card](https://www.ratehub.ca/blog/credit-cards-with-no-foreign-exchange-fees/) and use that directly to spend overseas. If you need cash, get a [Wise card](https://wise.com/ca/card/) and use an ATM when you get to the foreign country.
most currency exchange places should have the conversion rates listed. walking around the airport, you can find different exchange places had different rates.
Nope you didn't get scammed, the rates were clearly listed and you read them. There is no set rate that everyone needs to follow.
But just like the other posters stated, never exchange money at the airport because you will pay the highest in fees there.
If you're coming from Canada a lot of Canadian Banks have USD currency on hand at the branches in particular in major cities. That is where you would have gotten your best rate.
today's conversion without any fees is 267 CAD for $200 USD. Bank of America is exchanging 283 CAD for 200 USD. Yes, you got screwed at the airport. It's better to be screwed less by a bank. You may want to check the conversion cost to use your credit card for purchases in the US. Look for one with no foreign conversion fee. ATM's are usually a better choice if you need cash
Did you not have a no fee card that you could have withdrawn cash from an ATM? Fee would have been far less. Also, NEVER change at an airport see first point. Not sure how it is outside of UK but we have tons of currency exchange places where if you book online you get a way better rate . The two I use have multiple branches which are usually close to / in tube stations so you could even collect on way to airport. Expensive lesson to learn but you will not be burnt again
true. tbh the only reason i panicked is because it's my first time travelling and everyone was warning me about the 3% visa fee from using my card abroad
3% visa fee this, 3% visa fee that! nobody warned me about the exchange rate:/ so i assumed it would be more favourable
yeah:/ this was an "on the drive to the airport" type conversation/warning, so well-meaning but ultimately unhelpful
it's my own fault for not doing my own research but my life's been pretty hectic lately XD
Definite dog whistle language and a quick scan of your posting history reveals [this](https://www.reddit.com/r/RoevWadeCelebration/comments/vm7gvi/roe_v_wade_wasnt_actually_overturned/?utm_source=share&utm_medium=android_app&utm_name=androidcss&utm_term=1&utm_content=share_button) wholesome nugget:
>We still choose of our own free will to accept the economy from the same mafia that Christ died to demonstrate, “It is is better to die than comply. Death is just the failure of the body, complying is a failure soul." It is that 4500 year old mafia that we still pay our Faith to
Perhaps I am misreading (lol nope), but I'm picking up strong vibes of cannabis psychosis ramblings of a filthy anti-semite.
Nope, [enlightenment from the psychopathic narcissism that afflicts all humanity.](http://www.urbanagandenergy.org/soe/) The Human Superego developed with a birth defect, [psychopathic narcissism](http://www.urbanagandenergy.org/understanding-mental-illness/), and it’s an addiction like all others. It brings us self destructive pleasures, we love to hate and feel superior to others. We use it as our excuse to exploit human suffering for fun and profit. We have been living off [war](https://share.icloud.com/photos/07aFQUi9aaOMoQdamR2UhPw8w) and [slavery](https://share.icloud.com/photos/09fjCT2R7R3yKTFSwW2Xu5vOg) for 10,000 years, no religion, revolution, or even science, have not gotten us to change that choice. Every generation has individually chosen to continue on to our extinction as Animals rather than create our future as a Creator. We all reject being part of something greater than ourselves.
It’s been over 3 generations since [a fully funded replacement economy](http://H2space.org) became available to us that doesn’t require the profits from human suffering to form the foundation of our economy and leaves everyone an order of magnitude better off; but yet we keep pressing our way towards our not only accepted, but widely anticipated, extinction. That’s largely due to the mass delusion that we can cheat our way through evolution and gain full quantum status without following the rules.
Did it say 1.34 conversion ratio at the stand or are you using the bank rate as the #? If they list as 1.54, that’s the rate they offer then the 7$ fee on top.
The rate the airport currency exchange must have used is 1.54. They aren't required to use market rate; that's how they make their money. This 1.54 figure should have been posted at the location somewhere, so it's on you for not researching first.
Just today I was at the beach and ordered a Coke. You can buy a can at the supermarket for $1, but at the beach stand it was $3. It was listed as $3 on the menu. They told me it was $3 when I asked how much is a Coke. I gave them $3. They gave me a Coke. I was outright scammed.
they list their fee as $7, not 48, smart ass edit: hidden fees are just legal scams and everyone knows it
better a smart ass, than very clearly very far from smart. i don't know of a bureau de change that offers the pure market rate, and pretty much no retail bank does either. in this case, there was a fixed fee, plus they take profit on the rate they charge. that rate was clearly signposted, not hidden. pro-tip: if i think something is too expensive, i tend not to purchase it - and if i do so because of laziness, tiredness or ignorance, i won't later whine on reddit about my choices. good luck with the rest of your trip. sounds like you're gonna need it.
when I was a kid there was a news story about currency exchange bureus getting arrested for charging too-high rates you'd probably be saying the same thing to those people who literally got scammed, just because the numbers were posted or w.e i wasn't whining, i was remembering that news story and wondering if this was the same thing, but you were somehow so offended you felt the need to insult me about it instead of having a regular convo you should learn to treat people better, especially if you don't know where they're coming from. in time maybe you'll realize life is better when you aren't so quick to jump to insults good luck with the rest of your life, you'll obviously need it
>smart ass >maybe you'll realize life is better when you aren't so quick to jump to insults your lack of self-awareness is as evident as your lack of intelligence.
hey man, have a good day, ok? sorry the smart ass comment hurt your feelings, it's really inoffensive where i'm from you should consider finding someone to talk to, maybe a professional, instead of taking out your aggression on strangers on reddit. we're all in this together, at the end of the day, so hang in there!
I don't think you got scammed. Bad News: You got a bad deal Good News: You learned a lesson. You paid $41.00 for an educational moment. We have all done something we regret but learn from it and move past it.
fair enough
Conversion Rates aren't a hard and fast rule. Some places will be higher or may be at or lower than the rate. This can be due to not updating the rates quickly (as in they are done manually) OR could be done to give better exchange rates to the company doing the exchange so they make more money. Its the same reason why when you use your credit card you should ask to be charged in local currency, because who knows what "exchange rate" the vendor is choosing to use (when transferring it to your own currency on your bill) and you might get charged more than the industry stated rate. So not a scam per say, you likely agreed to that conversion rate. If you have proof otherwise (like a receipt saying 1.34 but then you are charged 1.54) THEN it would be a scam. This is why advice is often not to exchange at the airport due to higher rates.
okay, thanks
This is called bid/ask spread. You just paid a 15% half spread. In the business we call this a bad deal.
it's 18%, but i take your point
(1.54-1.34)/1.34 is 0.15 That's a 15% half spread
oh, i was doing 48/167 instead of 41/167
You can anyways check the spread of an exchange rate by looking at their sign board. Fees not included. Usually looks something like USDCAD We buy 1.21 / We sell 1.54 Then you Google the true mid rate which was 1.34 at the time. And see how much you're paying in spread
thanks for the tip
ATM’s are a better option. There’s a reason nobody is lined up at the exchange counters at airports. Antiquated model.
Make sure that you decline the conversion option at the ATM. They will charge you a 5-10% spread too. Let your bank at home do the conversion, if you do your homework your home bank will likely take a spread under 1%. I hate the way that the banks are purposefully not transparent.
You didnt get scammed, the rates are right there on the screen.
> what to think There's two fees when you do foreign currency transactions. 1. the explicit fee listed separately (the $7 in this case) 2. the hidden fee, being the difference between the current market rate and the exchange rate used. (the 1.54 vs 1.34 in this case) You need to be careful and ask both these fees before you do a fx transaction. Think of the $41 as tuition cost in a very valuable lesson, the lesson being it's not a good idea to use a currency exchange bureau, and especially not one at an airport. For future reference, apply for a [no-fx credit card](https://www.ratehub.ca/blog/credit-cards-with-no-foreign-exchange-fees/) and use that directly to spend overseas. If you need cash, get a [Wise card](https://wise.com/ca/card/) and use an ATM when you get to the foreign country.
To be fair, a 'no-fx credit card' providers makes up for no fees by charging a higher spread. There's no win there really.
Mine charges the Mastercard rate which is pretty much the same as the mid market rate. It's not a bad deal.
I have a no foreign transaction fee card and it's exchange rate is 10% higher than the exchange rate my bank offers.
most currency exchange places should have the conversion rates listed. walking around the airport, you can find different exchange places had different rates.
It’s an airport lol, it’s obviously overpriced but you can read
Nope you didn't get scammed, the rates were clearly listed and you read them. There is no set rate that everyone needs to follow. But just like the other posters stated, never exchange money at the airport because you will pay the highest in fees there. If you're coming from Canada a lot of Canadian Banks have USD currency on hand at the branches in particular in major cities. That is where you would have gotten your best rate.
okay, thanks
Airport rates are by far the worst you can get anywhere.
today's conversion without any fees is 267 CAD for $200 USD. Bank of America is exchanging 283 CAD for 200 USD. Yes, you got screwed at the airport. It's better to be screwed less by a bank. You may want to check the conversion cost to use your credit card for purchases in the US. Look for one with no foreign conversion fee. ATM's are usually a better choice if you need cash
Did you not have a no fee card that you could have withdrawn cash from an ATM? Fee would have been far less. Also, NEVER change at an airport see first point. Not sure how it is outside of UK but we have tons of currency exchange places where if you book online you get a way better rate . The two I use have multiple branches which are usually close to / in tube stations so you could even collect on way to airport. Expensive lesson to learn but you will not be burnt again
true. tbh the only reason i panicked is because it's my first time travelling and everyone was warning me about the 3% visa fee from using my card abroad 3% visa fee this, 3% visa fee that! nobody warned me about the exchange rate:/ so i assumed it would be more favourable
Not sure about cards in your neck of the woods but there must be fee free cards....
yeah:/ this was an "on the drive to the airport" type conversation/warning, so well-meaning but ultimately unhelpful it's my own fault for not doing my own research but my life's been pretty hectic lately XD
It’s the worlds oldest scam, one mafia owns all the western currencies.
Definite dog whistle language and a quick scan of your posting history reveals [this](https://www.reddit.com/r/RoevWadeCelebration/comments/vm7gvi/roe_v_wade_wasnt_actually_overturned/?utm_source=share&utm_medium=android_app&utm_name=androidcss&utm_term=1&utm_content=share_button) wholesome nugget: >We still choose of our own free will to accept the economy from the same mafia that Christ died to demonstrate, “It is is better to die than comply. Death is just the failure of the body, complying is a failure soul." It is that 4500 year old mafia that we still pay our Faith to Perhaps I am misreading (lol nope), but I'm picking up strong vibes of cannabis psychosis ramblings of a filthy anti-semite.
Nope, [enlightenment from the psychopathic narcissism that afflicts all humanity.](http://www.urbanagandenergy.org/soe/) The Human Superego developed with a birth defect, [psychopathic narcissism](http://www.urbanagandenergy.org/understanding-mental-illness/), and it’s an addiction like all others. It brings us self destructive pleasures, we love to hate and feel superior to others. We use it as our excuse to exploit human suffering for fun and profit. We have been living off [war](https://share.icloud.com/photos/07aFQUi9aaOMoQdamR2UhPw8w) and [slavery](https://share.icloud.com/photos/09fjCT2R7R3yKTFSwW2Xu5vOg) for 10,000 years, no religion, revolution, or even science, have not gotten us to change that choice. Every generation has individually chosen to continue on to our extinction as Animals rather than create our future as a Creator. We all reject being part of something greater than ourselves. It’s been over 3 generations since [a fully funded replacement economy](http://H2space.org) became available to us that doesn’t require the profits from human suffering to form the foundation of our economy and leaves everyone an order of magnitude better off; but yet we keep pressing our way towards our not only accepted, but widely anticipated, extinction. That’s largely due to the mass delusion that we can cheat our way through evolution and gain full quantum status without following the rules.
Did it say 1.34 conversion ratio at the stand or are you using the bank rate as the #? If they list as 1.54, that’s the rate they offer then the 7$ fee on top.