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Looks like it, me. My 38000 pesos left over and lost from an old trip, are now worth 1000 times less than they were. I found them, was excited to have $3000 USD waiting for me, and extremely disappointed that a peso printed before 1993 is only worth a small fraction of what it used to. My $3000 is now $38. I personally lost $2962 to American banks (at the time it was Fleet Bank/Baybank). Its not bad enough that banks take a percentage of your money when they exchange it, but now they're allowed to make certain dated currency worth much, much less than it should be.
I paid $3000 for my $38,500 pesos, I should be able to get most of that back.
Changing the value of the currency, just because it was printed before a certain date within the last 20 years (which serious collectors know isn't a long time at all), just doesn't seem fair.
So, the bank, which is now Bank of America, gets to keep my $2962 in exchange for nothing? Maybe I should ask them to put that toward any bank fees that may occur due to bogus overdrafts?
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∙ 14y ago
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Can anybody really know what the value of currency is?
Generally, yes, because most countries use flexible exchange rates and so arbitrage ensures that the value of a currency is determined accurately (i.e. if the currency was overvalued for some reason, experienced for-ex traders would realise and cause it to fall). If the exchange rate is fixed you can't tell if it's valued correctly because it is usually pegged on another exchange rate (so if the other currency depreciates the government will make sure that their currency depreciates). This means that the value of the exchange rate doesn't reflect what is going on in the economy, it reflects what is going on in the other economy.
What is definition of foreign exchange market?
Foreign exchange is exchanging foreign currencies. The foreign exchange market assists international trade and investment by enabling the conversion of currency. In a typical forex transaction , one side purchases one currency for another. Currency trading is carried out on forex platforms, like eToro or Zulutrade. Fiding these platforms is usually done by searching the web for "forex", "foreign exchange", "trading forex, "trading online", and so on. Once a suitable platform is found, one can open an account and start trading. To learn more, it is advisable to look into the top forex websites, which have plenty of guides, turorials and useful information. ============================== Foreign Exchange refers to trading one type of money for the other in the FOREX market or foreign exchange market. Foreign exchange market deals with currencies; here you spend your own money to buy a foreign currency you want. Foreign exchange market offers services to many individuals, businesses and foreign investors. For individuals - if you are going to visit a country, then you need to exchange your country's currency into local country's currency for further expenditures. For businesses - if you're conducting business in overseas, then you must have a foreign bank account for exchange services. Because the bank will handle all the currency exchange services during money transaction. For investors - if you are investing money in different currencies, then you need foreign exchange service for investments.
Which one is more valuable dollar or euro?
Since the early 1990s the euro has had a higher exchange value than the US dollar; that is, one euro exchanges for more than one dollar on the international currency market. You can find the exact exchange rate by checking the business section of a newspaper or going to sites such as www.xe.com, CNNMoney.com, etc. For example, in mid-February 2010 the exchange rate of the euro to the dollar is approximately €1.00 = $1.36, so if you were to convert 100 euros you'd get about 136 dollars in exchange (minus conversion fees, of course!). However that doesn't address purchasing power because each currency is used in different parts of the world where the underlying cost of goods may be different regardless of which currency they're measured in. That's a much more difficult question and doesn't have a single answer.
How does China peg the yuan to the dollar?
Supply and demand will cause all fiat currencies to rise and fall in value depending on how much effort humans are willing to spend in order to acquire that currency. This is a universal law that cannot be broken.However, governments can 'peg' their currency to another currency if they want. That Government has to watch the exchange rate between their currency and the pegged currency very closely.If a group of workers in a city collectively decide for themselves that the yuan they own is worth more than the 6 dollars they would get in exchange for it, then the currency becomes more valuable. Immediately value has gone up and no law can stop that. The government must work to cause and equal and opposite reaction to get those workers to think that the Yuan is worth less. Governments have many tools to do this.The national bank of the government doing the pegging must hold large reserves of the foreign currency to mitigate changes in supply and demand. If a sudden demand for a currency were to drive up the exchange rate, the national bank would have to release enough of that currency into the market to meet the demand. They can also buy up currency if low demand is lowering exchange rates.The government entity that coins money is told to "create more money from thin air" and gives that money to banks in the form of low interest loans. Thus flooding the market with currency as bankers make high risk investments, making currency easier to come by for workers, money becomes easy to get, the value goes down as a result.The government can do the opposite, refraining from giving more money to the banks, making the banks take less high risk investments, money becomes harder to get, people re-value the currency.The government uses this like a gas petal on a car, to keep the speed the same, you must press harder when your going up a hill, and press less when your going down a hill.If the government stops doing this, the currency will immediately fluctuate and will no longer be pegged.
What is your prediction of the US economy in the future?
We're going to be trading in McDonald's fries as our new currency.
Where can one find a free currency exchange online system?
One can find a free currency exchange online system by going to various websites online and selecting the currency option. This will allow you to exchange the currency.
What banks in Pittsburgh change dollars for euros?
Most of your banks are not going to exchange dollars for euros in Pittsburgh. You can exchange your money at the Foreign Currency Exchange by Travelex Currency which is located at the Pittsburgh International Airport.
How can you safely do a currency exchange online?
By going to the correct website you will have no problem in accessing the correct information for exchange currency's. Yes you do have to use a credit card with just your basic information.
Tajikistan Money - - - -exchange rate to US dollar What is their currency?
You can get the Tajikistan currency rates by going to the http://currate.com site. Also, you will see the Tajikistan currency images on every currencies listed there. .
What possibilities are there to exchange money into another currency?
When looking to exchange money to another currency this would be possible by going to a main Post Office. Smaller Post Offices offer the service with advance notice being given by the customer ordering the foreign currency. High street Banks also offer currency converting as well.
Can anybody really know what the value of currency is?
Generally, yes, because most countries use flexible exchange rates and so arbitrage ensures that the value of a currency is determined accurately (i.e. if the currency was overvalued for some reason, experienced for-ex traders would realise and cause it to fall). If the exchange rate is fixed you can't tell if it's valued correctly because it is usually pegged on another exchange rate (so if the other currency depreciates the government will make sure that their currency depreciates). This means that the value of the exchange rate doesn't reflect what is going on in the economy, it reflects what is going on in the other economy.
Where can i buy British pounds the money kind im going to London 7 weeks from now and I want to have money with me when I board my plane?
In London there are bank to exchange any money be it dollar, Naira, Rupes
What is the Exchange rate of Qatar?
You can get the Qatar currency rates by going to the http://currate.com site. In additional, you will see the Qatar currency images on every currencies listed there.
Can you go to a bank to exchange foreign currency to us dollars?
Some banks do and others do not. Depends on the bank and the currency. When I got back from Russia I still had about 500 rubles and wanted to exchange them at my bank, but they wouldn't take them. The next time I am in an international airport I am going to take my rubles to one of the exchange booths to exchange. So, right now I am just holding on to them. With some currency like Euros they are good to have around if you are going to Europe. I had some left from a trip to Italy and were able to use them at the airport in Frankfurt, Germany enroute to Russia. I was glad I had them.
Should it cost me more dollars now than 6 months ago if I am buying a Canadian product?
The price of the Canadian product will always fluctuate constantly. This is because of the currency exchange rate.The currency exchange rate changes daily. So the value of Canadian Dollars (or any other currency for that matter) into your own currency will change daily.There are charts online comparing US money to Canadian money going back ten years. In June of 2014, the rate was 1.07. Now it is 1.12.
France unit of currency and its exchange rate per US dollar?
Hi, You can get the currency rates by going to the http://currate.com site. You can even use the mobile version currency converter to be added to your mobile phone with WAP enable or smartphone. You'll like it.
Do you exchange currency before leaving the country?
I get only enough for immediate expenses- cab fare and such. In the US most banks with get foreign money for you if you give them time to get it- they will charge you a fee. International airports usually have currency exchangers. The cheapest way to exchange currency is to get an ATM card that will work in the country you are going to-- large banks get a much better exchange that you can get. Also, Mastercard and VISA work many places in most foreign countries so you do not always have to have cash and they give you a good exchange rate.
