Currency Exchange Rates

[Gonzo the Face]

Here is something, I have just always excepted, but never thought to question why. Maybe there is so simple an explanation that everyone else knows , then, so would I like to know.

Most countries have varied denominations in their respective monetary currency. Why is it that only the US Dollar has 3 different rates for 3 different range of denominations? A rate for $1-$2 a rate for $5-$20, and a third for $50-$100. Will some learned member keep it simple and inform me.

Thank You

[theoldgit]

The money changers prefer bigger bills so give a slightly better rate for them.

It's not just US Dollars, it's also the case with British Pounds and Euros, and maybe others.

[Gonzo the Face]

Strange, but you never see that ...... Just double checking with the posted rates by Bangkok Bank Foreign Exchange rates and the only one with more than one level in the US$

[planemad]

Gonzo, you might like to check VASU, they are showing two slightly different rates for the British Pound and Three rates for the Euro. I dont see banks doing the same, maybe they just give the lowest rate across the board which does make VASU and Superich a more attractive proposition.

[Spaniel]

If you go to the Superrich website, www.superrich1965.com you will see their are many currencies that have exchange rates for different denominations.

[Gonzo the Face]

See , even an old dog can learn a new trick or two..... it just takes a bit longer

Many thanks for the information guys.

G

[Thongkorn]

When i change English money in Thailand, I use the Chinese money changers , they usually give a better rate than most Banks anywhere, China needs foreign currency

[Gecko123]

Many import/export and other commercial transactions are priced in USD. Because of this I suspect that there is a higher volume of transactions in USD than in other currencies which makes different exchange rates for different denominations more worthwhile.

[IMA_FARANG]

I know from experience when I worked in Greece (Crete) that if you bring Euros in 100 Euro bills most banks will give you a better rate than if you have the same amount in 20 Euro bills.

The difference is that 100 Euro notes are more desired by the Thai banks simply because the banks prefer 100 euro bills as the effort to handle them seems to be "psychologically" more "satisfying" than the same effort made to handle "mere 20's".

It's just a natural human response to feel the work you do to handle something of more assumed value is "better" than to do the same work for something of lower assumed value.

[zeichen]

"If your worried about exchange rates you don't belong in a foreign country. Go home before you run into some financial trouble."

If you talk like that in real life you don't belong anywhere.

I too found it ironic when I first came here.

I had never seen a different rate for the denomination of currency. The rate should be standard.

What is ironic is that many tour guide books suggest bringing smaller denominations when traveling abroad. It was hard for me to convince my family and friends otherwise.

[Thongkorn]

you always get a better rate bigger the paper money bill.

[Gonzo the Face]

Here is another ? What about Myanmar money ...... not sure of the spelling as I cannot find it on any of the exchanges. I think it Khat and pronounced something like " Chat "... Is it legal or not to exchange with this money? I have checked banks, VASU, and Superrich and can find nothing. Any help here???? I know it is done underground but was thinking more like with banks now that there are banks popping up in Burma.

[Argus Tuft]

Here is another ? What about Myanmar money ...... not sure of the spelling as I cannot find it on any of the exchanges. I think it Khat and pronounced something like " Chat "... Is it legal or not to exchange with this money? I have checked banks, VASU, and Superrich and can find nothing. Any help here???? I know it is done underground but was thinking more like with banks now that there are banks popping up in Burma.

Do you mean Myanmar Kyat?

I just found it on that SuperRich link spaniel posted up the page

Scroll down to the bottom on the superich page

[Gonzo the Face]

Here is another ? What about Myanmar money ...... not sure of the spelling as I cannot find it on any of the exchanges. I think it Khat and pronounced something like " Chat "... Is it legal or not to exchange with this money? I have checked banks, VASU, and Superrich and can find nothing. Any help here???? I know it is done underground but was thinking more like with banks now that there are banks popping up in Burma.

Do you mean Myanmar Kyat?

I just found it on that SuperRich link spaniel posted up the page

Scroll down to the bottom on the superich page

Thanks...... I'll try now

[CharlieH]

WRONG forum

MOVED to Finance