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Old 03-18-2008, 02:27 PM
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Ezra Ezra is offline
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Default Dollars tough to sell on streets of Amsterdam

AMSTERDAM (Reuters) - The U.S. dollar's value is dropping so fast against the euro that small currency outlets in Amsterdam are turning away tourists seeking to sell their dollars for local money while on vacation in the Netherlands.

"Our dollar is worth maybe zero over here," said Mary Kelly, an American tourist from Indianapolis, Indiana, in front of the Anne Frank house. "It's hard to find a place to exchange. We have to go downtown, to the central station or post office."

That's because the smaller currency exchanges -- despite buy/sell spreads that make it easier for them to make money by exchanging small amounts of currency -- don't want to be caught holding dollars that could be worth less by the time they can sell them.

The dollar hovered near record lows on Monday, with one euro worth around $1.58 versus $1.47 a month ago.
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Old 03-18-2008, 09:19 PM
not_a_native not_a_native is offline
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I work with a lot of Europeans who are here for the states for different lengths of time, and they're making a killing by purchasing automobiles here in the US, then having them shipped back to EU with their "household". Not only do American cars go for a lot more over there, they are also able to circumvent some EU laws by transporting them with their household belongings.
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Old 03-19-2008, 03:38 PM
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Quote:
Originally Posted by Ezra View Post
"It's hard to find a place to exchange. We have to go downtown, to the central station or post office."

That's because the smaller currency exchanges -- despite buy/sell spreads that make it easier for them to make money by exchanging small amounts of currency -- don't want to be caught holding dollars that could be worth less by the time they can sell them.
Another reason to carry your ATM card with you rather than wads of cash. Withdrawing money from an ATM machines is easier and gives you a better exchange rate than any other place (even when ATM fees are taken into account).
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Old 03-19-2008, 04:34 PM
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Another reason to carry your ATM card with you rather than wads of cash. Withdrawing money from an ATM machines is easier and gives you a better exchange rate than any other place (even when ATM fees are taken into account).
True that. I don't know why anyone uses those rip off joints except as a last resort.
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