Forex Clueless

[Ron-Mexico]

OK So I am clueless.

here's the situation. Say I have $10,000 in Euros and I want to convert it to USD, how do I best do this without getting totally screwed?

I know the current rate is like 1.42 so in theory i should be getting $14,200.00 USD for my 10k euros.

But I wont right? There are all kinds of fees (Banks or whatever??)

How does this work? I have money in my bank in Euros. What is the best way to get it to USD without losing money?

Thanks

[ArturiusX]

In short, its not worth anyones time to give you the wholesale rate, which is the one advertised on TV. Instead, for small guys like you, they try and profit by giving you a larger spread (difference between the ask/bid), and they then rebuy the money in bulk (in theory) on the market and profit off the difference.

To not get screwed, shop around and find bank with the best spread/fee structure. Then do a one off transfer.

[GittyUP]

Some banks/credit cards will give you the wholesale rate then you use their ATM/debit/credit cards to make purchases in $ or vice versa.

[ArturiusX]

[ QUOTE ]
Some banks/credit cards will give you the wholesale rate then you use their ATM/debit/credit cards to make purchases in $ or vice versa.

[/ QUOTE ]

Banks will never give their retail clients the wholesale rate, ever.