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Currency Exchange From USD

Best Place to get

reddaj
post 3.Dec.2011, 11:18 PM
Post #1
Joined: 28.Nov.2011

I am arriving from the US and looking for the best deals to get exchange from USD to SEK

At the US airport's Amex Exchange, they trade 100 USD to 581 SEK which is a ripoff since www.xe.com shows that 100 USD should trade for 674 SEK.

Where can I get better deals:

* Heathrow Airport Currency Exchange
* Stockholm Airport Currency Exchange
* Stockholm City Currency Exchange
* Withdraw Cash From ATM

What do you guys suggest?
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Bender B Rodriquez
post 4.Dec.2011, 12:26 AM
Post #2
Joined: 25.Mar.2006

ATM is always the preferred choice unless you have a really crappy bank. Good banks use the VISA exchange rate plus a 1-2% fee. Also SEK is a small currency so any cash exchange would be best to do in Sweden. Forex Exchange will give you 644 SEK in Sweden.
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*Guest*
post 4.Dec.2011, 12:59 AM
Post #3


Do check also your local banks before you go (if you haven't already done it), it's a longshot sure but in my opinion it saves you hassle to already have SEK on hand when you enter the plane (and at a probably excellent exchange rate compared to airports).

I can't say anything about ATM withdrawal though (depends on your bank). In your situation I'd just use the city exchange offices in Stockholm if I can't get SEK before departure (airport exchanges are ripoffs in any country on earth).
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Abe L
post 4.Dec.2011, 09:02 AM
Post #4
Joined: 20.Jul.2011

Always use an ATM, in Sweden it makes virtually no difference which one you use coming from the US. The other way around it certainly matters.
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thebigc
post 5.Dec.2011, 11:14 AM
Post #5
Joined: 21.Oct.2010

I know this is slightly off topic but for those of you based here in Sweden and who travel frequently, ICA's credit card charges no fees of any kind for purchases made outside of Sweden. You pay the market rate of exchange and nothing more.

I did test this on a recent trip to Riga and sure enough the charge made on my ICA card had no additional exchange fee while my regular card did.

Good luck
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Liquido
post 5.Dec.2011, 12:51 PM
Post #6
Joined: 9.Jan.2010

If you can... avoid an ATM in any country then do so, exchange rates are never that good as the rates are set not by your bank back home, even if it is a visa exchange rate, it will be the visa exchange rate of the country you visit.

Paying with a card for shopping eating etc in another country then rates can are better but some how ATM seem to STING you more, probably as you are withdrawing CASH.

If you like to travel with some cash then it is always best to buy the currency of that country you are visiting in your own country as they will value that currency at a lower rate so you will get more for your buck etc, once you land in that country the opposite applies, this applys to most 1st world lands!!

Off course back home you need to have access to a good bank or exchange center offering good exchage rates as to many have rates that are for tourists.

In stockholm if you want to buy or exchange foreign currency then the best place to do so is just of Mariatorget on
St Paulsgatan... http://www.worldexchange.se/Valuta/

If buying or selling here in Sweden most exchange places will offer a much better rate if you exchange or buy for a lot of money, as an example €5000 +, so its worth to call around.

Use this http://svt.se/svttext/web/pages/230.html
to see how rates move during the day,this give you an idea of where the market is going with a currency.

Note at exchange centers and banks they will fix the rate once a day for cash, but a bank will follow the flow if doing an international bank transfer where the best rates are to be had!!
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Bender B Rodriquez
post 5.Dec.2011, 01:06 PM
Post #7
Joined: 25.Mar.2006

QUOTE (Liquido @ 5.Dec.2011, 01:51 PM) *
If you can... avoid an ATM in any country then do so, exchange rates are never that good as the rates are set not by your bank back home, even if it is a visa exchange rate, i ... (show full quote)

Dude, if you have a card with the VISA symbol the only rate that is used is the official VISA exchange rate, which is the same for all countries. If you have a bad conversion rate it is only because your crappy bank charges extra for currency exchange and foreign withdrawals.

Exchange offices are a rip off.

QUOTE (Liquido @ 5.Dec.2011, 01:51 PM) *
If you like to travel with some cash then it is always best to buy the currency of that country you are visiting in your own country as they will value that currency at a lowe ... (show full quote)

Not always true. Buying SEK with USD or EUR is definitely best to do in Sweden.
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Liquido
post 5.Dec.2011, 02:25 PM
Post #8
Joined: 9.Jan.2010

Bender how old are you, have you been watching too much MTV or are you a Yank ?
what next... Yo Man

Vias, Mastercard Amex rates can vary due to the banking systems of various lands and are not always set just because it is Visa card, there can be hidden cost of the banking system of that country.
Yes your bank back home can add on charges also and charges vary from bank to bank with some having no extra charges at all and offering better xchange rates, FACT...

As an Example my Swedish issued GE Mastercard abroad will always give me a better rate on the day than my Swedish issued Visa card.

To say my bank is crappy, when you don't even know which banks i use is just hot air, is that why you call yourself Bender ?
I have various accounts in 4 different countries and to me they are all crappy, they all have there Pros and Cons

Buying SEK with $$$ or €€€ is definetley best to do in Sweden, well lets put it like this, that is a load of bollocks.
You just have to know the right places and the average joe blogs does not, simple and i did say this relates to most 1st world lands.

If you are not in a country where there 1st currecy is $$$ then you have to exchange to that countries currency 1st and then to SEK and by that time you have lost out big time.

Now if you have €€€ in Germany and are coming to Sweden and know where to buy foreign currency in cash at a good rate then it will be better to do so there than bring euro here and getting a crap exchange.

Everything depends on where you are departing from, SIMPLE...
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Bender B Rodriquez
post 5.Dec.2011, 03:01 PM
Post #9
Joined: 25.Mar.2006

QUOTE (Liquido @ 5.Dec.2011, 03:25 PM) *
Vias, Mastercard Amex rates can vary due to the banking systems of various lands and are not always set just because it is Visa card, there can be hidden cost of the banking system of that country.

That's funny, I clock about 150k miles/year in travel and still haven't been to one of those countries you are talking about.
Also, just like you I bank in several countries, and all my banks use the official VISA-rate plus 1 to 3% exchange fee.
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Essingen
post 5.Dec.2011, 03:03 PM
Post #10
Joined: 2.Nov.2008

In my experience, Bender's financial advice is almost always correct, as it is in this case. Visa sets rates for all of Europe as can be seen here...

http://www.visaeurope.com/en/cardholders/exchange_rates.aspx

Payment service providers may then apply commission. Banking systems in various countries have nothing to do with it.

The reason why you GE card offers you better rate is because they advertise it as being commission free. Very useful card, I have one myself.

He is also correct in saying that as a general rule it is better to buy SEK in Sweden...certainly if it is an incoming SWIFT transaction in another currency where the margins applied by all major Swedish commercial banks are very reasonable.
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byke
post 5.Dec.2011, 03:07 PM
Post #11
Location: Europe
Joined: 28.Oct.2008

Strange, as when I often go to pay for my hotel bill when abroard with a Swedish credit card I am often in the situation where I find oneself being offered the bill in Swedish kronor at a very poor exchange rate rather than the currency I agreed at the time of booking.
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Essingen
post 5.Dec.2011, 03:10 PM
Post #12
Joined: 2.Nov.2008

Oh yes, this is called dynamic currency conversion and is fiddle you need to be aware of.

http://en.wikipedia.org/wiki/Dynamic_currency_conversion
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Liquido
post 5.Dec.2011, 05:37 PM
Post #13
Joined: 9.Jan.2010

Bender, Asia is a good example, i do a lot business out of there, not eveywhere in Asia is set up like Hongkong or Singpore, some parts are still 3rd world.

To keep it simple...the quote by Europe has pointed out a common issue of paying hotel bills and it shows a bad rate, that is a fine example where Visa fixed rates do not always apply!!
You can opt out of this rate if the option comes up.

Another example is if you book a flight with the mother off all airlines Ryainar , you are given the choice of paying with there fixed exchange rate or not and its best not to as using there fixed rate as it is always shit.

There are many similar situations when paying with your card where local rates can be charged but many times they are not always clear to see.( small print )
Why use a card with a further 1-3% fee on top when there are others cards out there that don't and give a better exchange rate.

I use what works best depending on where i am at that time, simple...

Essinge i disagree as banks in other lands can set there own rates-charges, not everybank gives a toss about the EU or Uncle Sams banking ways.

Your SEK comments are sort of twisted as the topic was about Cash and not a Swift transaction which is a whole other story.

My points where that in some countries it is better to buy SEK in cash before you come to Sweden and of course it helps if you know where to buy at a good rate!!

Your point on commercial banks in Sweden i can aggree with, as they are very fair and straight forward and put many other EU banks to shame.
UK Banks are serious rip off merchants and Spanish banks work in a PRIMITIVE way, but they do still let you walk in and deposit or withdraw very large cash sums, so maybe primitive is good!!
Finaly anybody exchanging cash at a Forex in Sweden is asking to be ripped off, there rates are always shit, other exchange centers of way better rates, like the one i pasted. and there are others in more central Stockholm.
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Bender B Rodriquez
post 5.Dec.2011, 06:00 PM
Post #14
Joined: 25.Mar.2006

QUOTE (Liquido @ 5.Dec.2011, 06:37 PM) *
To keep it simple...the quote by Europe has pointed out a common issue of paying hotel bills and it shows a bad rate, that is a fine example where Visa fixed rates do not always apply!!

Yes, you should never let a hotel or vendor charge in your currency since they give you their own exchange rate and stuff the rest in their pockets.
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Essingen
post 6.Dec.2011, 10:39 AM
Post #15
Joined: 2.Nov.2008

QUOTE
Finaly anybody exchanging cash at a Forex in Sweden is asking to be ripped off, there rates are always shit, other exchange centers of way better rates, like the one i pasted. and there are others in more central Stockholm.

I wonder if Forex have widened their spreads recently. They used to be pretty fair, but just looking at their GBP rate today makes me think that they have increased their margins.
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