Subject: [68ATTENDEES] "real" currency conversion rates

From: Ed Jankiewicz <[email-masked]>
Date: Tue, 13 Mar 2007 11:40:11 -0400

I am not a frequent traveler.  Websites like xe.com and oanda.com quote 
rates like "mid-market" or buy/sell rates that seem more of interest to 
currency speculators.  Is there a website at a Czech bank or somewhere 
where you can figure out the effective exchange rate (including ATM 
fees) i.e. how much CZK you get for US$100?  It is difficult to compare 
the rates you might get at the airport kiosk (supposedly bad) versus the 
hotel (supposedly worst) versus a bank or ATM (supposedly the best.)

For example, at OandA you can print a handy pocket guide 
http://www.oanda.com/convert/cheatsheet and using a 4% cash exchange 
commission (what I guess is the best street price not including ATM fees 
and other add-ons) US$100 at 4% today's rate buys you about 2060 in 
CZK.   I put that link on the meeting wiki currency info page.

If people have specific rates, fees and commissions quoted by various 
exchange vendors, that would be great to post on the wiki too, 
especially once we are in Prague to post the locations of the close-by ATMs.

Safe travel.  See you next week.
Ed Jankiewicz
SRI International - US DISA Standards Engineering

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From: "Aaron Stone" <[email-masked]>
Date: Tue, 13 Mar 2007 12:14:56 -0000

On Tue, Mar 13, 2007, Ed Jankiewicz <[email-masked]> said:

> Is there a website at a Czech bank or somewhere 
> fees) i.e. how much CZK you get for US$100?

In July it was about 22 CZK = 1 USD.
Based on XE.net, I'd guess at 21 CZK now. 

As someone who travels fairly regularly, I've found exchange rates to be
just one piece of the puzzle. Cost structures in general in other places
can be radically different due to all sorts of economic influences: supply
and demand, transportation costs, taxes and government subsidies, etc.

One day I remember paying 70 CZK for coffee and 25 CZK for beer.

And the coffee was total crap. The beer was amazing.

> It is difficult to compare 

I recommend having at least $100 cash in your pocket for the flights,
airports, first taxi, etc. Bring a good portion of it in small bills
because while many cabbies will take dollars, they won't take coins nor
have any small bills to make change. $1's and $5's are good to have if you
need to negotiate a cab ride. 

When you get to the airport, you'll probably want to change a small number
of dollars so that you'll have *something* in local currency. Between $40
- $50 is what I've found to be useful, depending upon the country. Even if
you get a crap rate, you've only spent a couple of dollars to buy a lot of
convenience.

For general cash exchange, and for general purchases, make sure to read
all of your bank card, debit card and credit card terms on foreign
purchases. Sometimes it's also useful to call the banks to let them know
the dates you'll be abroad, so that their fraud departments won't go
crazy.

Some cards give great exchange rates at low commissions, some are worse
than the money changers in the airports, most have different terms
depending upon whether you're taking out money at the ATM or making a
credit card purchase (and not just the difference between purchase and
cash advance - debit cards often have subtly different rates for these two
events, too).

> especially once we are in Prague to post the locations of the close-by ATMs.

I wonder if we can mash it up? Prague is one of the cities Google Maps
handles quite nicely:

http://maps.google.com/maps?q=Prague,+Czech+Republic

Aaron