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Thread: Exchange Rate: What Am I Missing Here?

  1. #1
    Jim Kelly-Evans is offline
    SBH Insider Joined: Nov 2010 Philadelphia and Fire Island, NY Posts: 934

    Exchange Rate: What Am I Missing Here?

    151 euros would be about $162...not $196.

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    "I'd rather have a bottle in front of me, than a frontal lobotomy." - Dorothy Parker

  2. #2
    andynap is offline
    SBH Insider Joined: Oct 2002 Philadelphia Posts: 43,751

    Re: Exchange Rate: What Am I Missing Here?

    That's their rate not the going rate. They added a little vigerish.


    Andy

  3. #3
    amyb is offline
    SBH Insider Joined: Apr 2008 Glen Cove,L. I., NY Posts: 26,133

    Re: Exchange Rate: What Am I Missing Here?

    You should ask for all credit card charges to be in euros. Your bank will charge you the day’s actual exchange rate.

    They were greedy.
    Remember Yesterday, Dream About Tomorrow, But Live Today.

  4. #4
    Jim Kelly-Evans is offline
    SBH Insider Joined: Nov 2010 Philadelphia and Fire Island, NY Posts: 934

    Re: Exchange Rate: What Am I Missing Here?

    Quote Originally Posted by amyb View Post
    You should ask for all credit card charges to be in euros. Your bank will charge you the day’s actual exchange rate.

    They were greedy.
    Indeed!
    "I'd rather have a bottle in front of me, than a frontal lobotomy." - Dorothy Parker

  5. #5
    stbartshopper is offline
    SBH Insider Joined: Dec 2013 Indianapolis, Indiana, U.S.A. Posts: 9,187

    Re: Exchange Rate: What Am I Missing Here?

    We have looked at our charges on line. The cc exchange rates are used when you charge in Euros. I believe Jim that is what you have to pay on the spot if you want to pay cash dollars.

  6. #6
    dadto6 is offline
    SBH Insider Joined: Aug 2013 Northern Virginia Posts: 2,086

    Re: Exchange Rate: What Am I Missing Here?

    The establishment was providing the option of which currency to pay your bill. It is rare, but sometimes I have found it more beneficial to pay in Dollars. Just depends how the establishment converts their determined rate which is their prerogative.

  7. #7
    KevinS is online now
    Senior Insider Joined: Jul 2003 Boston Posts: 20,214

    Re: Exchange Rate: What Am I Missing Here?

    I don’t expect to get the current exchange rate when paying in USD cash on the island. Merchants/restaurants aren’t in the currency exchange business. If they accept USD cash then they’re doing me a favor, and there’s a cost (to me) associated with that. I carry USD, Euros, and plastic, and I pay with whichever is most advantageous to me. That’s usually a credit card with no Foreign Exchange fee.

    I haven’t used the Currency Exchange on the island in years. Exchanging cash there will likely be done at a premium, but at a more favorable premium than at the Foreign Exchange kiosks found in US airports.

  8. #8
    andynap is offline
    SBH Insider Joined: Oct 2002 Philadelphia Posts: 43,751

    Re: Exchange Rate: What Am I Missing Here?

    Quote Originally Posted by KevinS View Post
    I don’t expect to get the current exchange rate when paying in USD cash on the island. Merchants/restaurants aren’t in the currency exchange business. If they accept USD cash then they’re doing me a favor, and there’s a cost (to me) associated with that. I carry USD, Euros, and plastic, and I pay with whichever is most advantageous to me. That’s usually a credit card with no Foreign Exchange fee.

    I haven’t used the Currency Exchange on the island in years. Exchanging cash there will likely be done at a premium, but at a more favorable premium than at the Foreign Exchange kiosks found in US airports.
    My son has found a euro cash machine at favorable rates- Me.


    Andy

  9. #9
    Jim A is offline
    SBH Insider Joined: Jan 2017 NY Posts: 424

    Re: Exchange Rate: What Am I Missing Here?

    Quote Originally Posted by andynap View Post
    My son has found a euro cash machine at favorable rates- Me.

  10. #10
    dadto6 is offline
    SBH Insider Joined: Aug 2013 Northern Virginia Posts: 2,086

    Re: Exchange Rate: What Am I Missing Here?

    Andy,
    He must be friends with my children, they taught him very well.

  11. #11
    amyb is offline
    SBH Insider Joined: Apr 2008 Glen Cove,L. I., NY Posts: 26,133

    Re: Exchange Rate: What Am I Missing Here?

    bright lad you have there Andy
    Remember Yesterday, Dream About Tomorrow, But Live Today.

  12. #12
    GeorgeD is offline
    SBH Member Joined: Nov 2002 pittsburgh Posts: 291

    Re: Exchange Rate: What Am I Missing Here?

    Hi Andy,
    Love the response. I think I have been there also.

    George

  13. #13
    amyb is offline
    SBH Insider Joined: Apr 2008 Glen Cove,L. I., NY Posts: 26,133

    Re: Exchange Rate: What Am I Missing Here?

    I guess it’s what Dads do....
    Remember Yesterday, Dream About Tomorrow, But Live Today.

  14. #14
    debd is offline
    SBH Insider Joined: Dec 2005 CT Posts: 998

    Re: Exchange Rate: What Am I Missing Here?

    Quote Originally Posted by Jim Kelly-Evans View Post
    151 euros would be about $162...not $196.

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    Jim, at first I was going to suggest you check your cc bill (assuming you used a cc, and the charge was made in euros?) because you will likely find (as we did) that the (converted) dollars on the cc bill were on par with the 1.10 exchange rate rather than the dollars that showed up on the receipt. However, then I noticed that it looks like you were charged for 2 vanilla rhums. Wondering if they also tried to tell you service was not included? Sadly, there are a couple restaurants on the island trying to slide that one by.

  15. #15
    KevinS is online now
    Senior Insider Joined: Jul 2003 Boston Posts: 20,214

    Re: Exchange Rate: What Am I Missing Here?

    Whichever restaurant, I'll give 'em a pass on the Rhum Vanille - it looks like it may have been Offert - Free.

    The question of Service Compris (legally correct) or Service Non Compris (illegal, as I've been told for over 30 years) isn't revealed on the check image.

    Service vs Tip (they're not the same) is not a discussion which I want to encourage - It hasn't changed, and there's nothing new to add to the old tipping threads.

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