Bank of America being Ridiculous?Do all banks in America (or at least the majority of them) have consistent foreign exchange rates? A couple of days ago, Bank of America bought some Canadian dollars from me at an extremely low rate, like 0.887. But when I went online to look at the record of exchange rates University of British Columbia (in... | |
Bank of America is the devil. You know, they are ranked number one on the "worst companies to do business with" (msn news) four years in a row.
foreign exchanging of money, the rates change all the time, evey min, or second. It is not the banks fault. The bank will not just charge any rate that they choose. The times when you went to the boarder the rates were different. They can change at any time. So if you bought foreign currency today and exchanged it back tomorrow it can be different. That just how it is.
Money arbitrage and profit. It costs BoA money to make the exchange (they have to hold the cash in reserve to be able to make the exchange, pay the people to make the exchange, etc.), so the difference is their cost of doing business. Also, the number you got online from UBC was a snapshot of the exchange rate. Rates change constantly and the spread could have been less at the point in time you walked into BoA.
I do not like Bank of America at all. Their customer service isn't the best, and they were the first big bank to go after the business of illegal aliens by offering credit cards. http://mlive.com/business/ambizdaily...
same thing for me with the Euro ; you are using a service ; nothing is for free ; that is why they have the money to buy Merrill Lynch
