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okay, I sent in euro traveler's checks that belonged to my kids to convert them to $. I had to have them deposit the dollars in my acct., so I've been checking b/c you have to send them certified mail, they charge a fee (not large) for the conversion to currency, they had three days from the time they received them to do the conversion.
I expected them to wait (or not) for the lowest rate, and I've been following it daily.
Soooo, they did the conversion at 1.43. Currency rate listings over the time I sent to them were 1.54 up to 1.58. They sent me a letter that said... the rates you see aren't the rates you get because you have to be dealing in at least a million dollars to get that rate.
I assume, then, that they pull the other rate out of their asses? (actually, I'm sure they have some reasons they give- but wtf? when I purchased those checks for my kids, the rate I paid was based upon the going rate listed...the same one you see in the newspaper, etc.
but if you're redeeming them, you receive a lower rate? this really pisses me off... I mean, if I have to pay the "millions of dollars" rate, why don't I receive the same?
in any case, fwiw, the rate of "return," even with the crappier rate, was 44%.
I don't know of any small scale "investment" that would get that rate of return, plus be so convertible (in theory.) My kids were really ticked at me that I wouldn't let them convert the checks earlier and put them in their savings, but I told them they would go up in value. the money had been in a blue chip roth ira that lost money and even started dipping into the principle, so by doing this, I earned back the principle plus some profit. And if the money had been in their savings accts this whole time, they might as well have had it under their beds.
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