Dollar and Euro Exchange Rate

Monday November 17

I went to Quito today to meet Judith. She arrived late as usual. we went to my bank where I wanted to withdraw some money to pay for the materials and workers this week. I had planned to go to my other bank but I forgot the last utility bill!

I asked for the exchange rate as my account is in Euros and I wanted dollars. I was told that it would be $1.21 to the Euro. However she said she asked if she could get a higher rate for me – which she did. I got $1.22. The other bank on Friday said I would get $1.14, so there is a big difference.

Judith said that there is a bank down the street that changes currencies. I thought for a minute – why not get Euros out of my other bank and change it at the other bank!

I could not do it at the bank I was at now as I had already told them I would like them to convert it. However, the next time I go to the other bank I’ll just take out Euros and save money.

I know that there is a kiosk in the center that does this, so I’ll go there. It’s not like a bank that you need an account. I’m sure that the bank I was at today is probably closer to what the kiosk pays, but it’s not close to the bank that I didn’t go to today.

Between the two banks that I have an account in the difference is 8%. That means on 1,000 Euros it’s $80.00 difference. I know that there wasn’t that much change in one business day.

That’s lot of money!!

When I take, say, 500 Euros out I’ll get 500. So there is nothing that they can cheat me on.