Kevin Standlee: Currency Gouger

[kevin_standlee]

While waiting for the AirBART bus, one of the people in line said, jokingly, "Anyone want to buy five Euros?"

I said, "I'll buy them." (I know I can hand them off to someone going that way eventually.)

"Seriously?" she said, and I nodded.

I offered her USD5 for her EUR5. She looked unhappy. "They're worth more than that."

I shrugged. "Yes, but you can spend five dollars here now."

She accepted my offer. Part of me thinks I should have offered her $6, which is what the EUR5 was worth at current rates, but I note that she wouldn't have been able to change the Euro coins at her bank -- they only want notes -- so I try not to feel bad about it. Besides, I have to hold onto the Euros until I can send them back to a place they're spendable when I run across someone going that way.

Comments

[rwl.livejournal.com]

No need to feel badly at all. Her bad planning to have five euros in coinage in a place where it's not spendable. I take great care to minimize my currency coinage at the end of an international trip for just that reason.

I'll buy it!

[johnnyeponymous.livejournal.com]

I'll pay 5.50 for it at BASFA, thereby starting your career as a currency speculator
Chris

Re: I'll buy it!

[kevin-standlee.livejournal.com]

I knew I should have kept those coins in my pocket. I left them at home, so I won't have them until next week.

[marahsk.livejournal.com]

Her: They're worth more than that.

You: [shrug] Not to me.

Things are worth what someone is willing to pay for them. Plus, you have to make the effort of finding someone who can spend them. Not to mention that exchange places do take a percentage for exchanging money.

If she didn't like your offer, she was free to find a better one.

[thirdworld.livejournal.com]

Buy low, sell high. It's the American way! Except you should have offered her less ;)

[orangemike.livejournal.com]

I work at an airport where during most non-peak hours there is no currency exchange. For over 25 years, I've done emergency currency exchange at horrible rates, and sometimes lost money on the deal anyway. There is no obligation on the part of the universe to provide you with a good exchange rate in an emergency or near-emergency.

[debgeisler.livejournal.com]

Part of me thinks I should have offered her $6

Why on earth should you have done that? You already performed magic, turning useless little metal disks to cash. (And it's more than she would have gotten otherwise!)

[kevin-standlee.livejournal.com]

I thank you all for reinforcing that I did the right thing and that it's not wrong to take a margin on the exchange. I now have EUR25, including the leftovers from the side trip to Paris last summer.

Cheryl brings GBP coins back and sells them to my mother and stepfather at cost (they make the coins into cut-coin jewelery), but my mom always rounds it up so Cheryl makes a small profit on the deal -- besides, it's always less expensive than it would be to go through a coin dealer.

[debgeisler.livejournal.com]

Cheryl brings GBP coins back and sells them to my mother and stepfather at cost (they make the coins into cut-coin jewelery), but my mom always rounds it up

You didn't buy those Euro from your mother, did you? (Guilt would be completely appropriate in that case...hedging currency with one's parents is...well, just not done.)

[kevin-standlee.livejournal.com]

Oh, no, the casual Euro purchase was from a random stranger at the airport, plus what was left over from the side trip to Paris after Interaction. Currency sold to my mother's jewelry business is at cost. Similarly, in 1993-4, the Hugo nominee pins we purchased did not come with findings (the clasp that holds the pin in place). Mom bought a couple bags of findings from her supplier and sold them to us at her cost. She was happy to be able to help the Hugo Awards, anyway.

[johno.livejournal.com]

Probably a better rate then at a airport kiosk, don't sweat it, they don't or the only currency trader in a small town.

We once paid a 5 pound fee (yes, you read that right) and a horrible exchange rate becasue the only ATM in town was busted and all we had left were $USD travelers checks.