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January 26th, 2006, 07:31 AM #1CJ checks and Euro conversion rates
Received my December CJ check here in Portugal - very fast this month which I appreciate. However, the USD to Euro conversion rate has me puzzled. The rate fluctuates daily, but by pennies. The check I received was a little over 100 Euros shy of the current conversion rate.
It's issued by Deutsche Bank and is a Travelex check, which is also a good thing. I've finally convinced my bank in Portugal that a Travelex check is the same as a bank draft and they now give me instant credit. Took some time to get my bank to understand this - previously they would put a hold on the funds until they cleared from Deutsche Bank on their records, which took ten or more days. Glad that is in the past.
But the difference in conversion rate is unsettling. Have sent an inquiry to CJ and will see what they have to say. If Deutsche Bank is charging a processing fee that would be understandable (though not disclosed to me by anyone, including Deutsche Bank), but a 100 Euro (about $122 USD) fee is extremely high.
Any other EU CJ publisher having a similar experience?
Last edited by Proverb; January 26th, 2006 at 07:32 AM. Reason: correction
January 26th, 2006, 08:20 AM #2
It depends on how they do it (the conversion). But normally, interbank conversions are nowhere even close to the actual exchange rate on the date of the exchange. I was telling another ABW user a story just recently where just a few weeks ago I purchased a plasma TV. The cost - when converted from the currency of the country where I bought it - was around $3300. I paid by my US-issued AmEx card, and two days later saw a transaction for close to $3500 (!) on the statement. Lost c. $200 on the exchange... Sounds way too similar to your case, Proverb...
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January 26th, 2006, 08:50 AM #3
Yes, I have a feeling the problem here is with Deutsche Bank. Banks and CC companies are notorious for playing with conversion rates, but USD to Euros shouldn't be this far off the mark. When my bank tries to do this sort of thing they claim they have their own conversion rate. I tell them it has to be based on the market rate according to bank regulations, but they say its flexible due to the contract I signed with them when I opened my account. However, I have no contractual relationship with Deutsche Bank, if they're the conversion rate culprit. In any event, it gets annoying being gouged by institutions at every turn. These gouges add up over a year.
January 26th, 2006, 10:08 AM #4
If you visit http://www.oanda.com they have a converter and I believe the exchange rate was interbank +3% but it could have been +1% talk with CJ to get the current exact number.
Use the daily rate for the day prior to the exchange and you should receive the sell price in the exchange. If 3% isn't correct try 1%. What your bank does after that I can not say.
It is possible that they have changed the procedure since I was last looking at this almost a year ago.
Personally converting to pesos here, from my personal US account. The bank refuses to tell me what the rate is, but have given a 3-4 day window in which the rate may fluctuate.....it's the Argie way ;-)
January 26th, 2006, 10:19 AM #5Currency converter
Thanks for the info. I use http://www.xe.com/ucc/. It's a quick and easy converter featuring a large number of different currencies. I've contacted CJ and am interested to see their conversion numbers. A +3% surcharge would account for the difference I experienced.
Last edited by Proverb; January 26th, 2006 at 10:21 AM. Reason: addition