OMFG European Banks in Germany and Holland refuse US dollar

Discussion in 'Trading' started by cold, Mar 20, 2008.

  1. cold


    people you will not believe what I heard today

    I have family in Germany and Holland

    they tell me that in their cities, banks refuse to accept larger sums of US dollars from tourists who hold no permanent account to be converted into Euro, we are talking sums like 5 k

    small sums, Jesus H Christ :eek: :eek:
  2. ssblack


    This is the dumbest thing I've ever heard. Why would any bank with direct interbank access refuse to take on USD when they can rip off the depositor for a 50-250 pip spread on their small amount, and then go offset the trade via interbank with a 0 pip spread and fractional transaction cost?
  3. In your dreams fuckwood
  4. Anti-money Laundering Acts are playing a large role. If tourists do not declare the funds or lose the receipt stating where the money came from, the bank may not legally be able to accept it.

    I work at one Canada's top banks and I must say, the American bills are one of the easiest to duplicate and most difficult to decipher if coming in large stacks - especially because they contain no holograms.
  5. Even though cold is full of shit, it reminds me of a funny story.

    Back in 04 I was in the Seychelles for a few days, and back then if you would trade USD for their currency, they would not trade it back. LOL

    They were such a small country back then they would not trade you back your USD currency for theirs. They said it was because the USD was so strong. I was pissed because I got stuck with a bunch of their money when I left, since I had a bunch of their cash from casinos and bars...but now I kind of think I may have won out in the long run. LOL
  6. cold


    I found recent link that may be related
  7. cold


  8. cold


    BTW ZHIV boy

    Ben is your problem not me, demonstrate that you have any brain by calling him fuckwood not me

    also welcome to my ignore list
  9. AMSTERDAM (Reuters) - The U.S. dollar's value is dropping so fast against the euro that small currency outlets in Amsterdam are turning away tourists seeking to sell their dollars for local money while on vacation in the Netherlands.

    "Our dollar is worth maybe zero over here," said Mary Kelly, an American tourist from Indianapolis, Indiana, in front of the Anne Frank house. "It's hard to find a place to exchange. We have to go downtown, to the central station or post office."

    That's because the smaller currency exchanges -- despite buy/sell spreads that make it easier for them to make money by exchanging small amounts of currency -- don't want to be caught holding dollars that could be worth less by the time they can sell them.

    The dollar hovered near record lows on Monday, with one euro worth around $1.58 versus $1.47 a month ago.


    Still don't see where banks (as you indicated in the first post) have refused to exchange USD.

    - Spydertrader
    #10     Mar 20, 2008