To convert my USD$ in to Euro in my country of origin or in Paris?

Upvote:-4

From looking at the rate history, I would say wait until the rate gets better than one to 1.15. For a year, it's been up and down around 1.1 (one-point-one) but if it behaves like it has the past month, it's likely to go up a little soon.

Upvote:2

It is generally best to exchange direct (in other words, from USD to EUR) in a country having one of the currencies. This means, you get most out of your bucks by exchanging in Paris. In a third country, such as Australia, the banks will first change USD to AUD, and then AUD to EUR, which means a double exchange, and (most likely) a double commission.

Now, where to change in Paris? Definitely not at the Travelex booths at the airport. There may be bureau de changes downtown with better rates. Most likely the best rates are available at banks. However note that many French banks have no or only very few places which handle cash; you'd have to find out which one does. They may also only exchange cash for customers; if you are with local friends, you may ask them to do the transaction for you; and then you would get the best exchange rate (…and use your "profit" for treating your friends for a nice dinner…).

In any case, know the approximate exchange rates. Online you normally can find the interbank rate, which is the absolutely very best rate possible (the ones big banks pay/charge for transactions with other big banks). For cash exchange, being something around 3 cents off that value is certainly acceptable (USD to EUR or vv).

Upvote:9

Usually it is better to exchange it in Paris. If you exchange it in Australia, the bank will first convert the USD to AUD, then convert the AUD to Euro. And since every time you exchange money you lose a little bit (the bank has to make a profit somehow), you are getting a double loss.

Occasionally quirks in exchange rate negate this rule of thumb, say if the Australian dollar was exceptionally strong against both the US dollar and the Euro, while the US Dollar was weak against the Euro. So it never hurts to look up the various exchange rates and do the math to be safe.

To do the above comparison, you need to look at the Paris bank's "buy" rates for US Dollars and your Australian bank's "buy" rate for US Dollars and "sell" rate for Euros

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