So The current exchange rate is $34 Thai Baht for every US dollar. I bank with US Bank and they use Travelex for converting money and they only give me $30 dollars. I have a friend at BOA who says I can get $31 dollars for every US dollar. HOW can I get the actual exchange rate? Should I just transfer a little of it now and do the rest once I am in Bangkok next month? Or should I just take this loss and convert it all here.
Thanks for your help
2007-02-13 08:42:21 · 2 answers · asked by ncblkgy 3 in Business & Finance ➔ Personal Finance
I would try to claim the loss on the Schedule D of the tax form. Technically it is an investment (Forex) and you can deduct the sales price from the gains (which would give you the loss).
2007-02-13 08:53:42 · answer #1 · answered by gregory_dittman 7 · 1⤊ 1⤋
You can never get the full conversion rate at the bank.
If you want to get the conversion rate, bring some of the dollars as cash to Bangkok and go to an foreign currency exchange center in the country.
If you want more security, then convert the money via a bank. Lower conversion rate, but safer.
2007-02-13 08:56:52 · answer #2 · answered by imisidro 7 · 0⤊ 0⤋