If I take my foreign money to the bank,I have one that says 500 will I get 500 dollars from the bank,or will I get less or more.The foreign money is about ten years old so it should be worth more than its face value.
2007-06-01 15:50:37 · 7 answers · asked by Ms.Candy E 1 in Business & Finance ➔ Other - Business & Finance
I hate to break it to you... unless your foreign money is a British Pound Sterling, Euro, or one of the few currencies that is worth more than a US dollar.... you are NOT gonna get $500 USD or more for it.
I recommend:
The value of the foreign money depends on:
1) If the currency is still in use - If so, the currency exchange rate between that currency and US dollar will dictate the value. This means that the money can be worth anything. For example, 100 Japanese yen is worth less than 1 US dollar.
2) If the foreign money is not in use, then maybe it has some collector value. Please note that not all money has collector value just because it is old. You would have to sell the money as a collector's item to another collector.
3) The bank is not necessarily going to exchange the money for you. Most of the bank branches will not. You have to go to a special foreign exchange desk of a large money center bank in order to exchange foreign money that is still in use.
Just Be!
2007-06-01 16:05:21 · answer #1 · answered by MBA Don 4 · 0⤊ 0⤋
Either the bank or the financial pages of a newspaper will tell you the "exchange rate": the number of foreign money units that make up a dollar, or the number of dollars that make one of those foreign money units. It is very unusual for the foreign money unit to be worth $1. It is very common for other countries to use the name Dollar for their money, and it is not worth the same as an American dollar. The foreign money unit is USUALLY worth less than a dollar. In a newspaper, the exchange rates have their own small section like a table, if they have the information at all. Watch out! If the money is from a country that has had a revolution since it was printed, it may be worthless. If the units of money are not used in that country any more (like in countries that now use Euros) the money MAY not be exchangeable. It's also possible that money with old units on it is now a collector's item. In these cases, the answer to your question depends very much on the country and the exact age of the bills. Money that goes UP in value as it gets older and it's still usable as money, is VERY unusual. Do you know what inflation is? Most countries suffer from inflation and you'll be lucky if still-good money is now worth more. When a bank changes your money (in either direction) they will often take a fee for that service. They may charge you one fee and then apply that day's exchange rate OR they may charge a fee and use their own exchange rate that has an additional fee built-in. A bank officer can tell you which method they use. If you have an account at that bank you just might get a better fee. Al ways ask. In large cities there are some "international" banks that will charge a smaller fee because money exchange is a major part of their business. Still, it pays to ask before using the service. It is very common that foreign exchange is cheaper for you when you use an American credit card overseas. The fess are usually smaller.
2016-05-19 00:29:20 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No usually not but it does depend on the currency. The age of a bill makes no difference unless a collector is interested in purchasing but being only ten years old probably not. You will have to check the exchange rates for the currency. Check out this site http://www.x-rates.com/
2007-06-01 16:02:28 · answer #3 · answered by joel t 1 · 0⤊ 0⤋
unfortunately, money doesn't work that way. the value, relative to american, varies. it depends where it's from. money rarely appreciates over time, unless it falls into the antiquity catagory. depending on its origin, it may not even be legal tender anymore. the bank would be able to help you with all of this but, may not be willing to make exchange.
2007-06-01 16:01:11 · answer #4 · answered by maryk 3 · 0⤊ 0⤋
500 what? Mexican pesos? Rupees? Roubles? Baht?
It could also be worth nothing....e.g. if Lire, gone out of circulation. If Turkish pound, inflation is so high that what buys a loaf of bread today won't buy a stick of gum in two weeks.
2007-06-01 16:05:08 · answer #5 · answered by silentnonrev 7 · 0⤊ 0⤋
You wish, I wish that currency was that easy.
You can buy a Canadian dollar for 94 cents
but a Euro will cost you $1.34 US Dollars
You can look up your value
2007-06-01 15:56:31 · answer #6 · answered by Anonymous · 0⤊ 0⤋
the rate of exchange is different for all foreign currency
2007-06-01 15:59:57 · answer #7 · answered by xjoizey 7 · 0⤊ 0⤋