Travel App of the Week: XE Currency

XE Currency Converter App
The XE Mobile Currency Site has rates and charts just like their website; but it’s made smaller for phones. If you aren’t familiar with XE it’s a useful tool for converting money from all over the world. It gives users a better understanding of how much cash they should expect to receive when exchanging (before fees).

Note: None of these currency exchanges are completely accurate – that’s according to Bank of America. I learned that the hard way a few weeks ago when I did an international money transfer.

I ended up spending 30 minutes trying to find out why Bank of America took $200 out of a $7500 direct deposit from Canada especially when the bank in Canada said I would be getting $7,505 because the exchange rate was in my favor. I now know that you should always call the bank you are transferring to first to find out what exchange rate they are offering. The B of A agent told me that the currency converters online, in the newspapers and on TV are wholesaler rates geared towards banks who transfer millions of dollars of money at a time. He said on the day I transferred the rate for they were offering was $0.97 on the dollar. Also good to know is that both banks charge a transaction fee ($30 for B of A and $40 for the Canadian Bank). If I had known all of this beforehand I wouldn’t have made the transfer.

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