Easier Currency Exchange

Physician's Money Digest, August 2005, Volume 12, Issue 12

Wall Street Journal

Journal

The recently putfive currency exchange locations to thetest to see how easy it was to exchangeAmerican currency into foreign currency.The locations—American Express, Travelex,Chase, Bank of America, andCitibank—were tested on ease ofexchange and variation of rates and currency.The overall best location, accordingto the , was the AmericanExpress travel office, featuring favorablerates, minimal fees, and a wide selectionof currency. Even the teller at Chase,where there is a high commission fee builtinto the exchange rate, admitted that theysend most customers to American Express,which gives the same rates as thestock exchange. As for the other locations,the report found that Travelex hadthe worst exchange rates, Bank of Americakeeps currency only at locations in alimited amount of states, and Citibankwill only allow their account-holders toexchange money at their branches.