American tourists with dollars turned away from currency exchanges in Amsterdam

[ArtsieAng Super Moderator Find all posts View Profile Close ArtsieAng]

Dollars tough to sell on streets of Amsterdam | Reuters

From Reuters:


AMSTERDAM (Reuters) - The U.S. dollar's value is dropping so fast against the euro that small currency outlets in Amsterdam are turning away tourists seeking to sell their dollars for local money while on vacation in the Netherlands.

"Our dollar is worth maybe zero over here," said Mary Kelly, an American tourist from Indianapolis, Indiana, in front of the Anne Frank house. "It's hard to find a place to exchange. We have to go downtown, to the central station or post office."

That's because the smaller currency exchanges -- despite buy/sell spreads that make it easier for them to make money by exchanging small amounts of currency -- don't want to be caught holding dollars that could be worth less by the time they can sell them.

The dollar hovered near record lows on Monday, with one euro worth around $1.58 versus $1.47 a month ago.

[bigfrank Administrator Find all posts View Profile Close bigfrank]

And it is not getting any better.

[dougp26364 Senior Member Find all posts View Profile Close dougp26364]

One more reason why my 520,000 Marriott Rewards points have gone unused.

[JudyS Senior Member Find all posts View Profile Close JudyS]

Dollars tough to sell on streets of Amsterdam | Reuters...The dollar hovered near record lows on Monday, with one euro worth around $1.58 versus $1.47 a month ago.

Wow! When I was in Amsterdam just a few years back, a Euro cost $0.80. Now, it costs almost twice that.

I hope this isn't too political a comment, but I am not at all happy with our current adminstration's monetary policy.

[funtime2 Senior Member Find all posts View Profile Close funtime2]

I do not see a trip to Europe in my near future.

[ArtsieAng Super Moderator Find all posts View Profile Close ArtsieAng]

One more reason why my 520,000 Marriott Rewards points have gone unused.

I do not see a trip to Europe in my near future.

Yup......It ain't looking good for traveling to Europe, any time soon. How sad.

[joycapecod Silver Contributor Find all posts View Profile Close joycapecod]

We're going to Greece in September and I am dreading the costs. Fortunately we go often and I have several hundreds of Euros from the last trip. Still I KNOW I will need more and that is what I am dreading! If you want a real shock look at inter-European flight costs...when done in US currency.

Joy

[ArtsieAng Super Moderator Find all posts View Profile Close ArtsieAng]

We're going to Greece in September and I am dreading the costs. Fortunately we go often and I have several hundreds of Euros from the last trip. Still I KNOW I will need more and that is what I am dreading! If you want a real shock look at inter-European flight costs...when done in US currency.

Joy

I've already done that. I had wanted to go to So France in summer of 2009, but now it's not gonna happen. Even using points for the airfare, it's just too expensive.

At least you have some Euros. That will help a little bit, but it will still be an expensive trip. Sigh!!

[regatta333 Member Find all posts View Profile Close regatta333]

Wow! When I was in Amsterdam just a few years back, a Euro cost $0.80. Now, it costs almost twice that.

I hope this isn't too political a comment, but I am not at all happy with our current adminstration's monetary policy.

Actually, the administration has nothing to do with monetary policy--that is the Federal Reserve.

[Laurie Senior Member Find all posts View Profile Close Laurie]

Actually, the administration has nothing to do with monetary policy--that is the Federal Reserve.

Well, IMO, and in the opinions of many economists and experts, the administration's other policies have a lot to do with where our dollar currently is against other currencies. That's a whole 'nother discussion tho.

[Carolinian Super Moderator Find all posts View Profile Close Carolinian]

Actually, this administration has had a weak dollar policy almost from the beginning. There is a lot more than the Fed at work. When Bushs first Treasury Secretary was starting to talk the dollar down early in the administration, The Economist magazine commented that trying to nudge a currency was like trying to nudge a freight train, either it did not budge at all or it started rolling more than one wanted.

That said, costs in eastern Europe are not out of line yet, but then we are not using the euro, either! Last month, I was in Budapest twice, and 4 star hotel rooms were US$68 at the hotel I was at on the first trip and US$73 at the hotel I booked on the second. Food was also reasonable unless you went to a tourist oriented place on Castle Hill.