Having had to purchase Euros several times last year I was astonished at exactly how many firms there were who sold and buy currency!
They all claimed to offer you the best exchange rates and those they were' the best firm to swap money' and they claimed that there was no commission! Wow! No commission! Wonderful. I am saving money and I have not even opened my wallet!
image source: google
I called one of those companies I had seen on Google and asked for a rate if I were to purchase $15,000.00. I had checked what the lender was offering and also understood exactly what the post office was supplied so I had a general idea of what the exchange rate was from memory it was about 1.1510 back in May 2011.
I was brought back down to earth once the chap on the phone said that I would first have to open an account and then also said that as exchange rates moved throughout the day which the speed might be worse or better from the time my account was opened.
There is always a catch!!
To open an account I had to complete a form and supplied my personal details, DOB, address etc.. I also had to offer information on the origin of my funds, my reason for purchasing currency and the essence of my business. I returned the documentation and waited for confirmation that my account was good to go.