On 1/10/04 we received a 30 EURO donation for the building project! You do the math! How many yankee dollars is this?
To me, exchanging money is similar to selling stocks! As with selling stocks, with each transaction you have to pay handling charges (broker fees), likewise with exchanging money. Stock’s values fluctuate up and down daily (probably minute to minute) so does the value of the dollar or I should say currency, because it could be anything: dollars, pounds, euros, dinars, shekels, etc.
In America you get a taste of this handler’s fee whenever you use a Cash Flow machine! But using a cash machine is optional, with exchanging money it’s a must.
Exchanging money is usually done at a bank, but they do have an exchange setup at the Airport. Plus, outside most banks, at least the two in Arad you see shady looking characters hanging around. Most likely these are ‘money changers’. These guys exchange money right then and there at a lower charge than that of the bank. You can save a few shekels but its risky business; you chance getting stuck with some counterfeit, short changed, etc…you have to be as slick as they are.
I normally use an on-line website to figure the exchange rates, but it’s also posted daily in the Jerusalem Post. In the states I didn’t have a need to know, therefore I never noticed but I wouldn’t be surprised if exchange rates are posted daily in the financial section in YOUR hometown paper.
Note! In this case, we absorbed the transaction charges, like we often also do with shipping and handling fees, and so on. Therefore we should both come up with a similar answer pending the exchange rate remains virtually constant.
Click on Currency Converter to solve problem! Answer found under Pending Projects, Building, Chairs,1/10/04.
Edwin Beckford
01/13/04