OFFICIAL Banco de la Republica Exchange Rate for today

Paisa/Calena/Luver says on Oct 28, 2008, 09:16:

Can you walk in their with DOLLARS and thats what they pay you right there? Or is that just the "Official rate" for exchange places to use as a guide and they pay you 2200 lol..

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rhydewithdis (☼Travelguide writer) says on Oct 28, 2008, 09:31:

Paisa/Calena/Luver there is always a difference between the bid/ask which is called the 'spread'

For the most part, volume and liquidity determine how big the spreads are... In the case of the COP, you would probably see something ilke 2379/2280

http://en.wikipedia.org/wiki/Bid/offer_spread

The exchange rate between the South African rand and the United States dollar might be 6.50 rand to the dollar. A person looking to convert rand into dollars might have to pay 6.55 rand for each dollar, while a person looking to convert dollars to rand might receive only 6.45 rand for each dollar he converts. It is usually written as USD\ZAR 6.45\6.55, or simply 6.45\55. 6.45 is the bid and 6.55 is the ask for 1 USD. (USD and ZAR are the International Organisation for Standardisation abbreviations ISO 4217 for the US and South African currency.) so for example the spread for the currencies pair is 6.55-6.45 = 0.10 wish means 10 pips.

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Paisa/Calena/Luver says on Oct 28, 2008, 09:40:

Never ever got a good rate exchanging dollars anyway,, Gonna stick with the ATM... WAMU gives me a good rate and charges a flat 1% OTHER COMPANIES that claim to have NO FEES ATTACHED just give you a LOWER rate when you take out money.

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