I'd be robbing 7-11s if there were any
Ramblings - 27 May 2007, 21:41
Let’s talk money.
In the two years that I’ve been here, the dollar has dropped from about $0.88 to $0.73 in comparison to the Euro. Two years ago I was able to withdraw €270 from my US bank account, which equaled somewhere around my daily ATM limit of $310. These days the maximum I can withdraw in a day is €220. The dollar amount withdrawn from my US account remains the same. That’s a 16% rise in cost of living in just two years.
Then there are the bank fees. Wells Fargo charges me a flat $5.00 for withdrawing money from a foreign ATM. This was an amount that I thought was absurd until I discovered that $5.00 is on the low end for a major bank. Most charge 3%, for which a $300 withdrawal ends up being around $9.00. We’ve gone from absurd to horrid. Not even Citibank that has branches in Italy offers lower rates.
The alternative is to go with a credit union as they typically have much lower fees, if any at all. Other than that tidbit of information I’m blissfully ignorant regarding the difference between a credit union and a normal bank. Anyone have any helpful advice regarding the pros and cons of credit unions?
Even with the large increase in my cost of living, I’ve kept business churning well enough that I get by and keep myself out of the soup kitchens. I’ve also been pimping myself lately towards the European market so that I can get paid in Euros, but the market isn’t nearly as bustling as the US market. I’ve even had one person from France scoff at the idea of paying in Euros since my business is US based. It takes all kinds.
Well you know… for us (in Sweden we don’t use the Euro but the dollar is just as weak here) it is cheaper to pay in dollars than in Euros. Go figure.
Huh, and here I thought all members of the EU used the Euro, aside from the UK.
I wouldn’t ask for Euros from a person that doesn’t use the Euro. On the other hand, I have no problem asking those that do. :-)
Boy do I hear you. Most of my income comes from the States which means I need to keep a bank account there and then cry every time I want to turn it into Euros here. I can’t help you on the credit union thing, but you’ve inspired me to think about it. Thanks :)