Euro Convert
 

I came back from Europe with 4000 Euros in cash and I need to change them to US dollars, I tried my bank but they will only buy them from me if I had purchased them from them which I didnt.

The local travelex can buy them from me for $1.17 but the real time exchnage rate is $1.28 so I loose $0.11 per euro, anyone have any idea where I can get a better exchnage rate?

Kasop

Welcome to the world of currency conversion - every time you exchange currency you lose! If it was a smaller number I'd advise either saving them for the next trip or selling them to a friend who is headed to Europe soon. But, I have to ask - 4000 Euros in cash is A LOT, how did this happen?

It was a gift from relatives, was unexpected but appreciated! I was hoping to take advantage of the good exchange rates this week, $1.28 +

Nice relatives! You're talking about quite a difference here. Leaving off other conversion charges, 1.17 gets you 4,680 and 1.28 5,120. If you were still in Europe I'd have advised you to get one of them to put the money into their account and to then transfer the money into your US bank account, even paying the transfer fee you'd come out ahead. Now that you're already here with the cash your options are limited. Someone else might have a bright idea.

Find friends, relatives, co-workers, etc. who are going to Euro-using places and sell the Euros to them. By cutting out the banks, you get more for your Euros while they pay less for them.

Ops, I am sorry, but I agree with a previous poster that you will lose some money, the question is how much. I wish I had a no cost solution for you but I do not. Do you have friends traveling at any time to Europe? Of course, a delay may help or hurt your financial situation. By the way, have you consulted your banker, done a google search, a search on FT, etc.?
Good luck

I would save the Euros. The dollar just keeps falling.

Another option would be to trade with someone going to Europe. Coupon Connection?

The $1.28 exchange rate you see is the interbank rate, which you as an individual will never get. The best rate you could get in a transaction (certain credit cards, for example) would be about 2.5 to 3 cents less (interbank +1%). Cash exchanges have an even lower exchange rate than that; Oanda lists the typical cash rate as interbank +4%.

As others have mentioned, your best bet would be to find someone who needs euros and make a deal.

If all else fails, you can just remind yourself that it was an unexpected gift and accept whatever amount you get as a nice little sum you didn't have before. :)

I called American Express platinum desk and they located an agency about 20 minutes away from me that would buy them from me at a little under $1.20 and a $3.00 transaction fee, so I went there and changed them already into US currency, you are right it was an unexpected gift and I sholdnt nickel and dime it, just be grateful for it! Anyway thanks for your advice and its all done now - I received about $4750 for my 4000 euros.
Now I just have to find a few relatives with sterling to give away :)

I think that would be against CC rules (no exchanges involving money - or something to that effect).