Rare Book Monthly

Articles - January - 2007 Issue

Take Control of Your Foreign Affairs, Part II

Don't settle for de facto exchange rates.

Don't settle for de facto exchange rates.


By Renée Magriel Roberts

In my December article I discussed some of the problems that we booksellers face in buying and selling overseas, with a specific focus on the expense and time involved in buying books from overseas sellers:
  • Vendors may want payments in their own currencies, either by wire transfer or by bank draft in their own currency. Or, if they are in Canada or the USA, they may prefer EFT/ACH electronic payments. What is the simplest way to initiate these transactions?
  • Third-party transactions in foreign currencies create timing issues. How can one guarantee that the exchange transaction will allow a reasonable profit?
  • How can costly bank fees and unfavorable exchange rates be avoided?
  • How can one eliminate the extra credit card charges incurred when dealing with foreign exchanges?
  • Time is money in our industry. How can we avoid the long lines at the bank and the do-overs from processes that are not efficiently set up?
  • How can we readily transfer funds between accounts in the USA and overseas at minimum expense and effort?
In order to begin solving these problems, we found we needed more control over the central process in any foreign purchase: the actual exchange to and from US dollars. By better understanding and controlling the process, we avoided just about all of the time and energy drains of doing business the old way.

Taking control of our foreign affairs started out with just getting better information on the current and ever-changing exchange rates. We began by using XE.com. A free and easy-to-use site, XE.com launched its flagship service, "The Universal Currency Converter"®, to dynamically calculate exchange rates among all 193 of the world's currencies. The XE payment system used to make trades, which we will describe later in this article, supports the 15 major world currencies:

* AUD Australia Dollars, * CAD Canada Dollars, * CHF Switzerland Francs, * DKK Denmark Kroner, * EUR Euro, * GBP United Kingdom Pounds Sterling, * HKD Hong Kong Dollars, * JPY Japan Yen, * MXN Mexico Pesos, * NZD New Zealand Dollars, * NOK Norway Kroner, * SGD Singapore Dollars, * SEK Sweden Kronor, * USD United States Dollars, and * ZAR South Africa Rand.

Using XE.com is extremely easy. You just plug in an amount in one currency and pick the target currency; the Currency Converter displays the result and the exchange rate used in the calculation. In addition the Universal Currency Converter will display the so-called mid-market rates for many other currencies. You can readily bookmark this site and use it whenever you wish, and there is also a library of free web tools to integrate the technology into your own site as a customer service.

Rare Book Monthly

  • Sotheby's
    Fine Books, Manuscripts & More
    Discover Upcoming Auctions
    Sotheby’s, Dec. 9: Coronelli, Vincenzo Maria. "Epitome Cosmografica." With the 6 circular celestial and terrestrial charts. 7,000 – 10,000 USD
    Sotheby’s, Dec. 9: Hurley, Frank. Collection of 69 photographs taken during Ernest Shackleton's Endurance Expedition. 80,000 – 120,000 USD
    Sotheby’s, Dec. 10: Sendak, Maurice. Original artwork for the inaugural "New York is Book Country" poster, 1979. 300,000 – 600,00 USD
    Sotheby’s, Dec. 10: [Brontë, Emily, and Ann Brontë] — Ellis Bell and Acton Bell. An outstanding survival of the sisters' debut novels Estimate. 90,000 - 130,000 USD
  • Bonhams, Dec. 18: A Very Fine Composite Atlas Magnificently Illuminated and Heightened with Gold in a Fine Contemporary Hand Throughout. $300,000 - $500,000
    Bonhams, Dec. 18: Saint-Exupéry's Revised Ending for Wind, Sand and Stars. $40,000 - $60,000
    Bonhams, Dec. 18: Edith Wharton's Gold Medal from the National Institute of Arts and Letters, 1924. $20,000 - $30,000
    Bonhams, Dec. 18: Salinger on the Glass Family and on Detachment. $10,000 - $15,000
    Bonhams, Dec. 18: Fanny Burney's Groundbreaking First Novel. Evelina, Or a Young Lady's Entrance into the World. $10,000 - $15,000
    Bonhams, Dec. 18: Kafka's Earliest Extant Piece of Writing. Autograph Note Signed ("Franz Kafka"). $10,000 - $15,000
    Bonhams, Dec. 18: Wagner Signed "Ride of the Valkries." $6,000 - $9,000
    Bonhams, Dec. 18: Dickens on the Death of Little Nell. $5,000 - $8,000
    Bonhams, Dec. 18: Sylvia Plath's Copy of Joy of Cooking. $4,000 - $6,000
    Bonhams, Dec. 18: Walt Whitman and Friends: Whitman to James Russell Lowell. $8,000 - $12,000
    Bonhams, Dec. 18: Walt Whitman and Friends: The Genesis of his Lincoln Lectures. $6,000 - $9,000
  • Fonsie Mealy’s, Dec. 11-12: A Rare Complete Run of the Cuala Press Broadsides. €5,500 to €7,000.
    Fonsie Mealy’s, Dec. 11-12: Rare First Edition of a Classic Work. [Stafford (Thos.)] Pacata Hibernia, Ireland Appeased and Reduced…, 1633. €1,500 to €2,000.
    Fonsie Mealy’s, Dec. 11-12: Yeats (W.B.) The Poems of W.B. Yeats, 2 vols. Lond. (MacMillan & Co.) 1949. Signed by author, limited edition. €1,250 to €1,750.
    Fonsie Mealy’s, Dec. 11-12: Fishing: Literal Translation into English of the Earliest Known Book on Fowling and Fishing, Written originally in Flemish and Printed at Antwerp in 1492. London (Chiswick Press) 1872. €1,500 to €2,000.
    Fonsie Mealy’s, Dec. 11-12: Fishing: Blacker's - Art of Fly Making, etc., Comprising Angling & Dying of Colours..., Rewritten & Revised. Lond. 1855. €250 to €350.
    Fonsie Mealy’s, Dec. 11-12: Joyce (James). Finnegans Wake,, London (Faber & Faber Ltd.) 1939, Lim. Edn. No. 269 (425) copies, Signed by the Author (in green pen). €3,000 to €4,000.
    Fonsie Mealy’s, Dec. 11-12: Synge (J.M.) & Yeats (Jack B.) illus. The Aran Islands,, D. (Maunsel & Co. Ltd.) 1907, Signed Limited Edn. €4,000 to €5,000.
    Fonsie Mealy’s, Dec. 11-12: Meyer (Dr. A.B.) Unser Auer -, Rackel-Und Birkwild und Seine Abarten, Wien (Verlag Von Adolph W. Kunast) 1887. €2,500 to €3,500.
    Fonsie Mealy’s, Dec. 11-12: Carve (Thomas). Itinerarium R.D. Thomas Carve Tripperariensis, Sacellani Maioris in Fortisima iuxta…,, Moguntia (Mainz) impriemebat Nicolaus Heyll, 1639. €1,500 to €2,000.
    Fonsie Mealy’s, Dec. 11-12: Grose (Francis). The Antiquities of Ireland, 2 vols. folio London (for S. Hooper) 1791. First Edition. €3,000 to €5,000.
    Fonsie Mealy’s, Dec. 11-12: Heaney (Seamus) & Le Brocquy (Louis) artist. Ugolino, D. (Dolmen Press) 1979, Signed Limited Edition No. 87 (125) Copies. €3,500 to €4,500.
    Fonsie Mealy’s, Dec. 11-12: Heaney (Seamus). Eleven Poems, Belfast (Festival publications - Queens University) [1965], First Edn., (First Issue) Signed. €2,500 to €3,500.
  • Bonhams, Dec. 17: Kelmscott Chaucer: The Finest Book Since the Gutenberg Bible. $60,000 - $90,000
    Bonhams, Dec. 17: Inscribed by William Morris to Edward Burne-Jones. Poems Chosen out of the Works of Samuel Taylor Coleridge. $10,000 - $15,000
    Bonhams, Dec. 17: Morris's Original Manuscript Title-Page Design for Rosetti. Ballads and Narrative Poems. $8,000 - $12,000
    Bonhams, Dec. 17: Printed on Vellum: The Founding of the Kelmscott Press. $30,000 - $50,000
    Bonhams, Dec. 17: Inscribed by William Morris to Edward Burne-Jones. Voragine, Jacobus De. The Golden Legend. $10,000 - $15,000
    Bonhams, Dec. 17: Inscribed by William Morris to Edward Burne-Jones. Lull, Ramon. The Order of Chivalry. $10,000 - $15,000
    Bonhams, Dec. 17: Inscribed by William Morris to Swinburne. Morris, William, translator. Tale of King Florus and the Fair Jehane. $4,000 - $6,000
    Bonhams, Dec. 17: Printed on Vellum: One of Only 15 Copies. Morris, William, translator. Of the Friendship of Amis and Amile. $15,000 - $25,000
    Bonhams, Dec. 17: Inscribed by William Morris to Rudyard Kipling. The Book of Wisdom and Lies. $10,000 - $15,000
    Bonhams, Dec. 17: William Morris Association Copy in Fine Binding. Morris, William. Child Christopher and Goldilind at the Fair. $8,000 - $12,000
    Bonhams, Dec. 17: Morris, William. 1834-1896. The Earthly Paradise. $6,000 - $9,000
    Bonhams, Dec. 17: Nuremberg Chronicle. Schedel, Hartmann. 1440-1514. $30,000 - $50,000
  • Dominic Winter Auctioneers
    Printed Books, Maps & Ephemera
    Printing Woodblocks by Thomas & John Bewick
    12 December 2024
    Dominic Winter, Dec. 12: Gell (William). The Topography of Troy, and its Vicinity, 1804. £2,000 to £3,000.
    Dominic Winter, Dec. 12: Low (David). The Breeds of the Domestic Animals of the British Islands, 1842. £1,500 to £2,000.
    Dominic Winter, Dec. 12: North America. Moll (Herman)..., This Map of North America..., circa 1725. £1,000 to £1,500.
    Dominic Winter Auctioneers
    Printed Books, Maps & Ephemera
    Printing Woodblocks by Thomas & John Bewick
    12 December 2024
    Dominic Winter, Dec. 12: Bible [English]. [The Holie Bible conteynyng the Olde Testament and the Newe, 1568]. £3,000 to £5,000.
    Dominic Winter, Dec. 12: Chaucer (Geoffrey). The Workes of Our Ancient and Learned English Poet, newly Printed, 1602. £1,500 to £2,000. £1,500 to £2,000.
    Dominic Winter, Dec. 12: Cuffee (Paul). Memoir of Captain Paul Cuffee, A Man of Color, Liverpool, 1811. £300 to £500.
    Dominic Winter Auctioneers
    Modern First Editions & Illustrated Books, Playing Cards, Toys & Games
    13 December 2024
    Dominic Winter, Dec. 13: Milne (A. A.) The House at Pooh Corner, signed limited edition, 1928. £3,000 to £5,000.
    Dominic Winter, Dec. 13: Huxley (Aldous). Brave New World, limited signed edition, 1932. £2,000 to £3,000.
    Dominic Winter, Dec. 13: Orwell (George). Animal Farm, 1st edition, 1945. £2,000 to £3,000.
    Dominic Winter Auctioneers
    Modern First Editions & Illustrated Books, Playing Cards, Toys & Games
    13 December 2024
    Dominic Winter, Dec. 13: Rowling (J. K.). Harry Potter and the Philosopher's Stone, 1st edition, 1st impression, 1997. £30,000 to £50,000.
    Dominic Winter, Dec. 13: Tolkien (J. R. R.) The Lord of the Rings, 3 volumes, 1st edition, 1954-55. £2,000 to £3,000.
    Dominic Winter, Dec. 13: Wells (H. G.) The War of the Worlds, 1st edition, 1st issue, 1898. £1,000 to £1,500.

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