EURO
 

Just checked on the euro & it is looking good. Or should I say "better".

I am thinking of buying some when it gets around 135 .... Any opinions ?

I checked today as well and the rate is better than a week ago. I won't need any until the end of the month so I'm going to monitor the rates every couple of days until then, before I buy any.

I am leaving for Ireland Thursday, nice.

It could actually get better. I wouldn't buy any in advance.

How much will it cost you to buy at 1.35? My guess is it'll cost you about 7%. If I use my ATM card in Europe it costs me 0 to 1% over the online rate.

The Euro is doing poorly lately, not a surprise considering the situation, the Swiss Franc is stronger not a surprise considering they were clever enough not to join the EU, great people the Swiss if there is a democracy they are one, no taxes imposed without a vote of the people, and look at the other countries less freedom each day that passes. MOre debt that they can cope with.They do not deserve it.
I cry for most of Europe.

Tje UK was smart enough not to join the euro and the £ has slipped under the $1.60 benchmark so to speak. But you know something, that doesn't mean next weak it won't be back up and the same holds for the euro. It's like any other financial transaction...you buy a stock at today's price. You don't know (unless you are an insie trader and are doing something illegal) whether the stock will be higher, lower or the same three weeks from now. Wait till you get there. Use an ATM which doesn't charge any fees for accessing your money and que sera sera.

The euro is getting beat up right now. A lot of pressure on the debt of the PIIGS. Germany and France are unwilling or unable to provide the kind of leadership needed to stem the crisis. Without the introduction of eurobonds, the euro is pretty much toast.

Hi ddd,

>I am thinking of buying some when it gets around 135 .... Any opinions ? <

How many millions of euro are you planning on buying?

Hi Ira ...

I was thinking about 2 or 3 million euros. What do you think ?

Buy low sell high. I suggest Third Reich bonds. =)

To all you non arrogant americans out there, I know there a quite a few of you. A greek default would be a problem for the big US banks mainly, but anyway. Be prepared there's not that much time left. I tripled the worth of my assets since 2008 simply by buying the right things, yet they're still worth no more than when I bought them, it's just the $ that has gone down. Be prepared for a total crash of the USD. Make sure you have a home you can afford whatever the bank says. Make sure you have food. It'll become really expensive. If you don't have a job, the government will not be able to support you, you need alternatives. Greece is all about the dollar, be wise, don't spend more than you have.

The swiss franc has been pegged to the € in the last week, avoid that too. If you can get silver coins, they'll keep their value until after the crash. Don't be a fool an listen to folks around here that bash the €. It's not the problem. Get some stuff that is real.

An yes, don't listen to them, they don't know a thing!

<i>
logos999 on Sep 10, 11 at 5:46pm
</i>
I am stocked up on wine. I guess I need to buy a case of tuna fish and a shotgun.

>I tripled the worth of my assets since 2008 simply by buying the right things, yet they're still worth no more than when I bought them, it's just the $ that has gone down.<

I didn't know that the Euro had tripled against the dollar since 2008.

Live and learn

Hey ddd,

You realize that when you buy a few hundred Euro in the US you will pay about 7% commission, so the Euro would have to rise 7% for you to break even?

If you want to buy a few million E, the brokerage fee drops significantly.

Leave currency trading to the currency traders.

Enjoy your visit.
((I))

I think the question here is not about speculating, but about getting euros for a trip. As someone said, if you are going to buy them in the US, you'll have to pay an exchange fee, so it may not be as good a deal as you think.

Then you have to carry those hundreds of Euros around with you when you travel. Not such a good idea, IMO.

And who knows what the Euro will be when you go?

Say logos...if we had listened to you a couple of years ago, one would think the euro would be worth $3 by now......nobody knows of course what the future holds.

I still have some things to pay for so am waiting until Wed, just one tour and my rt tickets back and forth to the airports. I prepaid for my Edinburgh apartment and it was not even that bad. Love paypal for that. I have euro from last trip to Germany but will be nice for the Dublin hotels that I pay for with a credit card. MORE Guinness money. Hey, even Canada is doing better than us with their money.

Ira ... My bank charges me around 3% for euro exchange. If it gets to 135 or below, I will be buying at that time. It will be better for me than buying at 148 or more. Still not that big of deal... but better. Thanks

deedeedee:

No - you won't save any €€/$$. The $ will have to sink dramatically to come close to breaking even.

And w/ the problems in several eurozone countries, it is just as likely the € will tank.

Buying the small amounts of currency you are talking about (whether it is rising or sinking) seldom benefits anyone other than the bank.

Thanks ... Janisj

The plunge continues and I'm holding off buying for as long as I can. Between last Friday and today, I've saved $552.00 between what it would have cost me then and today (Tues).

I have to do a money transfer by Thursday so will buy about 2/3 of what I need by then, but the rest in cash can wait until the end of the month. Wonder how low it will go by then. Today's rate was just a few points between the lowest its been in the past 120 days, on July 21st. The highest was in August.

Sorry, a typo : "Today's rate was just a few points ABOVE the lowest..."

Even if you are a professional currency speculator at the Chicago Mercantile Exchange any bet on the euro is a crap shoot. When Germany supports the Greeks the euro will bounce back up.

Hey ddd,

>Ira ... My bank charges me around 3% for euro exchange. <

That would mean that the price would be $1.41.

If that is the price, please give me the name of your bank.

((I))

Yes, please DeeDee, what bank do you use?

Byrd

If Germany (and France) support Greece, IF being the operative word. Their populations are more and more reluctant to sink their hard won funds into countries notorious for tax avoidance and wasteful spending of Euro grants. I would be exercising great caution in purchasing Euros too far in advance. This monetary situation is unprecedented and the Eurozone faces so many "unknown unknowns" that travellers will need to exercise that caution. Paying by credit card on arrival (where possible) and using fee free ATMs (talk to your bank) while away would be my suggestions.

Mathieu, if $552 is your savings, I guess you will be carrying a staggering amount of Euros around with you. Frankly, I would not take that risk.

I was doing a Euro wire transfer Charnees, not buying cash.
I will need some cash which I'll buy later in the month.

Hey ddd,
>Ira ... My bank charges me around 3% for euro exchange. <
That would mean that the price would be $1.41.
If that is the price, please give me the name of your bank.

Byrd on Sep 14, 11 at 1:25pm
Yes, please DeeDee, what bank do you use?
Byrd

I'm wondering which bank only charges 3% too.

My bank, State Employee's Credit Union in North Carolina, charges no fee.

Do they give you the interbank rate listed on xe or oanda for that day or charge a much higher rate which equals a hidden fee?

My credit union gives me the interbank rate when using an ATM or charge card in another country, but they do not order euro in. I live in a small town and most banks here do not keep euro.

The interbank rate listed on xe or oanda for that day, no hidden fee.

I can;t see how any bank/on-line bank could sell you euros at an interbank rate. This rate is meant for transactions in the millons/billions. I don't see how they would make money. Am I missing something?

Also, any currency transaction has two componenets, the fee and the exchange rate. Just because an institution charges a low or no fee, does not mean that they don't make their profit by playing with the exchange rate. They control BOTH.

It seems that some people think the exchange rate is a fixed number, so when they go to Joe's Forex or Michel's Bureau de Change, there will be the same exchange rate. Nope.

You are correct on all counts Michel_Paris.

By the way, I'm coming to Michel's Bureau de Change. I hear they have the best rates...

I've asked my bank in every way I can phrase the question about fees, they say no. My son that works there says no fees. I'll yet you know later in the week, as we're buying a few. I'm not arguing with anyone, just relaying what I've been told. We'll see if they're being completely forthcoming.

Mathieu,

I have special rates for my Canadian friends :)

@Michel : Thats what I was counting on ! :)
Actually Mike was going to drop you a line to ask you some info for an upcoming trip. Unfortunately I seem to have misplaced your e-addy though I think I remember what it is. Is there a '.' between your first and last name ? and is it'.com' or '.ca' ?

@Mathieu
yes and com. Should work, my company split into two recently.

>>>I can;t see how any bank/on-line bank could sell you euros at an interbank rate.<<<

It's not a bank, it's a credit union. Big difference.

>>>Am I missing something?<<<

Yes, credit unions do not operate the same as banks and don't charge many of the fees that banks do.

>>>Mathieu on Sep 18, 11 at 10:19am
You are correct on all counts Michel_Paris.
By the way, I'm coming to Michel's Bureau de Change. I hear they have the best rates..<<<

Most of us on these threads that regularly travel to Europe (just got back Wed.) know the difference between a buy/sell rate. We also know whether we are getting the interbank rate or not and if there are any fees tacked on.

Most credit unions do not tack on fees (a few will add 1%). When my statements arrive from my credit union, for my credit cards and checking accounts (often called share accounts as you are a share holder and have the right to vote on credit union matters) after I return from a trip, I can go on FX or Oanda and enter the dates of each transaction on their history calculator. That pulls up the interbank rate for that particular date. I'm always charged the interbank rate.

deedeedee said bank (not credit union) which made me curious as I've never heard of a good exchange rate from a bank.