cubsfan6506
Got u
If I were to change all my dollars to euros how would I go about doing this. Would this be a good idea? Are there any risks?
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Changing m dollars to euros
- Thread starter cubsfan6506
- Start date
Angst
Rambling and inconsistent
You could get yelled at by British people.
cubsfan6506
Got u
huh what would that do
skadistic
Caomhanach
Any big bank in a major city good do it. It would be foolish because you'll have money you can't spend. If you want to use it as a long term investment you can do so with a real a currency trader.
woody60707
Deity
I know at O'hare Airport, they have foreign currency exchange. They list all the foreign exchange rates, and what they buy and sale at.
Quite different from opening a foreign exchange trading account. Sure, you'd end up with money in your hands, but what good is it here? That and you pay a pretty penny (percentage-wise) to change your money at the airport counter and at the end of the day, if you're not going to the Euro zone and you have the cash, what are you going to do with it?
cubsfan6506
Got u
It's more I'm to lazy to invest it in anything. (Plus i've determined that wouldn't e ethical being a socialist and all.) So I decided to convert someof the money that I have saved that I plan on saving for a while where I can get a good rate percantage wise.
Hint: That's investing.
Your savings in a bank are used to lend out to others in exchange for a return on your investment.
cubsfan6506
Got u
I'm well aware that it's investing but not reall quite as immoral as me investing in a corporation
Banks also profit from it.
But you should look up some forex accounts that may be for you. I'll let the pros suggest particular programs.
cubsfan6506
Got u
Will you shut up. (Just kidding.)
warpus
Sommerswerd asked me to change this
The way I see it.. the biggest risk here is that this is a very bad idea.
Open an account with a currency trader (www.xe.com), deposit dollars in, buy Euros.
I doubt, long term, you're going to see a large return.
I doubt, long term, you're going to see a large return.
Furiey
No Longer Just Lurking
You may find that bills you pay from your account need to be from a dollar account. It works that way in the UK, my sister's husband gets paid in dollars but they have to have a £ account to pay the bills in this country from. I don't think you can write a foreign currency cheque either. You'll also get stuffed with exchange rate charges everytime you need to change money back to dollars.
Sir Matzee
Warlord
- Joined
- Feb 12, 2008
- Messages
- 146
In short term i will tell you it's quite stupid given that you will lose only time and money.
In long term it should be a good idea in particular if you wanna open a business EU/USA
Currency trading is not investing or saving, it's gambling.
If you want to save the lazy man's way, take a few moments to search for a higher interest savings account or a money market fund.
It's a dangerous game putting your money into a currency different from the one you live and operate in. My RRSP took a massive hit last year since I had the majority of my money in equities outside of Canada. The equities themselves did well, by the skyrocketing value of the Canadian dollar ate up those gains and more.
If you want to save the lazy man's way, take a few moments to search for a higher interest savings account or a money market fund.
It's a dangerous game putting your money into a currency different from the one you live and operate in. My RRSP took a massive hit last year since I had the majority of my money in equities outside of Canada. The equities themselves did well, by the skyrocketing value of the Canadian dollar ate up those gains and more.
JerichoHill
Bedrock of Knowledge
Buy into a currency ETF instead. Unless you have a ton of money or are a sophisticated investor, currency speculation is a highly difficult gambit
Jawz II
Oh Dear
How do you know that?
I'm not saying youre wrong, I'm just really curious.
You think when Bush leaves office that'll help the dollar? is that it?
I know that from looking at a US Dollar to Euro exchange rate diagramm. As to why the dollar should strengthen again - not really sure but I've heard that the current administration favors a weak dollar and thus influences it in that direction - that might change in some time.
Additionally, the export industry in Europe (especially Germany) is losing at lot of money due to the low dollar, so there's some incentive to change status quo.
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