I need a $, but whens the best time to change currencies?

mangledbadgers

Emigrating to the States in Jan, any advice when the best time to change €3k into dollars would be...?

As far as I can see the Euro's been gradually sliding against the dollar since last week, and Spain hasn't helped things this morning. Do you think nows the time to change curriencies or hold off hoping the ECB make some intervention which might improve the rate?

Any advice appreciated?? :rolleyes:

[Jackass]

Personally (and don't take this as advice, as it's completely unqualified) I would change it as soon as possible, as it does seem that the Euro is due a large correction in value, and has been surprisingly stable considering all of the events in the E.U., particularly when you consider that there is (all be it very alarmist) murmurs of a total collapse of the currency, people will certainly hedge their bets by moving in to more stable currencies (but not necessarily the $).

The dilemma is what if there is news in the morning about a complete agreement between Governments and an entirely new monetary policy is devised? Such is the uncertainty at the moment. But historically, the current Euro exchange rate is only slightly below what could be expected to the dollar (usually floating around the $1.40 mark, currently $1.34), but I would imagine (again, don't take my advice, do some research, I'm not qualified to observe jack), that the currency will only get weaker over the medium term. It certainly won’t surge in value, so even if it goes up, you're not going to lose out majorly (in my opinion).

andrew

I think this forum will provide you with the kind of answers you seek. thread moved

Raskolnikov

There is no "best time" to change currencies. This time last year, everyone said Sterling was definitely going to parity with the Euro, completely wrong. Now, they're saying the Euro will be worth less than €0.80 on the £1. It's all speculation really. All you can really do is try to minimize your costs. I for one use a site called currencyfair.com where the spreads are much, much narrower than what a bank would offer.

I have no affiliation with the company, am merely a happy customer.

liammur

Raskolnikov wrote: »

There is no "best time" to change currencies. This time last year, everyone said Sterling was definitely going to parity with the Euro, completely wrong. Now, they're saying the Euro will be worth less than €0.80 on the £1. It's all speculation really. All you can really do is try to minimize your costs. I for one use a site called currencyfair.com where the spreads are much, much narrower than what a bank would offer.

I have no affiliation with the company, am merely a happy customer.

This is true, spreads and transaction costs. I have a few K worth of $ that I wouldn't mind getting rid of, been sitting in a press for a few years after a holiday.

Basq

FWIW - I got €1000 changed today at $1.3216 for €1.

coylemj

Basq wrote: »

FWIW - I got €1000 changed today at $1.3216 for €1.

An Post and BOI were 1.31 today, where did you get that rate?

Basq

coylemj wrote: »

An Post and BOI were 1.31 today, where did you get that rate?

AIB.

neil.p.b

OP, you could buy half now and half in January?

coylemj

Basq wrote: »

AIB.

Thanks, I'm a BOI customer and if I pay the FX person in the branch by swiping my BOI ATM card I can get dollars with no commission.

Were you charged commission by AIB and if not, do you know if it was because you paid by an electronic withdrawl from an AIB a/c?

If I went to buy dollars in a branch of AIB I'd have to pay cash, any kind of commission would probably negate that small difference in the FX rate.

Basq

coylemj wrote: »

Thanks, I'm a BOI customer and if I pay the FX person in the branch by swiping my BOI ATM card I can get dollars with no commission.

Were you charged commission by AIB and if not, do you know if it was because you paid by an electronic withdrawl from an AIB a/c?

If I went to buy dollars in a branch of AIB I'd have to pay cash, any kind of commission would probably negate that small difference in the FX rate.

I don't have the receipt in front of me now but I charged about €6 commission.. am thinking it was about €997 + €6 approx commission.

I paid by swiping my ATM card too, so AIB mustn't offer commission-free currency conversion!

Probably best to stick with BOI so!

Goldigga

I have been using currency fair since moving to the US 7 months ago as I still get paid in Euro and I find them really good. USD was 1.3431 on there today. Little bit of a pain to set up, but well worth it. Has saved me a lot on exchange rates over the last 7 months..