Euro to C Dollar Appreciating Rapidly

NewsMeQuick

I'm stunned no one else has mentioned this here yet...

What is going on with the exchange rate? Is it the free trade deal?

I'll be heading over shortly after Christmas and I'm budgeting now. The Euro appreciating rapidly against the C Dollar is great for us...it really makes all the difference for our funds. The Euro appears to be gaining about 1c per day. Have a look at the 5 day trend on Yahoo Finance:

http://ca.finance.yahoo.com/q/bc?s=EURCAD=X&t=5d&l=on&z=m&q=l&c=

iamstop

I use www.xe.com

Anyway, it's pretty **** for me, I've a credit card back home in Euros to pay off. Earning decent enough Canadian Dollars though.

NewsMeQuick

Yeah I use XE too.

Let's hope for the next IEC the exchange rate at least holds this high. When we're talking thousands of Euro converting...it really adds up. 1c per day for the past week is seriously useful on our side.

retalivity

Its a balls.
Im sitting in toronto airport on my way home with thousands in cash and bank drafts. Not going to deposit or exchange in ireland til it gets to at least .75. Been waiting for the past 2 months for it to go down but it just kept going up and up

ciaran67

retalivity wrote: »

Its a balls.
Im sitting in toronto airport on my way home with thousands in cash and bank drafts. Not going to deposit or exchange in ireland til it gets to at least .75. Been waiting for the past 2 months for it to go down but it just kept going up and up

Good luck back home R.

Pendulum always swings back. Mind you, when i first came here there pound was 2.49 to the dollar!

montreal2011

It's more that the Canadian dollar is falling than the Euro is rising I think. The Canadian dollar is expected to continue to fall from what I've read.

Canadian Dollar Overvalued By 10 Per Cent, World Economics Says

el diablo

Hmm, this is not good. Time to start using my Irish credit card more regularly I reckon. :P

iamstop

el diablo wrote: »

Hmm, this is not good. Time to start using my Irish credit card more regularly I reckon. :P

Whu? I'm not sure you get this. If you are in Canada earning CAD but spending EUR you are going to have to earn MORE dollars to pay off the same amount. If anything you want to switch to a Canadian CC.

el diablo

iamstop wrote: »

Whu? I'm not sure you get this. If you are in Canada earning CAD but spending EUR you are going to have to earn MORE dollars to pay off the same amount. If anything you want to switch to a Canadian CC.

You are wrong. And I am not using money I've earned in Canada to pay my credit card bills.

If I spend CA$1,000 on my credit card it will cost me 696.95 euro (at the current rate of 1.4377).

If I spend CA$1,000 at a rate of 1.36 (as it was earlier on in the year) it will cost me 735.29 euro.

iamstop

Are you in Ireland? You want to buy Canadian goods with your Irish CC?

el diablo

iamstop wrote: »

Are you in Ireland? You want to buy Canadian goods with your Irish CC?

I'm in Canada. No need to over-analyse it.

iamstop

You are really bad at explaining things.

el diablo

iamstop wrote: »

You are really bad at explaining things.

And you appear to struggle with very basic concepts.

retalivity

i am in ireland now with a couple thousand canadian dollars if anyone is interested in buying at a rate slightly better than the banks...

Had to deposit some last week, only got 69c for $1. Killed me.

NewsMeQuick

Well, cancel that. Whatever was the cause of the rapid change, it has reversed. It's back at 1.40 CAD per €1.

iamstop

el diablo wrote: »

And you appear to struggle with very basic concepts.

If you already have Euros to pay your CC then it makes sense. How else?

el diablo

iamstop wrote: »

If you already have Euros to pay your CC then it makes sense. How else?

Yes, my Irish credit card is paid by direct debit from my Irish current account each month.

NewsMeQuick

1.46 . Is it worth using Currency Fair now, ahead of getting the visa? That's €10 cheaper per month to live over there.

http://ca.finance.yahoo.com/q/bc?s=EURCAD=X&t=5d&l=on&z=m&q=l&c=

retalivity

for anyone that is going over, now is the time to buy using currencyfair or even direct from the bank. I still can't believe the canadian dollar is so high vs the euro....im still stuck here with a load of dollars i am waiting to convert when the rate comes back down

armadillo86

retalivity wrote: »

for anyone that is going over, now is the time to buy using currencyfair or even direct from the bank. I still can't believe the canadian dollar is so high vs the euro....im still stuck here with a load of dollars i am waiting to convert when the rate comes back down

Can you buy Canadian dollars through CF without having a Canadian bank account yet? Not really sure how the whole Currency Fair thing works.

NewsMeQuick

retalivity wrote: »

for anyone that is going over, now is the time to buy using currencyfair or even direct from the bank. I still can't believe the canadian dollar is so high vs the euro....im still stuck here with a load of dollars i am waiting to convert when the rate comes back down

Yep I took a look at the rate for this week last year, it was about 1.26. Going now instead of a year ago turns out about €100 cheaper on the living expenses that I've been estimating...holy sh.

retalivity

Karbolt wrote: »

Can you buy Canadian dollars through CF without having a Canadian bank account yet? Not really sure how the whole Currency Fair thing works.

think you need a canadian account on the other side to move the money out of, not sure how long you can leave the money sitting with currencyfair if you wanted to end it now and pick it up in canada after you move over and get an account opened

NewsMeQuick

What way is the best for capturing the value of the better exchange rate ahead of going over to Canada for the first time?

The rate has improved quite a bit compared to what I was basing my savings on. That will make a huge impact on affordability and standard of living - if you can capture the rate now.

What's the best way of doing it though? Currency Fair say that you can only withdraw the foreign currency in it's home country - which means I would have to wait until I arrive in Canada, set up an account to access it. It's not the worst option, but perhaps not the best? Even riskier, would be using one of those forex specialists in the airport. But they don't do accounts, you would withdraw a large sum in hand I suppose? That's better for hopping on an aeroplane with holiday/trip money. I'm due a call back from my bank about a currency deposit account. That's one way I think you could hold CAD in an Irish bank.

My hope is to exchange at this good rate and store it in a bank and transfer once I'm set up on Canadian side.