| View previous topic :: View next topic |
| Author |
Message |
DoctorPayne
Joined: 10 Nov 2004
Posts: 72
Location: Some forest in Canada
|
 Posted: Fri Nov 12, 2004 5:29 am Post subject: |
 |
|
| I think we should make up some SARS propaganda to disrupt the Canadian economy again. That should help drop the dollar. And the American media will love it... |
|
| Back to top |
|
 |
king kakipi
Joined: 16 Feb 2004
Posts: 353
Location: Australia
|
| Posted: Fri Nov 12, 2004 1:53 pm Post subject: |
|
|
| Quote: |
| I have an ING Direct account in Canada and I periodically transfer money into that and get 2.25% interest. Not great, but better than .01% in Japan. Most of my money, however, is going to Oz for tuition fees |
Gordon mate, try and set up an ING Direct account in Oz then; you'll get 4.75% |
|
| Back to top |
|
|
king kakipi
Joined: 16 Feb 2004
Posts: 353
Location: Australia
|
|
| Back to top |
|
|
Gordon
Joined: 28 Jan 2003
Posts: 5309
Location: Japan
|
| Posted: Sat Nov 13, 2004 12:52 am Post subject: |
|
|
 Wow! I guess it could be worse. US accounts offer a mighty 1%
http://www.ingdirect.ca/en/acct_rate/pd_usdisa.html
It is a reflection of the economy and the prime rates the banks set. Oz must be doing well right now. I remember when it is was 5.5% in Canada too. |
|
| Back to top |
|
|
zoubaidah
Joined: 03 Jul 2004
Posts: 20
|
| Posted: Sat Nov 13, 2004 2:16 am Post subject: |
|
|
Billy, are you suggesting we should send our monry home every couple of months? I never thought of doing that, I'm such a bunny about the whole subject. Is it expensive to transfer money internationally?
Zee |
|
| Back to top |
|
|
worldwidealive
Joined: 03 Mar 2004
Posts: 84
|
| Posted: Sat Nov 13, 2004 3:30 am Post subject: |
|
|
| What Billy is saying is true based on the law of averages. If you send a little home at a time, you can ride the ups and downs of the exchange rate. But, as you mention, it is a double edge sword, because the fees involved can zero out (or worse) any advantage by doing it this way. |
|
| Back to top |
|
|
Laura C
Joined: 14 Oct 2003
Posts: 211
Location: Saitama
|
| Posted: Sat Nov 13, 2004 7:09 am Post subject: |
|
|
I send money home every month via the post office, only costs 700 yen. I send it directly to my bank account in Ireland. I might make a little more by waiting, but I'd rather send it every month as then it's gone and I can't spend it on shoes...The post office is a good deal to send money home, I think.
L |
|
| Back to top |
|
|
Mike L.
Joined: 28 Feb 2003
Posts: 519
|
| Posted: Sat Nov 13, 2004 8:44 am Post subject: |
|
|
| Quote: |
| What Billy is saying is true based on the law of averages |
When it comes to thinkgs like the stock market and currency exchange rates I don't think any kind of law or pre-conceived ideas are good ways to make your financial decisions.
Just my 2 cents..... |
|
| Back to top |
|
|
JimDunlop2
Joined: 31 Jan 2003
Posts: 2286
Location: Japan
|
| Posted: Mon Nov 15, 2004 2:10 am Post subject: |
|
|
Just as a reply to the poster's original question and to revisit this topic... I did the math for my own situation, and determined that based on the 160,000 yen my wife and I remit to Canada each month, we lose approximately $142 CDD with the exchange rate at 90 instead of 84 like it was months ago.
I think it would take a little more than that for us to bail considering the average amount of our monthly remittance. It's not to say I'm at all happy about the pay cut, but it really isn't so much when put into perspective.
JD |
|
| Back to top |
|
|
canuck
Joined: 11 May 2003
Posts: 1921
Location: Japan
|
| Posted: Mon Nov 15, 2004 3:50 am Post subject: |
|
|
| I don't know...it's almost 8%. The figure of 84 is a generous one too, as it was in the 70s not too long ago. I was in the same boat sending money home, however, I've decided to hold on to it in yen from now on and gamble on improvement of the yen or depreciation of the dollar. |
|
| Back to top |
|
|
JimDunlop2
Joined: 31 Jan 2003
Posts: 2286
Location: Japan
|
| Posted: Mon Nov 15, 2004 4:28 am Post subject: |
|
|
Well, if you can afford to do it.. Maybe hanging on to your cash is a better investment... But for people like us who have monthly debt obligations back home, there's little choice.
Impossible to know what it's going to look like a few months from now. |
|
| Back to top |
|
|
brianhh
Joined: 08 Oct 2004
Posts: 4
|
| Posted: Tue Nov 16, 2004 5:35 am Post subject: Doesn't it make sense |
|
|
| Am I the only one who thinks you should exchange your money to the most advantegous currency? Seriously, if buying USD is the best choice now, then buy them and exchange again when you go back to where you come from. Unless you're exchanging for some really unstable currency just buy USD like the rest of the of the world does. Does this not make sense? There are people on wall street who do this every day for a living... |
|
| Back to top |
|
|
JimDunlop2
Joined: 31 Jan 2003
Posts: 2286
Location: Japan
|
| Posted: Tue Nov 16, 2004 5:50 am Post subject: |
|
|
Um.. See my question back on page 1 and Gordon's reply to it....
I was thinking along the same lines. |
|
| Back to top |
|
|
Mike L.
Joined: 28 Feb 2003
Posts: 519
|
| Posted: Tue Nov 16, 2004 6:35 am Post subject: |
|
|
| Quote: |
| Am I the only one who thinks you should exchange your money to the most advantegous currency? Seriously, if buying USD is the best choice now, then buy them and exchange again when you go back to where you come from. Unless you're exchanging for some really unstable currency just buy USD like the rest of the of the world does. Does this not make sense? There are people on wall street who do this every day for a living... |
Every time you make a currency trade you take a hit. They charge you a fee. As a small fish you're not going to get the best rate either.
You would lose a considerable amount of cash changing from Yen to USD into your home currency.
BYW the USD is that unstable currency you speak of. It's starting tank against other major currencies.
Some recent issues of T-bills were not the hot commodoties they once were.
If foreign central banks and investors stop buying T-bills look out! The dollar could plunge.
The people on Wall Street are not the peole in this board they can long / short / hedge with stocks, futres currencies (?) whatever they like and do so with vast quantites of capitla behind them.
Very diffcult to judge things these days with the U.S dollar in flux... |
|
| Back to top |
|
|
Gordon
Joined: 28 Jan 2003
Posts: 5309
Location: Japan
|
| Posted: Tue Nov 16, 2004 10:03 am Post subject: Re: Doesn't it make sense |
|
|
| brianhh wrote: |
| Am I the only one who thinks you should exchange your money to the most advantegous currency? Seriously, if buying USD is the best choice now, then buy them and exchange again when you go back to where you come from. Unless you're exchanging for some really unstable currency just buy USD like the rest of the of the world does. Does this not make sense? There are people on wall street who do this every day for a living... |
I'm not sure how many times you have exchanged money or with how many different currencies. I have done it probably 400 times with 40 different currencies. Believe me, the more times you exchange, the worse off you are. Just go to a currency exchange office and look at the differences between the buy and sell rate. Often the difference is about 8%, sometimes 12%. That means the office is making 4-6% of your money for each transaction you make. If you change twice, you will lose 8-12% at a minimum.
BTW, the people on wall street are using someone else's money and they are not paying that 8-12% either. They get a .5% difference. What they do and what we do is like comparing apples and oranges. |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
