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canuck
Joined: 11 May 2003
Posts: 1921
Location: Japan
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 Posted: Tue Nov 16, 2004 12:21 pm Post subject: Re: Doesn't it make sense |
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| Gordon wrote: |
| 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. |
You're absolutely right on this one.
If you use the Lloyds service to Canada, it's 2000 yen on this end and another $10 from you bank in Canada just to send money. If you're sending a lot of money it's a smaller percentage that if you were sending only 80,000 etc. |
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