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jondepoer
Joined: 02 May 2010
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 Posted: Sun May 01, 2011 4:20 pm Post subject: Canadians: Planning to save in USD? |
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I've watched with dismay as the Canadian dollar (and Aussie dollar, for that matter) have soared in comparison to the US dollar. 1,068 vs. 1129. And it's supposed to stay that way in the long term.
So, Canadians/Aussies, are you planning to keep your savings in US dollars? I've considered it, but I'm afraid it will take years for the US dollar to recover.
Any thoughts? |
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Ramen
Joined: 15 Apr 2008
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| Posted: Sun May 01, 2011 6:18 pm Post subject: Re: Canadians: Planning to save in USD? |
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| jondepoer wrote: |
I've watched with dismay as the Canadian dollar (and Aussie dollar, for that matter) have soared in comparison to the US dollar. 1,068 vs. 1129. And it's supposed to stay that way in the long term.
So, Canadians/Aussies, are you planning to keep your savings in US dollars? I've considered it, but I'm afraid it will take years for the US dollar to recover.
Any thoughts? |
don't unless you plan to live in the u.s.  |
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NSMatt
Joined: 29 Dec 2008
Location: London
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| Posted: Sun May 01, 2011 10:12 pm Post subject: Re: Canadians: Planning to save in USD? |
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| jondepoer wrote: |
I've watched with dismay as the Canadian dollar (and Aussie dollar, for that matter) have soared in comparison to the US dollar. 1,068 vs. 1129. And it's supposed to stay that way in the long term.
So, Canadians/Aussies, are you planning to keep your savings in US dollars? I've considered it, but I'm afraid it will take years for the US dollar to recover.
Any thoughts? |
The profit on the exchange rate is not that significant, especially because you are changing the money twice - first to US then to Canadian.
For every penny on the dollar change you will make 100 dollars on 10,000. A pretty modest return IMO. Factor in inflation and you're making even less. You would be in a much better position if you bought dividend paying US stocks. Then you can profit from the exchange rate, the stock price, and the dividend. Buy something with long term stability (buy what Buffet buys) or even mutual funds if you know nothing of stocks. At least you'll get some kind of return on top of the exchange. |
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chungbukdo
Joined: 22 Aug 2010
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| Posted: Mon May 02, 2011 1:29 am Post subject: |
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| Would rather save in an appreciating currency rather than a depreciating currency. |
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jondepoer
Joined: 02 May 2010
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| Posted: Mon May 02, 2011 6:18 am Post subject: |
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| You make an excellent point about the poor return. I get a little obsessed with watching the exchange rate, but I guess it really doesn't matter that much outside of major dips. |
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NSMatt
Joined: 29 Dec 2008
Location: London
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| Posted: Mon May 02, 2011 7:37 am Post subject: |
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| jondepoer wrote: |
| You make an excellent point about the poor return. I get a little obsessed with watching the exchange rate, but I guess it really doesn't matter that much outside of major dips. |
It is completely reasonable to watch for the best rate. 1 penny on the dollar is still good money when you are dealing in the thousands. You should open a KEB Global Account (multi-currency), then you can change your won into dollars when you feel the rate is good and just leave it there. |
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crossmr
Joined: 22 Nov 2008
Location: Hwayangdong, Seoul
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| Posted: Mon May 02, 2011 3:26 pm Post subject: |
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| Quote: |
| It is completely reasonable to watch for the best rate. 1 penny on the dollar is still good money when you are dealing in the thousands. |
No, it's really not. $10 on the thousand, isn't something you could really be losing sleep over.
It's 1%.
Now if you were talking 5-10% then it would be something to pay attention to. |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Mon May 02, 2011 6:27 pm Post subject: |
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| What sites do you guys watch for exchange history and such? |
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freddy teacher
Joined: 01 Jan 2011
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| Posted: Mon May 02, 2011 6:55 pm Post subject: |
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| Captain Corea wrote: |
| What sites do you guys watch for exchange history and such? |
they are either looking at the wrong sites or they have no idea what they are talking about....
in the last 2 years (to date), the american-canadian exchange has shifted about 22% (in favour of the canadian dollar).
just in the last 4 months the Canadian dollar gained about 5% over the usd. i can see the usd going back to par in the near future, and maybe even a little above.
anyway, its not 1%. and for people like me that have a lot of key money, no debt, and save most of their salary, that can translate into thousands...
i would kindly ask that people who have no idea what they are talking about stop posting, but i know that wont happen as this website thrives from useless information... |
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NSMatt
Joined: 29 Dec 2008
Location: London
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| Posted: Mon May 02, 2011 7:24 pm Post subject: |
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| crossmr wrote: |
| Quote: |
| It is completely reasonable to watch for the best rate. 1 penny on the dollar is still good money when you are dealing in the thousands. |
No, it's really not. $10 on the thousand, isn't something you could really be losing sleep over.
It's 1%.
Now if you were talking 5-10% then it would be something to pay attention to. |
How did you hear 'losing sleep' when I said 'watch'? I keep the app on my desktop and change on a good day. 1% is 10 but 2 or 3% is 20 or 30. Multiply this by a a few thousand dollars at a time and you're saving 100 bucks every time. Im happy to save 100 dollars per trade by going on the right day.
My earlier post discouraged currency trading through multiple currencies but there is nothing wrong with watching the trends and changing on a good day. |
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crossmr
Joined: 22 Nov 2008
Location: Hwayangdong, Seoul
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| Posted: Mon May 02, 2011 7:32 pm Post subject: |
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| NSMatt wrote: |
| crossmr wrote: |
| Quote: |
| It is completely reasonable to watch for the best rate. 1 penny on the dollar is still good money when you are dealing in the thousands. |
No, it's really not. $10 on the thousand, isn't something you could really be losing sleep over.
It's 1%.
Now if you were talking 5-10% then it would be something to pay attention to. |
How did you hear 'losing sleep' when I said 'watch'? I keep the app on my desktop and change on a good day. 1% is 10 but 2 or 3% is 20 or 30. Multiply this by a a few thousand dollars at a time and you're saving 100 bucks every time. Im happy to save 100 dollars per trade by going on the right day.
My earlier post discouraged currency trading through multiple currencies but there is nothing wrong with watching the trends and changing on a good day. |
Most teachers are only ever going to send around $10000 once a year. It's hardly worth the time investment and calculation for 1%.
Even 2 or 3% is a pretty trivial amount.
you won't be getting the exact exchange rate, and then you're gambling twice. Once to get it to the USD and then once to get it further into another currency. |
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Ramen
Joined: 15 Apr 2008
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| Posted: Mon May 02, 2011 9:35 pm Post subject: |
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a while back when us$ to won exchange rate was swinging wildly, i made nearly 4 million won (around $3,500) over a few months with only us$20,000.
like someone said, if you been in korea long enough, you'd know when to speculate and make some quick doe. |
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ssuprnova
Joined: 17 Dec 2010
Location: Saigon
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| Posted: Tue May 03, 2011 12:16 am Post subject: |
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| Yes, exchanged all my won into US dollars yesterday @ 1075KRW/1$USD. Chances are it'll bounce back to 1200 in a few months. |
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Swampfox10mm
Joined: 24 Mar 2011
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| Posted: Tue May 03, 2011 1:03 am Post subject: |
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| Ramen wrote: |
a while back when us$ to won exchange rate was swinging wildly, i made nearly 4 million won (around $3,500) over a few months with only us$20,000.
like someone said, if you been in korea long enough, you'd know when to speculate and make some quick doe. |
The Korean gov't despises this, but it feels oh so good. |
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NSMatt
Joined: 29 Dec 2008
Location: London
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| Posted: Tue May 03, 2011 3:27 am Post subject: |
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| crossmr wrote: |
| NSMatt wrote: |
| crossmr wrote: |
| Quote: |
| It is completely reasonable to watch for the best rate. 1 penny on the dollar is still good money when you are dealing in the thousands. |
No, it's really not. $10 on the thousand, isn't something you could really be losing sleep over.
It's 1%.
Now if you were talking 5-10% then it would be something to pay attention to. |
How did you hear 'losing sleep' when I said 'watch'? I keep the app on my desktop and change on a good day. 1% is 10 but 2 or 3% is 20 or 30. Multiply this by a a few thousand dollars at a time and you're saving 100 bucks every time. Im happy to save 100 dollars per trade by going on the right day.
My earlier post discouraged currency trading through multiple currencies but there is nothing wrong with watching the trends and changing on a good day. |
Most teachers are only ever going to send around $10000 once a year. It's hardly worth the time investment and calculation for 1%.
Even 2 or 3% is a pretty trivial amount.
you won't be getting the exact exchange rate, and then you're gambling twice. Once to get it to the USD and then once to get it further into another currency. |
The exchange rate moved 4% in the last 6 weeks and has varied about 13 cents over the last 12 months. I advised against trading through multiple currencies but will reiterate my support for watching the rate. I see the rate on my desktop every day and change my balance online when it's good. Hardly a 'time investment'. People will go on strike for a simple 2-3 percent raise in salary, Im happy to take it for doing nothing. |
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