At a rate of say 1.26 dollars for a Euro, Travelex, for their card, wants 1.42 dollars for a Euro. Wells Fargo wants 1.33 dollars for a cash Euro. These rates seem excessive.
I,d like to start buying Euros early for Oct 2009 to Hedge against big Euro gain on dollar in 2009.
Your thoughts on where to buy please.
This has been thoroughly discussed as recent as a couple of weeks ago. Either scan back or use the search box to find the discussions.
Won't you kick yourself in the butt if the dollar goes up against the euro and here you have bought all those euros at a higher rate? Do you have an inside scoop on the dollar versus euro rate? Cause if you do, there are thousands of foreign currency buyers and speculators that are gonna want to talk to you.;-)
Michael.....I spent some anxious time before our trip in October debating on whether or not to buy euros in advance. The 2 best places I found for the exchange rate were Wells Fargo and Bank of America. In the long run, I never got around to buying them and was glad I didn't as the exchange rate dropped even more in the last few days before we left and then while we were there. That being said, I would just keep an eye on the price of oil. If the price of oil starts going back up significantly, that might be an indicator that you need to think about buying euros. I read somewhere that when oil prices are depressed, exchange rates are better as speculators invest in dollars instead of oil. When oil prices start increasing, the value of the dollar decreases.
I find it hard to believe that anyone would tie up his money months in advance in euros, speculating on value change, which can't be predicted.
Why risk traveling with excessive currency to save a few dollars? ATMs are everywhere and convenient to use.
You can buy currency often and thereby carry less currency with you. According to many experienced travelers, they also give you the best exchange rate.
i second the previous reply, we brought a 100 euros with to get started then just did the atm's. good luck :):)
if you want to hedge against a big euro gain, its easy to do. Buy an exchange-traded fund such as FXE and the euro's gain is your gain.
Wait!!! that's all I can say is wait because you don't know what the Euro is going to do against the dollar. Anyway, take about 100 dollars in Euros and then use the ATM's as you would here in the states. It's WAY to early to start thinking about October!!!! Have fun!!
