Currency Questions

W

Walshie99

Guest
Hello,

I'm currently living in Canada but want to learn when are the best times to send home money. A few questions I have around currencies are -

- Why do currencies change?
- What sort of information should I look out for that will help predict changes?
- Is there any advantage to changing canadian dollars into another currency before switching them to euro's?

Thanks
Conor
 
Walshie99 said:
Hello,

I'm currently living in Canada but want to learn when are the best times to send home money. A few questions I have around currencies are -

- Why do currencies change?
- What sort of information should I look out for that will help predict changes?
- Is there any advantage to changing canadian dollars into another currency before switching them to euro's?

Thanks
Conor
Click to expand...

Have a read through this http://en.wikipedia.org/wiki/Exchange_rate or this [broken link removed]

BTW - Changing money into another currency before converting to euro will only ensure that you pay extra fees
 
Hi Soy

Could you expand on your final line
"BTW - Changing money into another currency before converting to euro will only ensure that you pay extra fees"

Is there a curency exposure for doing this - not just an exposure to extra fees?
 
Pinger said:
Hi Soy

Could you expand on your final line
"BTW - Changing money into another currency before converting to euro will only ensure that you pay extra fees"

Is there a curency exposure for doing this - not just an exposure to extra fees?
Click to expand...

Assuming all transactions are same day (for example moving $-£-€), then there is negligible currency exposure. However the longer the delay, the greater the exposure to currency fluctuations.

The only certainty is increased fees.
 
Your best bet is to shop around. There are currency specialists mentioned throughout askaboutmoney but thats the best way to get the best rates.

Banks will generally not offer the best rates and charges
 
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