Taking Advantage of weak dollar$$$$$$

Passport

Hey, so I'm going stateside in the summer, and would like info on how to go about taking advantage of the current very weak state of the dollar
€1=$1.31 as I feel that by next June the rate won't be half as favourable what are my options?
I dont want to just change three grand intpo dollars now, 'cause I dont want to have to carry that much cash when I go out there,
Can I open a us bank account from here, or can I buy dollars on teh stock exchange and sell them over there, I don't want to sell them here and then have to change them back to dollars again

Diarmuid

Passport wrote:

as I feel that by next June the rate won't be half as favourable what are my options?

but how do you know that? Trying to make money on what you feel is akin to gambling. You might make money on it, but then again you might loose.

markk06

I dont think there is much evidence to suggest that the dollar is to re-strengthen in the short term. In fact the current account deficits that are causing the current trend look set to continue afaik.

PDelux

I dont think there is much evidence to suggest that the dollar is to re-strengthen in the short term. In fact the current account deficits that are causing the current trend look set to continue afaik.

Well if europe boosts growth next year then it should help the dollar. In fact the strange thing i think is that the recent slide seems to be caused by what the Chinese were saying. The trade deficit with europe isnt too bad, its the deficit with China that should be worrying so i dont think there is real reason for the US $ to slide more against the euro.

jreddington

Speaking from the U.S., the best way to take advantage of the weak dollar is to bring an empty suitcase (or buy a cheap one here at Wal-Mart) and fill it up with jeans, other clothing, or other stuff you can get much cheaper than back in Ireland. No secret there since that seems to be almost as common as bringing your passport.;) .

First, I don't think you are going to see as wild a swing in the exchange rate as you are assuming so remember, on 3,000 euro you are talking about swings worth a hundred or so euro (and it could go against you).

Unfortunately, changing euros to dollars here tends to be more difficult and expensive than it is changing dollars to euros in Ireland. In Ireland, nearly every bank will exchange them with a moderate service percentage and fixed charges. Many banks here in the U.S. will look at your euros and say "what are those?" and there will be 20 minutes of asking around before they figure out how to do the exhange.

One suggestion is to stop by a U.S. bank there, like Citibank, and see if you can open an account with currency change features.

However, the best way is to do what I do when traveling in Europe (or most anywhere else). Charge stuff to my credit card and make withdrawls through ATMs on my account using my bank card. While fees for these transactions have gone up, they're still far cheaper and easier than manually exchanging money at the bank. One hint though, don't take many smaller withdrawls as there is a per transaction charge. Take at least $200 - $250 each time.

And most important of all, enjoy your visit and don't worry too much about the exchange rate. It's already WAY in your favor, based on the pain to my wallet when I go the other way.