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Moving to Canada soon, have money saved now and dreading Euro Crash? What to do?

  • 14-11-2011 2:53pm
    #1
    djburchgrove
    Closed Accounts Posts: 473 ✭✭


    Hi everyone, thanks in advance for any help on this. Banking and finance is not one of my strong points.

    I am moving to Canada in January and do not want to take cash over with me. I want to change my couple of thousand I have now into Canadian Dollars to get the best value from the Exchange rate. I am very nervous of leaving until before I go due to the impending Euro Crash.

    Has anyone any suggestions where I can change my money now, but not have it as hard cash?


Comments

  • #2
    dotsman
    Registered Users, Registered Users 2 Posts: 3,636 ✭✭✭dotsman


    djburchgrove wrote: »
    I am very nervous of leaving until before I go due to the impending Euro Crash.
    What impending Euro crash???
    djburchgrove wrote: »
    Banking and finance is not one of my strong points.
    Ah, now I see:)
    djburchgrove wrote: »
    Has anyone any suggestions where I can change my money now, but not have it as hard cash?

    Ultimately, this will all boil down to how much. Are we talking thousands, tens of thousands or hundreds of thousands?


  • #3
    djburchgrove
    Closed Accounts Posts: 473 ✭✭djburchgrove


    Were talking thousands, I wish it were the latter 2 options though! :D

    All the talk in the world is suggesting a huge drop in the price of the Euro once the payouts for Greece and Italy are finalised. Am I wrong?


  • #4
    dotsman
    Registered Users, Registered Users 2 Posts: 3,636 ✭✭✭dotsman


    There may be a lot of talk/speculation, but that is all there is at the moment. The thing you have to remember is that the professionals know more than you or I and will already have priced in the risk. FX trading is very risky and can potentially be very loss-making.

    However, if you want to take the risk, you can simply set up an online account with an FX trader, buy your dollars today and trade them back when you are ready to move to Canada. You will pay commission and possibly custody fees. Given the fact that you are only talking about thousands, these fees could very easily eat in to whatever potential savings you make.

    I can't strongly recommend any particular broker as it's been a while since I looked into the market, but I used to use www.internaxx.lu up to about 3 years ago and found them to be very good (and were among the cheapest when I first set up an account with them about 5 years ago).


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