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Finance and money forum

Change Euros to US$ now?

Posted by billytheliar on 26/5/2012 at 06:13

Should I change my Euros to US dollars now? Planning a trip Oct.-Nov.to SE Asia, and not quite sure how it
will be then (exchange rates). As everything I read is quoted in US dollars, I don΄t necessarily want to
travel on a budget 20% (or 30%) lower than originally calculated. Any suggestions?

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Posted by altmtl on 26/5/2012 at 07:52

You should have a small amount of US$ for emergencies, but I'm not sure I understand your concern, all countries use their own local currencies, Cambodia is another story.

Use your ATM card when you arrive, just make you know about the fees your bank charges you - In Thailand all banks charge 150 baht fee except for aeon.

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Posted by goonistik on 26/5/2012 at 08:09

In many countries you will be able to convert your euros to the local currency, esp in the bigger cities. As altmtl suggests have a small amount for emergencies.

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Posted by altmtl on 26/5/2012 at 08:17

I brought Canadian cash and changed it in BK - no problem.

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Posted by MADMAC on 26/5/2012 at 08:48

Well, I suspect the OPs concern is that the Euro is going to lose significant value in overseas trading soon - reason being the crisis in Greece and potential crises in Spain, Italy and Ireland.

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Posted by billytheliar on 26/5/2012 at 10:53

Sorry that I didn't makeit clearer.
Mac, you are right, thisis exactly what I fear. I can buy let's say 2000 US$ for 1600 Eur.today, but I was wondering if it would cost me much more in a coupleof months.
-almtl ATM card is OK, butI am not sure my bank will still be in business in Oct. (you see, I'mgreek)
Thanks anyway for yourtime!

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Posted by altmtl on 26/5/2012 at 19:48

I read today that there was a rush on the banks in Greece, people are withdrawing all their savings, stashing it at home, then getting robbed :(

It's a tough call. I assume you'll get a not so good rate for changing your Euros for US$, then there's the rate of changing it back to local currency... but at least you have the foresight to think of this. Good for you.

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Posted by goonistik on 26/5/2012 at 21:00

Sorry I didn't understand your first post.

In your situation, I would look at Australian dollars as your main hedge. The Australian economy is expected to grow by 2.7% so the currency should be stable and the economy isn't that dependent on trading with Europe.

This is just a quick analysis. I haven't really looked at things in depth.

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Posted by altmtl on 26/5/2012 at 21:12

I wouldn't suggest aussie $ myself, US cash when travelling is much easier to change.

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Posted by MADMAC on 27/5/2012 at 00:58

Or if you are locked in to where you are going, you can simply get that currency now.

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