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Currency Exchange(I'm American)

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Imacblaine's Avatar
United States
51 Posts
 Posted 12/11/2017  12:11 pm Show Profile   Bookmark this topic Add Imacblaine to your friends list Get a Link to this Message Number of Subscribers
Curious to hear about exchanging currency because the fluctuation or pricing, is this a thing does anyone have any experience buying low and selling High? I started to think about it because a 200 peso dollar I had lost all its value and became a fractional less than I originally paid for it. I am in America not near any national border and assumed itd be hard to get a foreign currency at my local bank in the first place.what is your guys experience with currency exchange?
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moxking's Avatar
United States
17900 Posts
 Posted 12/11/2017  12:41 pm  Show Profile   Bookmark this reply Add moxking to your friends list Get a Link to this Reply
Those that take place at the airport are most expensive.

Many US banks will offer exchanges, also with a fee, but they usually require a minimum value.

Depending on the country, exchanging US on the black market gets the best results, but it can be dangerous to let it be known that you are carrying a lot of cash.
Pillar of the Community
United States
1326 Posts
 Posted 12/11/2017  1:30 pm  Show Profile   Bookmark this reply Add otto to your friends list Get a Link to this Reply
These exchange-traded funds exist to purchase if you have a brokerage account. There may be others out there for different currencies. There also funds that are designed to move twice as much as the underlying currency or to move in the opposite direction.

FXA CurrencyShares Australian Dollar Trust
FXB CurrencyShares British Pound Sterling Trust
FXC CurrencyShares Canadian Dollar Trust
FXCH CurrencyShares Chinese Renminbi Trust
FXE CurrencyShares Euro Trust
FXY CurrencyShares Japanese Yen Trust
FXSG CurrencyShares Singapore Dollar Trust
FXS CurrencyShares Swedish Krona Trust
FXF CurrencyShares Swiss Franc Trust
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Condor's Avatar
United States
34 Posts
 Posted 12/11/2017  1:31 pm  Show Profile   Bookmark this reply Add Condor to your friends list Get a Link to this Reply
For simplicity, in the USA you can exchange currencies with a PayPal account. PayPal supports all the major world currencies.

I'm in the usa also and I trade euro/dollar because I get paid partially in euro's. For that the trade is great as I can convert my euros to USD when the euro rises and vice versa. Also, being in Detrot close to Windsor Canada I can take advantage of CAD dollar exchanges to euro/USD as well.
Edited by Condor
12/11/2017 1:34 pm
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Finn235's Avatar
United States
6130 Posts
 Posted 12/11/2017  1:35 pm  Show Profile   Bookmark this reply Add Finn235 to your friends list Get a Link to this Reply
I made perhaps $25 profit on accumulating Japanese yen coins then selling them on ebay. Lost a few bucks trying the same with old Deutschmark coins (bidding stopped at 80% of exchange rate). Was going to do the same with my British pocket change, then Brexit happened.

The dollar seems to be doing well against the major reserve currencies, and a lot of the minor currencies seem to be poor investment choices. I would probably stick to stocks in today's market.
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paxbrit's Avatar
United States
992 Posts
 Posted 12/11/2017  6:59 pm  Show Profile   Bookmark this reply Add paxbrit to your friends list Get a Link to this Reply
Most FOREX trades involve $50,000 US minimums, and the spread between the dollar and your chosen currency is so small, it's not worth the risk to the ordinary person.

Stick with stocks, bonds, mutual funds. You're merely gambling with FOREX.

If you want to open a Canadian bank account and buy CDN dollars with US dollars, go right ahead, but you have to sit and wait for the CDN dollar to recover.

Euros and Pounds are fairly stable, not worth the risk.
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Imacblaine's Avatar
United States
51 Posts
 Posted 12/11/2017  11:28 pm  Show Profile   Bookmark this reply Add Imacblaine to your friends list Get a Link to this Reply
All right, thanks for the info you guys. What about Bitcoin and other cryptocurrencies, I saw an article earlier this week about how a lot of people were selling their gold in exchange for Bitcoin. I imagine if the whole world decided switching to a cryptocurrency, companies would still want to buy precious metals in order to create products. What do you guys think, will the value ultimately go up or down if precious metals were specifically tied to only production instead of also monetary value.
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