Changing Euros to USD

[gazuz]

Hello everyone,

I just sold a house in europe and knwoing the foreign exchange rates I know that a different of a penny will make a huge difference in how much money I actually make. So the sale is for 500,000 Euros.

The question is, when to exchange it?

I want to exchange the money within the month, and from the Daily chart of the EUR/USD I see that it is falling.

Any opinions on this? Should I exchange the money and run or wait a bit?

Thanks in advance


P.S. just to see the big picture, the difference of one cent is $5,000 dollars difference

[zztop]

Originally Posted by gazuz

Hello everyone,

I just sold a house in europe and knwoing the foreign exchange rates I know that a different of a penny will make a huge difference in how much money I actually make. So the sale is for 500,000 Euros.

The question is, when to exchange it?

I want to exchange the money within the month, and from the Daily chart of the EUR/USD I see that it is falling.

Any opinions on this? Should I exchange the money and run or wait a bit?

Thanks in advance


P.S. just to see the big picture, the difference of one cent is $5,000 dollars difference

Hi gazuz the spot market is dif then the liq money the bank use the median price or the swap they want tomake good money .you see in the spot price or what so efer they call it ,you aint gona see the price in liq money in near futura ,you can find agood xcgh house where they know who neet us or eur soon ,cos some one neet it to export or import goods ,so they can gve you a better cut . try mizuho bank see what happen with the eur/us in near futura.just my 2 cent.Cheers zztop

[scorpion]

Wow! That's a lot of money. I guess you bought the house in Spain during your business trip last year, right? You must have made lots of profit down there.

Anyway, I don't know whether eurusd will rise or fall in the future either. Base on my observation, if it breaks 1.2200 line, it will create an uptrend for some extend, but things can change, you know, especially europe economy. Watch out for bird-flu outbreak as human birdflu is now happening for real in Turkey. Sooner or later, it'll spread to nearby countries then eventually reach many cities of Europe. That would be damn bad for EUR.

[gazuz]

Actually its a house in france passed down by my father, I'm using a lot of the money to pay for the house right now, the rest I want to pay for any credits I have, education for example I have a rather large student loan...

Anyways I just want to maximize the amount that comes in from france, I was thinking of just opening a Dollar account from there so I don't need to repay taxes when the money is brought here just directly paid from there.

Thank you though I'm hoping it will stay flat or go higher while I open the account and pay off my debts

[scorpion]

Gazuz, have you exchanged all EUR to USD yet?

I think it's better to hedge half of EUR (EUR250,000) to USD, so that the impact is cut by half too. When EURUSD falls, your USD will rises, and when EURUSD rises, your EUR will rise too to cover half loss of the other currency.

I think there should be better ways to hedge fund, but I'm not sure how they works.

[gazuz]

Well the main problem right now is taxes, we already have to pay taxes in europe plus if we bring the money here we have to repay the taxes...

We might just bring the money here and put it all into savings, exchange the money within the next two weeks or so