momaquixtilia. ([info]atomic_pearl) wrote in [info]americansabroad,
2009-10-15 11:33:00
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currency exchange


I am hoping any of you can help me with this.

my husband is leaving to Spain next week from Mexico and we are trying to figure out whether it would be best for him to exchange his pesos for US Dollars and then into Euros. I know that the price of the dollar-peso changes daily so there are times when one can greatly benefit from that and make more money either buying or selling. If the peso is low, then exchanging it into dollars will increase our profits, but if its the average of 13 pesos to 1 dollar then it might not be beneficial. I'm just not sure what to do, does the euro-dollar exchange rate change on a similar basis, or is it pretty much stable? therefore what do you suggest would be the best way to make the most out of our money. pesos to euros, or pesos-dollars-euros. any ideas?

 

I know its a bit confusing, but I  appreciate any feedback.

Thanks!

x-posted to Spain


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  • 5 comments

[info]thesilverymoon

October 15 2009, 17:01:54 UTC 2 years ago

I have to say, changing to american dollars first seems a bit silly. The Euro/Dollar exchange rate changes very frequently, and it's not terribly strong at the moment. Besides, it costs money to exchange currencies, and if you do it twice you'll lose just that much more. Honestly, I've always found the best thing to do is not bother exchanging any money and just wihdrawing from an atm when you get there.

[info]atomic_pearl

October 15 2009, 17:28:20 UTC 2 years ago

I agree with that because I too find it easier to just withdrawal money from an atm. the only issue is that my husband has about $600 in pesos that he can't deposit into our account from Mexico, since we don't have any Mexican bank acounts, and I'm in the U.S. and won't see him until the end of the year. He has been working and living there for a year, but he is leaving to Spain with that money in hand to find a job there, and plans to be there for a while. he wants to make use of that money, rather than saving it aside since we don't exactly have a lot of money and he probably wont return to Mexico for a while. so you can seemy dillema. it is crucial to use that money right now.

[info]ionracas

October 15 2009, 17:38:11 UTC 2 years ago

The commission on currency exchange is usually around 2.5%. You would have to pay it twice, thus negating any benefit of your currency trading.

[info]atomic_pearl

October 16 2009, 05:32:25 UTC 2 years ago

yes i checked on a currency converter and essentially it would result in the same amount regardless of whichever process i do, but as you mentioned i would lose a bit more in doing the exchange twice. thanks for the advice!

[info]melvin0403

November 3 2009, 03:40:02 UTC 2 years ago

nice post..

ok hopefully this site will help you..

http://www.currency-trading-tutorial.net/
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