Thursday, December 15, 2011

What/How is the best way to convert dollars to the currency of another Country?

Is it possible to buy as an example: Euro's for dollars by purchasing an equity or a stock?

How otherwise would one prudently purchase another countries currency.

Given what is happening in our Fed Res. right now, our dollars are becoming worth less and less. How can one protect one's savings safely from this problem?

Any info or site info appreciated.|||Wells Fargo will do this for you|||I'm pretty sure it's as simple as going into a bank and saying I want to buy x number of Euros.

Im off to turkey in 2weeks and was wondering whether the currency is lira or euros?

Please help im confused. I've researched on the internet but still dont know whether th currency is still lira.

Please answer if you've been to turkey this year!

Thanks.|||In touristic places each of Turkish Lira (TL), Euro, Sterling and Dollar can be used. However, it is suggested to exchange your money into Turkish Liras (TL) when you arrive at your holiday resort and always pay in Turkish Liras in your shopping. You can easily find exchange offices on main streets of each city in Turkey. The rate is a lot better in Turkey so it鈥檚 better to exchange it in Turkey.

Currency rates: (1 拢 = 2.56 TL), (1 鈧?= 2.25 TL), (1 $ = 1.57 TL) on 14th June 2011.

You may watch videos and find useful info about Turkey at鈥?/a>|||I am off to Turkey in 2 weeks myself and i have been going for the past 6 years. They prefer for you to pay for things over there in lira but they do accept euro in some places. The lira is at a very good exchange rate at the moment in which you can exchange in travel agents, post offices or even in local supermarkets and restaurants ect when you get there.|||recently the government made some adjustments on lira and we used Yeni Lira for a couple of years. Maybe it confused you. However, we never used euro since we are not eu member. if you have euro, you can exchange it in turkey of course.|||you can use Euro in some places but it is better to have also the Lira with you as some shope specialy the small once don't take Euro, you can change Euro to TL i think the reate now is 1 Euro = 2.2 TL|||I am turkish and when I go on holiday to Turkey we convert to Lira so yes it is Lira. Usually about 拢1 is double the amount in turkish currency so it will be about 2TL or 2.5 TL. TL stands for Turkish Lira|||Yes it's lira, but 6 zeros deleted from lira in 2005. Bring euro, you can exchange it in Turkey.|||they still use the lira :) although they will be more than happy to take euro's which i found a little strange .. but you may get a better price paying in lira, have a good holiday! im back there again in july :D|||Still lira but you can use euros and sterling in lots of places|||It depends on the area, most of the places take both currencies.|||They use the Lira. I have never had a holiday in my life, anywhere.

Is international wire transfer possible from and to a different currency?

I wish to transfer currencies from the Philippines to my Forex account in Cyprus. It's about USD 3000. Sender currency is Philippine Peso (PHP) and target currency is US Dollar. Any banks/institutions that provide low rates? Thanks.|||All major banks do international transfers from their local currency (in your case the Philippines) to another country, especially in US $ (still considered the ultimate currency), UNLESS there are some foreign exchange controls in one of the two countries involved, in which case you may have to provide the sending bank or receiving bank, or a regulatory government agency of either country, to provide details and justification on the reason of the transfer, or origin of the money, etc..

The money may not necessarily be transferred to your bank at the receiving end, because the sending bank may have to transfer it first to their correspondent in Cyprus, who in turn will transfer it to your bank. This does not give you additional work on your sending country. It might just take a few more days and cost you a little more money. Meanwhile all the banks involved will be using your money to earn a little interest while the money is in their possession.

Can you back a currency with something other than gold or silver?

Would a currency that had a different form of collateral be as viable as one for which the only backing for the currency is gold or silver? Has this ever been done before?

Could you back a currency with diamonds, for example?|||Yes it could be backed by Diamonds, or for that matter it could be backed by herds or sheep,

Just as long as its backed by something that is REAL.

Right now the Federal Reserve is printing "money" with NO backing at all.... NOT A GOOD IDEA!

How can China afford to keep its currency low?

If the demand for currency is high, its value appreciates. Demand for Chinese currency is high because it's a net exporter. Yet how can they take the hit? Secondly what is the source of funds that China invests so heavily in infrastructure and manage to keep the labour,land and interest rate so low?|||(1) China has currency controls. It isn't as if anyone who wanted to can go to China, bring in dollars, and buy yuan; similarly, Chinese aren't free to use their yuan to buy dollars.

(2) China keeps the value of the yuan from appreciating by increasing supplies - it creates yuan and uses them to buy U.S. dollars in order to keep the dollar/yuan ration approximately constant (an informal but real peg to the dollar)鈥?/a>

(3) China gets the money from its own people. The people as a whole are subsidizing the export industries. Personal consumption is around 35% of GDP, about half that in the U.S.鈥?/a>

(4) Labor, land, and interest rates are NOT low.

If labor were still cheap, these export subsidies would not be needed. Chinese industry could compete without them. But because of the success and growth of the economy, wages have gone up faster than productivity, so without the subsidies, many industries would move elsewhere.鈥?/a>

Land costs are rising so fast that most people see it as a bubble:鈥?/a>

And while the benchmark interest rate in the U.S. is under 0.5%, that in China is now over 5.5%

It helps to get your facts straight.|||If the demand is high but the spending is high also, the value will either stay the same or lower.

In a sense, you have answered your own question:

Since demand is high for the yuan, the value should go up but, along with other methods, the Chinese are selling their currency below market value and spending it like it grows on trees. The infrastructure spending is massive as well as the purchasing of foreign debt, like the U.S.

They are also doing a bit of what the Japanese did in the 80's and guess what happened to the Japanese in the 90's?

In basic terms, currency is valued off of demand and supply. Demand drives the price up, but over supply will drive the price down. This is the major issue with the Chinese, that they do not allow equilibrium with their currency. If inflation is not allowed, then at some point the economy will pay for it. Another point is: Does the government give full reports on borrowing or spending? No.|||govmnt

What is the best way to exchange currency?


Since the Australia dollar is at its highest against the US dollar I want to trade currency from AUD to USD. The problem is I'm not exactly trading millions of dollars and therefore I will be charged quite a bit by the bank if I do it through them.

What is the best way to buy currency with the smallest fees so I can get the most out of my money?|||Online Brokers are the best way to exchange currencies and commodities with low

exchange tax|||Everbank lets you buy Australian certificates of deposit. Not sure about currency exchange, but they offer a variety of services.

Besides most commercial banks where can I go to exchange foreign currency?

Besides most commercial banks where can I go to exchange foreign currency? I traveled to Niagara Falls, Canada in 2005. On the way out of the country I had an impaitent bus driver who would not allow me to stop off at the Duty Free shop to exchange the currency. So I came home with just under $20 in Canadian Currency. I've held onto this money since last year. Every commercial bank I've called require you to be a customer. My credit union doesn't accept foreign currency for deposits. So I feel like I'm stuck with this money I can't use. If I knew someone going to Canada perhaps I could offer to "sell" it to them but in lieu of that I don't what to do with this money.|||some travel agencies do it|||many travel agents wil buy small amounts of foreign currency, but the exchange rate is terrible.

Also, some check cashing stores will buy and sell currency, but again, the rate is EVEN WORSE.|||There are places, exspecially in international tourist areas, that strict deal in foreign exchange. However, they charge a premium for the service. You will get a much better rate by going to a regular back.|||Did you try airports with international flights? Most airports do currency exchanges. Try to see if the airport there does that/|||Bureau de Change - they have boothes in most airports in most of the counties as well as various locations in the bigger foreign countries.