Convert Dollars to Euros before moving to India? |
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Mar 10th, 2005, 06:24
| #1 |
| Baron of Benaulim  Join Date: Jan 2005 Location: Goa
Posts: 174
| Convert Dollars to Euros before moving to India? So, the dollar is sliding... and it will probably be worth less and less against the Rupee in the next year, while I am living in India. Do you guys think it is worth it to convert my dollar savings to Euros in order to safeguard my savings against the sliding dollar while I am in India? http://www.x-rates.com/d/INR/USD/hist2005.html |
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Mar 10th, 2005, 07:38
| #2 |
| Dismembered Member  Join Date: Feb 2005 Location: I dreamed, I quit, I left..... now finally in India :)
Posts: 318
| I very much doubt that. you will end up paying commission twice. your best bet would be to convert all your dollars to rupies, then it doesnt matter if the dollar slides. See if you can open a bank account or something Besides which, the US Dollar is at a real low at the moment, so i would say that over the space of a year (or more) you have a better chance of the dollar increasing against the Rupie than sliding...... but then again im not a currency trader
__________________ ->->->->->->->->->->->->->->->->->->->-> Flashpackers: Backpackers doing it in style. |
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Mar 10th, 2005, 08:13
| #3 |
| Baron of Benaulim Join Date: Jan 2005 Location: Goa
Posts: 174
| Most predictions indicate a further slide. I thought of a bank account, but I have no idea if I can get one. Anyone? (searching...) |
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Mar 10th, 2005, 09:06
| #4 |
| Dismembered Member Join Date: Feb 2005 Location: I dreamed, I quit, I left..... now finally in India :)
Posts: 318
| a year (or more) is a long time to be betting on currency fluctuations. you could try emailing these guys about an account, not sure what the rules are though: http://www.bankofindia.com/home/ |
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Mar 10th, 2005, 10:53
| #5 |
| Senior Member  Join Date: Oct 2004 Location: Tempe, Arizona
Posts: 222
  | Peyompian Call citibank toll free or go here: http://www.citibank.co.in/ ...maybe you can open a rupee checking account. |
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Mar 10th, 2005, 11:49
| #6 |
| Maha Guru Member  Join Date: Sep 2001 Location: Land that shakes and bakes.
Posts: 6,330
| You can open an online banking account in various currencies if you have the min cash (2500USD) or much better foreign currency denominated CDs (10000).. |
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Mar 10th, 2005, 12:15
| #7 |
| What's wrong with curry for breakfast? I love it!  Join Date: Aug 2004 Location: Cambridge UK
Posts: 212
| POUNDS are best, the Dollar and Euro are Toy money in India.....
__________________ Check my gallery out : http://www.indiamike.com/photopost/showgallery.php?cat=500&ppuser =3636 |
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Mar 10th, 2005, 14:44
| #8 |
| Maha Guru Member Join Date: Mar 2004 Location: England
Posts: 1,214
| Go the whole hog and look at futures and options if you are really worried. |
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Mar 10th, 2005, 15:52
| #9 |
| This is just a cameo appearance  Join Date: Oct 2004 Location: Chennai, India
Posts: 38,216
| Citibank told me that, as a foreign national, they would open a rupee account for me, but I haven't done anything about it yet.  Matty, I do enjoy your cow  |
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Mar 10th, 2005, 15:56
| #10 |
| bang a whore? Bangalore Dammit!  Join Date: Sep 2004 Location: Bangalore
Posts: 2,555
| At the current rate of the USA racking up deficits, the consensus opinion on the market seems to be that it will soon be £1=~$2, it's about £1=~$1.91 now. But that is, if you trust the markets. OTOH, the Oracle of Omaha, Warren Buffet made a cool $1.4 Billion profit by betting /against/ the dollar. He's supposed to have spread his risks by diversifying his holding into a basket of 12 currencies.... Another related point is that the Rupee too tends to slide against the dollar, given /my/ government deficits, so on the nett, you might not lose much. Take your pick. |
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Mar 10th, 2005, 16:20
| #11 | |
| brother my cup is empty member  Join Date: Jan 2005 Location: yörp
Posts: 14,835
| Quote:
__________________ Reading tips, all picked up at IndiaMike  : INDAX's A Comprehensive Guide To India / Dinoj Surendran's Desi Humor / ITHVC on Culture Shock & Travel Health / JetLag Travel Guides For the Undiscerning Traveller / India Travel Links Last edited by machadinha; Mar 10th, 2005 at 16:24.. Reason: Misread that of course, in fact Matt was saying the dollar is toy money... | |
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Mar 11th, 2005, 00:06
| #12 |
| Maha Guru Member  Join Date: Dec 2003 Location: Murcia - Spain
Posts: 1,498
| Hi Peyompian, In my opinion, you must leave your Dollars wherever they are now. Do not change into Euro because you should pay then, twice commissions. Indian Rupee goes always together with the US Dollar, the exchange rate will be the same, and probably Dollar will increase their value against Euro in the next months. |
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