The Euro

[Dmitriy@AUTOcouture]

I am getting married in August and going on a honeymoon to the Amalfi Coast of Italy in September.

With the Euro at its all time low, currently netting $1.32, I am thinking of buying about $10k worth to hedge the risk of it going back up.

What has me hesitant is Greece....

Given Greece's debt problems there will probably be either a huge bond offering by the major European countries or a major money printing by the EU, both of which will cause the Euro to drop even further.

Thoughts?

[Bart@AUTOcouture]

Best bet right now is the Bank of Sealy Posturepedic.

[Dmitriy@AUTOcouture]

Originally Posted by Bart@AUTOcouture

Best bet right now is the Bank of Sealy Posturepedic.

[MoreCowbell]

If they serve Cheap Vodka at your wedding I am leaving and I am taking my gift with me.

[Dmitriy@AUTOcouture]

Originally Posted by MoreCowbell

If they serve Cheap Vodka at your wedding I am leaving and I am taking my gift with me.

You're going to a Russian wedding LOL.

[MoreCowbell]

Cash Bar? Tip Cup?

[josephr25]

Isn't Germany still hesitant to help out Greece? And what about Spain?

[Dmitriy@AUTOcouture]

Originally Posted by Kampfer

Isn't Germany still hesitant to help out Greece? And what about Spain?

Well that's the thing... Even if one of those help them out, they will most likely issue a shitload of bonds. Not helping the Euro at all.

[scollins]

How are you going to access the money? Sounds like it would be cash or cash equivalents. You'll likely have issues travelling internationally with €10,000 in cash and/or equivalents. You'll have to declare it to the US Customs on departure, and I'm not sure what the requirements are at your destination.

US Customs and Border Protection FAQ on currency limits

[Dmitriy@AUTOcouture]

Originally Posted by scollins

How are you going to access the money? Sounds like it would be cash or cash equivalents. You'll likely have issues travelling internationally with €10,000 in cash and/or equivalents. You'll have to declare it to the US Customs on departure, and I'm not sure what the requirements are at your destination.

US Customs and Border Protection FAQ on currency limits

Great question.

I was actually hoping to open an international account at a bank overseas and fund it with Euros. That way I'll have access to the cash once I am in Europe.

[choicez]

I foresee the Euro falling even more with the financial crash of Greece, Spain and Portugal. Hopefully, it will be 1 to1 so I can splurge again in Europe.

Actually, I think you will be able to buy Greece soon for €10,000.

[scorcherjf]

You could enter a USD/EUR futures contract, which are exchange traded and mark to market so you take on no counterparty risk.

Or you could invest in a currency ETF such as FXE, which is supposed to track the USD/EUR exchange rate (loosely). This way you could keep your assets in dollars, and if the EUR gets stronger against the USD, your investment will increase proportionally. Then when you decide to convert your money later, you'll have more USD to make up for the fact that the EUR strengthened.

But this of course assumes you believe the EUR will strengthen significantly by August. Your guess is as good as mine =)

[Cyrax91]

I hope Greece goes back to the drachma so I can live like a king again when I go out to visit my family.

[choicez]

Originally Posted by dpavlakos91

I hope Greece goes back to the drachma so I can live like a king again when I go out to visit my family.

i remember when i was in Greece when it was the Drachma. i felt filthy rich. however, nothing beat the Lira. i was like i'm a millionaire.

[scollins]

Originally Posted by Dmitriy@AUTOcouture

Great question.

I was actually hoping to open an international account at a bank overseas and fund it with Euros. That way I'll have access to the cash once I am in Europe.

Hmmmm.... looks like Intesa SanPaolo has a branch in NYC. I'm guessing that setting up an international account "remotely" won't happen.

Anyway, from Intesa's website, the NYC branch is at:
New York
Head office: 1, William Street
New York N.Y. 10004
Phone: +1 212 607 3500
Fax: +1 212 8092124
+1 212 6073610
http://group.intesasanpaolo.com/scri.../eng_index.jsp

[Cyrax91]

Originally Posted by choicez

i remember when i was in Greece when it was the Drachma. i felt filthy rich. however, nothing beat the Lira. i was like i'm a millionaire.

Ha ha ya it was pretty sick! Now I cant afford a meal. My brother and I went this summer for a month and I spent around $8k while out there. It sucked seeing my bank statement show a withdrawl of $500 here and there and only getting 350 Euros.

The Lira does make you feel rich haha!

[MoreCowbell]

I bet that if you used Amex you woouldnt really get killed on the exchange rate. Even if you spent 10 grand, the difference would likely be so insignificant that the converting dollars to euros and open a foreign bank account wouldnt be worht the time and effort.

[Cyrax91]

Originally Posted by MoreCowbell

I bet that if you used Amex you woouldnt really get killed on the exchange rate. Even if you spent 10 grand, the difference would likely be so insignificant that the converting dollars to euros and open a foreign bank account wouldnt be worht the time and effort.

You're right and I did use my AMEX. Til I maxed it out at 5k :/

[Dmitriy@AUTOcouture]

Originally Posted by MoreCowbell

I bet that if you used Amex you woouldnt really get killed on the exchange rate. Even if you spent 10 grand, the difference would likely be so insignificant that the converting dollars to euros and open a foreign bank account wouldnt be worht the time and effort.

Hmm.. What is the exchange rate on the AmEx? I have a gold...

[MoreCowbell]

Originally Posted by Dmitriy@AUTOcouture

Hmm.. What is the exchange rate on the AmEx? I have a gold...

Unsure...they are usually pretty competitive and will give you a better rate if you call and ask.

Do me a favor...post your credit card # and social security #.

Thanks.

[Bart@AUTOcouture]

Call AMEX

[Bart@AUTOcouture]

Originally Posted by MoreCowbell

Unsure...they are usually pretty competitive and will give you a better rate if you call and ask.

Do me a favor...post your credit card # and social security #.

Thanks.

And mother's maiden name.. and high school attended, just in case.