BMW M3 Forum (E90 E92)

BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read


Go Back   M3Post - BMW M3 Forum > BIMMERPOST Universal Forums > Off-Topic Discussions Board
 
House Motorsports
Post Reply
 
Thread Tools Search this Thread
      04-28-2010, 11:28 AM   #1
Dmitriy@AUTOcouture
Major
Dmitriy@AUTOcouture's Avatar
41
Rep
1,134
Posts

Drives: carefully
Join Date: Dec 2006
Location: NYC

iTrader: (3)

The Euro



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?
Appreciate 0
      04-28-2010, 11:30 AM   #2
Bart@AUTOcouture
BimmerPost Supporting Vendor
Bart@AUTOcouture's Avatar
United_States
122
Rep
4,176
Posts


Drives: '14 GT-R
Join Date: Feb 2006
Location: Fair Lawn, NJ

iTrader: (4)

Send a message via AIM to Bart@AUTOcouture
Best bet right now is the Bank of Sealy Posturepedic.
__________________
Installs|Service|Sales - BMW Master Tech on staff!
ESS, Akrapovic, Eisenmann, HRE, OEM BMW, Cobb and more!


15-01 Pollitt Drive #6 | Fair Lawn, NJ 07642 | P: 201.666.3500 | Bart@autocouturemotoring.com | Facebook | youTube
Appreciate 0
      04-28-2010, 11:35 AM   #3
Dmitriy@AUTOcouture
Major
Dmitriy@AUTOcouture's Avatar
41
Rep
1,134
Posts

Drives: carefully
Join Date: Dec 2006
Location: NYC

iTrader: (3)

Quote:
Originally Posted by Bart@AUTOcouture View Post
Best bet right now is the Bank of Sealy Posturepedic.
Appreciate 0
      04-28-2010, 11:36 AM   #4
MoreCowbell
Lieutenant Colonel
MoreCowbell's Avatar
United_States
88
Rep
1,639
Posts

Drives: 2007 e92 335 Jet Black-Saddle
Join Date: Feb 2006
Location: NYC

iTrader: (0)

If they serve Cheap Vodka at your wedding I am leaving and I am taking my gift with me.
__________________
1997 Z3 3.0: Retired 2006 E90 330i: Retired 2007 E92 335: Retired
2009 E70 4.8: Totaled by Drunk Bitch
2011 E70 3.5D: Current
Space Gray w Black Nevada - Loaded!!!
Appreciate 0
      04-28-2010, 11:37 AM   #5
Dmitriy@AUTOcouture
Major
Dmitriy@AUTOcouture's Avatar
41
Rep
1,134
Posts

Drives: carefully
Join Date: Dec 2006
Location: NYC

iTrader: (3)

Quote:
Originally Posted by MoreCowbell View Post
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.
Appreciate 0
      04-28-2010, 11:44 AM   #6
MoreCowbell
Lieutenant Colonel
MoreCowbell's Avatar
United_States
88
Rep
1,639
Posts

Drives: 2007 e92 335 Jet Black-Saddle
Join Date: Feb 2006
Location: NYC

iTrader: (0)

Cash Bar? Tip Cup?
__________________
1997 Z3 3.0: Retired 2006 E90 330i: Retired 2007 E92 335: Retired
2009 E70 4.8: Totaled by Drunk Bitch
2011 E70 3.5D: Current
Space Gray w Black Nevada - Loaded!!!
Appreciate 0
      04-28-2010, 11:49 AM   #7
josephr25
Major
United_States
20
Rep
1,458
Posts

Drives: 2008 E92 335i
Join Date: Aug 2008
Location: Irvine, CA

iTrader: (2)

Garage List
Isn't Germany still hesitant to help out Greece? And what about Spain?
Appreciate 0
      04-28-2010, 11:54 AM   #8
Dmitriy@AUTOcouture
Major
Dmitriy@AUTOcouture's Avatar
41
Rep
1,134
Posts

Drives: carefully
Join Date: Dec 2006
Location: NYC

iTrader: (3)

Quote:
Originally Posted by Kampfer View Post
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.
Appreciate 0
      04-28-2010, 11:59 AM   #9
scollins
Bootleggin' 'n Gunrunnin'
scollins's Avatar
No_Country
36
Rep
2,344
Posts

Drives: 2010 e70 X5 35d
Join Date: May 2007
Location: Renton, WA

iTrader: (3)

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
__________________
Scott
2010 E70 X5 35d
Alpine White on Black with Dark Bamboo trim
ZAP | ZCW | ZPP | ZPS | ZRC | ZTP | 322 | 328 | 330 | 386 | 4AZ | 4UB | 655 | 6FL | 6NF
2008 Ducati 1098S Red naturally....
Appreciate 0
      04-28-2010, 12:06 PM   #10
Dmitriy@AUTOcouture
Major
Dmitriy@AUTOcouture's Avatar
41
Rep
1,134
Posts

Drives: carefully
Join Date: Dec 2006
Location: NYC

iTrader: (3)

Quote:
Originally Posted by scollins View Post
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.
Appreciate 0
      04-28-2010, 12:15 PM   #11
choicez
Major
choicez's Avatar
65
Rep
1,074
Posts

Drives: you mad
Join Date: May 2009
Location: LA

iTrader: (13)

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.
Appreciate 0
      04-28-2010, 12:15 PM   #12
scorcherjf
Captain
scorcherjf's Avatar
11
Rep
769
Posts

Drives: 2008 135i
Join Date: Nov 2008
Location: NJ

iTrader: (2)

Garage List
2008 135i  [0.00]
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 =)
__________________
Appreciate 0
      04-28-2010, 12:21 PM   #13
Cyrax91
Eat Sleep Rave Repeat
Cyrax91's Avatar
Greece
44
Rep
1,553
Posts

Drives: WRX STI & FP Green DBB WW Evo
Join Date: Oct 2008
Location: NM

iTrader: (17)

I hope Greece goes back to the drachma so I can live like a king again when I go out to visit my family.
__________________
WRX STI Hatchback - FP Green DBB WW Evo IX GSR tuned at 524whp
Appreciate 0
      04-28-2010, 12:25 PM   #14
choicez
Major
choicez's Avatar
65
Rep
1,074
Posts

Drives: you mad
Join Date: May 2009
Location: LA

iTrader: (13)

Quote:
Originally Posted by dpavlakos91 View Post
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.
Appreciate 0
      04-28-2010, 12:25 PM   #15
scollins
Bootleggin' 'n Gunrunnin'
scollins's Avatar
No_Country
36
Rep
2,344
Posts

Drives: 2010 e70 X5 35d
Join Date: May 2007
Location: Renton, WA

iTrader: (3)

Quote:
Originally Posted by Dmitriy@AUTOcouture View Post
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
__________________
Scott
2010 E70 X5 35d
Alpine White on Black with Dark Bamboo trim
ZAP | ZCW | ZPP | ZPS | ZRC | ZTP | 322 | 328 | 330 | 386 | 4AZ | 4UB | 655 | 6FL | 6NF
2008 Ducati 1098S Red naturally....
Appreciate 0
      04-28-2010, 12:28 PM   #16
Cyrax91
Eat Sleep Rave Repeat
Cyrax91's Avatar
Greece
44
Rep
1,553
Posts

Drives: WRX STI & FP Green DBB WW Evo
Join Date: Oct 2008
Location: NM

iTrader: (17)

Quote:
Originally Posted by choicez View Post
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!
__________________
WRX STI Hatchback - FP Green DBB WW Evo IX GSR tuned at 524whp
Appreciate 0
      04-28-2010, 12:32 PM   #17
MoreCowbell
Lieutenant Colonel
MoreCowbell's Avatar
United_States
88
Rep
1,639
Posts

Drives: 2007 e92 335 Jet Black-Saddle
Join Date: Feb 2006
Location: NYC

iTrader: (0)

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.
__________________
1997 Z3 3.0: Retired 2006 E90 330i: Retired 2007 E92 335: Retired
2009 E70 4.8: Totaled by Drunk Bitch
2011 E70 3.5D: Current
Space Gray w Black Nevada - Loaded!!!
Appreciate 0
      04-28-2010, 12:34 PM   #18
Cyrax91
Eat Sleep Rave Repeat
Cyrax91's Avatar
Greece
44
Rep
1,553
Posts

Drives: WRX STI & FP Green DBB WW Evo
Join Date: Oct 2008
Location: NM

iTrader: (17)

Quote:
Originally Posted by MoreCowbell View Post
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 :/
__________________
WRX STI Hatchback - FP Green DBB WW Evo IX GSR tuned at 524whp
Appreciate 0
      04-28-2010, 12:36 PM   #19
Dmitriy@AUTOcouture
Major
Dmitriy@AUTOcouture's Avatar
41
Rep
1,134
Posts

Drives: carefully
Join Date: Dec 2006
Location: NYC

iTrader: (3)

Quote:
Originally Posted by MoreCowbell View Post
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...
Appreciate 0
      04-28-2010, 12:38 PM   #20
MoreCowbell
Lieutenant Colonel
MoreCowbell's Avatar
United_States
88
Rep
1,639
Posts

Drives: 2007 e92 335 Jet Black-Saddle
Join Date: Feb 2006
Location: NYC

iTrader: (0)

Quote:
Originally Posted by Dmitriy@AUTOcouture View Post
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.
__________________
1997 Z3 3.0: Retired 2006 E90 330i: Retired 2007 E92 335: Retired
2009 E70 4.8: Totaled by Drunk Bitch
2011 E70 3.5D: Current
Space Gray w Black Nevada - Loaded!!!
Appreciate 0
      04-28-2010, 12:39 PM   #21
Bart@AUTOcouture
BimmerPost Supporting Vendor
Bart@AUTOcouture's Avatar
United_States
122
Rep
4,176
Posts


Drives: '14 GT-R
Join Date: Feb 2006
Location: Fair Lawn, NJ

iTrader: (4)

Send a message via AIM to Bart@AUTOcouture
Call AMEX
__________________
Installs|Service|Sales - BMW Master Tech on staff!
ESS, Akrapovic, Eisenmann, HRE, OEM BMW, Cobb and more!


15-01 Pollitt Drive #6 | Fair Lawn, NJ 07642 | P: 201.666.3500 | Bart@autocouturemotoring.com | Facebook | youTube
Appreciate 0
      04-28-2010, 12:40 PM   #22
Bart@AUTOcouture
BimmerPost Supporting Vendor
Bart@AUTOcouture's Avatar
United_States
122
Rep
4,176
Posts


Drives: '14 GT-R
Join Date: Feb 2006
Location: Fair Lawn, NJ

iTrader: (4)

Send a message via AIM to Bart@AUTOcouture
Quote:
Originally Posted by MoreCowbell View Post
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.
__________________
Installs|Service|Sales - BMW Master Tech on staff!
ESS, Akrapovic, Eisenmann, HRE, OEM BMW, Cobb and more!


15-01 Pollitt Drive #6 | Fair Lawn, NJ 07642 | P: 201.666.3500 | Bart@autocouturemotoring.com | Facebook | youTube
Appreciate 0
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -4. The time now is 01:38 AM.




m3post
m3post
Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2015, Jelsoft Enterprises Ltd.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST