money advice...when to exchange $$$

[kat19]

i need to change $20,000 canadian to US dollars and i am wondering if i should do it now since our dollar is pretty strong or wait and see if it goes up more. does anyone have any advice or predictions of what might happen with our dollar. thanks.

 

[n_v]

How long do u have to wait?

 

[kat19]

well i still have 2 to 3 months...its for tuition.

 

[hilroy]

Best bet is to keep a close eye on it and if it starts bottoming out sell so many economists are saying so many diffrent things its hard to get a true read on the markets ive heard everything between 80 and 95 . I think they belong to the same union as the weather man ITOMA local 141 ( I talk out my ass)

 

[shinyam]

Exchange it now, it won't get much higher than it is now, and you risk the chance of it falling back significantly.

 

[n_v]

Actually there is talk that we could see an 85-90 cent dollar in the not too distant future. You have 2 months. I would sit and watch the exchange market.

 

[n_v]

kat19 - going for a teacher are you?

 

[kat19]

n_v,

nice guess. yes, you are correct.

 

[canucklehead]

I say hold onto it for another month i don't see the canadian dollar moving much again until fall

 

[mtl_guy]

where are you planning on exchanging it?
either way, i do not believe you would get a better rate at $20,000.

so if you are worried about it moving significantly, and you dont get charged an extra fee per transaction, then do it in $5000 or $10,000 increments. that way youre safer if it moves either way

 

[n_v]

n_v,

nice guess. yes, you are correct.

It wasn't a guess sweetheart.

 

[hilroy]

Mom is that you ???

 

[RogerRabbit]

If you wish to open an acct, you can get better rates:

www.friedberg.ca/c/htmlos/001257.1.970206338514292480/Currency_Exchange

 

[Boyscout352]

Change some of it now while the Canadian dollar is high. Its hard to predict what the dollar will be like in a month or two. Its best to take advantage while the opportunity is there.

On average the US exchange rate was usually around 1.5-1.6

Convert 20K using the above rate, and compare it to the rate now. See how much you'll be saving.

 

[mister.b]

kat19
i'd wait a little longer and don't exchange your money at the bank go check out a broker and you'll get a better exchange rate.

 

[kat19]

ok, thanks everyone. yes, i was kind of worried about the government. i'm not too clear on the rules, but Sheik you think i'll be ok, with the $5k at a time?