Answers
I have bank accounts in Canada and New Zealand. If I send money back and forth when the exchange rate is favourable, can I be taxed?
If you do this with the intention of making money then yes it will be taxable
To determine the foreign exchange rate for different currencies, check the local paper for exchange rates, and pay attention to the inflation rate ...
Hello. I've got over 300,000 Euro. I'm not going to Italy, so this money is useless. I don't know where it came from or why I have it. But I'm pretty sure that Euro is worth a lot here. I don't want to waste 300 grand, so where can I exchange this? Can it be done at any ordinary bank, like Bank of America or Commerce?? Also, what is the exchange rate? Thanks!!
Deposit it in your bank account. The bank will do a conversion for you into dollars. If you don't have a bank account, they'll still do the conversion, although you might have to wait a few days. 300k in Euros is worth about $450k-$500k in US Dollars.
I was in Bangkok recently, and at my hotel there was a big sign saying "No Sex Tourists". This is important because Bangkok has a lot of sex tourists, and most of the hotels look the other way. But not my hotel. They were adamently against the whole idea of prostitution in Bangkok, and the sign explained why in a long list of reasons.
I found one of the reasons very surprising. It said that it is morally reprehensible for westerners to come to Thailand in order to buy sex, given that foreign exchange rates are favorable to westerners, and as a result it is much cheaper to buy sex in Thailand than in their home countries.
Clearly, one can find many legitimate reasons to argue against prostitution. But is this one of them?
It strikes me that westerners in Thailand are not just benefiting from the ForEx rates for buying sex. They are benefiting every time they spend money in Thailand, whether its for food or hotel or anything else. Is that morally wrong? Are they "taking advantage"?
There is nothing wrong in paying for sex provided you're not ripping the girl off. Selling sex is legal in many countries, including here in Australia. It's a business transaction and provided both parties are happy then there is nothing wrong.
As for the exchange rate, nothing wrong in getting the best deal for your money. The Thai government loves sex tourists and the economy could collapse without them.
By the way, which hotel was it? I've been to BKK on business many times and I've never seen such a sign - and I stay in pretty classy hotels.
I want to know what the effect would be on a country if they fix their foreign exchange(money).Cos have been thinking why cant countries with lower exchange fix their exchange rate.
The problem is that everything has a price. And there are no controls that a government can put into place that can lower that price. What a buyer saves in price will be paid in other ways(ie waiting in line, higher transaction costs, etc)
For example, in countries with fixed exhange rates that are not in equilibrium with the market, you will see one of two things: a huge amount of underground(black market) trading, or a central government soaking up the excess currency through the accumulation of enormous reserves. It goes without saying that both of these results are ineffective and are detrimental to the nation in the long term.
When transferring money between international accounts, is it better to send the money in the local or foreign currency to save on fees.
For example, HSBC UK allows transfers in either GBP or the foreign currency.
Please let me know which option has the better exchange rate.
What a friend of mine did (I don't know if this is legal) is she opened a bank account here and sent her ATM card to her relatives outside the US, she would deposit the cash each month on that account and they withdrew the money monthly for free there.
Canada's Dollar Weakens as Bank Governor Says It's Too Strong
Oct. 22 (Bloomberg) -- The Canadian dollar traded near a two-week low after the central-bank governor stepped up warnings the currency is too strong, increasing speculation that interest rates will remain low for longer than some hoped.
Bank of Canada Governor Mark Carney told reporters in Ottawa that intervention to weaken the currency “is always an option.” The central bank issued a quarterly report saying the Canadian dollar “could act as a significant drag on growth,” even as it said that economic recovery is under way nationally and globally.
“Carney mentioned intervention today,” said Darren Richardson , senior corporate dealer in Toronto at CanadianForex Ltd., an online foreign-exchange dealer. “Whether or not they have the ability to do that is yet to be seen. There was definitely an instant decrease in the Canadian dollar.”
The Canadian currency depreciated 0.4 percent to C$1.0474 per U.S. dollar at 4:49 p.m. in Toronto, from C$1.0429 yesterday, when it touched C$1.0584, the weakest level since Oct. 8. One Canadian dollar buys 95.47 U.S. cents.
FOREIGN CURRENCY EXCHANGE RATE
You are gracious to go for your extended awaited South America vacation. Have your passport, visa/s, vaccination/s and journey protection done.
Bags is filled, your camera/video ripe and you have your money strip in digs ( because you wouldn't peregrinations without one, would you ?).
However, how do you go about money matters?..
Where do you exchange currency for your outing?..at the airport on new chum?..in your neighbouring bank before departure?..
Before rushing to exchange money anywhere, take a instant and understand what the experts have to say about getting the best foreign currency exchange rate...
What should I be informed about exchanging money?
Everyone looks send to a vacation, particularly if youre traveling to a outlying cay or a sandy margin in another native land.
The trembling of planning the vacation is almost as much fun as the explode. Locating the through ready to guy and the coziest eateries is always an mind-boggling deed.
We do get caught up in socialize details and overlook one respected aspects of a foreign vacation and thats the currency exchange.
Waiting to exchange money upon tourist in Buenos Aires for a red-letter day on a spectacular seaside in Argentina can fabricate entirely a monetary hangover if the Peso rapidly surges overnight and your currency crashes and burns in the exchange.
Hardly a 1150 sharp end team could set someone back you an added $115 for every $1000 you exchange at the airport.
That hurts; no complication what humanitarian of budget youre on.
The with greatest satisfaction way to exchange currency is to as a rule your exchanges, principally if your plans comprise countries like Hungary or Russia.
When you exchange feel put down amounts during the planning process you advised of how much each exchanges costs. You balance out any impetuous currency surges before you flit bailiwick.
A sane and telling budget starts with averaging your exchanges.
Where should I exchange money?
Eight out of ten people will certain you to go to the bank to normally your exchanges.
...News
New Zealand's Premier Blames Kiwi's Strength on Weak US DollarWall Street Journal - Oct 25, 2009
New Zealand's Premier Blames Kiwi's Strength on Weak US Dollar"As long as the exchange rate stays high, it's not likely, I would have thought, that the reserve bank alters interest rates," he said in an interview on and more »Bloomberg - Oct 25, 2009
St. John's TelegramCanadian Dollar Depreciates Most in Month on Carney's CommentsCentral banks intervene by buying or selling currencies to influence exchange rates. Carney also reiterated the bank's conditional commitment to leave Canadian dollar falls on weak oil, boc warningsWalkom: Is intervention needed to tackle high loonie?all 33 news articles »
Bloomberg - Oct 23, 2009
CBC.caCanada's Dollar Weakens as Bank Governor Says It's Too StrongCentral banks intervene by buying or selling currencies to influence exchange rates. The Bank of Canada increased its assumption for the level at which the BOC: Intervention in Foreign-Exchange Market 'An Option'CANADA FX DEBT-C$ lower as BoC warnings on strength lingerall 1,271 news articles »
Sydney Morning Herald - Oct 25, 2009
This means that financial institutions that invested money at the beginning of January are enjoying an annual rate of return on their investments of 35 per and more »AFP - Oct 25, 2009
Beijing has kept its currency steady by selling yuan in exchange for foreign assets -- mostly dollars -- and by the end of September had accumulated a Psst … is China a currency manipulator and cause of the world financial crisis?all 16 news articles »