For questions related to currencies or foreign exchange markets. Ideally, this tag should be accompanied by specific currency tags under discussion.

learn more… | top users | synonyms

9
votes
6answers
1k views

Why don't banks print their own paper money / bank notes?

The fractional reserve system benefits the banks immensely, according to the documentaries I’ve been watching recently. However, I began wondering why they don’t get into the paper business too. If ...
3
votes
1answer
325 views

If Greece decides to stop using the Euro, how would they implement it?

In particular, if they decide that they want to stop using the Euro as their currency, and have their own currency, how would that work? Since greece euros are the same as other european country's ...
6
votes
1answer
4k views

How can I check whether old foreign currency paper bills or coins still have value / considered legal tender?

Collectible value aside, let's say I have some old currency – bank notes and coins – from another country, perhaps acquired from a relative who visited many years ago. In the case of ...
4
votes
3answers
214 views

What can I do to take advantage of a strong currency?

Australia's dollar is currently cruising higher against the greenback. Currently it is around 1.09 cents compared to about 60 cents mid 2009. What can someone do to benefit from this situation? Is ...
4
votes
2answers
1k views

Why did Japan's currency value increase after the tsunami?

Why is it that Japan's currency went up after the tsunami? Dollars to Yen After March 11th, the dollar to yen ratio drops until the 16th. What causes the value of currency to rise as the stock ...
8
votes
4answers
327 views

How do I find a broker that is good at providing forex trading (i.e. foreign exchange / currency)?

How do I find a broker that is good at providing forex trading (i.e. foreign exchange / currency)? Where should I look to learn about what brokers have in terms of brokerage, leverage, and software ...
12
votes
3answers
543 views

How is exchange rate calculated?

assume that there is a very new island-country called xland. they decide to name their currency xdollar and there is 1000 xdollars in circulation. the very first foreigner comes and wants to exchange ...
4
votes
1answer
3k views

Does Reuters provide the 4pm London Spot rate for currencies?

The 4pm London spot rate is supposedly the standard, but I'm having trouble finding out if that's what I'm getting from Reuters. First, I understand that currencies don't have just one exchange rate, ...
2
votes
4answers
380 views

If I invest in securities denominated in a foreign currency, should I hedge my currency risk?

If I live in the US and most of my expenses are in US Dollars, I consider the US dollar to be my base currency and look at the performance of my portfolio on a US Dollar basis. If I invest in a fund ...
8
votes
2answers
239 views

Is there a comparison site for foreign money exchange vendors?

Is there a comparison site for foreign money exchange vendors? When I travel internationally, I find that some of the vendors can charge different types of commissions and the rates vary wildly. ...
5
votes
1answer
563 views

How can I cash out my prepaid cell phone?

As a very frugal person, I have a prepaid phone plan that costs $100 a year. For the past two years, I've spent roughly $50 of that each year. As long as I renew the plan with another $100 every year, ...
1
vote
1answer
511 views

Sites to obtain historical chart of currency exchange rates?

Besides Yahoo Finance, is there any site where I can obtain history chart of currency exchange, for cross comparison purpose? (As I realize British Pound against my country currency is the lowest ...
5
votes
6answers
694 views

What would happen if the Euro currency went bust?

Seems to be a lot in the news recently (Google Business news UK) discussing that the euro currency may not survive. They suggested it has a 1/5 chance of surviving the next decade. What would ...
3
votes
2answers
457 views

What does the Fed do with the extra money it is printing? [closed]

Last month I read some news about the Fed printing money to devalue the U.S. Dollar compared to other currencies. But what do they do with this extra money?
2
votes
3answers
508 views

Foreign currency conversion for international visitors to ecommerce web site?

It is really not personal finance question but I haven't found a more appropriate place for it. My question is about currency conversion. Let's imagine I have two prices for one item: Russian shop: ...
2
votes
1answer
3k views

Which U.S. banks offer Euro currency bank accounts? [closed]

Same as this question, but for the USA.
12
votes
4answers
2k views

What is a “fiat” currency? Are there other types of currency?

I've seen the term "fiat currency" in another question. What is a fiat currency? Are there other types of currency?
49
votes
1answer
4k views

How can I invest in country A to take advantage of their great interest rate while I live in country B?

If I live in the US, for example, where current interest rates are practically nil, how can I take advantage of the fact that interest rates in Australia are almost 5%?
13
votes
7answers
4k views

Why doesn't Japan just divide the Yen by 100?

At the moment £1 is 131 Yen, so why doesn't Japan just divide everything by 100, (chop off 2 0s) to bring it more inline with other currencies?
3
votes
3answers
539 views

Iraqi Dinars. Bad Investment, or Worst Investment?

Some family members are getting excited about investing in Iraqi Dinars. I'm pretty sure it's not a great idea. What are the best online resources for or against this idea?
9
votes
3answers
1k views

What exactly happens to Euro if one of European Union countries goes bankrupt?

What happens if one of the European Union countries goes bankrupt? Suppose I have money (bank deposits at local banks) in US dollars, Euros and local currency (I'm not in the US). Now one of EU ...
6
votes
5answers
359 views

What is the best way to access money in the UK while living and working in Germany?

I'm a self-employed Brit living and working in Germany, but virtually all of my clients are still in the UK and so pay me by BACS into my Nationwide UK current account in pounds Sterling. I've been ...
7
votes
7answers
301 views

Do you know of any online monetary systems?

I'm actually looking for something that would resemble a monetary system of a sovereign country. The value of its currency would be somewhat independent of, say the dollar. If there was a more stable ...
2
votes
4answers
5k views

What Is The Most Reliable Source For Getting Real Time Exchange Rates?

What is the most reliable and up-to-date source for getting world currency exchange rates?
9
votes
1answer
243 views

Why could the serious financial woes of some EU member states lead to the end of the Euro?

I've been reading a lot about the impending bankruptcy of Ireland/Portugal/Spain etc. and how this could mean the end of the Euro. I cannot connect the dots here. Why would this mean the demise of ...
9
votes
1answer
459 views

Why does Currency Carry Trade work?

I understand the Carry Trade mechanism, but I wonder why it works, or why it doesn't work. Interest Rates Each currency has an interest rate associated with it. The Yen (JPY) has historically had a ...
6
votes
2answers
759 views

Why would a central bank or country not want their currency to appreciate against other currencies?

From Investopedia: Pegged Rates: Pegging occurs when one country directly fixes its exchange rate to a foreign currency so that the country will have somewhat more stability than a normal ...
7
votes
6answers
4k views

Best way to buy Japanese yen for travel?

Going to Japan in about a week, and I'm looking for ways to buy Japanese yen. In Australia, it's pretty nuts. If you exchange money from them, they'll charge you 5-6% above the mid rate of the ...
17
votes
11answers
8k views

How to get rid of spare change

So I have about $50 in pennies, dimes and nickels. What would you do with it? I'm asking because I don't think spending hours rolling up the change and taking it to the bank is the best/most ...
35
votes
4answers
10k views

How common is counterfeit money in circulation?

I've noticed recently that several places where I paid with a $20 bill, the cashiers used a small marker to detect whether the bill was counterfeit or not before accepting it. Like so: I saw this ...
5
votes
4answers
1k views

Are there any countries where citizens are free to use any currency?

It seems like most countries restrict the citizens to the use of the government currency for exchanging goods. I'm not a world traveler so maybe there is a country where this is not the case. Does ...
3
votes
1answer
54 views

Does anyone have experience with Community Exchange Systems?

I am interested to know if anyone has participated in a Community Exchange System, where the currency of exchange of goods and services is completely information-based - in other words, there is not ...
4
votes
2answers
1k views

Looking for online sources for historical currency data / exchange rates. Recommendations?

Is there any online service that provides (in any format whatsoever) historical foreign exchange rates, with bid/ask values? Intra-day would be preferred, but end-of-day is also of interest.
40
votes
14answers
5k views

Do Americans really use checks that often?

That might sound a bit silly to people from USA but is it really that common to use checks in America? I am from Austria and here (Austria, Germany, Switzerland) checks play practically no role in ...
10
votes
9answers
7k views

Should I stockpile nickels?

As the US dollar continues to be devauled the metal content value of US coins will eventually be worth more than the face value of the coins. There use to be silver in US coins but due to the ...
44
votes
10answers
5k views

Are you preparing for a possible dollar (USD) collapse? (How?)

After the last crisis it was easy for many to look back and say all the signs were there to indicate an impending crisis. Super-low interest rates from the FED, no down-payment loans, interest-only ...
8
votes
4answers
364 views

What happened to the $1 coin in US?

The US, like Canada tried to introduce a $1 coin awhile back to reduce minting costs of the $1 paper bill. This was successful in Canada but not so much in the States. Why was it not widely adopted? ...
6
votes
1answer
804 views

What is the least valuable unit of actively used currency that is coined or printed?

Another question about the potential for giving up on pennies made me wonder. What is the smallest (in terms of value) unit of currency that has a minted coin or printed bill that is in active use ...
10
votes
4answers
374 views

I've heard pennies are being phased out in Canada. Is this true?

If so, will it affect how retailers price items? Will they round up?
7
votes
1answer
736 views

Currency values: Are there names for the parts before and after the decimal point?

What is the collective name / term given to the part of a currency value before and after the point? e.g. $123.99 So in the example above I'm after the name of the part '123' and the name of the ...
6
votes
5answers
318 views

When going abroad, how do you take your money?

When going abroad, how do you take your money? All hard cash? Some travellers cheques? I guess you could use your normal current bank account, but the UK banks (at least my one did) charges fees all ...
6
votes
1answer
114 views

What investment strategy would you deduce from the latest article from Charles Munger?

One of the most interesting article I read in the last months was from Charles Munger (vice chairman of Berkshire Hathaway). Here is a link: http://www.slate.com/id/2245328/pagenum/all/ I would be ...
4
votes
1answer
232 views

Should I change money from Euros (EUR) to Sterling (GBP) before I go away near the end of the year?

I 'have a friend' who is going away traveling towards the end of the year. She has a few thousand Euros which she is going to spend whilst she is away and was asking if she should keep it in Euros or ...
9
votes
4answers
513 views

When will Canada convert to the U.S. Dollar as an official currency?

(note I really don't want this to sound argumentative, I'm genuinely interested. The title is simply a follow up to this question and my answer. To the Canadian users of this site, would you agree ...
11
votes
6answers
3k views

When will the U.K. convert to the Euro as an official currency?

When will the United Kingdom switch to using the Euro? The main group of European countries have adopted it as a common currency and it appears this is the future direction. If not, what are the ...
4
votes
2answers
271 views

How does the price of oil influence the value of currency?

It's been said that currency markets are affected by the price of crude oil. Currencies such as the U.S. Dollar typically react to the rise and fail of the price of this commodity. Why are they ...
37
votes
4answers
11k views

It is legal for a retailer/store or other business to refuse $50 & $100 bills or other legal tender, e.g. pennies?

I'm trying to find out about businesses refusing $50 & $100 bills. Aren't they required by law to accept all legal tender? I had one person say it could be that it's not all legal (i.e. a ...
11
votes
4answers
6k views

How do currency markets work? What factors are behind why currencies go up or down?

How do currency markets work? What factors are behind why currencies go up or down? What roles do governments, central banks, institutions, and traders have in the process?