Questions tagged [currency]

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

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67 votes
9 answers
19k views

Why do financial institutions charge so much to convert currency?

With all the modern technology that we have, I am astonished that financial institutions charge such exorbitant prices for currency conversions. My bank, Fifth Third, charges a 3% conversion fee, ...
65 votes
14 answers
13k 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 ...
61 votes
3 answers
7k 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%?
53 votes
3 answers
21k views

Are all current world currencies 'decimal'?

Historically, non-decimal monetary systems were common. E.g. pound / shilling. Every currency I can think of or have ever used is 'decimal' (where a higher/lower unit of currency is either a ...
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50 votes
10 answers
15k 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 ...
  • 7,525
43 votes
4 answers
43k 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 ...
41 votes
6 answers
66k views

Maker taker fees - can somebody explain in plain english?

I'm interested in learning about how trading works, but this is all very new to me so bear with me. (I'm just poking around at this point, obviously nowhere near ready to actually be trading) Some ...
  • 429
40 votes
12 answers
10k views

Is there a reason why someone shouldn't buy into a temporarily cheap currency of an otherwise solid economy?

As everyone knows, the ruble is falling compared to the euro and it has been falling for a long time already. The way I see it, the ruble will eventually get back up once the political situation ...
40 votes
5 answers
24k 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 ...
  • 1,707
38 votes
1 answer
17k views

The Venezuela Stock Market Crashed 99.90% on March 15th, 2021. What happened and why?

https://tradingeconomics.com/venezuela/stock-market Was looking at the graph above for the Venezuela Stock Market and the Caracas Stock Exchange Stock Market Index crashed 99.90% over the weekend of ...
31 votes
7 answers
12k views

Can someone make money by cycling through currencies and exchanges?

I am not a finance expert at all, but I recently got this idea from a conversation with a friend on whether it is possible to make money by starting with a fixed amount of dollars and then try and ...
30 votes
4 answers
7k views

How exactly are exchange rates determined? [closed]

I was reading about how the exchange rates are fixed. I understand that demand and supply decide the exchange rate but how exactly is it done and by whom? For example, consider US and India. (https:/...
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25 votes
4 answers
6k views

What is the difference between these two S&P 500 ETF?

I wanted to invest in the Vanguard S&P 500 ETF which has the ISIN code US9229083632 However I just discovered it is not available in my country. As an alternative I am considering investing in ...
  • 699
23 votes
12 answers
19k views

How should spare change be exchanged?

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 ...
20 votes
7 answers
11k views

How can I fairly give the option to be paid in Bitcoin?

I'm a freelancer who bills per hour and invoices my clients at the end of the month. The total amount is represented in my local currency. I also give the option for my clients to pay in Bitcoin at a ...
20 votes
9 answers
2k views

Does gold's value decrease over time due to the fact that it is being continuously mined?

As one can see here ( How fast does the available amount of gold in the world increase due to mining? ), available amount of gold is increasing. That sounds similar to printing more money. I ...
20 votes
1 answer
5k views

Do I have a right to cancel a purchase of foreign currency in the UK?

A few days ago I ordered 100 Euros using a travel agents website, to be picked up in their store and paid for them in GBP by debit card. I noticed just after that they aren't open on Sundays, meaning ...
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20 votes
10 answers
34k views

How can I avoid international wire fees or currency transfer fees?

I'm paid by an American company, but travel to France frequently and need to have a French bank account for various reasons. So far the cheapest procedure I've found to transfer money is withdraw ...
  • 343
19 votes
5 answers
3k views

Why are currency forwards needed?

Commonly, a currency forward is said to be useful when one has to make a payment in another currency in a future date, e.g. a European company has to pay 1 million USD exactly one year from now. It is ...
  • 643
18 votes
4 answers
9k views

Why do people buy US dollars on the black market?

I was reading news articles about people in Venezuela and Iran getting a poor exchange rate for US dollars on the black market. Why do these people need to buy dollars? Why is it still worth while ...
  • 283
18 votes
2 answers
4k views

FOREX: Pair Trading, What is Really Happening?

I am starting to study FOREX again and one thing about trading on the market through means available to me personally is that one can take positions on 'currency pairs'. This has made little sense to ...
16 votes
4 answers
4k 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?
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15 votes
2 answers
4k views

So the vending machine tore my $5 in pieces. What now?

The vending machine swallowed half of my $5 bill, and the other half remained in my hand. Can I get my $5 back, or is it all lost forever?
  • 133k
15 votes
4 answers
22k 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?
  • 31.5k
15 votes
1 answer
5k 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 ...
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14 votes
1 answer
604 views

WSJ article about CFDs - am I missing something?

In this WSJ article, it comments Traders held a net $22.6 billion in bets that the dollar will appreciate, a gain of 31% in net wagers over the previous week and the largest such position since ...
13 votes
4 answers
3k views

How invisible hand adjusts stock prices if company is listed on multiple exchanges, under multiple currencies, and one of the currencies plunges?

I'm an absolute beginner in economics and in the stock exchange and just encountered my first company that was listed in multiple stock exchanges and in multiple currencies. I'm aware of the invisible ...
  • 239
12 votes
6 answers
2k views

Layman's guide to getting started with Forex (foreign exchange trading)?

How should I get started with Forex (foreign exchange trading)? How should I prepare myself for it? Please give your answer thinking of me as a layman.
12 votes
6 answers
1k 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? ...
  • 6,200
12 votes
3 answers
1k 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 ...
  • 435
12 votes
1 answer
23k views

How do multi-currency bank accounts work? What is the advantage?

I've recently read that banks are offering multi-currency accounts to their business customers. How do they actually work? Is it one bank account and the balance is available in, let's say for example,...
12 votes
2 answers
3k views

Good way to record currency conversion transactions in personal accounting software?

I have deep personal financial connections to two countries, with different currencies. (They happen to be Canada/CAD and USA/USD, but I don't think that's material.) I have multiple bank and ...
11 votes
6 answers
4k 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 ...
  • 6,200
11 votes
2 answers
2k views

Is there a country that uses the term "dollar" for currency without also using "cents" as fractional monetary units?

I'm wondering if there exists a country that uses the specific name "dollar" for their currency, without also using the concept where 1/100 of one dollar is called a "cent". Does such a currency ...
  • 31.5k
11 votes
2 answers
964 views

Where to categorize crypto-currencies

In Germany, crypto-currencies like Bitcoin are all over the news lately, making me aware of the fact I don't know much about them. A journalistic TV program I was watching yesterday even claimed ...
  • 215
11 votes
2 answers
453 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?
  • 8,673
11 votes
3 answers
24k views

How and why does the exchange rate of a currency change almost everyday?

How does the exchange rate of a currency change every day? Why does that happen? Please explain to me with a naive approach and avoiding financial jargon.
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10 votes
5 answers
3k views

Which currency is cheaper for another currency?

Suppose that I want to buy something in GBP (pounds). How do I determine whether which costs less: CAD (Canadian Dollars) or HKD (Hong Kong Dollars) or USD, all three of which I possess? First, ...
's user avatar
10 votes
3 answers
2k 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 ...
  • 2,869
10 votes
4 answers
851 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 ...
  • 3,893
10 votes
2 answers
9k views

Why is a coin an asset whereas a note is a liability on the Federal Reserve's balance sheet? [closed]

Can someone explain me why coins are assets and notes are liabilities for the U.S. Federal Reserve? I know coins are made from "precious" metals, but even notes are made from various materials too, ...
10 votes
1 answer
4k views

Generic name for the smallest unit of currency?

For example, in Canada and the US, it's a "cent", in Bitcoin it's the "satoshi", in Bahrain it's the "fil". What's a generic word that means "smallest unit of this currency"? By "smallest" I mean ...
  • 233
10 votes
1 answer
20k views

Two banks in two countries. Is it possible to have a unique PayPal account?

I am Italian living in Sweden. I have one bank account in Italy and one in Sweden. I have recently opened a PayPal account in Sweden and I have no problems in performing purchasing in SEK, but I want ...
  • 201
9 votes
4 answers
596 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 ...
  • 193
9 votes
1 answer
4k views

Am I exposed to currency risk when I invest in shares of a foreign company that are listed domestically?

If a multinational firm based in country A is listed in both country A and country B, and I invest in this firm as a resident of country B through country B's stock exchange, either through something ...
  • 244
9 votes
3 answers
959 views

Should ETF currency risk be avoided by changing denomination or selling in a different currency?

I am about to purchase international stock and bond ETFs as part of my retirement portfolio. I am concerned about currency denomination. Suppose that I purchase an ETF in Euros and when I start ...
9 votes
1 answer
294 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
1 answer
7k views

Where do web sites get foreign exchange currency rate / quote information?

There are many web sites which provide the exchange rates between currencies. Where do they obtain this information? Is there any authoritative source from which they get this data? For example, ...
8 votes
4 answers
3k 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 ...
  • 7,525
8 votes
4 answers
4k views

Can you borrow foreign currency from local banks?

Do local banks allow you to borrow in currencies other than the local currency? If so, would the financing rate be different depending the currency?

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