Questions tagged [currency]
For questions related to currencies or foreign exchange markets. Ideally, this tag should be accompanied by specific currency tags under discussion.
316
questions
67
votes
9answers
18k 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, ...
61
votes
3answers
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%?
57
votes
14answers
10k 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 ...
52
votes
3answers
19k 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 ...
49
votes
10answers
7k 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 ...
42
votes
4answers
30k 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
12answers
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 ...
41
votes
6answers
57k 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 ...
40
votes
5answers
19k 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 ...
30
votes
4answers
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:/...
24
votes
4answers
5k 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 ...
22
votes
11answers
18k 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 ...
20
votes
9answers
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
1answer
4k 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 ...
20
votes
10answers
33k 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 ...
19
votes
5answers
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 ...
18
votes
2answers
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 ...
17
votes
4answers
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?
16
votes
4answers
5k 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 ...
15
votes
2answers
3k 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?
15
votes
4answers
20k 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?
14
votes
1answer
538 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 ...
12
votes
4answers
2k 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 ...
12
votes
3answers
976 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 ...
12
votes
1answer
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
2answers
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
6answers
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 ...
11
votes
6answers
1k 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.
11
votes
2answers
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 ...
11
votes
6answers
735 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? ...
11
votes
2answers
438 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?
11
votes
1answer
3k 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 ...
10
votes
5answers
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, ...
10
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 ...
10
votes
4answers
708 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 ...
10
votes
2answers
712 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 ...
10
votes
3answers
23k 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.
9
votes
4answers
550 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 ...
9
votes
2answers
8k 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, ...
9
votes
1answer
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 ...
9
votes
3answers
862 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
1answer
275 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
6k 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
4answers
2k 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 ...
8
votes
6answers
2k views
How can my friend send $3K to me without using Paypal?
My friend is a paraplegic. He can't go to the bank and wire the money. He used to send money from our partnership via paypal. Now I am banned from paypal. What's the alternative? Google checkout?
I ...
8
votes
7answers
3k views
Why don't banks print their own paper money / bank notes? [closed]
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 ...
8
votes
7answers
352 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 ...
8
votes
8answers
7k 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 ...
8
votes
3answers
2k views
Best / cheapest way to exchange USD for foreign currency cash?
I'm considering taking a trip abroad in a few months, and would like to exchange a moderate amount of money (say less than $2,500) into a couple of currencies (probably 60% Euro, 30% GBP, 10% ...
8
votes
2answers
287 views
Does the currency exchange rate contain any additional information at all?
Pretty often I hear someone saying stuff like "The pound is worth more than the US Dollar" or "The Kiwi Dollar is worth less than the Euro".
Well, technically it is correct that 1 pound buys me more ...
