how can i use and abuse the exchange rate? - TravelPUNK Backpacker College Student Budget Travel Message Boards!



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Travel Budget, Money Matters, Financial Talk Mom, can I borrow ten grand?! Gimme yo mastercard! How the heck can I pay for my trip?! Ideas for making money. How much dough do I need?

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Old 02-22-2007, 03:00 PM   #1
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Default how can i use and abuse the exchange rate?

hey! a big question for all tpunkers out there with a better understanding of economics and money practices.....
i know that currently the NZ$ is standing pretty well against the euro, i'd be tempted to change sum money cpet i already have 500 euro and dont wanna be carrying to much cash. can i do anything? im thinking not? mostly cos i'll be using credit cards over there? is it wise to maybe book and pay a chunk of accomodation now perhaps? appreciate ne advice !

(lol and to those who read my other post..yes i coulkd put the $ towards panelbeating my ka but for the mo i'll just avoid my parents!)
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Old 02-22-2007, 07:47 PM   #2
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LOL, I didnt understand that PS...

Well, I'm thinking hat if you book now, you'll have the percentage of your stay credited to your credit card. i dont know how it works in NZ, but here in Argentina all the stuff comes in pesos on my credit card... no matter if I purchased something in dollars or euros, it automatically cahnges to pesos to that date's rate. So you could be off good with your NZ money for the time being.

Hope that helps.
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Old 02-22-2007, 08:02 PM   #3
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Actually flo, I think she's just asking whether it would be worthwhile to act now, as the rate seems really good rather than waiting to find that her dollar's dropped when she goes to use the credit cards....

(sorry I'm not too much help for you here, I dont watch the stock market at all so I dont really know how well off your dollar is, nor can I predict the future)

But have you considered changing the money into travellers cheques AND cash? That way if you do want to act now, you get today's rate for both and you're not carrying around a ton of cash. I always had travellers cheques as my back-up money...never actually had to use them, but perhaps it's a good method for you? You can put them in convenient denominations... I know sometimes it can be difficult to find a place to cash them but if you're not using the money right away perhaps it wont be too difficult, spaced out throughout the trip, just wherever you find a place...use it? Just an idea...
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Old 02-22-2007, 08:17 PM   #4
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Quote:
Originally Posted by simply_angelic View Post
But have you considered changing the money into travellers cheques AND cash?
hey, thanx thats a great idea i dont know to much bout travellers cheques but i'll definatly look into it!
sorry i know my initial posy was pretty confuzzling!
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Old 02-22-2007, 09:03 PM   #5
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The Commonwealth Bank here in Oz has a card called Traveller's cash or something which is like a prepaid credit card, the only difference is the exchange rate is locked in when you load it up with your chosen currency. If there is something similar in NZ it might be a good option.
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Old 02-23-2007, 05:34 AM   #6
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If anyone could accurately predict exchange rates then they would become an instant billionaire. Just exchange while you are over there, use your credit card. It really doesn't matter. What does matter is not carrying around wads of cash - as stated by other peeps, use a CC, use travelers checks, atm cards, whatever and have a backup plan or three. Good luck.
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