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Jesse Handel
Jesse Handel, Scientist
Category: General
Satisfied Customers: 262
Experience:  B.S. Degree Chem. & Bact. 7 yrs tax preparation.
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I am from the United States. A have a few relatives in Italy

Customer Question

I am from the United States. A have a few relatives in Italy who have bank accounts. I am in the process of going there. I have maybe 2,000dol. I would like to send there to be put in an account. How does that equate the Euro. Is the Euro at its low right now and about to go higher? Or is it about to go lower. What should I do?...
Submitted: 3 years ago.
Category: General
Expert:  Jesse Handel replied 3 years ago.
Hello and thank you for coming to Just Answer. We appreciate the opportunity to help you with your questions. Currently, today's exchange rate between the euro and the US dollar is 1 euro equals $1.40 or $1 equals 0.70 euros (whichever way you want to calculate it). It is hard to predict whether the euro will rise or fall against the dollar. The current situation where it takes $1.40 to buy a euro is quite high. Up until about 3 months ago, the exchange rate was generally around $1.23 to $1.28 in order to buy a euro. The political and budget problems in the United States have generally meant that the dollar has been losing value against the euro over the last year or so. For a while when the general strikes and protests were occurring in Greece, France, and other European countries, the dollar gained a little on the euro. But, the general trend over the last year, has been for the dollar to lose value against the euro.

I can't give you an exact prediction of what will happen in the future, but, over the long term (months), your dollars will probably buy fewer euros. Over the short term (within the next month or so), the dollar is unusually low relative to the euro. If it were my money, I would probably wait for a few weeks and watch the exchange rate in the newspaper, Yahoo Finance, or on CNBC. If the exchange rate reaches about $1.30 to $1.35 to the euro, then I would exchange my money.

Also, not all institutions that exchange currency charge the same rate, just like not all banks charge the same interest rate. Banks in Italy will probably give you a slightly better exchange rate than will banks in the United States; but since you have family in Italy, you should ask banks in both countries how much they will give you in euros for your dollars. Currency exchange kiosks in airports generally give the very worst rates that you can get, so avoid them if at all possible.

I hope this answers your questions. I will be happy to provide more information if you need more help.
Jesse Handel, Scientist
Category: General
Satisfied Customers: 262
Experience: B.S. Degree Chem. & Bact. 7 yrs tax preparation.
Jesse Handel and 114 other General Specialists are ready to help you
Customer: replied 3 years ago.

I understand you answer...and just a quick followup...would it be wise for when the exchange rates improve to just put my money in Italy...(I have not followed the market...but generally has the will the Euro be a better investment than the dollar?)...I hope you understand what I am trying to say.

PS. In other words...should I just put this money there and let it stay?...

Expert:  Jesse Handel replied 3 years ago.
Hello again,

That's a really tough question. It depends on the monetary policies of the President and the Federal Reserve. Until George W. Bush was elected and Ben Bernanke was appointed as the Federal Reserve Chairman, the United States had a "strong dollar" policy, where the US government and the Federal Reserve actively propped up the dollar against the other world currencies. The European Union put the euro in place because they thought it could complete as a currency against the dollar, but until the United States government stopped propping up the dollar; the euro was a disappointment at about $0.93 to the euro. Between the US government allowing the dollar to rise or fall based on market forces and the fact that the Federal Reserve has been printing lots of dollars in order to stimulate our economy out of the recession we've been in, the dollar has been devalued against other currencies.

You would probably be wise to keep money in the euro, but keep an eye on the political situation. If the countries in Europe that have high deficits (primarily Greece, Ireland, Spain and France) don't make changes to lower government spending; and/or the workers in Greece, Spain, France, and Belgium continue general strikes and demonstrations to stop any reduction of their benefits; and/or Germany, Poland, and other European countries that have healthy economies refuse to continue to bail-out the countries that are overspending; then the euro will lose value. If the US pulls out of the current recession and inflation becomes serious, the Federal Reserve will have to start to tighten the money supply and the dollar will gain value. If the United States keeps spending money the government doesn't have, the Federal Reserve will keep printing money and the dollar will continue to lose value, unless the Chinese demand that the US government stop devaluing the dollar and China makes the threat stick.

This is the best advice I can give you based on my knowledge of economics and politics. I have also read articles by well-known economists that if the oil-rich countries start to price barrels of oil on the world market in euros, rather than dollars as it is now; the dollar could see a significant loss of value.

I hope this helps. Let me know if you need more information.

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