Buy now or wait...

So we only have 20 weeks until we leave for France. Things are getting sorted out very nicely. Long stay visa, rental car, boat, renting of our house, Travis taking over the studio, buying a car in france (thanks kim) etc...but one thing is still weighing heavy on our minds....the euro! We are going back and forth about buying our euros now (for the year) or waiting to see what will happen in the summer. Last week the euro/dollar was at 1.53 the lowest it has been in while. In March it went up to 1.60, some people say that it could go to 2.00. Our rent is payable in euros and I don't want to be stuck with a much higher rent. So right now we are in the process of opening an account with Credit Agricole and we have opened an account with HiFx which is a foreign exchange service. They don't charge a fee (most banks and places like American Express can charge up to 4%) nor do they charge a commission to transfer money to our account in france, they get low rates because of the high volumes of trading and we can lock in a rate for as long a 2 years, if we want. But today the euro is back up to 1.55. My head is spinning. If anyone has a crystal ball handy, do you mind checking out the future for the euro/dollar and letting me know what it's going to do between now and September? Thanks.

Comments

[samantha]

oooh, that's a tough one. personally i think the dollar will go down in November after the elections, but it's hard to say where it will be at in September!!

[Alisa]

HI Samatha - great to hear from you, been checking your blog to check up on you...you doing ok? Maybe the dollar will go up in November, but I think it depends on who our president will be! We have so much debt though as a country it might take longer than that.

[Kimberlee]

I'm battling the same indecision. Would that we all had crystal balls. Everything I have heard is the $ is on its way down even more...but who knows. I'd like more info on the HiFx deal ... can you put an order in for if the $ reaches a certain price and lock it in when it does? Thanks for the link, I'm checking further. If you find anything else out, let me know.

[Megan]

We had the exact same problem a couple of years ago when we wanted to buy our apartment here in France. We had a good amount of money saved in dollars in US banks, and we weren't sure whether to transfer it or wait until the rate got better. Back then it was like 1.28 dollars per euro. Good thing we transferred at the time, or else we would still be waiting!

[Colleen]

I hate the euro dilema. I've asked my 8ball many times and I get mixed results. I try to gauge when is a good time to transfer a lot of money to my account but usually hold back. I agree with Megan that you never know so just transfer when it is convenient. Remember don't check it later or you might be upset. ;-)

[La Belette Rouge]

Hmmm, could do you break up the transfer and do it in 1/4's so at least 25% of your money will be transfered at a rate you are happy with.
p.s. Where you able to open your bank account while in the states? And, did you have to have a copy of your lease and visa to get the account? Thanks in advance.:-)

[Alisa Rosseter]

Kim - I have a contact at HFIX and I'll send you (via email) all his information, he set up the account for us and he can answer all your questions.

Megan - 1.28 wouldn't that be nice right now, good thing you got in when you did. There is also a bank in england that will allow you to purchase your property in france and have a mortgage in USD...so you don't have to worry about the conversion, which is pretty cool if you are looking to buy now. I read Parler Paris and Adrian Leeds has all sorts of tricks and contacts regarding purchasing property.

Colleen - we are in the same boat...we have about 25K we want to transfer and 1 day we say lets do it and then we wait because it might go down....frustrating.

LBR - I was speaking with a friend of mine who is a trader and he suggested 50%....1/2 in euros and 1/2 in dollars that way you are covered either way. I like that idea, less risk. We are opening our bank account while here in the states, we do have to meet with them right when we arrive in October to show our passports in person. I did have to send a copy of our lease, but not our long stay visa. Things we did have to send were: proof of income while we are in france, proof of $$ for our account, marriage license, passport copies, last 2 years of tax return, last 3 months of bank statements, last 3 months of income (paystubs...which we dont' have because we own our business). But it's super easy. Do you want me to email you the contact info. It's with Credit Agricole, the Toulouse branch, it's set up for british and americans.

[Alisa Rosseter]

Kim - I have a contact at HFIX and I'll send you (via email) all his information, he set up the account for us and he can answer all your questions.

Megan - 1.28 wouldn't that be nice right now, good thing you got in when you did. There is also a bank in england that will allow you to purchase your property in france and have a mortgage in USD...so you don't have to worry about the conversion, which is pretty cool if you are looking to buy now. I read Parler Paris and Adrian Leeds has all sorts of tricks and contacts regarding purchasing property.

Colleen - we are in the same boat...we have about 25K we want to transfer and 1 day we say lets do it and then we wait because it might go down....frustrating.

LBR - I was speaking with a friend of mine who is a trader and he suggested 50%....1/2 in euros and 1/2 in dollars that way you are covered either way. I like that idea, less risk. We are opening our bank account while here in the states, we do have to meet with them right when we arrive in October to show our passports in person. I did have to send a copy of our lease, but not our long stay visa. Things we did have to send were: proof of income while we are in france, proof of $$ for our account, marriage license, passport copies, last 2 years of tax return, last 3 months of bank statements, last 3 months of income (paystubs...which we dont' have because we own our business). But it's super easy. Do you want me to email you the contact info. It's with Credit Agricole, the Toulouse branch, it's set up for british and americans.

[La Belette Rouge]

Alissa: I would love you to send the information. However, I might not be able to get a bank account without a lease. Thanks for the info. You are a font of French wisdom!!!

[La Belette Rouge]

Alissa: I would love you to send the information. However, I might not be able to get a bank account without a lease. Thanks for the info. You are a font of French wisdom!!!

[b]

The 50% sounds like a good plan. That way, you are dividing your "faith" equally and so either way, you can't torment yourself too much about your decision! Not only does the actual money factor in for me, but the decision/indecision surrounding what to do is ridiculous! Once you've made your decision, you'll at least know to an extent where you stand! Good luck with the decision and thanks for sharing your experiences with the rest of us! :)

[Wonders Never Cease]

Hi Alisa--Just wanted to thank you for the laugh over your shutter story. The exact same thing happened to us when we first moved over. We forgot to pin back one of our shutters, left for the day, and Mme. Mallet was fit to be tied by the time we returned. She said we owed her for a bottle of headache meds. We didn't know if she was kidding or not!
Hope all the preparation is going well!

[Wonders Never Cease]

Hi Alisa--Just wanted to thank you for the laugh over your shutter story. The exact same thing happened to us when we first moved over. We forgot to pin back one of our shutters, left for the day, and Mme. Mallet was fit to be tied by the time we returned. She said we owed her for a bottle of headache meds. We didn't know if she was kidding or not!
Hope all the preparation is going well!