bigway 4 #1 January 16, 2008 Ok, So the exchanges rates change constantly, my question is, do they change over the weekends when banks are closed? Saying that though, i am sure on saturday here in australia when banks are closed that banks in uk or america are open cause it is only friday but there has to be some point of time on sunday or some point of tiime where banks are closed right around the world and the currency exchange is frozen in time? Does anyone know and if so when? I just hate emailing my manufacturers and asking them to charge my card thousands of dollars and then hours to days later they finally do and the exchange has dropped 4 cents losing me alot of money. Really trying to get a grasp on this subject so if anyone could educate me a bit on it, i would be in your debt. .Karnage Krew Gear Store . Quote Share this post Link to post Share on other sites
cocheese 0 #2 January 16, 2008 So you're the cause of 6-8 weeks for delivery. Quote Share this post Link to post Share on other sites
Bmore_chrissy 0 #3 January 16, 2008 I'll give this a shot- Tokyo is the last of the major exhanges open, and it closes at 4am EST. So if you are in the Sydney time zone, this would be 6pm friday for you that the markets would close for the weekend. The first major market to open is London, which opens Monday at 3am EST, or 7pm Sunday in Sydney. So your window for Sydney (adjust if this isn't your time zone) Is 6pm friday to 7pm sunday. Its very possible i made a mistake here Quote Share this post Link to post Share on other sites
RPC1117 0 #4 January 16, 2008 Have you considered "buying" currency at at the current exchange rate and then just paying in the manufacturer's local currency? This is what they call hedging. The risk here is that the fx rate drops below the point you bought the currency...thus it would have been cheaper had you waited. On the flip side, if the fx rate goes up, you win. Quote Share this post Link to post Share on other sites
Andrewwhyte 1 #5 January 16, 2008 Quote I'll give this a shot- Tokyo is the last of the major exhanges open, and it closes at 4am EST. So if you are in the Sydney time zone, this would be 6pm friday for you that the markets would close for the weekend. The first major market to open is London, which opens Monday at 3am EST, or 7pm Sunday in Sydney. So your window for Sydney (adjust if this isn't your time zone) Is 6pm friday to 7pm sunday. Its very possible i made a mistake here I am pretty sure you did make a mistake. At 6:00 PM on Friday in Sydney, New York has not yet opened for the day on Friday. Tokyo is the first market to open and close, not the last. The West Coast of North America is the furthest behind. Is there a Forex in LA?, Santiago? Mexico City? These would be the end of the week. None of this, however is germane to Bigway's problem. Bigway, your credit card company will bill you for the exchange rate that they are charged when your suppliers' and your bank's clearing house banks do the deal. This can be several days after the transaction, but in any case will not occur on a Sunday; it happens during business hours somewhere. What you could do is get a US dollar based credit card. Ask your bank if they offer it. That way you can purchase dollars to deposit onto the account when it works best for you. Quote Share this post Link to post Share on other sites
Hausse 0 #6 January 16, 2008 I do not think that should ever be a major issue. Exchange rates of currency's (at least the major ones) change very slowly. You can be sure that it will never change 4 cents over a weekend. It is usually a big deal if the change a 0.1 cents in a day happens, so the only way to really make/lose money that way is if you are highly (at least millions of $) invested. Quote Share this post Link to post Share on other sites
airtwardo 6 #7 January 16, 2008 Exchange rates of currency's (at least the major ones) change very slowly. Quote Maybe I'm reading the chart wrong then, looks like it moved around quite a bit today? http://www.advfn.com/p.php?pid=forexqkchart&curcode1=USD&curcode2=EUR ~ If you choke a Smurf, what color does it turn? ~ Quote Share this post Link to post Share on other sites Andrewwhyte 1 #8 January 16, 2008 QuoteExchange rates of currency's (at least the major ones) change very slowly. Quote Maybe I'm reading the chart wrong then, looks like it moved around quite a bit today? http://www.advfn.com/p.php?pid=forexqkchart&curcode1=USD&curcode2=EUR On the chart in question the maximum spread was just over 1 EU cent to the US dollar. I think that is considered a very volatile day. Quote Share this post Link to post Share on other sites airtwardo 6 #9 January 16, 2008 Especially if you change 5-10 grand! ~ If you choke a Smurf, what color does it turn? ~ Quote Share this post Link to post Share on other sites RPC1117 0 #10 January 16, 2008 Quote Especially if you change 5-10 grand! See for yourself (attached). USD/EUR Fx rates from 1/1/07 - 1/16/08. Put in a USD or EUR value and it will convert for you and you can see the spread over this time period. Quote Share this post Link to post Share on other sites bigway 4 #11 January 17, 2008 mate, it changes 0.1 cents every minute up or down. it also changes 1cent up ro down nearly every day. .Karnage Krew Gear Store . Quote Share this post Link to post Share on other sites davelepka 4 #12 January 17, 2008 Depending on how much money you're talking about, you can use a currency exchange service which can lock in an exchange rate when you file the payment with them. They will handle the actual exchange with your supplier, and absorb any changes to the rate during that time (up or down). An easier idea is to arrange with your suppliers to process your payments immediately when you give an authorization. If you explain the situation, I'm sure they'd be happy to work with you. Quote Share this post Link to post Share on other sites Hausse 0 #13 January 17, 2008 Sorry I meant a day where it changes 1 cent is considered a very volatile day (as today was). But still, over the long run, it will either balance out (assuming that the currency stays stable) or you will lose money because the currency loses value. Not much to do about it. Quote Share this post Link to post Share on other sites bigway 4 #14 January 17, 2008 YEah, i try to but they get so busy that it very rarely works out that way. Stephan, if you go to xe.com and keep hitting the refresh button you will notice that the exchange rates changes about .1 cents up and down every couple of minutes. .Karnage Krew Gear Store . Quote Share this post Link to post Share on other sites bigway 4 #15 January 17, 2008 ...and that is about the money we are talking about. Usually around 3-5 grand each payment .Karnage Krew Gear Store . Quote Share this post Link to post Share on other sites Hausse 0 #16 January 17, 2008 I have a live ticker of the Dollar but the changes (over a day) are usually not more than 0.5 cents (Dollar/Euro) so it just seems marginal even though I agree that losing 50$ each time sucks. I have the same problem since I have to transfer money regularly from Switzerland to the US, but I'm lucky because at the moment it's by far the preferable way so for me I'm just happy that it's not 2/1 like it used to be but more 1.2/1. Quote Share this post Link to post Share on other sites Hausse 0 #17 January 17, 2008 What might work: If you can get the money into a trading account, you would be able to use a stop-loss order to trade it. The problem with that would be though that most company's bill you for taking money out off of a trading account that would most probably spoil the advantage. Quote Share this post Link to post Share on other sites Frenchy68 0 #18 January 17, 2008 In which currencies are you trading? "For once you have tasted Absinthe you will walk the earth with your eyes turned towards the gutter, for there you have been and there you will long to return." Quote Share this post Link to post Share on other sites bigway 4 #19 January 17, 2008 GBP to AUD to USD. Each time around $3000USD When it changes by 3 cents from AUD to USD i feel it. This happens alot. .Karnage Krew Gear Store . Quote Share this post Link to post Share on other sites bigway 4 #20 January 17, 2008 Not talking about losing 50 cents. I am talking about losing 2-3 cents on the dollar for around 3000-4000 dollars. That adds up to be alot of money. .Karnage Krew Gear Store . Quote Share this post Link to post Share on other sites Hausse 0 #21 January 17, 2008 Isn't that what I said (altough I took the difference between the USD and the Euro)? To answer the initial question: The Forex in New York closes at 8 AM Saturday Sydney time, while Sydney starts trading 8 AM Monday so there are 48h where there is no trading so during that period the courses shouldn't change. Quote Share this post Link to post Share on other sites Join the conversation You can post now and register later. If you have an account, sign in now to post with your account. Note: Your post will require moderator approval before it will be visible. Reply to this topic... × Pasted as rich text. 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Andrewwhyte 1 #8 January 16, 2008 QuoteExchange rates of currency's (at least the major ones) change very slowly. Quote Maybe I'm reading the chart wrong then, looks like it moved around quite a bit today? http://www.advfn.com/p.php?pid=forexqkchart&curcode1=USD&curcode2=EUR On the chart in question the maximum spread was just over 1 EU cent to the US dollar. I think that is considered a very volatile day. Quote Share this post Link to post Share on other sites airtwardo 6 #9 January 16, 2008 Especially if you change 5-10 grand! ~ If you choke a Smurf, what color does it turn? ~ Quote Share this post Link to post Share on other sites RPC1117 0 #10 January 16, 2008 Quote Especially if you change 5-10 grand! See for yourself (attached). USD/EUR Fx rates from 1/1/07 - 1/16/08. Put in a USD or EUR value and it will convert for you and you can see the spread over this time period. Quote Share this post Link to post Share on other sites bigway 4 #11 January 17, 2008 mate, it changes 0.1 cents every minute up or down. it also changes 1cent up ro down nearly every day. .Karnage Krew Gear Store . Quote Share this post Link to post Share on other sites davelepka 4 #12 January 17, 2008 Depending on how much money you're talking about, you can use a currency exchange service which can lock in an exchange rate when you file the payment with them. They will handle the actual exchange with your supplier, and absorb any changes to the rate during that time (up or down). An easier idea is to arrange with your suppliers to process your payments immediately when you give an authorization. If you explain the situation, I'm sure they'd be happy to work with you. Quote Share this post Link to post Share on other sites Hausse 0 #13 January 17, 2008 Sorry I meant a day where it changes 1 cent is considered a very volatile day (as today was). But still, over the long run, it will either balance out (assuming that the currency stays stable) or you will lose money because the currency loses value. Not much to do about it. Quote Share this post Link to post Share on other sites bigway 4 #14 January 17, 2008 YEah, i try to but they get so busy that it very rarely works out that way. Stephan, if you go to xe.com and keep hitting the refresh button you will notice that the exchange rates changes about .1 cents up and down every couple of minutes. .Karnage Krew Gear Store . Quote Share this post Link to post Share on other sites bigway 4 #15 January 17, 2008 ...and that is about the money we are talking about. Usually around 3-5 grand each payment .Karnage Krew Gear Store . Quote Share this post Link to post Share on other sites Hausse 0 #16 January 17, 2008 I have a live ticker of the Dollar but the changes (over a day) are usually not more than 0.5 cents (Dollar/Euro) so it just seems marginal even though I agree that losing 50$ each time sucks. I have the same problem since I have to transfer money regularly from Switzerland to the US, but I'm lucky because at the moment it's by far the preferable way so for me I'm just happy that it's not 2/1 like it used to be but more 1.2/1. Quote Share this post Link to post Share on other sites Hausse 0 #17 January 17, 2008 What might work: If you can get the money into a trading account, you would be able to use a stop-loss order to trade it. The problem with that would be though that most company's bill you for taking money out off of a trading account that would most probably spoil the advantage. Quote Share this post Link to post Share on other sites Frenchy68 0 #18 January 17, 2008 In which currencies are you trading? "For once you have tasted Absinthe you will walk the earth with your eyes turned towards the gutter, for there you have been and there you will long to return." Quote Share this post Link to post Share on other sites bigway 4 #19 January 17, 2008 GBP to AUD to USD. Each time around $3000USD When it changes by 3 cents from AUD to USD i feel it. This happens alot. .Karnage Krew Gear Store . Quote Share this post Link to post Share on other sites bigway 4 #20 January 17, 2008 Not talking about losing 50 cents. I am talking about losing 2-3 cents on the dollar for around 3000-4000 dollars. That adds up to be alot of money. .Karnage Krew Gear Store . Quote Share this post Link to post Share on other sites Hausse 0 #21 January 17, 2008 Isn't that what I said (altough I took the difference between the USD and the Euro)? To answer the initial question: The Forex in New York closes at 8 AM Saturday Sydney time, while Sydney starts trading 8 AM Monday so there are 48h where there is no trading so during that period the courses shouldn't change. Quote Share this post Link to post Share on other sites Join the conversation You can post now and register later. If you have an account, sign in now to post with your account. Note: Your post will require moderator approval before it will be visible. Reply to this topic... × Pasted as rich text. Paste as plain text instead Only 75 emoji are allowed. × Your link has been automatically embedded. Display as a link instead × Your previous content has been restored. Clear editor × You cannot paste images directly. Upload or insert images from URL. Insert image from URL × Desktop Tablet Phone Submit Reply 0
airtwardo 6 #9 January 16, 2008 Especially if you change 5-10 grand! ~ If you choke a Smurf, what color does it turn? ~ Quote Share this post Link to post Share on other sites
RPC1117 0 #10 January 16, 2008 Quote Especially if you change 5-10 grand! See for yourself (attached). USD/EUR Fx rates from 1/1/07 - 1/16/08. Put in a USD or EUR value and it will convert for you and you can see the spread over this time period. Quote Share this post Link to post Share on other sites
bigway 4 #11 January 17, 2008 mate, it changes 0.1 cents every minute up or down. it also changes 1cent up ro down nearly every day. .Karnage Krew Gear Store . Quote Share this post Link to post Share on other sites
davelepka 4 #12 January 17, 2008 Depending on how much money you're talking about, you can use a currency exchange service which can lock in an exchange rate when you file the payment with them. They will handle the actual exchange with your supplier, and absorb any changes to the rate during that time (up or down). An easier idea is to arrange with your suppliers to process your payments immediately when you give an authorization. If you explain the situation, I'm sure they'd be happy to work with you. Quote Share this post Link to post Share on other sites
Hausse 0 #13 January 17, 2008 Sorry I meant a day where it changes 1 cent is considered a very volatile day (as today was). But still, over the long run, it will either balance out (assuming that the currency stays stable) or you will lose money because the currency loses value. Not much to do about it. Quote Share this post Link to post Share on other sites
bigway 4 #14 January 17, 2008 YEah, i try to but they get so busy that it very rarely works out that way. Stephan, if you go to xe.com and keep hitting the refresh button you will notice that the exchange rates changes about .1 cents up and down every couple of minutes. .Karnage Krew Gear Store . Quote Share this post Link to post Share on other sites
bigway 4 #15 January 17, 2008 ...and that is about the money we are talking about. Usually around 3-5 grand each payment .Karnage Krew Gear Store . Quote Share this post Link to post Share on other sites
Hausse 0 #16 January 17, 2008 I have a live ticker of the Dollar but the changes (over a day) are usually not more than 0.5 cents (Dollar/Euro) so it just seems marginal even though I agree that losing 50$ each time sucks. I have the same problem since I have to transfer money regularly from Switzerland to the US, but I'm lucky because at the moment it's by far the preferable way so for me I'm just happy that it's not 2/1 like it used to be but more 1.2/1. Quote Share this post Link to post Share on other sites
Hausse 0 #17 January 17, 2008 What might work: If you can get the money into a trading account, you would be able to use a stop-loss order to trade it. The problem with that would be though that most company's bill you for taking money out off of a trading account that would most probably spoil the advantage. Quote Share this post Link to post Share on other sites
Frenchy68 0 #18 January 17, 2008 In which currencies are you trading? "For once you have tasted Absinthe you will walk the earth with your eyes turned towards the gutter, for there you have been and there you will long to return." Quote Share this post Link to post Share on other sites
bigway 4 #19 January 17, 2008 GBP to AUD to USD. Each time around $3000USD When it changes by 3 cents from AUD to USD i feel it. This happens alot. .Karnage Krew Gear Store . Quote Share this post Link to post Share on other sites
bigway 4 #20 January 17, 2008 Not talking about losing 50 cents. I am talking about losing 2-3 cents on the dollar for around 3000-4000 dollars. That adds up to be alot of money. .Karnage Krew Gear Store . Quote Share this post Link to post Share on other sites
Hausse 0 #21 January 17, 2008 Isn't that what I said (altough I took the difference between the USD and the Euro)? To answer the initial question: The Forex in New York closes at 8 AM Saturday Sydney time, while Sydney starts trading 8 AM Monday so there are 48h where there is no trading so during that period the courses shouldn't change. Quote Share this post Link to post Share on other sites
