How long will the exchange rate stay like this?
I have a lot of subscriptions billed in dollars, so I really feel the impact every month. I'm not sure whether it's better to exchange currency in advance or just leave it as is.
3 answers
Facts, it's seriously stressful that my credit card bill is a gamble every month lol
Since last year, I’ve been exchanging currency in advance in batches covering three months of payment dates. Buying it all at once becomes a gamble on guessing the direction, and just leaving it alone means you take the hit directly if the exchange rate rises... So when my paycheck comes in each month, I automatically convert a set amount to dollars, and it’s made me much less stressed. Fees aren’t as bad as you’d think if you take advantage of bank app promotions and preferential exchange rates.
That said, the advice to convert currency in advance gives me pause. Isn't that money tied up for months? If the exchange rate drops, you actually come out behind, and no one knows which way it'll move — so isn't "in advance" ultimately just a bet on timing? I figure it's easiest to just convert as you pay and not worry about it.