Real vs Dollar and other currency issues

[Bubba Boy]

The owner may well accept USD. If they do make sure it is at a decent rate, the rate today is R2.3. It has been varying a lot each day of late.

Failing that the Citibank ATM will allow 2 withdrawls of R$1000 each, hence that will give you $R2000. If you have a second ATM card from a different bank that will give you another $R2000. Problem solved. There are 2 citibanks on Avinida Senhora De Copacabana, both are close to Help.

HSBC is also a good option but will only give me R$1000+R$500 with a second withdrawl. There are also HSBC's on Avinida Senhora De Copacabana. This street is one street back and running parallel to the beach.

[Exec Talent]

I need to pay R$3,500 for an apartment the day I land and my plane arrives at 5am. What's the best way to get this many Reals early in the morning? I don't think ATMs will allow me to take out this much cash and not sure if the exchange houses are open this early?

When do you arrive? I may be able to help you.

BTW, guys who come here looking for our advice and help should consider subscribing to the forum. I tried to PM you first.

[Sperto]

I need to pay R$3,500 for an apartment the day I land and my plane arrives at 5am. What's the best way to get this many Reals early in the morning? I don't think ATMs will allow me to take out this much cash and not sure if the exchange houses are open this early?

Find a City Bank ATM. It allows multiple withdrawals.
There are at least two places in Copa that have these ATM's. If they are open that early I don't know. There might be one at the airport.

[Mr Blue]

I need to pay R$3,500 for an apartment the day I land and my plane arrives at 5am. What's the best way to get this many Reals early in the morning? I don't think ATMs will allow me to take out this much cash and not sure if the exchange houses are open this early?

[Bubba Boy]

There are also ATM's at the Airport. You will need to go up a level or 2 from where you arrive to find them. They close after 10pm, hence a late flight will kill this idea.

ATM's are the best option IMHO for exchanging money anywhere in the world. 9 times out of 10 they give a better rate the actual currency.

[Poucolouco]

Can anyone offer advice on ideal spots to exchange dollars for reals when traveling to Rio through GIG from GRU? Would it be better to change currency at the airport in Sao Paolo, airport in Rio, or some other place between the airport and where I'm staying in Copacabana?

Rodeo

You can change Dollars at the GIG airport before you exit the controlled area. You will not get a good exchange rate but you can get enough reais to pay for your taxi (about R$50.) After that your best exchange rate will be through the ATMs in Copacabana. (HSBC, Citibank, Banco do Brasil, and some branches of Bradesco.)

[Rodeo9112]

Can anyone offer advice on ideal spots to exchange dollars for reals when traveling to Rio through GIG from GRU? Would it be better to change currency at the airport in Sao Paolo, airport in Rio, or some other place between the airport and where I'm staying in Copacabana?

Rodeo

[Bubba Boy]

Watch the Monty Python video link I provided about 300 times then you MIGHT get it.

I must admit I didn't bother to click on the link and watch the video the first time, hence didn't pick up on the attempted humour.

[Cowa Banga]

Buddy,

The Japanese business model perhaps reinforced by its government pretty much said no business was allowed to fail and the drive for life time employment was absolutely insane. The economy was carrying dead weight.

From what I'm hearing, the Chinese government is allowing bad companies to go out business unlike Japan and what the US is doing now. Free enterprise is taking place there. My biggest concern is that the regulations haven't kept up with its economic growth.

I think this subprime mortgage meltdown is a big sham. It's the hedge funds who are doing all the damage to the world's financial institutions. Hedge funds are like de facto banks with their own rules and practices. Nothing is going happen to the hedge funds because the politicians are all involved. For example, the Clintons' daughter, Chelsey, works for a private equity firm.

By the way, guess who took on the bad debt, short sold, and purchased and underwrote credit default swaps? Hedge funds.

[Bubba Boy]

I don't invest in anything I can't understand. I just don't understand how a communist state run economy can be successful over a long period. I remember in the 80's how everyone was saying that Japan was going to rule the world. They were doing everything right, IE huge trade surplus, high savings rates, no unemployment, however by the mid 90's the economy was a mess and it hasn't recovered since. As I said in an earlier post the Japanese stocks market is still down 80% from its peak 20 years earlier. I agree that Asia is the future, however my personal view is that China may be just another bubble.

I am not saying that China may well be a good investment for some, it may well end up ruling the world, however it just doesn't fit my investment criteria. If you have done thorough research and are confident in your risk/reward scenario from an investment in China then go for it. If you want to invest in China solely because you hear everybody saying how it is "the place" to put your money, then you may want to step back and do more thorough research to get a less hyped response.

[Exec Talent]

A movement from 2.33 to 2.2 is not exactly the call of the century, it is a normal daily move of late, moving within its defined range of 2.1/2.2 - 2.4.

There have been numerous studies on the very best short term financial markets traders in the world. They get daily to weekly calls right about 60% of the time. Due to the volatility of short term moves, numerous studies have proved that no one can predict with a high degree of accuracy over a whole career with accuracy. These same traders make their money not by predicting every move correctly, they make their money by being right more than they are wrong, cutting losses early while letting profits run. IE it is the way they trade rather than getting every call right. If the very best traders in the world can't get it right a high percentage of time any non professional that thinks they can call any financial market on a very short basis is delusional.

Medium to longer term calls are just as inaccurate. Who the hell would have predicted the Real would hit 1.5 when it was at 3.0 ? Less than 5% would have got that call right, way less than 5%.

Watch the Monty Python video link I provided about 300 times then you MIGHT get it.

[Cowa Banga]

Bubba,

Do you have any investments in China? If you do, care to share?

[Bubba Boy]

A movement from 2.33 to 2.2 is not exactly the call of the century, it is a normal daily move of late, moving within its defined range of 2.1/2.2 - 2.4.

There have been numerous studies on the very best short term financial markets traders in the world. They get daily to weekly calls right about 60% of the time. Due to the volatility of short term moves, numerous studies have proved that no one can predict with a high degree of accuracy over a whole career with accuracy. These same traders make their money not by predicting every move correctly, they make their money by being right more than they are wrong, cutting losses early while letting profits run. IE it is the way they trade rather than getting every call right. If the very best traders in the world can't get it right a high percentage of time any non professional that thinks they can call any financial market on a very short basis is delusional.

Medium to longer term calls are just as inaccurate. Who the hell would have predicted the Real would hit 1.5 when it was at 3.0 ? Less than 5% would have got that call right, way less than 5%.

[Exec Talent]

Good news is there are some tremendous bargins in stocks right now which have no place to go but up.

Bad news is that the Real, which is down to 2.33 today, is most like headed down farther.

Some in the financial media are finally getting it and speaking out. Here is one example.

http://articles.moneycentral.msn.com...he-market.aspx

OK, well, more than sometimes. Since my post the stock market has risen significantly and the exchange rate is down to 2.20. I am beginning to think some people just like to argue for the sake of argument.

http://video.google.com/videoplay?do...77907195969915

[Magic2000]

History is littered with these guys that make one good call and then their subsequent calls are way off. Even a broken clock is right twice a day.

Someone like a Warren Buffet, George Soros and Jim Rogers. Those guys have consistently made the big calls and gotten them correct over decades. None of these guys are predicting what this nut on youtube is predicting. I know who my money is on to be correct.

I'm open minded to the counter argument on these things, and of course the Buffet / Rogers endorsement carries a lot of weight for all the reasons Bubba stated but surely there is some merit in what Schiff (. And several others) are saying? I'm interested in learning what people think Schiff is missing that makes his reasoning so flawed?