De-Dollarisation.

[Manny]

Most of the folks I use for services are happy to take greenbacks

You can spend them still in Ukraine?

[B.B.]

Most of the folks I use for services are happy to take greenbacks

You can spend them still in Ukraine?

Officially?  No.  But quite easily in the situations I described.  They are often preferred (or presumably Euro for EUtizens).  So with drivers (for airport transfers; I typically use Hrv for taxis), flat agents etc. quite easily.  I can't remember anyone saying "no" when I've asked to use dollars instead of Hrv.  One guy (I've used him a couple of times) did offer to let me pay in Hrv for something he had originally quoted in dollars b/c during the course of our discussion he learned that I was leaving the country that day and didn't want me to get stuck with a bunch of Hrv that might devalue over time if I wasn't coming back soon (while I knew I was coming back, I had no definite plans at that point).  Easy for him to simply pay one of his employees with it or spend it himself.

I think any tourist-facing industry is going to make accommodations.  So at a supermarket?  No.  But other places will be flexible.

Dollars have been quite scarce in Odessa for Ukr citizens, so a friend of mine related.  She told that if she went into a bank to change Hrv to USD, they might do $20 for her.  Thereafter, I would offer to change $ for Hrv for my friends there, provided I was going to spend the amount of Hrv on that particular trip.  In the case of that particular friend, her mother in law needed dental work and wanted to use a particular dentist...who would only accept dollars.

On my last trip through Odessa, one restaurant I visit there told me my credit card had been declined.  Bear in mind that I had used the same card there a few times before (maybe 2 or 3), but suddenly it was a problem.  I made a collect call to the bank who said they had approved the charge.  Restaurant says "no way".  So I wound up paying them in dollars (they tried to rip me off on the rate, but I wouldn't stand for it.  They relented after a bit of discussion, and I had the bank kill the charge.) 

Also, I will often tip in dollars (using newer, crisp bills) b/c Ukraine is mental about exact change so I don't always have small bills.  That's never been a problem, although I probably over tip for Ukr anyway.  *shrugs*

B/B

[Anteros]

Most of the folks I use for services are happy to take greenbacks

You can spend them still in Ukraine?

You could also still spend them in Russia if need be, you just like to pretend that they are not welcome.  I've no doubt that they are not only welcome, but that you could get a better rate by changing them with certain black market types who are eager for a stable currency.   

[bagalia]

My last two businesses in Ukraine were in shopping malls. We were forced to pay rent in dollars in both places. The reasoning being that the griven was too undependable, the dollar or euro always strong. The malls made out better and we always paid higher and higher rent as griven went down and the dollar euro went up. I find it difficult to believe they would give up this little honey pot.

[Manny]

You could also still spend them in Russia if need be, you just like to pretend that they are not welcome.  I've no doubt that they are not only welcome, but that you could get a better rate by changing them with certain black market types who are eager for a stable currency.   

Tell us your personal experience of this or shush while the adults talk.

[msmoby]

You should. You will probably make 25% on Roubles in the short term.

Please let us know when the Rouble will be 'recovering' ..If we had listened to someone on here, we'd be 50 percent down.

You would have been down if you were stupid enough to treat currency trading as a long term investment. You would have been well up until July this year. Try to either be fact based or honest when making a point.

We get it, your standard operating procedure is to be dishonest, but do you really want to go through your life in that way? Is it really necessary to be dishonest in order to try to score a point?

Why not try for a mode of life based upon integrity and honesty? Life is easier that way,  truly!

Andrewfi.

All those wasted words. We can rember what you wrote..even if you can't

I wonder if you've ever tried Forex trading....

Unfortunately even Manny didn't follow your loss making advice..









.

[andrewfi]

Moby STOP THE LIES!

It isn't clever, it isn't funny and is unproductive.

If you want to make a point please do so using fact based comments. The rest of us manage it, some to a greater degree than others, why can't you?

[msmoby]

Moby STOP THE LIES!

What is a lie ? Who told us the Russian economy was already turning around and that the rouble was 'recovering'  ?


If you are upset that you were incorrect - fine... Perhaps it upsets you that it was the likes of me that proved - if here was any doubt - that your opinion was 'incorrect'

It isn't clever, it isn't funny and is unproductive.

Well, I would say a return of 50 percent - so far - was quite productive - based on buying at 75/ Roubles to the GBP and it currently being at 102.

If you want to make a point please do so using fact based comments. The rest of us manage it, some to a greater degree than others, why can't you?

Kindly point out to us what was 'untruthful' / 'non-factual' about my pointing out your predictions being ...  'incorrect'.

Now why don't you offer us your insights as to when the Rouble will actually recovery to your suggested range  ?


I asked 2 weeks ago when it was breaking through 100 - to remind you it was 75 when you made your 'predictions'  - if this was the top ... I figured it was, but was greedy and decided to wait... based on futures suggesting long-term low oil prices and stayed in.

Kindly, don't try to 'lecture' us about volatility and 'you will be proven correct', in the long term ...... Many of us need to use Pounds / Roubles and like to make short-term profits. A fifty percent return in four months is not to be sniffed at. I, naturally, wish I had been braver and had the conviction of my beliefs.

Do you think it is immoral to 'bet' on a currency's performance  ? 

[andrewfi]

moby, you are confusing yourself. Consistency is the handmaiden of truth a lesson you may want to learn.

Your time with me is over for now. If you wish to continue trolling each post I make might I suggest that you look for some older posts - there's quite a few that you have yet to get to and you do have a post rate to consider. You have fallen back a little from your 11+ average in the past few days.

[msmoby]

moby, you are confusing yourself. Consistency is the handmaiden of truth a lesson you may want to learn.

Your time with me is over for now. If you wish to continue trolling each post I make might I suggest that you look for some older posts - there's quite a few that you have yet to get to and you do have a post rate to consider. You have fallen back a little from your 11+ average in the past few days.

andrewfi

whether I choose to post 1 or 20 times is my time to waste ..If you, or anyone else posts stuff that is worth a comment - or I feel like starting a thread - while I am allowed - I shall continue to do so, OK  ?

It is noted you cannot respond to the simplest question arising form your previous response to me ... as it is 'trolling ' - according to you    Your advice re 'mea culpa' to Odessarents certainly applies to you here.

You have an interesting concept of truth ...

[cufflinks]

Serious question - what is the largest Euro note denomination readily accepted across the EU, RU and UA or would something like GBPs, NOKs or Swiss Francs be better to carry in an emergency as backup to the dollar?

[Ste]

Serious question - what is the largest Euro note denomination readily accepted across the EU, RU and UA or would something like GBPs, NOKs or Swiss Francs be better to carry in an emergency as backup to the dollar?

When I was in CH I needed a bit of cash out if the cash machine and the smallest I could get was 100CHF about 80 quid at the time I thing. Only wanted some cash for the tram...


.

[andrewfi]

Firstly, only carry cash because you don't have credit or debit cards.

Secondly: If you are bereft of plastic then carry your national currency simply because it is cheaper than exchanging it for Euros. Be aware that if you try to use dollars or Euros in a place that does not use them as national currency then you will get raped on the exchange rate and so only a fool would try to use them in place of the national currency.

Lastly, I can not speak for anything other than Euros here but I'd not try to use anything larger than €50 notes. Many places will explicitly refuse to accept €50s or larger. I prefer to carry 20 or 10 notes for convenience.

This is 2015 on a forum dealing with people supposedly familiar with travel - do we REALLY need to have this kind of discussion these days?

As a PS. Try to get your plastic issued as chip and pin, this is becoming more common in the US now as you guys get caught up but is standard in the rest of the world. Many outlets will not accept payment with plastic that does not have chip and pin enabled and some ATMs likewise.

[Markje]

Serious question - what is the largest Euro note denomination readily accepted across the EU, RU and UA or would something like GBPs, NOKs or Swiss Francs be better to carry in an emergency as backup to the dollar?

In netherlands, all notes above $100 or EUR-100 are not readily accepted. You need to change the 200/500 Euro in official banks or their money-changing offices for smaller notes.

[msmoby]

Serious question - what is the largest Euro note denomination readily accepted across the EU, RU and UA or would something like GBPs, NOKs or Swiss Francs be better to carry in an emergency as backup to the dollar?

Mike,

I cannot answer about how well any US Bank card will work in Russia. Most cities have banks that will readily change Dollars / Euros. The 500 Euro note -'' bin Laden'' - is not something I'd want to rely on changing - reasons being risk of losing, and it is a prime target for forgers. It is not easily to change one in the UK... Most banks will refuse 'em..

The likes of Danchik are a better bet for solid info

My UK banks cards worked fine at ATMs - You can draw from 500 Roubles - if you need cash money - I'd recommend drawing 4500 as this ensures you won't get a 5000 Rouble Note, which was readily accepted

I think your bank will know if there are issues.

My Russian bank cards do NOT work for online transactions for Russia - if using them online with a UK IP address and you'll find it unlikely that you can pay using US cards for online transaction IN Russia..UK ones do not work since Russia introduced it's own payment processing system on May 1st

I had to use a RU vpn to pay a Russian land tax bill using my RU bank card





 

[Manny]

Serious question - what is the largest Euro note denomination readily accepted across the EU, RU and UA or would something like GBPs, NOKs or Swiss Francs be better to carry in an emergency as backup to the dollar?

500 Euro notes are available, but as noted, most people are scared of taking them so send you to a bank to change them (unless the transaction is circa 500 Euros). 100 Euro notes are more normal in use. UK £50 notes don't create many problems, but provincial shops try to not take them here as they are scared of fakes too. I never had a problem with £50 notes overseas, but they are more used to seeing £20's.

[shakespear]

You could also still spend them in Russia if need be, you just like to pretend that they are not welcome.  I've no doubt that they are not only welcome, but that you could get a better rate by changing them with certain black market types who are eager for a stable currency.   

That used to be the case Anteros.  We had a "guy" in Volgograd who would match the Moscow rates.  That would give us an additional 50-70 kopecks per dollar - a tidy sum when the ruble was 28:1 and we were exchanging $1000.  You could always find him or one of his "buddies" hanging out in their SUV in the parking lot out in front of the Central Post Office anytime between 10am-7pm Monday thru Saturday.  But he disappeared about 5 years ago.

The currency changing kiosks in Moscow are more than happy to give you rubles for ANY hard western currency and very good rates.  The best rates come from Dollars or Euros, but they will exchange your Pounds, Canadian Dollars, Australian Dollars, Swiss Francs and Swedish Krona for a reasonable haircut. 

[B.B.]

Serious question - what is the largest Euro note denomination readily accepted across the EU, RU and UA or would something like GBPs, NOKs or Swiss Francs be better to carry in an emergency as backup to the dollar?

I would say Euro, although one imagines that it depends on the type of 'emergency' one was planning for.

I have heard from some Odessa friends that it's not always easy to change GBP there, but you see them quoted at changepoints. *shrugs*.  Easily done in Kiev--I have a few pounds left over from my travels and sometimes thing about changing them to Hrv so they don't just sit around in a drawer.

When I was in CH I needed a bit of cash out if the cash machine and the smallest I could get was 100CHF about 80 quid at the time I thing. Only wanted some cash for the tram...

This is why I keep some small notes in Hrv, for this type of situation.

Firstly, only carry cash because you don't have credit or debit cards.

Or as a backup for those.  Sometimes, it comes in handy.

Be aware that if you try to use dollars or Euros in a place that does not use them as national currency then you will get raped on the exchange rate and so only a fool would try to use them in place of the national currency.

While this is often true, it isn't strictly true. 

This is 2015 on a forum dealing with people supposedly familiar with travel - do we REALLY need to have this kind of discussion these days?

You're not required to read & comment on every thread...perhaps you were not aware?

B/B

[Donhollio]

  Moby thanks for your often clever, at times funny and productive posts. 

[JeanClaude]

Gas/Oil from Russia -> Rouble
Gas/Oil from China -> Yuan,
etc.

American businesses prefer to reduce the cost of doing business by not having to hedge against currency fluctuation risk in each transaction.

Whats good for the US, is not perse good for the rest of the world.
Its not about US hate, its about self-interest.

[cufflinks]

Serious question - what is the largest Euro note denomination readily accepted across the EU, RU and UA or would something like GBPs, NOKs or Swiss Francs be better to carry in an emergency as backup to the dollar?

500 Euro notes are available, but as noted, most people are scared of taking them so send you to a bank to change them (unless the transaction is circa 500 Euros). 100 Euro notes are more normal in use. UK £50 notes don't create many problems, but provincial shops try to not take them here as they are scared of fakes too. I never had a problem with £50 notes overseas, but they are more used to seeing £20's.

Good post thanks- expecting a massive Fed Bubble bond market correction here soon per trusted hedge fund contacts so just looking at a diversification strategy based upon what currencies are popular in Europe (500M+ Souls) considering the Chinese are manipulating their currency to remain competitive with their SEA local trading partners - with CAD tied to Oil not seeing Oil rebounding anytime soon as especially since oil broke through $42 support levels and can now free fall as far as $32 per barrel with Saudis and Iraq pumping at record rates an Iran coming on line to reestablish their own market shares and oil cash flows.

Even though Peter Schiff sells gold and could be called a gold bug this is NOT good news...

http://www.europac.com/commentaries/shot_not_heard_around_world

[msmoby]

  Moby thanks for your often clever, at times funny and productive posts. 

Thanks, Don .. but I reckon there are far funnier and more clever posters on here ... we just don't here from them enough.

[Manny]

Putin says dump dollar

Russian President Vladimir Putin has drafted a bill that aims to eliminate the US dollar and the euro from trade between CIS countries.
This means the creation of a single financial market between Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries of the former Soviet Union.

“This would help expand the use of national currencies in foreign trade payments and financial services and thus create preconditions for greater liquidity of domestic currency markets”, said a statement from Kremlin.

The bill would also help to facilitate trade in the region and help to achieve macro-economic stability.

Within the framework of the Eurasian Economic Union (EEU) the countries have also discussed the possibility of switching to national currencies. According to the agreement between Russia, Belarus, Armenia and Kazakhstan, an obligatory transition to settlements in the national currencies (Russian ruble, Belarusian ruble, dram and tenge respectively) must occur in 2025-2030.

Today, some 50 percent of turnover in the EEU is in dollars and euro, which increases the dependence of the union on countries issuing those currencies.

Outside the CIS and EEU, Russia and China have been trying to curtail the dollar’s dominance as well.

READ MORE: China approves usage of ruble instead of US dollar for border city

In August, China's central bank put the Russian ruble into circulation in Suifenhe City, Heilongjiang Province, launching a pilot two-currency (ruble and yuan) program. The ruble was introduced in place of the US dollar.

READ MORE: Time for Russia & Vietnam to think of switching to local currencies – Medvedev

In 2014, the Russian Central Bank and the People’s Bank of China signed a three-year currency swap agreement, worth 150 billion yuan (around $23.5 billion), thus boosting financial cooperation between the two countries.

Source

[tfcrew]

Putin says dump dollar

Russian President Vladimir Putin has drafted a bill that aims to eliminate the US dollar 

Well, yeah.
Could this be why?------------

As the the ruble goes in the toilet...........

1 US Dollar equals
66.59 Russian Ruble

[Manny]

Putin says dump dollar

Russian President Vladimir Putin has drafted a bill that aims to eliminate the US dollar 

Well, yeah.
Could this be why?------------

As the the ruble goes in the toilet...........

1 US Dollar equals
66.59 Russian Ruble

Not really, it has been underway for some time. The weakness of the rouble is relatively temporary.