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Tag: forex

  • Wise card Canada review 2024 – MoneySense

    Wise card Canada review 2024 – MoneySense

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    Is the Wise card a credit card?

    Often referred to as the Wise credit card, the Wise card is actually a prepaid card available to residents of Canada and dozens of other countries. To use the card, you must have funds loaded into your Wise account. What makes Wise appealing is that it allows you to hold multiple currencies. That means you could potentially purchase some foreign dollars when the exchange rate is in your favour and then spend it as needed when you’re abroad. 

    No additional fees apply when making purchases with a currency you currently hold in your Wise account. However, if you don’t hold the currency in which you’re making a purchase, Wise will automatically deduct the funds from the currency in your account with the lowest conversion fees. That said, when making a purchase abroad and given the option to be charged in the local currency or Canadian dollars, always choose the local currency for the best exchange rate.

    The Wise card also allows you to withdraw money from ATMs while abroad. Think of it as a Wise debit card, since you can use it for purchases and ATM withdrawals. Oddly enough, you can’t use the card within Canada.

    The first two ATM withdrawals are free, up to a cumulative value of CAD$350 per calendar month. Any additional withdrawals will cost you $1.50 each, and a 1.75% fee will be added to amounts over $350. Also, note that the ATM provider may charge its own fee when you withdraw cash. Wise withdrawal fees and third-party ATM fees count towards your withdrawal limits—so plan accordingly.

    How long does it take to get a Wise card?

    You must have a Wise account if you want to apply for a Wise card. The registration process only takes a few minutes and is done completely online. Once your account is active, you need to add funds. Doing so is simple, as you have many options including Interac e-Transfer, direct debit from your bank, and wire transfer. 

    Each loading method has a fee. Interac e-Transfer typically has the lowest fee, and your money will arrive in about five minutes. How much you’ll pay in fees depends on the currency and how much you’re loading.

    To order your Wise card, log into your account and click on Wise Card on the side bar. The physical card will arrive within 14 days, and you also get a digital card you can use immediately. While the digital option is convenient, it won’t help people who are travelling soon and may need ATM access.

    Wise card pros and cons

    The Wise card is a unique option that many people will naturally be attracted to. That said, you should consider the pros and cons before you open an account.

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    Barry Choi

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  • Forex reserves + Rupee

    Forex reserves + Rupee

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    The Reserve Bank of India’s move to absorb most of the Dollar (USD) flows in a bid to prevent a sharp appreciation of the Rupee (INR) has led to a record build up in forex reserves, which stood at $642.49 billion as of March 15.

    India holds the fourth largest foreign exchange (forex/Fx) reserves in the world. China, Japan and Switzerland are the top three holders of forex reserves.

    India’s Fx reserves have surpassed the previous record of $642.45 billion in September 2021.

    “We believe India’s growth resilience, along with the forthcoming bond index inclusion (worth about $30 billion of flow and nearly half of India’s annual Current Account balance), will keep the capital account in a surplus.

    “We estimate a reasonable BOP (balance of payments) surplus of about $40 billion in FY24 and $20 billion in FY25, which would bode well for FX reserve accretion,” said Tanvee Gupta Jain, Economist; Nihal Kumar, Associate Economist; and Rohit Arora, Strategist; UBS Securities India.

    Reflecting the CA balance forecast revisions (estimating India’s CAD/ current account deficit narrowing to less than 1 per cent of GDP in FY24 vs 1.2 per cent forecast earlier; and CAD modestly rising to 1.3 per cent in FY25), UBS has shifted its USD/INR end-FY25 forecast from 84 to 82.

    Suman Chowdhury, Chief Economist and Head- Research, Acuité Ratings & Research, said the Indian rupee has moved within a narrow trading band of 81.6-83.5 in FY24 so far.

    This marks the tightest trading band for the currency in 29 years, something that is also reflected in its current levels of extremely subdued volatility.

    “While a mild strength in the INR was visible over the last one month, a rise in volatility driven by the demand for dollars during the fiscal year end and the pressure on the Chinese yuan may lead to a weakness in the INR towards the end of March.

    “We continue to expect INR to post a moderate weakness towards 84.5-85.0 levels by March 2025 (given the delay and the relatively moderate rate cuts in the developed nations along with RBI’s active management of the currency to keep it reasonably anchored to the real effective exchange rate),” Chowdhury said.

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  • How to save money on a Disney Cruise – MoneySense

    How to save money on a Disney Cruise – MoneySense

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    My family’s one-way cruise (also known as a repositioning cruise) will begin in Galveston, Texas, and end in San Juan, Puerto Rico. By booking through a Disney travel agent, we were able to take a six-night cruise for the same price as some of the four- and five-night cruisetours also available at the time of booking. 

    Take advantage of the onboard booking option

    The sooner you book, the better. Generally, a year in advance is a good guideline, as holiday cruises can sell out quickly. Not only will the prices be lower, but there are more options to choose from when you book your stateroom (cabin). That gives you a better shot at getting an interior stateroom, which is generally more affordable than booking a room with an ocean view.  

    If you’re good at planning ahead, you may want to take advantage of onboard booking options and reserve a spot on a future cruise. You can save up to 10% on your next sailing by paying a USD$250 deposit, suggests Goldberg. You have two years from the time of booking to redeem, and if you ultimately don’t end up booking, your deposit is automatically refunded, she says. 

    The best time of the year to go on a Disney cruise

    Disney’s Christmas and Halloween cruises are typically the most expensive of what’s offered. If you’re looking for the best value and willing to forego a holiday cruise, Goldberg says the end of summer, early fall, first weeks of January, and first week of February are generally cheaper. 

    If you’re sailing out of one of the Florida ports, booking for mid-August to mid-October comes with the risk of travelling during peak hurricane season. However, those sailings tend to be cheaper. If you decide to take that risk, consider getting travel insurance, in case Mother Nature isn’t on your side.

    Save on foreign exchange fees 

    Disney vacations are charged in U.S. dollars, making them costlier for Canadians, after factoring in the exchange rate. When using a Canadian credit card, you may also have to pay foreign transaction (forex) fees—which typically cost an extra 2.5% of the purchase price—unless you have a no foreign transaction fee credit card.

    If getting a new credit card isn’t an option for you, Goldberg suggests to purchase Disney gift cards to save on forex fees. Gift cards are available at major retail stores, such as Costco, Walmart, Loblaws, Shoppers Drug Mart (or Pharmaprix, if you live in Quebec). And you can use those GCs to book your trip and make purchases on the ship. By buying gift cards in Canadian dollars, you’ll still have to pay the U.S. exchange rate, but you’ll save on forex fees. 

    Choi agrees with this strategy. He says getting the gift cards from a grocery store also allows you to earn some loyalty points. The American Express Cobalt, for example, gives you five Amex Membership Rewards (MR) points per $1 spent at grocery stores. 

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    Sandy Yong

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  • Benefits, fees, hidden perks: Choosing the right credit card for your lifestyle – MoneySense

    Benefits, fees, hidden perks: Choosing the right credit card for your lifestyle – MoneySense

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    “They will do all the comparisons for you, across all the different providers, and you can organize a list based on: I prioritize Air Miles, I prioritize cash back, I prioritize low interest rates,” Marques said. 

    “They’ll compare all the providers with best in class in those categories, and show you their current rates, their current signup offers, et cetera.”

    As for younger consumers, Marques said low interest rates aren’t typically a priority, assuming you aren’t already managing a lot of credit card debt and you’re not transferring a balance.

    Instead, travel rewards and cash back from your favourite retailers are likely the biggest returns on your spending, she said. Options with no annual fees are also valuable for someone just starting out, although there will be fewer rewards.

    Can you negotiate with credit card issuers?

    When getting a new card, there isn’t much room for negotiation, Terrell said—what you see is what you get. If you want different or better perks, the provider will just point you to another card that offers them.

    Negotiations come into play if you already have debt, Marques said, or are transferring debt between cards to take advantage of the lowest rate. 

    Using signup offers—such as zero interest for the first 12 months—with a balance transfer means you can get a break from interest and pay down your balance faster, she said. Or if you want to keep your current card, you can simply call your provider and move your balance to a lower-interest option.

    “There is an opportunity to negotiate their interest rates or even negotiate on your annual fees,” Marques said. “I think a lot of consumers don’t realize that if you just call and ask … in a lot of cases, they will.”

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    The Canadian Press

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  • AQRE Fx’s Prop Trading Initiative: An Accessible Gateway to Capitalize on Market Volatility

    AQRE Fx’s Prop Trading Initiative: An Accessible Gateway to Capitalize on Market Volatility

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    The Fear and Greed Index is currently sitting strongly at Fear. Although this results in many traders stepping back from the market, it creates exciting opportunities for traders to leverage the advantages of prop trading through low buy ins and profit splits.


    MISSISSAUGA, Ontario, October 19, 2023 (Newswire.com)
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    Market fear often leads investors to hold back, especially when they’re keen on protecting their year-to-date (YTD) gains. Recognizing this apprehension, AQRE Fx, a pioneering force in fintech, introduces its proprietary (prop) trading initiative. This initiative is designed to enable traders to risk only a fraction of their funds while gaining access to larger capital, thereby amplifying their ability to capitalize on volatile market conditions.

    Highlights of AQRE Fx’s Prop Trading Initiative:

    Accessible Entry Point: Traders can get access to substantial funding with less than $100. AQRE Fx ensures that traders, regardless of their capital base, can tap into the potential of prop trading.

    Minimized Personal Risk: Engage the markets confidently, risking only a minimal portion of personal funds, while gaining access to larger funding pools. Capital risk is often what holds traders back from getting involved in crypto investments. However, AQRE Fx has included a substantial suite of crypto assets that can be traded on funded accounts, allowing traders to take advantage of crypto market surges.

    Dynamic Risk Management Tools: Integrated with advanced risk management solutions tailored specifically for prop trading scenarios. AQRE Fx gives traders the ability to make money during down trends and up trends in the market with equal levels of success. There are several strategies that can be implemented depending on the market conditions.

    In-depth Training and Guidance: Beyond mere capital provision, AQRE Fx provides traders with helpful newsletters to teach effective strategies to traders looking to break into the market.

    Community and Collaboration: Be part of a thriving community of traders, sharing insights, strategies, and navigating market challenges together. AQRE Fx has built a large Discord community and maintains a substantial online presence of experienced traders who share advice on their success.

    Turning Fear into Opportunity with Minimal Capital

    “While market fear may deter many, it presents a myriad of opportunities for those equipped with the right tools and strategies. Our prop trading initiative is designed to democratize access to these opportunities. It’s not just about offering funding; it’s about ensuring traders, even those starting with under $100, have the means to navigate and potentially profit from fear-driven markets,” commented Ronice Harrison, CEO of AQRE Fx.

    About AQRE Fx:

    Since its inception in March, AQRE Fx stands at the forefront of fintech innovation. Their dedication to merging cutting-edge technology with in-depth trader education ensures that their community remains ahead of market curveballs, ready to seize emerging opportunities.

    Source: AQRE Fx

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  • India should allow gradual rupee weakening, use fx reserves ‘judiciously’ – govt adviser

    India should allow gradual rupee weakening, use fx reserves ‘judiciously’ – govt adviser

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     India’s central bank should allow rupee to depreciate gradually and use foreign exchange reserves judiciously, the government’s chief economic adviser V. Anantha Nageswaran on Monday.

    Nageswaran comment on the rupee and foreign exchange reserves is the first official government comment since concerns about dwindling currency reserves emerged earlier this year.

    India’s foreign currency reserves have fallen from a peak of $642 billion to $531 billion partly due to dollar sales to support the rupee.

    “We should in the short-run allow the rupee to depreciate gradually and we should use forex exchange reserves judiciously,” Nageswaran said at an online event.

    With the economy likely to run a current account deficit of close to 3% of gross domestic product in the current financial year, analysts expect reserves to fall further.

    “We should augment foreign exchange reserves and that will help with any contingencies,” he added.

    He said the country currently had adequate reserves to deal with capital outflows.

    Financing India’s trade deficit would be the main challenge for the year even as there are signs of broader economic recovery, Nageswaran said.

    He said he expected growth to moderate to around 6.5% to 7% in the current fiscal year that started on April 1. The government in January had projected economic growth of 8% to 8.5% for the current fiscal year but since then most agencies including the Reserve Bank of India have cut their annual growth estimateS to around 7%.

    Nageswaran also said some central banks, including the Bank of Canada, European Central Bank, and the Reserve Bank of Australia, had indicated a less aggressive monetary policy that would help emerging nations.
     

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