I spend several weeks a year in Spain usually on 2 trips. Being pretty convinced the dollar is going (much) lower vs the euro, I'm thinking about opening a bank account and leaving some dinero "parked" in Spain for a while. Anyone had any experience with this or know how big a hassle it is?
Thanks so much,
Jeorge

In order to get a bank account in Spain, you have to go to the comisaria and request a document called a "certificado de no residencia." In Madrid, you go to the comisaria on c/General Pardiñas. It takes two weeks to get this document. You then take this document to a bank and you can open a non-resident account.

How low do you think it will go? I wouldn't be surprised if in a year's time 1 euro = 1.40 dollars (it's was 1.295 last I checked a couple days ago), but would be surprised if the dollar went much lower.

The question is: will the hassle be worth it? If you bought 10,000 euros now, and the dollar slid to 1.40 later, you'd make about $1,000 on the difference ($13,000 vs. $14,000). And that's probably only borderline worth the trouble....if you're taling about 100k euros, well now that's different....

maripostia wrote: This is what I went to do at this same place about 2 years ago. I got there early before opening time only to find a half-mile-long line which hardly moved in the 2-hours I waited and couldn't wait anymore (had to go to the restroom). I calculated it'd take about 8 hours of standing in line to get to the front so I gave up. Had I gone with someone to hold my place in line that would've been different (but worse for them, of course). It's a pain in the royal arse, let me tell you.

Saludos, MadridMan

Well, the euro hit 1.33 vs. the dollar today, then eased back to 1.326, ....that 1.40 mark might come sooner than I thought.

That's very bad for the UE exports. Our economists are mad about it.

Ignacio,

Many Americans, the is in the U.S., don't understand the advantage of a lower dollar. But you're right, it's a good thing for us. When we were on the gold standard, we never got this opportunity.

True, it's surprising how people is blind to basic finances:

Dollar weak ---> USA exports more ---> rise of the Gross Product ---> more riches and more employent. On the other hand ---> Vacations are more expensive and import goods are inflationary ---> bring inflation to economy.

Dollar strong ---> USA exports less ---> decrease in Gross Product or decrease in it's growth ---> more unemployment, more money goes out through goods foreign balance. On the other hand, vacations are cheaper and imports help prices stay low.

How can be people crying for a strong dollar? Isn't their job more important than their holidays?

Specially, if we relize that the inflation because of imported goods is reduced because of the decrease óf imports because of th rise of the euro.

Just one more example Ignacio, that you do not understand how us "unsophisticated brutes" think.

Well,
It makes life rough on us living on the Spanish economy while we are getting paid in U.S. Dollars! I lose 30+ cents on every dollar I change into Euros. What saves me and my family a lot of money is that we are able to buy U.S. Goods at US Prices and have them shipped here, but we still buy a lot of our goods on the local economy.