Two upper middle class friends of mine have homes in Mexico and South Africa. Due to the currency differences, they can live like millionaires when they go there.
My questions are:
Why is this? Why is it not equal when converted... doesn't make sense to me.
Is it the same way with large purchases or just the small things? I want to go into the shipping business when I graduate college. Without the financial help of my family. The type of boats I want in the US cost $250,000. Would a large purchase like this be cheaper in other countries?
I love everything Greek. I'd love to have a home in Greece. How do the currency differences effect life there? Thanks for any good answers..
2007-03-06 18:47:29 · 5 answers · asked by Anonymous in Travel ➔ Travel (General) ➔ Other - Destinations
Due to the fact that I am a greek citizen I can answer this question easy. First of all Greece currency is the Euro. As you can see from the following link the Euro is higher than the dollar http://finance.yahoo.com/q?s=USDEUR=X . Moreover after the implementation of Euro in 2002 everything in Greece became very expensive. As I travel a lot due to the nature of my job I am in the position to compare standards of living and other aspects that make our life easier. I travel more than 3 times per year in the United states. Doing the comparison between Greece and the United States I can assure you that Greece is a very expensive country. The food is expensive (much more than USA) the housing is also more expensive (excluding the big cities in US, like N.Y, L.A e.t.c). Despite all that Greece is the most beautiful country in the world to live in and I am not changing it for all the money in the world. Especially if you want to go to the shipping business Greece is one of the best choices.
2007-03-06 19:40:58 · answer #1 · answered by George Best 1 · 1⤊ 0⤋
the currency in Greece is the Euro. Right now its an exceptionally strong currency when compared to the dollar. Currency strength and weakness has a lot to do with the cost of living, although like everything its much more more complicated. Your friends from Mexico and South Africa have the Peso and the Rand to thank for relatively cheaper prices compared to what you are used to. If you want to live like a millionare, Argentina and China, two countries with artificially weak currencies, will allow you to "live like a millionare"
2007-03-06 19:00:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
These countries are what are typically called "third world". Meaning they are developing countries with eonomies that arent as strong as "first world" countries. In other words their currency is worth less, therefore the exchange rate is higher because the american dollar has a higher value.
As for the big ticket items, you may get a bargain. My mother purchased a home in a "third world" country for a bargain. She paid $100,000 for a house on two and a half acres.
Starting a shipping company in Greece may be expensive. I believe Greece is part of the European Union; if they are then it will be more expensive.
I hope this helps.
2007-03-06 19:08:49 · answer #3 · answered by dionne m 5 · 0⤊ 1⤋
No in Greece they use Euros which is of more value than American dollars. If you want to take US dollars to a country find one where their currency isnt as valuable as our dollars, such as Latin countries, etc.
2007-03-06 18:57:26 · answer #4 · answered by sadeyzluv 4 · 0⤊ 0⤋
No in Greece they use Euros which is of more value than American dollars
2007-03-08 12:57:53 · answer #5 · answered by jerry 7 · 0⤊ 0⤋