It really seems so that I can do my LL.M. in the USA (2011/2012; got accepted at Columbia so far). Besides planning and waiting for other offers I was thinking of already changing some money. I am from Europe and the Euro/CHF/USD is pretty good right now.
Is it the best to transfer at the beginning of the LLM all the money to the USA or is it better to change every month? However, I think the costs of transferring the money to the US are pretty high.

I am from Switzerland and the dollar is really low relating to CHF. I read that the dollar will fall even more in future time.

I also thought of transferring all the money on a US-bank. But as it is not sure which US-bank will "survive" the next years I'd rather be careful. Of course I will put a few thousands of dollars on my US-account to buy the first things I need. I prefer paying 20 CHF per month for a wire transfer and having my money safe on a Swiss bank. And as the dollar should fall more it also not a bad deal.

I am from Switzerland and the dollar is really low relating to CHF. I read that the dollar will fall even more in future time.

I also thought of transferring all the money on a US-bank. But as it is not sure which US-bank will "survive" the next years I'd rather be careful. Of course I will put a few thousands of dollars on my US-account to buy the first things I need. I prefer paying 20 CHF per month for a wire transfer and having my money safe on a Swiss bank. And as the dollar should fall more it also not a bad deal.

I know my argument is not really strong :D
But remember that THIS year 7 US-banks were closed, last year 157 institutes. Currently, 860 firms are listed on the FDIC-list of Bank Failures (have a look http://www.fdic.gov/bank/historical/bank/index.html).

I just feel more comfortable when my money is safe at home :D
But that is probably also my Swiss mentality. We are always afraid of whats big :D

This is a tough and very important question. The thruth is that you are gambling either way. Nobody knows for sure where the exchange rates are going to be in the upcoming months and there are hundreds of variables that may affect it. Will the Bernanke and his boys increase the interest rates in the US? Will more oil producing countries be affected by the Jazmin revolution? Will there be another financial meltdown? The truth is that nobody knows and that there are no guarantees.

If you are risk averse or tight on the money, these are two strategies to consider after carefully discussing with a financial planner to see which is the best one for you (of course):

1. Change half of your money in USD and keep the other half in your own currency. This way, changes in any direction will be compensated on the other end until you need the money (edit: or better said, you are only gambling half of the money). If the exchange rate is at a "historically low" point, consider changing a bit more in case there is a rebound.

2. Inquire with your bank if they sell "fx swaps", options, futures or other exchange rate derivatives that you could use to protect yourself against a sudden change that may affect your interests. This assumes that you will be keeping your money in the national currency while waiting and/or that you will be wiring money from time to time to the US. This should not be a problem in any country with a decent financial system. Hey! maybe even in Switzerland! :P

Yes, you will be paying a bit for them, but both strategies could bring a lot of peace of mind, in particular for those with a tight budget. This means that you will forego any eventual profit in your favour, but you will not lose money either. I see no need to wire the money to the US if you can wire cheaply (careful, not always the case), and you can probably open a USD account in your own cowntry in a bank that you trust.

If money is not a problem, and you would like the excitement of going long or short on the dollar, at least inform youself with a professional. Good luck!

PS: I know because I got burned badly!

wise words (like always from oldtimer :-))

wise words (like always from oldtimer :-))