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Toon Army
Joined: 11 Sep 2007
Posts: 23
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 Posted: Tue Oct 16, 2007 2:18 pm Post subject: USD to the Yen |
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| Hi, can anyone tell me how the dollar is to the Yen? and if its a particularly bad/good time to send USD? Im not too upto speed with the economics! Thanks very much in advance |
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Khyron
Joined: 10 Mar 2006
Posts: 291
Location: Tokyo Metro City
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| Posted: Tue Oct 16, 2007 4:52 pm Post subject: |
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www.xe.com
You can look at any currency's history there. |
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chollimaspeed
Joined: 11 Sep 2007
Posts: 120
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| Posted: Tue Oct 16, 2007 6:20 pm Post subject: |
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| We had a number of posters who would regularly post the exchange rates. Don't know where they have gone. |
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Glenski
Joined: 15 Jan 2003
Posts: 12844
Location: Hokkaido, JAPAN
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| Posted: Tue Oct 16, 2007 9:08 pm Post subject: |
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Check your local newspaper daily for changes. The dollar fluctuates between 110 and 130 through the year.
Or just look here and convert yourself.
http://www.gaijinpot.com/
Middle of the page has a "currency converter". |
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Toon Army
Joined: 11 Sep 2007
Posts: 23
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| Posted: Wed Oct 17, 2007 2:39 am Post subject: |
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| I need to exchange around USD 3000. I wont be losing too much in the exchange will I? thanks again |
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VanKen
Joined: 29 Oct 2003
Posts: 139
Location: Calgary, AB Canada
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| Posted: Wed Oct 17, 2007 3:00 am Post subject: Yen to USD |
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| Toon Army wrote: |
| I need to exchange around USD 3000. I wont be losing too much in the exchange will I? |
Not any more than the next currency trader. |
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RingofFire
Joined: 22 Jul 2007
Posts: 43
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| Posted: Wed Oct 17, 2007 3:32 am Post subject: |
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| Toon Army wrote: |
| I need to exchange around USD 3000. I wont be losing too much in the exchange will I? thanks again |
That depends on how and where you exchange it.
Someone told me that it's best to make purchases or withdraw money (cash advance) by card because credit card companies get the best exchange rate. That way if you can do online banking you can pay off the balance using the money you have stored in your checking account in the US.
Otherwise, turn them into traveler's checks and exchange them in Japan, because cash gets the worst rate. |
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Clerk
Joined: 13 Apr 2007
Posts: 17
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| Posted: Wed Oct 17, 2007 3:42 pm Post subject: |
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| RingofFire wrote: |
| Someone told me that it's best to make purchases or withdraw money (cash advance) by card because credit card companies get the best exchange rate. That way if you can do online banking you can pay off the balance using the money you have stored in your checking account in the US. |
I would like to emphasize that you should probably only use the cash advance option if you have access to online banking. If your bank is like mine, you will be immediately accruing interest on the cash advance, so you'll want to pay that off as soon as possible lest it end up costing you. |
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ironopolis
Joined: 01 Apr 2004
Posts: 379
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| Posted: Thu Oct 18, 2007 12:38 am Post subject: |
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| RingofFire wrote: |
| Toon Army wrote: |
| I need to exchange around USD 3000. I wont be losing too much in the exchange will I? thanks again |
That depends on how and where you exchange it.
Someone told me that it's best to make purchases or withdraw money (cash advance) by card because credit card companies get the best exchange rate. That way if you can do online banking you can pay off the balance using the money you have stored in your checking account in the US.
Otherwise, turn them into traveler's checks and exchange them in Japan, because cash gets the worst rate. |
The bit about credit card purchases makes sense. I too have heard that credit card companies have better exchange rates. Of course, this is as long as you pay it off before the interest kicks in. Another thing to be wary of though, is that in some places, especially bigger hotels and multi-national retailers, they sometimes automatically process the transaction in your home country's currency. This means that you're getting the retailer's exchange rate, not the credit card company's, and surely the retailer is doing this because the rate they've given you is to their advantage, NOT to yours.
I'm sure you can ask that they don't convert it for you in this way, but many people are not in a position to do the maths on the spot and/or don't realise until it's too late.
For credit card cash withdrawals, I'm not so sure though. Yes, the card companies may get a better rate, but there always seems to be an additional "cash advance charge", which must cancel out any rate advantage there was. Or so I would've thought - but not totally sure, so happy to stand corrected if anyone knows better. |
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