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onesentiment
Joined: 22 Nov 2007
Posts: 45
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 Posted: Sat Feb 21, 2009 12:47 am Post subject: Best way to exchange money from yen to dollar in Japan? |
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| i have a mizuho bank nearby. do they carry american dollars? i'm leaving japan in about a month and would like to know the best way to exchange my 600000 in yen to dollars in japan before i get on that plane. thank you in advance... these forums are a great help. |
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markle
Joined: 17 Jan 2003
Posts: 1316
Location: Out of Japan
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| Posted: Sat Feb 21, 2009 7:23 am Post subject: |
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| Changing your money into cash here would, in my experience, be the worst thing to do. Why change it before you get on the plane? You would get a much better rate either TT'ing it home first, or withdrawing it from an ATM when you get back home (making sure beforehand that you are able to do this, check with your bank). |
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onesentiment
Joined: 22 Nov 2007
Posts: 45
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| Posted: Sat Feb 21, 2009 7:34 am Post subject: |
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| markle wrote: |
| Changing your money into cash here would, in my experience, be the worst thing to do. Why change it before you get on the plane? You would get a much better rate either TT'ing it home first, or withdrawing it from an ATM when you get back home (making sure beforehand that you are able to do this, check with your bank). |
right now mizuho bank's rate is about 95 yen to the dollar. exchanging my yen here would somehow change the rate? i'm not |
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JL
Joined: 26 Oct 2008
Posts: 241
Location: Las Vegas, NV USA
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| Posted: Sat Feb 21, 2009 8:26 am Post subject: |
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It used to be, that exchange rates in Japan were strictly regulated, and, in fact, much more favorable than those one could obtain in the U.S. After the "Big Bang" of around '97 or '98, many more institutions could register and then jump into the currency exchange game. Rates were supposedly liberalized, too. Yet, I noticed that rates remained better in Japan, regardless of whether one was trading yen to dollars, or visa-versa.
That said, I've fallen behind the times, so I can no longer say. I've heard from others that one of the methods Markle mentions, using an ATM machine, is a good way. But you must first make sure that the bank/owner of the ATM machine, Stateside, doesn't take a percentage commission of funds coming from a different bank. Likewise, make sure Mizuho doesn't charge anything for accessing money from a foreign ATM.
Haven't people on this forum posted that the best way to send money home is via Lloyd's online bank? Compare that (but don't forget to deduct how much will be taken out from the clearing bank, as well as your final bank, in the U.S.), versus just using traveler's checks, as Markle suggests. The latter, may be the best bet.
Also, you don't have to declare the equivalent of 600K in yen, when entering the states. But just in case you've forgotten, or otherwise feel like tempting the fates, and combination of currencies you are carrying in cash, TC's, or cash equivalents, MUST be declared if they total $10K or more. If they find it on you, and you hadn't declared, THEY WILL confiscate it from you. Happened to a friend's friend. |
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onesentiment
Joined: 22 Nov 2007
Posts: 45
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| Posted: Sat Feb 21, 2009 11:31 am Post subject: |
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| JL wrote: |
It used to be, that exchange rates in Japan were strictly regulated, and, in fact, much more favorable than those one could obtain in the U.S. After the "Big Bang" of around '97 or '98, many more institutions could register and then jump into the currency exchange game. Rates were supposedly liberalized, too. Yet, I noticed that rates remained better in Japan, regardless of whether one was trading yen to dollars, or visa-versa.
That said, I've fallen behind the times, so I can no longer say. I've heard from others that one of the methods Markle mentions, using an ATM machine, is a good way. But you must first make sure that the bank/owner of the ATM machine, Stateside, doesn't take a percentage commission of funds coming from a different bank. Likewise, make sure Mizuho doesn't charge anything for accessing money from a foreign ATM.
Haven't people on this forum posted that the best way to send money home is via Lloyd's online bank? Compare that (but don't forget to deduct how much will be taken out from the clearing bank, as well as your final bank, in the U.S.), versus just using traveler's checks, as Markle suggests. The latter, may be the best bet.
Also, you don't have to declare the equivalent of 600K in yen, when entering the states. But just in case you've forgotten, or otherwise feel like tempting the fates, and combination of currencies you are carrying in cash, TC's, or cash equivalents, MUST be declared if they total $10K or more. If they find it on you, and you hadn't declared, THEY WILL confiscate it from you. Happened to a friend's friend. |
yea, exactly, great advice, but i don't want to go through the hassle of fees and sending money to the u.s. i just wanna exchange my money here through the bank. if the exchange rate at the bank is 95 to the dollar, will i get that equivalent or are there a buncha fees also? |
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onesentiment
Joined: 22 Nov 2007
Posts: 45
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| Posted: Sat Feb 21, 2009 11:49 am Post subject: |
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| markle wrote: |
| Changing your money into cash here would, in my experience, be the worst thing to do. Why change it before you get on the plane? You would get a much better rate either TT'ing it home first, or withdrawing it from an ATM when you get back home (making sure beforehand that you are able to do this, check with your bank). |
95 yen to the dollar seems ok. if i can get it at that i'd be fine. seems like the dollar might be increasing in the shortrun, so i should probably exchange the yen before my departure on the 2nd of april.hmmm.. maybe i shouldn't exchange it at all? the dollar looks like it's doomed to fail in the long run. |
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markle
Joined: 17 Jan 2003
Posts: 1316
Location: Out of Japan
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| Posted: Sat Feb 21, 2009 2:50 pm Post subject: |
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OK regarding rates.
You ever noticed on the currency board there are like three rates (Buying or selling) one is for notes (cash) one for travellers cheques and one for Bank to bank. Bank to bank is always the better rate. This is the rate used on ATM and TT transfers. Fees are another issue entirely but in general banks want to avoid handling cash. Why? because someone has to count it, guard it, print it etc and banks have to pay that someone. Computers cost alot less to run. |
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markle
Joined: 17 Jan 2003
Posts: 1316
Location: Out of Japan
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| Posted: Sat Feb 21, 2009 2:53 pm Post subject: |
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| JL wrote: |
| using traveler's checks, as Markle suggests. |
Never would I suggest that. Travellers cheques are so 19th century. |
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markle
Joined: 17 Jan 2003
Posts: 1316
Location: Out of Japan
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| Posted: Sat Feb 21, 2009 2:56 pm Post subject: |
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| onesentiment wrote: |
| but i don't want to go through the hassle of fees and sending money to the u.s. i just wanna exchange my money here through the bank. if the exchange rate at the bank is 95 to the dollar, will i get that equivalent or are there a buncha fees also? |
On top of the fees, I'm not sure that most banks have a spare US$6000 lying around waiting to be given out. That kind of figure might mean either a trip to a major branch or a wait for delivery. Try it I'd be interested to see how you went. |
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JL
Joined: 26 Oct 2008
Posts: 241
Location: Las Vegas, NV USA
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| Posted: Sat Feb 21, 2009 5:18 pm Post subject: |
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| markle wrote: |
| JL wrote: |
| using traveler's checks, as Markle suggests. |
Never would I suggest that. Travellers cheques are so 19th century. |
Yeah, I misunderstood you there. Didn't double-check your post to clarify that you typed "TT", and not "TC." No excuses, on my part.
However, I am suggesting it, as TC's do happen to be a legitimate option. There's a commission built into the front end when you buy them, but then that's it. They are now "U.S. dollars" and can be deposited or cashed at your U.S. bank, for face value. No hidden transfer fees, no more commissions. And, of course, they're replaceable if stolen or lost. I used to bring TC's to the States on business, all the time. You might want to look into this route, Onesentiment.
As for your sense about where interest rates are headed, I myself, am on record on a different post, for believing that the yen was getting a bit high when it cracked into the 80's (to the USD). I just have a hard time believing that the Japanese central bank will stand by without doing its usual intervention. But, there does happen to be a major event right around the corner. Namely, with March being the end of the fiscal year in Japan, traditionally, a lot of earnings and investments from abroad, are repatriated to Japan for bookkeeping reasons. We usually see a spike in the yen in March, and then a settling back in April. I've have read (but am hardly predicting myself) that the yen could go as high as 80 to the USD. Now of course, if another shoe drops in the U.S. economy, then all bets are off.
Decisions, decisions, huh? One thing I've brought up before, is that folks might want to consider converting half of their money now, and then half later. You might lose half the appreciation, should it happen between now and April. But you hedge yourself against losses in the opposite direction, too. And I'll repeat myself on the even more obvious -everyone must come to his or her own decision about when to change currencies. |
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passport220
Joined: 11 May 2005
Posts: 117
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| Posted: Tue Feb 24, 2009 5:38 am Post subject: |
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| JL wrote: |
| However, I am suggesting it, as TC's do happen to be a legitimate option. There's a commission built into the front end when you buy them, but then that's it. They are now "U.S. dollars" and can be deposited or cashed at your U.S. bank, for face value. No hidden transfer fees, no more commissions. And, of course, they're replaceable if stolen or lost. I used to bring TC's to the States on business, all the time. You might want to look into this route, Onesentiment. |
Yeps, what he said. Traveller's cheques are a viable option. It is just a math question to compare rates and commissions vrs bank wire transfer. On 5 occasions I had to move money Korea to the USA, TC cost less on 5 out of 5 times. |
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onesentiment
Joined: 22 Nov 2007
Posts: 45
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| Posted: Wed Feb 25, 2009 1:36 am Post subject: |
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| JL wrote: |
| markle wrote: |
| JL wrote: |
| using traveler's checks, as Markle suggests. |
Never would I suggest that. Travellers cheques are so 19th century. |
Yeah, I misunderstood you there. Didn't double-check your post to clarify that you typed "TT", and not "TC." No excuses, on my part.
However, I am suggesting it, as TC's do happen to be a legitimate option. There's a commission built into the front end when you buy them, but then that's it. They are now "U.S. dollars" and can be deposited or cashed at your U.S. bank, for face value. No hidden transfer fees, no more commissions. And, of course, they're replaceable if stolen or lost. I used to bring TC's to the States on business, all the time. You might want to look into this route, Onesentiment.
As for your sense about where interest rates are headed, I myself, am on record on a different post, for believing that the yen was getting a bit high when it cracked into the 80's (to the USD). I just have a hard time believing that the Japanese central bank will stand by without doing its usual intervention. But, there does happen to be a major event right around the corner. Namely, with March being the end of the fiscal year in Japan, traditionally, a lot of earnings and investments from abroad, are repatriated to Japan for bookkeeping reasons. We usually see a spike in the yen in March, and then a settling back in April. I've have read (but am hardly predicting myself) that the yen could go as high as 80 to the USD. Now of course, if another shoe drops in the U.S. economy, then all bets are off.
Decisions, decisions, huh? One thing I've brought up before, is that folks might want to consider converting half of their money now, and then half later. You might lose half the appreciation, should it happen between now and April. But you hedge yourself against losses in the opposite direction, too. And I'll repeat myself on the even more obvious -everyone must come to his or her own decision about when to change currencies. |
Thank you JL and Passport for the great advice. I've exchanged my money from yen to dollars at around 94 yen to the dollar in traveler's checks. I just had to pay 1% of the total exchanged. It was an extremely easy process... but signing all those checks for confirmation! ouch. haha. no biggy, thanks again JL and everyone! |
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JL
Joined: 26 Oct 2008
Posts: 241
Location: Las Vegas, NV USA
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| Posted: Wed Feb 25, 2009 1:58 am Post subject: |
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Happy to help.
"...I just had to pay 1% of the total exchanged."
That's less than one yen per dollar. Good job. And now your dollars are yours, home free. |
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markle
Joined: 17 Jan 2003
Posts: 1316
Location: Out of Japan
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| Posted: Wed Feb 25, 2009 2:22 pm Post subject: |
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| Actually I think my prejudice against TC in dollars is they aren't the best option coming the other way since you get slugged with fees here. |
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JL
Joined: 26 Oct 2008
Posts: 241
Location: Las Vegas, NV USA
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| Posted: Thu Feb 26, 2009 6:15 am Post subject: |
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| markle wrote: |
| Actually I think my prejudice against TC in dollars is they aren't the best option coming the other way since you get slugged with fees here. |
Markle, I have very little experience coming the other way with TC's, but I can easily imagine what you're talking about. In fact, when we do finally make it back to Japan, later this year, I've gotta figure out just how to bring some money with us. Any advice? |
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