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Black_Beer_Man
Joined: 26 Mar 2013
Posts: 453
Location: Yokohama
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 Posted: Tue Mar 22, 2016 1:08 pm Post subject: Why Are Foreign Exchange Rates So Terrible in Japan? |
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Japan must be one of the worst countries in the world to exchange foreign currency in.
Seems like there are very few independent money changers (which, in other countries, typically exchange money with rates maybe 2% or 3% above the actual value).
In contrast, almost every bank and exchange counter I have checked charge at least 10% service charge.
Today 100,000 Korean Won is worth 9330 yen.
One foreign exchange counter I checked with pays out only 8130 yen if I give them 100,000 Korean Won. OUCH!!!
Either the banks here are too greedy or they simply don't want to handle foreign currency. |
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Black_Beer_Man
Joined: 26 Mar 2013
Posts: 453
Location: Yokohama
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| Posted: Tue Mar 22, 2016 1:17 pm Post subject: |
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I was thinking the government here does not want foreign currency to be easy to buy for Japanese travelers.
If the Bank of Japan gets Japanese banks to offer unfavorable exchange rates to Japanese travelers, these travelers will exchange yen abroad flooding other countries with yen in the process. Then, these countries have to use it to buy stuff from Japan.
What do you think? |
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izmigari
Joined: 04 Feb 2016
Posts: 197
Location: Rubbing shoulders with the 8-Ball in the top left pocket
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| Posted: Wed Mar 23, 2016 12:34 am Post subject: |
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What do I think?
I was thinking, B_B_M, is there anything the Japanese can do right by you?
I've read your considerable criticisms of this, obviously, failed & flawed nation and was just wondering.
No attack required, just an honest answer. |
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kzjohn
Joined: 30 Apr 2014
Posts: 277
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| Posted: Wed Mar 23, 2016 3:24 am Post subject: |
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BBM should be complaining about the convertibility of the korean won, not Japanese banks.
Maybe BBM should be inquiring with Chongryon? |
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Black_Beer_Man
Joined: 26 Mar 2013
Posts: 453
Location: Yokohama
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| Posted: Wed Mar 23, 2016 2:39 pm Post subject: |
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| izmigari wrote: |
What do I think?
I was thinking, B_B_M, is there anything the Japanese can do right by you?
I've read your considerable criticisms of this, obviously, failed & flawed nation and was just wondering.
No attack required, just an honest answer. |
I am equally hard on myself.
If you're too complacent with your weak points, you won't improve. |
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Black_Beer_Man
Joined: 26 Mar 2013
Posts: 453
Location: Yokohama
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| Posted: Wed Mar 23, 2016 2:56 pm Post subject: |
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| kzjohn wrote: |
BBM should be complaining about the convertibility of the korean won, not Japanese banks.
Maybe BBM should be inquiring with Chongryon? |
It's not only the Korean Won. Japanese banks impose service charges of well over 10% on most currencies when you try to exchange them.
The exception is the U.S. dollar right now. It's about 5% (which is still kind of high).
Have a look.
http://www.narita-airport.or.jp/exchange_e/index.html |
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Master Shake
Joined: 03 Nov 2006
Posts: 1202
Location: Colorado, USA
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| Posted: Wed Mar 23, 2016 3:11 pm Post subject: |
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Is there no black or grey market solution for these high rates? I find it hard to believe there's not.
If you've got a Japanese bank account, Transferwise is a nifty way to send money to/from Japan. Extremely good exchange rates and no international transfers required. I've used it a few times to send yen back to the US. |
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izmigari
Joined: 04 Feb 2016
Posts: 197
Location: Rubbing shoulders with the 8-Ball in the top left pocket
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| Posted: Wed Mar 23, 2016 3:45 pm Post subject: |
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| Black_Beer_Man wrote: |
| izmigari wrote: |
What do I think?
I was thinking, B_B_M, is there anything the Japanese can do right by you?
I've read your considerable criticisms of this, obviously, failed & flawed nation and was just wondering.
No attack required, just an honest answer. |
I am equally hard on myself.
If you're too complacent with your weak points, you won't improve. |
I take your point.
But like with the do-gooder, holier-than-thou women that I served with on the JET program who seemed to think that they were on some kinda crusade to bring their ways of thinking to Japan when they were hyper-critical of the way shogakko kids wore shorts to school (whether it was insanely hot or a$$-biting cold outside), I would ask them, "Well, seeing that this is the second-largest economy in the world, doncha think that they're doing something right??
Personally, I think Japan is just perfect just the way it is. It's existed without our help for a very long time and I'm sure that they'll continue to somehow stumble through this world without our "help"!
JMTCW |
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kzjohn
Joined: 30 Apr 2014
Posts: 277
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| Posted: Wed Mar 23, 2016 10:26 pm Post subject: |
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| Black_Beer_Man wrote: |
| kzjohn wrote: |
BBM should be complaining about the convertibility of the korean won, not Japanese banks.
Maybe BBM should be inquiring with Chongryon? |
It's not only the Korean Won. Japanese banks impose service charges of well over 10% on most currencies when you try to exchange them.
The exception is the U.S. dollar right now. It's about 5% (which is still kind of high).
Have a look.
http://www.narita-airport.or.jp/exchange_e/index.html |
5%!?!? What a hoot!
And if you're thinking of airport f/x, you're thinking less than $10k or so.
For that amount, who cares? Really?
That is total BS. Open a multicurrecny acct here and you can do f/x for less than 1%, esp. if you exchange during the normal hours. And then send that foreign currency onwards. |
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Black_Beer_Man
Joined: 26 Mar 2013
Posts: 453
Location: Yokohama
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| Posted: Thu Mar 24, 2016 12:16 am Post subject: |
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| kzjohn wrote: |
| Black_Beer_Man wrote: |
| kzjohn wrote: |
BBM should be complaining about the convertibility of the korean won, not Japanese banks.
Maybe BBM should be inquiring with Chongryon? |
It's not only the Korean Won. Japanese banks impose service charges of well over 10% on most currencies when you try to exchange them.
The exception is the U.S. dollar right now. It's about 5% (which is still kind of high).
Have a look.
http://www.narita-airport.or.jp/exchange_e/index.html |
5%!?!? What a hoot!
And if you're thinking of airport f/x, you're thinking less than $10k or so.
For that amount, who cares? Really?
That is total BS. Open a multicurrecny acct here and you can do f/x for less than 1%, esp. if you exchange during the normal hours. And then send that foreign currency onwards. |
Open an account? I am talking about a one-time transaction like a tourist's.
In my case, I went over budget last month. I thought I could exchange some leftover HK dollars and Korean Won, but then saw that I was going to lose up to 20% in exchange fees.
This is nothing short of robbery. That doesn't really happen in many other countries. I declined and withdrew money from my bank account in my home country. I'll use my foreign currency in another country where they don't use rob people.
The airport rates you see in my posting are also what you get at money exchange counters in Tokyo. I checked out Travelex in Ginza subway station. Same same. |
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Maitoshi
Joined: 04 May 2014
Posts: 718
Location: 何処でも
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| Posted: Thu Mar 24, 2016 10:10 am Post subject: |
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| In my limited experience, they've not been much better elsewhere, either. With the rise of plastic and virtual extinction of traveller's checks, it's likely a matter of keeping the currency exchange counters economically viable. That being said, I gather the extortionate rates aren't helping to reverse the decreasing demand. |
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mitsui
Joined: 10 Jun 2007
Posts: 1562
Location: Kawasaki
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| Posted: Sun Mar 27, 2016 6:38 am Post subject: |
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| Exchange the won before leaving Korea. |
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Black_Beer_Man
Joined: 26 Mar 2013
Posts: 453
Location: Yokohama
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| Posted: Mon Mar 28, 2016 6:56 am Post subject: |
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| mitsui wrote: |
| Exchange the won before leaving Korea. |
Good idea.
For those going to Seoul, you could exchange enough money to support you for a day at the airport. Then, go to the independent money changers in Itaewon. They are fast. Good rates. No forms to fill out. I use the one in the alley next to the Hamilton Hotel.
They will give you a cash register receipt. I think they're honest, but to be safe, count the money he gives you before you finish the transaction. |
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mitsui
Joined: 10 Jun 2007
Posts: 1562
Location: Kawasaki
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| Posted: Mon Mar 28, 2016 11:49 am Post subject: |
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| Yes you cannot compare Itaewon with a similar place in Japan. |
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Black_Beer_Man
Joined: 26 Mar 2013
Posts: 453
Location: Yokohama
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| Posted: Tue Mar 29, 2016 12:27 am Post subject: |
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| mitsui wrote: |
| Yes you cannot compare Itaewon with a similar place in Japan. |
Roppongi used to have many American military guys like Itaewon. That said, Itaewon feels like the set of MASH tv show with many shop sellers calling out to you in broken English "You need suit? I have good suit." And shops selling gaijin size clothing (albeit at high prices).
Itaewon is quite a nice place (before it gets dark). Too bad Tokyo does not have one. |
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