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EllBee
Joined: 16 Jan 2007
Posts: 14
Location: Kobe
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 Posted: Thu Feb 15, 2007 5:59 pm Post subject: exchanging CAD |
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| Im coming to Japan in a couple days. An exchange kiosk in the mall will give me 97 yen per canadian dollar. The rate on XE is 102. Would I get a better exchange rate at the airport in Japan? Or would that better rate be nullified anyways due to a service charge? |
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keister
Joined: 18 Jan 2007
Posts: 26
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| Posted: Fri Feb 16, 2007 1:28 am Post subject: |
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I don't know if it actually happened or not, but I feel like I got ripped off at the airport. I always lose track of money when I'm exchanging  |
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Gordon
Joined: 28 Jan 2003
Posts: 5309
Location: Japan
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| Posted: Fri Feb 16, 2007 1:45 am Post subject: |
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| Airports are the worst places to exchange money. If it is only a couple hundred bucks, then it doesn't make much difference really. |
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JimDunlop2
Joined: 31 Jan 2003
Posts: 2286
Location: Japan
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| Posted: Fri Feb 16, 2007 3:40 am Post subject: |
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| keister wrote: |
| ...I feel like I got ripped off at the airport.... |
That's probably because you ARE getting hosed! It's because they've got you by the sack and the know it!
It's a lot more fair IF you can use an ATM machine to withdraw funds after you arrive. Unfortunately, going somewhere with very little CASH on hand (at least for me) makes me nervous to say the least.... Although I've always been able to do so in Europe, Malaysia, the U.S., Mexico, etc.... without any trouble (and a PLUS (VISA) symbol on my ATM card)...
That's not to say that a non-airport money-exchange place will give you a fairer rate, but a BANK certainly should. |
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craven
Joined: 17 Dec 2004
Posts: 130
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| Posted: Mon Feb 19, 2007 1:18 am Post subject: |
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| I second using ATMs to make withdrawls when possible...at least at Kansai there are post office ATMs at the far end (2nd floor I think) that allow you to withdrawl from Plus or Cirrus accounts. For a few hundred bucks though, I'm not sure if you'll make more on the exchance than you will lose on any overseas withdrawl fees your bank might charge (about $3CAN for me). Hotel exchanges are another way to get ripped off IMHO... |
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Willy_In_Japan
Joined: 20 Jul 2004
Posts: 329
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| Posted: Mon Feb 19, 2007 6:22 am Post subject: |
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For those sending money home to Canada, I suggest using the Post Office money order. I get the fairest exchange there.
On XE.com on the day I exchanged 500,000 Yen in Cash, it was saying that 100,000 Yen was worth $979Cnd. I got about $936 and was told that it was a 'fair' exchange. The bad part about it was that it WAS the best rate I could find. I am sure that I would have been better off sending it via the Japanese Post Office.
PS. This was in Canada at the Royal Bank where I got $936 for my 100,000 yen. |
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canuck
Joined: 11 May 2003
Posts: 1921
Location: Japan
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| Posted: Mon Feb 19, 2007 6:27 am Post subject: |
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| Willy_In_Japan wrote: |
For those sending money home to Canada, I suggest using the Post Office money order. I get the fairest exchange there.
On XE.com on the day I exchanged 500,000 Yen in Cash, it was saying that 100,000 Yen was worth $979Cnd. I got about $936 and was told that it was a 'fair' exchange. The bad part about it was that it WAS the best rate I could find. I am sure that I would have been better off sending it via the Japanese Post Office.
PS. This was in Canada at the Royal Bank where I got $936 for my 100,000 yen. |
You need to understand the difference between the prime interest rate and the actual interest rate you can get. |
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Willy_In_Japan
Joined: 20 Jul 2004
Posts: 329
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| Posted: Mon Feb 19, 2007 6:33 am Post subject: |
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What does interest rate have to do with it?
One can expect that the exchange rate listed on XE.com will not be the rate you get at a money changer.
However, the Japanese post office is much closer to the prime exchange rates than the Royal Bank, that is for sure. I expect to pay a percentage for exchanging money, but not upwards of 4 percent. |
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canuck
Joined: 11 May 2003
Posts: 1921
Location: Japan
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| Posted: Mon Feb 19, 2007 6:43 am Post subject: |
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| Willy_In_Japan wrote: |
What does interest rate have to do with it?
One can expect that the exchange rate listed on XE.com will not be the rate you get at a money changer.
However, the Japanese post office is much closer to the prime exchange rates than the Royal Bank, that is for sure. I expect to pay a percentage for exchanging money, but not upwards of 4 percent. |
My bad. I meant exchange rate, not interest rate. You answered your own question though. |
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