Job Discussion Forums

Sage · Joined: 09 Apr 2003 Posts: 144 Location: Iwate no inaka!

The international Dollar to Yen rate is about 108 to 1 right now. My bank is offering me almost 100 to 1, as are a few online places I checked. Is this the best I can do? 108 is bad enough, but 100 is just demoralizing. Can the rates in Japan be any worse? Any advice you can offer would be really grateful.

Thanks,

Sage

guest of Japan · Joined: 28 Feb 2003 Posts: 1601 Location: Japan

It's not demoralizing, it's wonderful. It was at this rate when I came to Japan three years ago. It quickly fell. Despite getting several raises over the years, I was actually making less money in terms of dollars than when I started out. I'm finally winning.

Of course the downside is that I'm supposed to get reimbursed for a flight by NW Airlines and I stand to lose several hundred dollars due to the currency devaluation since August.

Brooks · Joined: 16 Jan 2003 Posts: 1369 Location: Sagamihara

care to tell us the name of the bank and these online places?
100 yen to the dollar is the lowest I have seen.

Gordon · Joined: 28 Jan 2003 Posts: 5309 Location: Japan

There is always a big difference between the buy and sell rate. 100 to 1, you must not be in Japan selling your yen.

Sage · Joined: 09 Apr 2003 Posts: 144 Location: Iwate no inaka!

Im selling US to get Yen... I went to another bank and I got a slightly better rate... I turned $5000 into (yen) 498,000. If I could have gotten the full exchange rate (what the international rate is), I should have 540,000 yen... but banks sell you currency at different rates than they buy / sell currency from other banks/nations. I lost $400 of value from my $5000... so I'm unpleased....

Everyone on the different messageboards said the banks in the US offer much better rates than the places in airports or anything in Japan. If this isn't true, I'll be upset.

Gordon · Joined: 28 Jan 2003 Posts: 5309 Location: Japan

Airports yes. Japan in general, probably not.

I don't know about the US dollar, but the buy/sell trate of the Cdn dollar in Japan the last time I exchanged money at the post office was about 80/85, so fairly close to the true rate.

Sage · Joined: 09 Apr 2003 Posts: 144 Location: Iwate no inaka!

True rate: 108 - 109
My rate: 99 - 100

Kestrel · Joined: 15 May 2003 Posts: 31 Location: Kyoto, Japan

The absolute best rate that you can get is from an ATM, since those all run on tha bank rate--that is, the rate that banks exchange money between each other at. So just pop on over, hit the post office ATM, and buy some yen that way.

chelski abu · Joined: 03 Oct 2003 Posts: 23 Location: ----

You should try the euro!!

it just gets worse and worse..

something like 136 to the euro now...crazy and very sad reading for me.

kimo · Joined: 16 Feb 2003 Posts: 668

First, I have found that traveler's checks usually offer the absolute best rate I could get. Also, I used to never exchange money in the U.S. when going to Japan. American banks and foreign exchange dealers offered poor rates - almost usury as you learned. I just waited until I got to the airports at Kansai or Tokyo.

Go to number three of the link below for some additional information. Just remember that ATM withdrawals are cash advances and you will pay a fee for that money which might erode your gains from using the machine.

http://www.japantravelinfo.com/traveltips/travel_tips.html#money

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I'm coming back to this after my original post above. A little search turned up the page below exchange rates at Tokyo's Narita Airport. If you can't read Japanese go to the two last columns. They are first for your travelers checks in Yen, then your cash (dollars) into Yen. The rates respectively for 21 November are 108.25 for travlers checks and 106.25 for cash. You WOULD have done much, much better to wait. The variation between buy and sell is always much fairer in Japan.

http://www.narita-airport.or.jp/exchange/index.html

Quibby84 · Joined: 10 Aug 2006 Posts: 643 Location: Japan

Has anyone noticed that the exchange rates for USD to yen is getting lower and lower! Two days ago it was 111 yen to the dollar, today it is 109! That is the lowest it has been since I have been here. So...heres the question, will it continue to drop or should we all change our money in now?

Apsara · Joined: 20 Sep 2005 Posts: 2142 Location: Tokyo, Japan

Yeah, the NZD is going back down again too after a couple of months up near 90 yen to the dollar- very pleased, especially since I need to send money home next week.

I'm no expert on currency trading, but even I was thinking of buying US dollars in the next week or so- I often use them when travelling, and would rather have bought them at 110 than 122. I haven't seen the USD go this low for a long time, but I'm not the one to say whether it can't go any lower. Even if you buy now and it does go lower, it will probably eventually go back up again so it may not be a bad idea.

Brooks · Joined: 16 Jan 2003 Posts: 1369 Location: Sagamihara

the Japanese government wants a weak yen for exports, so maybe now is a good time to buy.
The government will tolerate it for some time, but later I bet it will buy dollars to weaken the yen.

southofreality · Joined: 12 Feb 2007 Posts: 579 Location: Tokyo

Buy some brand-name clothes that are sold cheaply in the US, but are outrageously priced here in Japan. Maybe you can get some of your money back in Harajuku or Shimokitazawa.

Apsara · Joined: 20 Sep 2005 Posts: 2142 Location: Tokyo, Japan

Arrgh, the NZD was down to 84 yesterday but is now back up at almost 87 (Lloyds rate)- I knew it was too good to be true Sad