Where to get the BEST exchange rate from USD to JPY?

Discussion in 'Japan Practical' started by vu7, Sep 30, 2018.

  1. vu7

    vu7 Kouhai

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    Hi there!!! I know that the exchange rate at this moment is 113.6945 jpy for 1 usd. I know that this is the inter banking rate which means there's no way in hell you can get this good of a rate. How can a traveller/student/resident of Japan to convert their hard earned USD to as much JPY as possible???
     
  2. mdchachi

    mdchachi Moderator
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    Most people use an ATM. Of course you should pick banks on both sides that have the lowest fees but I really don't know if the spread is that large or if it really makes that much of a difference.
     
  3. KyushuWoozy

    KyushuWoozy Sempai
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    The best rate I've gotten is by changing cash at a moneychanger.
     
  4. vu7

    vu7 Kouhai

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    This is an extremely useful link! I did some research and found that Nihonex has some real good exchange rates! For example I just made a purchase on my American Express credit card in JPY, and the exchange rate is 112.487, and the exchange rate Nihonex is offering for JPY <500000 is 112.15. Comparing to the 101 something most are offering!
     
  5. KyushuWoozy

    KyushuWoozy Sempai
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    Yes, you're right. Last time I compared, the moneychanger was offering 10% more yen for my AUD than the bank. One of the many reasons banks are so rich.
     
  6. Made in Japan

    Made in Japan Kouhai

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    #7 Made in Japan, Oct 9, 2018
    Last edited: Oct 9, 2018
    This reminded me of something. There was this TV program in Japan that interviewed the people coming to Daikokuya (one of the money changer). Besides money changing, they also buy tickets and various coupons, so the question was what kind of people comes and for what reasons.
    The shocking part for me was that many people go there not only for changing money and selling tickets but overseas remittances since their service charge was way lower than banks... I've been doing it wrong for God knows how long...
     

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