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Currency conversion in Tokyo

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  • Currency conversion in Tokyo

    Hi

    I need to convert some US dollars to yen.
    Can any one suggest how to get best price of dollar?

    -SM

  • #2
    Originally posted by zombie2 View Post
    Hi

    I need to convert some US dollars to yen.
    Can any one suggest how to get best price of dollar?

    -SM
    Look this is not some third world country where there is a currency black market, The dollar is trading between 82.2 - 82.7 $ to Yen, and that is the best rate you are going to get.

    Comment


    • #3
      Originally posted by BackDoor_Man View Post
      Look this is not some third world country where there is a currency black market, The dollar is trading between 82.2 - 82.7 $ to Yen, and that is the best rate you are going to get.
      Oh, "man of first world country", you did not understand the question fully.

      Currency exchange rate vary more among financial institutions eg. banks, post office or remittance agency. Which one gives better rate?
      Note that, this week dollar-yen rate was a bit unstable.

      -SM

      Comment


      • #4
        Originally posted by zombie2 View Post
        Oh, "man of first world country", you did not understand the question fully.

        Currency exchange rate vary more among financial institutions eg. banks, post office or remittance agency. Which one gives better rate?
        Note that, this week dollar-yen rate was a bit unstable.

        -SM
        Jesu H. Christ! There will basically be very little differences. You might .001 percent better by going place to place, but the wear and tear on your shoes and feet will make it not worth it. Let alone the frustration of waiting for and dealing with the people behind the counter.

        Comment


        • #5
          Originally posted by zombie2 View Post
          Hi

          I need to convert some US dollars to yen.
          Can any one suggest how to get best price of dollar?

          -SM

          I would suggest any sort of financial institution that is used to dealing with many customers and offers many kinds of services... an institution backed by a national government is a plus!

          Comment


          • #6
            Originally posted by BackDoor_Man View Post
            Look this is not some third world country where there is a currency black market, The dollar is trading between 82.2 - 82.7 $ to Yen, and that is the best rate you are going to get.
            That's the best rate one might get at a bank, but 10 times more expensive than rates on offer with Forex companies. Admittedly it's possibly easier for gaijins to open accounts at banks than it is at forex companies, but if one has Japanese ability then Forex companies offer way cheaper rates and is the way to go unless one enjoys lining the pockets of the bankers

            Comment


            • #7
              Originally posted by BackDoor_Man View Post
              Jesu H. Christ! There will basically be very little differences. You might .001 percent better by going place to place, but the wear and tear on your shoes and feet will make it not worth it. Let alone the frustration of waiting for and dealing with the people behind the counter.
              Nope, not true. Mizuho has a foreign exchange counter set up next to their bank machines in Shinjuku. Check those rates. Then walk down a block to citibank and check their rates. 2 to 3 point difference. Then jump on a train to the airport and check the rates our there. Even greater. Yup.

              Comment


              • #8
                Originally posted by Ansony View Post
                Nope, not true. Mizuho has a foreign exchange counter set up next to their bank machines in Shinjuku. Check those rates. Then walk down a block to citibank and check their rates. 2 to 3 point difference. Then jump on a train to the airport and check the rates our there. Even greater. Yup.
                Recently I found this shop offers better rate
                <http://gaika.e-daikoku.com/>

                Comment


                • #9
                  Originally posted by zombie2 View Post
                  Recently I found this shop offers better rate
                  <http://gaika.e-daikoku.com/>
                  Marginally better, but still a 4 yen spread on USD/JPY. Some banks do better than that (Shinsei and Citibank from the top of my head)

                  Comment


                  • #10
                    Originally posted by zombie2 View Post
                    Hi

                    I need to convert some US dollars to yen.
                    Can any one suggest how to get best price of dollar?
                    -SM
                    You do not have a Visa or Master Card to acces your bank account at home????

                    When I use my Visa at any seven/eleven, yesterday's rate for the Euro for me was 112.4
                    At no money changer changer could I have gotten more than around 98/99 Yen....

                    Comment


                    • #11
                      Originally posted by fxgai View Post
                      Marginally better, but still a 4 yen spread on USD/JPY. Some banks do better than that (Shinsei and Citibank from the top of my head)
                      I personally use Shinsei as they dont require minimum amounts in each currency account like Citi... but i could be wrong about Citi, i just prefer Shinsei.

                      Comment


                      • #12
                        Originally posted by IparryU View Post
                        I personally use Shinsei as they dont require minimum amounts in each currency account like Citi... but i could be wrong about Citi, i just prefer Shinsei.
                        I'm not aware of a minimum amount required by Citibank Japan for their multi-currency accounts, but maybe I just never encountered it. I do seem to remember buying in foreign currency units as low as 1,000 some years ago.

                        Shinsei has lower spreads than Citibank anyway.

                        Comment


                        • #13
                          Will most Shinsei/ Citibank branches exchange USD to JPY? or do they only accept it for deposit? Also do you need to be an account holder? Walking by the Shinsei at Roppongi Hills they said they do not handle cash, not even Yen... So if anyone knows what locations do please let me know. Thanks!

                          Comment


                          • #14
                            I usually go to SMBC to exchange cash. The one in Ebisu does this service, but you should check online for a list of what branches hande cash.

                            Comment


                            • #15
                              The best deal appears to be from Daikokuya@@http://www.e-daikoku.com/

                              http://tokyocheapo.com/business/fina...-cash-for-yen/

                              Comment

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