Do Not Buy Your Yen In The Us!

[Pachipro]

When I went to Japan a few weeks ago I contemplated buying yen at Dallas airport. I knew the rate was currently 120 yen/US$ and I could not believe that the places at the airport were buying dollars for 107 yen/US$! I thought to myself that I would just wait till I got to Japan. What a freakin' rip off!

When I got to Narita airport, the exchange rate was 117 yen/$US! A whole 10 yen more which equates to an extra 10,000 yen per US$1,000!

My wife decided to wait until she went to the local bank as we were going to deposit about US$10,000 at this good exchange rate in anticipation of our move back there in a couple of years and the rate at the local bank was 119 yen/$US. (the rate then was 121/$US) However, the wait at the local bank is about 30 minutes, but it is the best exchange rate.

Therefore, if you are going to travel to Japan from the US, wait until you get Narita airport or wherever until you exchange US$ as you will get a helluva lot more yen for your bucks and, if you have the time, the local bank is your best bet.

Is it the same rip-off in Europe or Austraila or New Zealand, or is just the US banks ripping off US travellers?

Enquiring minds wnat to know!

 

[Pepe]

Oh, nice - I will see what the official exchange rate at the local banks is on Monday morning here in NZ (nobody elses markets are open yet, so the exchange rate is stable until about lunchtime). Although I do have to admit it will require some maths as our official cash rate just went up in an attempt to control inflation - thankyou you damn dairy farmers (long story) - but I will try my best.

 

[Ewok85]

Is it the same rip-off in Europe or Austraila or New Zealand, or is just the US banks ripping off US travellers?

Its the same ripoff in Airports anywhere - you want to change cash, do it in bulk at a BANK in the country where the currency is local - you will always get the best rate.

The thing with the other places is they factor general admin fees into the rate - its only meant for if you want to change $100 - quick and easy, but not the best deal.

 

[ArmandV]

In April, the rate I got at Narita was 116 yen/dollar. At the time, the exchange rate was about 118-119 yen per dollar. A local coin dealer said he could get me a good rate, so I exchanged $500 in the U.S. and got 113 yen/dollar. Good thing I didn't exchange all my cash here as I got a better rate at Narita.

I would have to concur that it is better to exchange cash in Japan. I won't make that mistake again.