Personal Finance for Residents of Japan
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Paper or plastic? If plastic and you cover postage, I'll send you yen at the market rate on an agreed date via rakuten/paypay or bank transfer. Payment on delivery.IloveJapan wrote: ↑Thu Jun 09, 2022 3:07 pm Does anyone know of a foreign exchange firm with REASONABLE commissions for converting cash? Specifically, I am talking about a few 20-pound notes that need to be exchanged into yen.
Well I just sent back a 100 pounds to the UK, and they will transfer the 100 into my UK account, and they will spend the old 20s.IloveJapan wrote: ↑Thu Jun 09, 2022 3:07 pm Hi everyone,
Does anyone know of a foreign exchange firm with REASONABLE commissions for converting cash? Specifically, I am talking about a few 20-pound notes that need to be exchanged into yen.
I went to one dealer at Tokyo station, Travellex, and their rates are about Y150 to convert pounds to yen, and Y180 for yen to pounds! This is a total and utter rip-off! That means losing 10% of anything converted!
I mean, I know that with multiple problems like Brexit the pound is a very volatile currency, BUT is a 10% commission payment justified? Hey, no way! Even a 2-3% commission would be steep but more palatable.
I know that there may be other people on this forum who want to exchange sterling cash, given that that the old 20-pound and 50-pound notes are no longer legal tender from September.
The silly thing is, I have very few of these 20-pound notes to exchange, maybe just four or five, but moral considerations prevent me from simply exchanging at such a horrendous (10%) rate.
So my question is, what are you guys doing with your old notes? Can anyone recommend me some place with reasonable commission?
If not, I think I’ll simply hold onto the notes, due to my above-mentioned sense of morals, even though I reckon the pound will go down steeply due to Brexit, inflation and the like!
Have a nice day everyone!