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Changing money - What a rip-off!
Posted: Thu Jun 09, 2022 3:07 pm
by IloveJapan
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!
Re: Changing money - What a rip-off!
Posted: Thu Jun 09, 2022 11:17 pm
by goodandbadjapan
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!
I think I've got some but although they will cease to be accepted in shops etc I think you can change them in banks at home for new ones. I'll just wait and do that.
Re: Changing money - What a rip-off!
Posted: Thu Jun 09, 2022 11:39 pm
by Haystack
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!
Though they look unprofessional, I've heard great things about this place.
https://www.interbank.co.jp/ninja/
Re: Changing money - What a rip-off!
Posted: Fri Jun 10, 2022 4:48 am
by mighty58
Had to laugh at their site, but the posted rates, if true, seem very reasonable. You can always tell by how large the but/sell spread is how much money they're trying to pocket. I wonder if they convert small sums like you're looking to do? Or if they have some other hidden transaction fee? In general however, except for the US dollar, I've found its never been worthwhile to exchange cash here in Japan. Travelex is one of the worst.
Re: Changing money - What a rip-off!
Posted: Fri Jun 10, 2022 5:03 am
by Tkydon
IloveJapan wrote: ↑Thu Jun 09, 2022 3:07 pm
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!
Just remember, they have to pay the rent, wages and utilities some how...
Banks have a much broader portfolio of services from which to make fees and cover business expenses.
Bureaux de Change - that is all they do...
Re: Changing money - What a rip-off!
Posted: Fri Jun 10, 2022 7:14 am
by KyushuWoozy
Yes, I got 150 to the GBP last week at a moneychanger. I assumed moneychanger would be better than bank for cash exchange - seems from this thread the opposite is true
Re: Changing money - What a rip-off!
Posted: Fri Jun 10, 2022 7:50 am
by Patp02
The Bank of England accepts old notes -- you can post them:
https://www.bankofengland.co.uk/banknot ... -banknotes
Re: Changing money - What a rip-off!
Posted: Fri Jun 10, 2022 11:18 am
by captainspoke
IloveJapan wrote: ↑Thu Jun 09, 2022 3:07 pm...
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.
...
Is this a factor in the rates?
I'm not familiar with sterling, but I've used both dollars and yen notes in SE asia, and I imagine euros are used there, too. Pounds should be, but anyone taking the older notes would then have to deal with them. Kind of like musical chairs--when will the music stop?
Re: Changing money - What a rip-off!
Posted: Sat Jun 11, 2022 1:59 pm
by IloveJapan
Hi thank you for all your replies, greatly appreciated, especially the information about Interbank. I kind of wonder how organizations asking for 10% commision stay in business!
Hopefully this post will increase awareness against getting ripped off, and of course the return of tourists to Japan could introduce some healthy competition between these organizations.
Take care all!
Re: Changing money - What a rip-off!
Posted: Fri Jun 17, 2022 7:31 am
by MBK
Any idea if the place accepts also coins? It`s not a major amount but ammounted quite a large number of various currencies over the year, so it`s bit of a nuisance.
