Suggestions on USD to JPY trading

Hello,

On July 16, I will be leaving for Japan. But the yen is getting stronger. How will this affect my currency trade and what are suggestions on trading? I know anything economics related is unpredictable, but are there any suggestions wether I should wait and hope the yen gets weaker or trade as soon as possible? I intend to trade $3200 USD.

Whenever you decide to exchange it, make sure you do so in Japan. The rate will be better than in the US.

Agreed. In Japan you will always receive a better rate.

I normally just pull yen out of the 7-11 atm machines, so no need to take a lot of money into the country.

Really. What's the current rate to exchange cash at a bank in Tokyo at the moment? We're going in about 9 days and was going to change it all here (Australia), but not sure now...

Here are the exchange rates at Narita. http://www.narita-airport.or.jp/exchange_e/

I got 5 yen per AUD better in Japan compared to Travelex etc in Australia.

https://www.travelex.com.au/rates?utm_medium=cpc&gclid=CNKFqoGVts0CFYm...

So at Narita it is 2.5 yen per dollar better than one example in oz.

I brought one lot of 50,000 yen at my bank in oz as that then allowed me to have the bank buy bank any currency I didn't use.

It costs every time to convert. So if you convert a big amount. And then return it once you trip is over. You'll pay twice for converting. So it is best to minimalize how much you get converted.

My suggestion to pull out the money from atms allow you to finish you trip without the need for excess unused yen that you have to convert back later on at a cost to you.

Matt1969,

Check this out: http://www.kvbkunlun.com/en/
Their exchange rate for Japanese Yen is always good.

Using ATM is convenient, but beware of the fees; many banks charge high fees for international ATM withdrawals .

I just did a check, and could not see if the rate was better in Japan for AUD.

http://www.narita-airport.or.jp/exchange_e/
Currency exchange simulation 1 AUD = 68.19 JPY

https://buy.travelex.com.au/au/Basket
1 AUD = 73.8996 JPY

http://www.kvbkunlun.com/en/
1 AUD = 78.1138 JPY

I just went back and had a look at my bank records my last trip to Japan for my atm withdrawls.

My bank was charging me the current exchange rate at the time but charged a conversion fee of 2.5%. Rate was 95jpy:1aud at the time of travel.

Then I went into the bank to convert cash, I got a rate for 90:1.

All banks and exchangers do things differently. So you just gotta do some research and crunch some numbers to find the better options for you.

Typically USD and Euros are better in Japan, while other currencies fluctuate on where it's best to exchange.

For USD specifically, Narita and the postal/convenience store atms typically offer the best rates, while the department stores, hotels and banks tend to have less attractive rates. But we're talking a difference of 1-2%, which when put in perspective is only around $30-60 (presumably less unless you exchange all at once) over your entire budget. These aren't really amounts that are worth crossing town for, especially as the some of the best rates are usually found right at your port of entry.

Just realized that your original question was more about the timing of exchanging. While it's impossible to predict, if it follows the current trend, you could see the yen strengthening by 1-2 yen between now and your trip. That is potentially about 1%, but you'll typically get 1-2% better rates in Japan anyway, so I'd probably just wait to you get here to exchange. Also consider getting a good travel credit card (one without a foreign transaction fee), which will go farther (about 3-5% relative) toward saving you money during your trip.

Australia is in an election year. This uncertainty has our dollar falling. There will not be an upward trend in the next 9 days.

Careful with travel credit cards. Some have big fees to add money to them. I've seen some with $5 and $10 fees that negate the awesome conversion rate they offer.

Sounds like you're talking about prepaid credit cards, which I understand are fairly popular in Australia, but I was referring more to US cards like a Chase Venture, Discover Card or airline cards that have good travel perks like zero foreign transaction fees and travel insurance built in. There are many of these that charge very little, to no fees.

Yes travel/prepaid credit cards was what I was referring to.

Regular credit cards like the ones you exampled don't normally have the excessive fees one off fees. Which is why I didn't example them.

Sorry for the confusion.

Thanks for all the advice - even though it's not my thread - ha ha. But seriously, I looked at the Narita exchange rate and compared to the CBA bank rate here, it's actually worse by 4 cents.
Narita is an airport exchanger which always have worse rates than elsewhere (usually) of course, but I'll probably just exchange here as I have 3 kids and wife in tow and don't have time to run around there changing money.

I like to avoid fees and hence tend to take mainly cash which is risky I know, but I'm very careful. I have a mastercard as back-up if worse comes to worse.

Travelex are more your "airport exchanges, but the banks at Narita use the same rate nationwide and give reasonable rates.

As for movements in currency, even the best brains in the world cannot predict and the banks top forecasters are also really bad (I have some empirical research on the topic from a few years back).

Depending on country of origin influences if you exchange at home or when you arrive. Some "free" options are expensive and the banks hide fees/costs. Shop around.

Wakata. :)